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FINANCIAL SERVICES | Staff Reporter, Hong Kong
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Manulife Hong Kong posts double-digit YTD, Q3 earnings jump

However, YTD and Q3 APE both went down 8% and 26%, respectively.

Manulife Hong Kong posted double-digit growth in both YTD and Q3 2020 core earnings, underscoring its business resilience and robust agency distribution amidst the pandemic, a statement read.

YTD core earnings jumped 10% to $4.5b from the same period in 2019, whilst Q3 core earnings rose 15% to $1.6b from Q3 2019.

On the other hand, YTD and Q3 annualised premium equivalent (APE) went down 8% and 26%, respectively, to $4.5b and $1.5b. The Q3 decline was brought about by the decrease in sales to mainland Chinese visitors as well as strong prior-year sales of Voluntary Health Insurance Scheme (VHIS) and Qualifying Deferred Annuity Policy (QDAP) products.

YTD and Q3 new business value (NBV) also declined 13% and 35%, respectively to $2.6b and $900m due to lower sales volume and continued low interest rate environment.

YTD wealth and asset management (WAM) gross flows in 2020 rose 11% to $29.5b but went down 10% in Q3 to $9.6b.

The insurer remained the largest MPF scheme sponsor with a record-high market share of 24.6% based on assets under management as of 30 September, and 36.6% in terms of estimated net cash flows for the period from 1 July to 30 September.

 

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