Manulife’s Asia business grew core earnings 17% to US$635 million in the third quarter, helping the insurer to record group core earnings, as strong sales in Hong Kong and Japan offset weaker results in the Chinese Mainland.
APE sales were broadly flat at US$1,455 million, down 1% year on year. New business CSM was unchanged at US$518 million and new business value was flat at US$491 million, with an NBV margin of 35.3%.
“Asia delivered a robust performance in Q3 2026, with core earnings increasing 17% year-over-year,” said Steve Finch, president and chief executive of Manulife Asia. “The strength of our diversified regional business continues to position us well to navigate evolving market conditions and capture the long-term opportunities across Asia.”
The regional totals mask wide differences between markets. New business CSM in Hong Kong rose to C$385 million from C$287 million a year earlier, and Japan increased to C$104 million from C$76 million. In the Chinese Mainland, new business CSM fell to C$43 million from C$112 million, while Singapore slipped to C$155 million from C$182 million.
Manulife said core earnings growth reflected continued business growth, a net positive impact from its annual actuarial review, better new business results and improved claims experience, partly offset by higher expected credit loss provisions.
Net income attributed to shareholders from Asia fell 23% to US$510 million. Manulife said that included a net charge from its Vietnam operations, reflecting a partial impairment of a bancassurance asset and a gain on the sale of a Vietnam insurance subsidiary.
During the quarter, Manulife signed a memorandum of understanding with Ant Health covering health management services, cross-boundary healthcare support, digital health and insurance technology. The first initiative, launched in October, offers cashless direct billing through Alipay for eligible customers at participating healthcare providers in the Chinese Mainland.
In Singapore, Manulife held its first ManulifeMOVE Carnival, which drew about 3,000 customers, partners and distributors. It also partnered with the Breast Cancer Foundation and Parkway Radiology to offer free breast cancer screening for women of all ages.
Manulife extended its AI-enabled advisory tools to the Chinese Mainland and Malaysia. The tools help agents analyse family coverage, identify protection gaps, spot life events that may prompt a review and prepare for meetings. In Malaysia, the tool also generates personalised talking points and suggests next steps linked to customers’ financial goals.
Manulife’s group core earnings reached a record C$2.1 billion, up 4% on a constant exchange rate basis, and core earnings per share rose 6% to C$1.24. Group net income fell to C$1.4 billion from C$1.8 billion. In wealth and asset management, the transition to Hong Kong’s eMPF platform weighed on earnings.
Manulife’s results show Hong Kong’s strength as a growth market, alongside Japan, while the Chinese Mainland is getting harder. For agents and brokers, the Ant Health partnership shows Manulife linking health services to insurance in mainland China. Its rapid rollout of AI advisory tools across markets also suggests agents will increasingly be expected to use data-driven tools to find protection gaps.
