Manulife Hong Kong posts strong third quarter growth


This reflects a basic profit of $ 5.3 billion for the first nine months of this year, also up 16% from the $ 4.5 billion for the period in 2020, which the company attributed to a “Strong headcount growth, higher new business volumes and a favorable product mix”.

Due to higher sales volumes, favorable interest rates and product stewardship measures, Manulife Hong Kong also reported a net book value (NAV) for the subsidiary of $ 1.2 billion for the third quarter. from 2021, up 42% year-over-year from $ 0.9. billion in the third quarter of 2020, contributing to a NPV of $ 3.5 billion for the first nine months, up 34% from $ 2.6 billion for the same period in 2020.

The NBV margin for the third quarter was 70.6%, an increase of 14.6% year-on-year compared to the previous year quarter.

Manulife Hong Kong also announced that APE sales for the first nine months were $ 4.9 billion, a 10% increase from the $ 4.5 billion reported for the same period in 2020. This includes APE sales of $ 1.7 billion in the third quarter alone, up 12% from $ 1.5 billion in the third quarter of 2020.

Demand from Chinese visitors drives demand for bancassurance products

The company says the increase in APE sales is due to “strong growth in the Manulife Hong Kong banking channel, demand from mainland Chinese visitors through its Macao branch and an expanded agency strength.” Manulife Hong Kong increased its agent count to 10,815 in the past year, up 6% in the third quarter from the third quarter of 2020.

Manulife Hong Kong also focused on improving its medical solutions offering in 2021, including launching its new holistic professional medical assistance service as well as a strategic partnership with CUHK Medical Center last month, with the aim of give clients priority access to oncology specialists. The company has also entered into a partnership with the Hong Kong Baptist Hospital to provide customers with access to its new day medical center from July 2021.

“NBV’s and NBV’s margins both increased from the previous year quarter, reflecting the quality of our insurance business,” said Damien Green, CEO of Manulife Hong Kong and Macau. “All distribution channels contributed to this exceptional performance. Our agency force reached an all-time high in numbers and performed strongly in insurance and pension sales. Our other distribution channels have also experienced significant growth in APE sales as we see continued demand for our wide range of product offerings across different customer segments.

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