However, YTD and Q3 APE both went down 8% and 26% respectively.
Manulife Hong Kong posted double-digit growth in both YTD and Q3 2020 core earnings, underscoring its business resilience and robust agency distribution amidst the pandemic, a statement read.
YTD core earnings jumped 10% to HK$4.5b from the same period in 2019, whilst Q3 core earnings rose 15% to HK$1.6b from Q3 2019.
On the other hand, YTD and Q3 annualised premium equivalent (APE) went down 8% and 26%, respectively, to HK$4.5b and HK$1.5b. The Q3 decline was brought about by the decrease in sales to mainland Chinese visitors as well as strong prior-year sales of Voluntary Health Insurance Scheme (VHIS) and Qualifying Deferred Annuity Policy (QDAP) products.
YTD and Q3 new business value (NBV) also declined 13% and 35% respectively to HK$2.6b and HK$900m due to lower sales volume and continued low interest rate environment.
YTD wealth and asset management (WAM) gross flows in 2020 rose 11% to HK$29.5b but went down 10% in Q3 to HK$9.6b.
The insurer remained the largest MPF scheme sponsor with a record-high market share of 24.6% based on assets under management as of 30 September, and 36.6% in terms of estimated net cash flows for the period from 1 July to 30 September.
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