Manulife's Q1 core earnings climbed 10% to $1.4b

In-force business growth and higher sales spurred the growth.

Manulife Hong Kong posted a 10% growth in core earnings to $1.4b in Q1 2020 on top of in-force business growth and higher sales, according to a news release.

Annualised premium equivalent (APE) sales went up 21% to $1.6b driven by sales in its tax-deductible solutions, including Voluntary Health Insurance Scheme (VHIS) and Qualifying Deferred Annuity Policy (QDAP) products. New business value (NBV) also went up 25% to $1b.

Wealth and asset management (WAM) gross flows surged 60% to $11.7b from $7.4b in Q1 2019, brought about by a significant amount of transfer-in assets from MPF personal accounts and new employer clients, as well as higher mutual fund sales.

Manulife remained the largest MPF scheme sponsor, with a market share of 24% based on assets under management as of 31 March and 32.7% in terms of estimated net cash flows from 1 January to 31 March.