Manulife Hong Kong reports improved Q1 earnings

This is despite APE sales dropping by 23%.

Manulife Hong Kong still reported improved core earnings in the first quarter despite Annual Premium Equivalent (APE) sales going down by 23%.

In Manulife’s financial report, core earnings increased by 1% to HK$1.71b ($220m) compared to earnings last year. The increase reflected in-force business growth, favourable new business product mix, and experience gains offset by lower new business volumes amidst the impact of COVID-19 containment measures in Hong Kong.

APE sales were down to HK$1.31b ($170m), down 23% the first quarter of 2021. Manulife blames the decrease in sales to tighter containment measures following an outbreak of COVID-19 during the quarter, and limitations on travel between Hong Kong and mainland China that continued to impact cross-border economic activities.

Meanwhile, new business value (NBV) went down 20% to HK$910m ($115.93m) in the first quarter of 2022 due to lower sales volumes, partially offset by a favourable new business product mix and higher sales of medical plans. NBV margin was 69.1% in the first quarter of 2022, an increase of 3.0 percentage points compared with the prior-year quarter.

“Manulife Hong Kong has once again demonstrated its resilience, despite the fifth wave of COVID-19 which impacted the Hong Kong economy, the insurance industry, and hence our APE sales. We succeeded in expanding our agency force whilst growing core earnings and investing strongly in our operations and people. Notwithstanding the challenges created by COVID, our core earnings, NBV, and APE sales all exceeded pre-pandemic levels in 2019,” said Damien Green, CEO of Manulife Hong Kong and Macau.

You may also like:

India health insurance premiums jumps 25% amidst pandemic

COMMENTARY: Hong Kong insurers step up to seize opportunities in Greater Bay Area

Samsung Life net profits plunges by 72.9%

Follow the link for more news on

Manulife

Manulife Financial Report

Also Read

Tysers appoints new leaders to enhance APAC operations

Tokio Marine Kiln appoints new marine leader for APAC

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit