Manulife Hong Kong and Macau reported a double-digit year-on-year increase in insurance sales in the first quarter of 2023, primarily driven by strong demand from mainland Chinese visitors (MCV) following the lifting of all Covid-19 related restrictions, and the full reopening of borders with mainland China.
First-quarter annualized premium equivalent (APE) sales increased by 26% to HKD1.66 billion, compared to the same period in 2022, with critical illness plans and Qualifying Deferred Annuity Plans each showing an increase by more than 40% year-on-year.
“In addition to our broker channels, our professional agency force in Hong Kong and Macau has played a pivotal role in driving this growth, resulting in double-digit year-on-year sales increases across multiple product lines, such as savings, critical illness and Qualifying Deferred Annuity Plans,” said Patrick Graham, chief executive officer of Manulife Hong Kong and Macau.
As of March 31, 2023, Manulife’s professional agency force in Hong Kong and Macau consisted of 11,112 agents.
