The insurance sales over the second quarter of this year from Manulife Hong Kong and Macau have set a record high, the company reported.
According to the release, the Q2 annualized premium equivalent (APE) sales were HKD2.1 billion, which represents a twofold increase compared to the same period last year.
The company added that the APE sales to domestic customers continue to reflect the ongoing consumer demand for savings, health, and protection products.
During Q2, increased momentum from mainland visitors drove APE sales across distribution channels, notably broker and bancassurance, contributing to a record percentage of mainland visitors’ sales to Manulife Hong Kong and Macau’s total APE sales.
Among the new products launched during the quarter in analysis were the FlexiFortune Annuity Plan and regular-premium versions of Prestige Saver and Prestige Preserver, which were said to have had a greater acceptance among those in this market segment.
The New Business Value (NBV) also increased by 31% year-on-year to HKD1.1 billion, driven by greater sales volumes partially offset by changes in product mix.
The company noted that the results obtained in Q2 “made a significant contribution to Manulife’s strong APE sales growth in Asia and momentum across the region.”
“Our sales for the second quarter of 2023 have exceeded the pre-pandemic records set in 2019. We are encouraged by the momentum we are driving across our Hong Kong and Macau business and the future earnings we expect that these sales will generate,” Patrick Graham, CEO of Manulife Hong Kong and Macau said, adding, “with a firm commitment to growth, we plan to continue to expand our distribution network and customer service facilities meaningfully by the end of this year, while also fully supporting the establishment of after-sales insurance service centers in mainland Greater Bay Area cities.”
