Revealing its financials for the third quarter of 2023, Manulife Hong Kong and Macau reported significant growth in its insurance operations, with annualised premium equivalent (APE) sales and core earnings witnessing an uptick by 57% and 50%, respectively, achieving HK$1.64 billion (US$210 million) and HK$1.49 billion.
This performance, the company said, is reflective of an increase in demand, attributed to the return of mainland Chinese visitors after the easing of border restrictions and steady domestic sales.
A notable product launch during this quarter was the Manulife Bright Care PRO, a critical illness insurance scheme offering benefits for late-stage cancer treatment at competitive premiums, which saw a positive reception from both domestic and mainland Chinese visitors.
The new business value (NBV) surged by 20% to HK$1.03 billion in comparison with last year's figures, propelled by robust sales volumes, although the change in product mix provided some counterbalance. The contractual service margin related to new business (CSM) marked a 29% rise to HK$0.98 billion.
The insurer also said that it has sustained its lead as the top mandatory provident fund (MPF) provider in Hong Kong, with its market share climbing to 27.4% based on assets under management as of September 30, 2023, a slight increase from the previous year. In terms of estimated net inflows, the company secured the foremost position, accounting for 38.2% of the market during the period from 1 July 1 to 30 September.
“We are pleased to report strong sales growth in the third quarter of 2023,” Manulife HK and Macau CEO Patrick Graham said. “During the quarter, we have been dedicated to bolstering our health and protection offerings."
The quarter also saw the company augmenting its medical provider network, highlighted by a partnership with HEAL Medical to offer top-tier medical services to its customers, and the opening of a second prestige business centre in Tsim Sha Tsui to serve broker partners and their high net worth and mainland Chinese visitor clientele, reported Insurance Business.