Manulife Hong Kong Q3 earnings swells to HK$5.3b
This is a 16% increase from HK$4.5b from the previous year.
Manulife Hong Kong has reported that their earnings ballooned to HK$5.3b ($680m) for the first nine months of 2021, up by 16% from HK$4.5b ($589m) in the same period last year.
The insurer also reported that third quarter core earnings for 2021 hit a record high of HK$1.9b ($240m), an increase of 16% from HK$1.6b ($210m) in the previous year quarter.
Year-to-date annual premium equivalent (APE) sales were HK$4.9b ($630m), up 10% from HK$4.5b ($580m) in the same period of 2020. Third-quarter 2021 APE sales rose 12% to HK$1.7b ($220m) from HK$1.5b ($190m) in the previous year quarter, reflecting strong growth in Manulife Hong Kong's bank channel, demand from mainland Chinese visitors through its Macau branch, and an expanded agency force.
Meanwhile, new business value (NBV) rose 34% to HK$3.5b ($450m) from HK$2.6b ($330m) in the prior year period. Q3 2021 NBV was HK$1.2b ($150m), an increase of 42% compared with HK$900m ($115.53m) in the prior year quarter, due to higher sales volumes, favourable interest rates and product management actions. Hong Kong's NBV margin was 70.6% in the third quarter, an increase of 14.6 percentage points compared with the prior year quarter.
Manulife Hong Kong will be celebrating its 125th anniversary in 2022.