In the third quarter of the year, insurance agency Manulife achieved significant growth in its Macau and Hong Kong offices, with double-digit year-over-year increases in insurance Annualized Premium Equivalent (APE) sales, as highlighted in their recent statement.
Third-quarter APE sales and core earnings rose by 57% and 50% to HKD1.64 billion and HKD1.49 billion respectively, compared to the same period in 2022.
The insurer attributed this growth primarily to “a return of demand from mainland Chinese visitors (MCV) following the reopening of borders, as well as robust domestic sales.”
Another important factor, the insurer suggested, is the launch of a new product in the third quarter that support late-stage cancer treatment at affordable premiums. The new product “has been receiving a favorable response from both domestic and MCV customers,” and is first of its kind in the market.
New Business Value (NBV) in the third quarter rose by 20% year-on-year to HKD1.03 billion, driven by strong sales volumes, partially offset by changes in product mix. The new business contractual service margin (CSM) in the third quarter increased by 29% to HKD0.98 billion, “further reinforcing a strong foundation for the company’s high-quality and sustainable earnings growth.”
The insurer also recapped that it had commenced a partnership in the third quarter with a private health facility in Hong Kong and expanded its medical provider network. A new prestigious business center was also opened in Hong Kong. AL
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