Manulife’s Vergel de Dios retires; Philamlife executive takes over

The president and chief executive officer of Manulife Financial (Philippines) has retired, and the vacated post is reportedly being occupied by another senior executive of the leading life insurance company.

Renato A. Vergel de Dios retires after serving the life insurance industry for 32 years. His early and unexpected retirement is to take effect end January this year.

Vergel de Dios has been credited for the acquisition and integration by Manulife of John Hancock Life Philippines, CMG Philippines, MetLife Philippines, and Zurich Life Philippines Inc.

Reportedly assuming the vacated post is Carl Gustini, erstwhile executive vice president of the Philippine American Life and General Insurance Co. (Philamlife), and president of the Philamlife Equitable Life Insurance Assurance Co. (Pelac), a joint venture between Philamlife and Equitable PCI Bank specializing in bancassurance.

Gustini assumed the post of Philamlife EVP for a little over one month as he too took over after it was vacated by Rex Mendoza. Mendoza has since joined Ayala Land Corp.

Manulife Phils. was ranked fifth in the industry in 2004, following the lead of Philamlife, Sunlife Financial, Insular Life Assurance, and Philippine Axa Life Assurance.

The vacated executive vice president post in Philamlife will reportedly be occupied by Philam Plans president Jesus G. Hofilena. Hofilena, however, will retain his post as Philam Plans chief executive.

Philamlife has also hired Lizanne Uychauco as head of marketing with a title of vice president. Uychauco was formerly connected with Globe Telecommunications Inc. as vice president for the wireless group.

Edward Lau, Manulife Financial executive vice president for Asia Regional operations said that Vergel de Dios also played a key role when Manulife Financial demutualized leading to its public listing in several major stock markets globally.

"Ato (Vergel de Dios) came to Manulife Philippines after working for many years in a variety of capacities with a leading life insurer in the Philippines. Among the many highlights of his tenure as president of our Philippine operations are: the demutualization of Manulife and the distribution of shares worth millions of dollars to thousands of Manulife policyholders in the Philippines; the listing of MFC shares on the Philippine Stock Exchange (the first ever listing of a foreign company on the PSE); the transfer of Manulife’s business from a branch in the Philippines to a newly incorporated subsidiary; our entry into the pre-need business; the acquisition and integration of a number of competing businesses including CMG; and the merger with John Hancock," Lau said in a letter formally informing the public of Vergel de Dios retirement. – Ted Torres