Manulife Hong Kong posts record-high quarterly premium income

Firm announces strong growth, coupled with investments in digital and agency channels

Manulife Hong Kong posts record-high quarterly premium income

Insurance News

By Gabriel Olano

Manulife Hong Kong has released its financial results for the third quarter and first nine months of 2018, with core earnings of HK$1.1 billion and record-high quarterly premiums and deposits of HK$18.3 billion.

According to a statement by the insurer, its quarterly core earnings of HK$1.1 billion are up 15% year-on-year, while core earnings for January to September have reached HK$3.4 billion, up 30% from the same period of 2017.

The firm has set a record in its premiums and deposits for the quarter at HK$18.3 billion, up 4% from the third quarter of 2017. Meanwhile, year-to-date premiums and deposits were at HK$53.1 billion, up 15% from the same period last year.

Its new business value (NBV) also posted double-digit growth, with quarterly NBV at HK$865 million, up 17% from the third quarter of 2017, and year-to-date NBV at HK$2.3 billion, up 28%.

Manulife Hong Kong has grown its agency channel by 13% over the past year, reaching a record-high of 7,936 agents. It also invested in its digital capabilities, with the launch of its online portal, which it claims is used by 40% of eligible customers. In the third quarter, it upgraded its electronic point-of-sale tools for its agency force to streamline the policy purchase process.

“Manulife remains focused on customers and meeting their needs with tailored product solutions and enhanced customer experiences,” said Guy Mills, CEO of Manulife Hong Kong. “This customer-first strategy has brought us another quarter of solid growth. At the same time, we have expanded the number of our agents to a record level to offer customers stronger expert support they need to plan for their financial and protection needs.”

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