Manulife Asia’s profit quadruples, Hong Kong segment doubles core earnings
The group’s NBV margin improved by 3.4 percentage points.
Manulife's net income for the second quarter of 2024 (Q2 2024) inched down (-1%) to $1.0b. The company also reported improved market experience and core earnings growth, but these gains were offset by a $0.3b realised loss from the sale of debt instruments related to the RGA reinsurance transaction.
Year-over-year (YoY), APE sales increased by 17%, new business CSM by 6%, and NBV by 23%.
On a regional basis, Asia’s net income nearly quadrupled (289%) to $424m in the April to June period. This was attributable to higher core earnings.
Asia continued to drive the overall momentum, with APE sales, new business CSM, and NBV up by 7%, 10%, and 19% respectively, primarily due to higher sales volumes in Japan and Hong Kong.
“In the second quarter of 2024, we are delighted to achieve strong growth across multiple key performance metrics, delivering record-level APE sales and NBV,” Patrick Graham, CEO of Manulife Hong Kong and Macau, said.
“We look forward to building on this momentum and sustaining our business growth in the second half of the year,” he added.
The NBV margin improved by 3.4 percentage points YoY, reflecting disciplined pricing and changes in the business mix.