INSURANCE | Staff Reporter, Hong Kong

Manulife HK's 2020 core earnings jump 10% to $812.6m

Q4 core earnings also jumped 10% to $232m.

Manulife Hong Kong and Macau posted 10% increase in both Q4 2020 and full-year core earnings due to strong execution and momentum of its agency force.

Core earnings for 2020 reached $812.6m (HK$6.3b) and $232m (HK$1.8b) in Q4.

Full-year annualised premium equivalent sales dropped 10% to $773.9m (HK$6b), whilst it slipped 15% to $193m (HK$1.5b) in Q4 2020. New business value also went down 14% to $464m (HK$3.6b) in 2020 and 15% to $129m (HK$1b) in Q4.

Wealth asset management gross flows inched up 7% to $5.095b (HK$39.5b) in 2020, and inched down 3% to $1.3b (HK$10b) in Q4. Manulife Hong Kong was the largest scheme sponsor with a share of 24.6% based on assets under management as of 31 December 2020 and 39.4% in terms of estimated net cash flows for the period of 1 October to 31 December.

The number of agents climbed 6% to a new record to 10,706 as of 31 December.

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