Manulife Hong Kong sees higher sales and profits

Firm credits agency force for growth across major business areas

Manulife Hong Kong sees higher sales and profits

Insurance News

By Gabriel Olano

Manulife Hong Kong has announced its results for the third quarter and first nine months of 2021, with growth in profits, sales and new business value.

The insurer revealed core earnings of HK$5.3 billion in the first nine months of 2021, up 16% from the same period of 2020. For the third quarter, it was HK$1.9 billion, up 16% from a year ago.

Annualized premium equivalent (APE) sales were at HK$4.9 billion for the first nine months, growing 10% year over year, and HK$1.7 billion in the third quarter, up 12% from the previous year.

New business value (NBV) grew 34% to HK$3.5 billion in the first nine months of 2021. For the third quarter, NBV was at HK$1.2 billion, up 42% from last year.

Manulife Hong Kong’s market share in mandatory provident funds (MPF) grew by 1.9 percentage points to 26.5%, based on assets under management as of Sept. 30. Its number of agents was at a record high of 10,815, up 6% from one year ago. Manulife said its agency force remained the key contributor to its insurance, annuity and MPF businesses.

“We’re pleased to report another quarter of strong results, with core earnings growth year-on-year in every quarter of the last four years,” said Damien Green (pictured above), CEO of Manulife Hong Kong and Macau. “Both NBV and NBV margins have increased compared with the prior-year quarter, reflecting the quality of our insurance business. All distribution channels contributed to the outstanding performance. Our agency force reached a record high in numbers and delivered strong performance in insurance and pension sales. Our other distribution channels also reported significant growth in APE sales as we see continuous demand for our wide range of product offerings across different customer segments.”

In the third quarter of 2021, the company opened the Manulife Prestige Centre in Tsim Sha Tsui to better serve its high-net-worth customers. It also signed on as a major sponsor of the recently opened Water World Ocean Park.

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