Manulife HK, Macau’s APE sales and core earnings grew more than half YoY

Higher demand in the mainland prompted this robust growth.

Manulife Hong Kong and Macau’s annualized premium equivalent (APE) sales and core earnings increased significantly by 57% and 50% to HK$1.64b and HK$1.49b in the third quarter, respectively, compared to the same quarter in 2022. 

This remarkable performance has contributed to Manulife's APE sales growth across the Asia region.

The growth in APE sales can be attributed to a resurgence in demand from mainland Chinese visitors (MCV) following the reopening of borders, coupled with strong domestic sales. 

Notably, Manulife introduced Manulife Bright Care PRO during the quarter, a critical illness product that offers a unique late-stage cancer treatment benefit at affordable premiums. This product has received positive feedback from both domestic and MCV customers.

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In addition, New Business Value (NBV) for the third quarter increased by 20% year-on-year (YoY) to HK$1.03b, primarily driven by strong sales volumes, although there were some adjustments due to changes in product mix. 

The new business contractual service margin (CSM) for the same period rose by 29% to HK$0.98b, further solidifying the company's foundation for sustainable earnings growth.

Patrick Graham, Chief Executive Officer of Manulife Hong Kong and Macau, commented, "We expanded our medical provider network by partnering with HEAL Medical, a leading multi-speciality medical centre, and opened our second prestige business centre in Tsim Sha Tsui. This centre serves as a venue for our broker partners to offer financial planning services to high net worth and MCV customers, a fast-growing segment in our customer portfolio."

Furthermore, Manulife has a market share of 27.4% based on assets under management as of 30 September. This represents an increase of 0.4 percentage points from the end of the same period in 2022.