Manulife Hong Kong’s fourth-quarter insurance sales up 11pc to HK$1.1 billion

PUBLISHED : Thursday, 09 February, 2017, 10:08pm
UPDATED : Friday, 17 February, 2017, 8:59pm

Manulife Group, Hong Kong’s second-largest MPF provider, reported strong sales in its fourth-quarter and full-year results for 2016 due to excellent performance in its insurance and wealth and asset management businesses.

In its fourth quarter, Manulife Hong Kong reported HK$1.1 billion in insurance sales, up 11 per cent from the same period last year. Sales for 2016 amounted to HK$3.8 billion, up 27 per cent from 2015.

The company’s total premiums and deposits in the fourth quarter also rose 22 per cent to HK$13 billion from HK$10.7 billion in the same period of 2015 due to growth in insurance and pension sales and higher renewal premiums.

Its wealth and asset management gross flows for the fourth quarter jumped 14 per cent from the same time last year to HK$5.8 billion, the company said.

“2016 was a remarkable year for Manulife Hong Kong. Both our insurance and wealth and asset management businesses have grown strongly and achieved new highs,” said Guy Mills, chief executive of Manulife (International).

Manulife’s share of the Mandatory Provident Fund market reached a record 22 per cent at the end of 2016 after it acquired Standard Chartered Bank’s business.

The company in 2016 also reached a 15-year exclusive bancassurance partnership with Singapore banking giant DBS that covers Hong Kong, mainland China, Singapore and Indonesia. Manulife products will be offered to DBS clients under the deal, and both companies will jointly conduct research and development initiatives for technology platforms and pension products.