It is Hong Kong's second biggest wealth manager, the second largest life insurer in North America, and the fifth largest in the world.

Manulife's latest large-scale recruitment fair at the Hong Kong Convention and Exhibition Centre signalled the start of an 'aggressive growth plan for the region', said Michael Chan, vice-president for distribution in Hong Kong.

The explanation is simply Hong Kong's potential. Presently, the number of policies is equivalent to 70 per cent of the population.

'Most other advanced cities have a much higher penetration rate,' Mr Chan said.

In Japan, every person has an average of two policies - or 200 per cent penetration. Like Japan, Hong Kong has a growing awareness of the importance of health insurance.

'In the past, Asian culture has not paid too much attention to health insurance and managing wealth for the future,' Mr Chan said. 'But improved lifestyles have made people think more about planning for when they are old.'

Two major health issues are behind the attitude change. First, Mr Chan said moves by Hong Kong's Health Authority towards a fee-paying system has forced people to consider whether they are sufficiently protected.

'The change in the medical system is the main driving force,' he said. 'People are aware that hospital bills can be astronomical, especially if they prefer to go private.'

Last year's Sars crisis was a 'trigger point', he said, reminding people how vulnerable they can be to serious illness.

For long-term wealth management, Hong Kong people are also increasingly aware that a single pension plan, such as MPF, is unlikely to assure reasonable prosperity into old age - especially since average lifespans are extending beyond 70 years.

This shift in awareness explains a 36.4 per cent increase in long-term premiums reported for the first quarter of this year, according to Hong Kong's Office of the Commissioner for Insurance, the industry's official ruling body.

Compared with the same period last year, total individual life and annuity business was up 112 per cent to $9.57 billion. The sector was the star performer of the insurance industry, which reported gross premium growth of just 0.1 per cent over the same period for general insurance.

As the number of insurance policies sold grows, so does the income of Hong Kong's growing army of financial planners and wealth managers.

Manulife's top 10 per cent of earners averaged just under $1.5 million each last year. The top 25 per cent earned nearly $1 million each. The overall annual average of some 3,000 agents was $420,884. The top 1 per cent earned $2 million.

'And don't forget that, for a couple of months in 2003 during Sars, it was very difficult for agents to meet clients,' said Mr Chan.

All of which adds up to high hopes in Hong Kong and the Asian region in general for insurance companies.

As Michael Huddart, senior vice-president and general manager Hong Kong for Manulife (International), said at the Manulife Expo recruitment fair: 'We have strategically deepened and broadened our portfolio in Hong Kong, which covers financial protection and wealth management options, and are therefore hiring in this exciting time of economic recovery to support our projected strong growth for this year, especially in our wealth management business.

'We firmly believe that Hong Kong continues to be a place of opportunity for all who live and work here.'

Manulife's mission, he added, was to 'help people in Hong Kong seek a better future for themselves and their families'.

In addition to agency positions, job opportunities in fields ranging from accounting and actuarial to customer service and marketing are on offer.

That's a fact

Manulife has more than 500 new openings, with up to 1,500 more expected over the next five years.

Expansion will represent a 67 per cent increase in staff.

Manulife believes the sector is far from saturated.

The star-performing sector reported a 36 per cent increase in long-term premiums in the first quarter.

Moves towards a fee-paying Hong Kong health system are driving growth. Manulife's top-earning 10 per cent of financial planners and wealth managers earn an average of $1.5 million each, and the average is $420,884.

More than $100 million has been invested in a hi-tech online platform for agents and clients.

Hong Kong's second-biggest wealth manager oversees about a million life insurance and investment policies.