Manulife Hong Kong and Macau posts major lift for Q2
Manulife Hong Kong and Macau posts major lift for Q2 | Insurance Business Asia
Life & Health
Manulife Hong Kong and Macau posts major lift for Q2
The firm recorded a twofold increase compared with the same period last year
Life & Health
By
Kenneth Araullo
Manulife Hong Kong and Macau has unveiled its Q2 2023 financials, reporting annualized premium equivalent (APE) sales of HK$2.10 billion.
The APE sales represent a record high for the insurer, marking a twofold increase compared to the same period in 2022. These APE sales, Manulife noted, represented the ongoing consumer demand for savings, health, and protection products.
The quarter was also relevant for increased momentum attributable to mainland Chinese visitors (MCV) that drove APE sales across broker, bancassurance, and other distribution channels. New business value (NBV) in Q2 also surged by 31% YoY to HK$1.10 billion, a result driven by higher sales volumes and partially offset by changes in product mix. In addition, new business contractual service margin (CSM) in the quarter also reached HK$1.11 billion.
Manulife also maintained its position as the largest Mandatory Provident Fund (MPF) provider in Hong Kong thanks to its 27.3% market share based on assets under management as of Q2’s end. Manulife Hong Kong and Macau CEO Patrick Graham said that the firm’s business portfolios and strong distribution capabilities helped sales exceed pre-pandemic records set in 2019.
“We are encouraged by the momentum we are driving across our Hong Kong and Macau business and the future earnings we expect that these sales will generate,” he said. “Our professional agency force, alongside our diverse broker and bancassurance channels, has contributed to this remarkable sales growth.”
“With a firm commitment to growth, we plan to continue to expand our distribution network and customer service facilities meaningfully by the end of this year, while also fully supporting the establishment of after-sales insurance service centres in mainland Greater Bay Area cities,” Graham said.
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