Manulife HK and Macau insurance sales rise 26% to HK$1.66b in Q1

Critical illness plans and deferred annuity plans increased by over 40%.

Manulife Hong Kong and Macau reported double digit increases in insurance sales in Q1, driven by strong demand from mainland Chinese visitors after COVID-19 restrictions were lifted.

First quarter annualized premium equivalent (APE) sales rose 26% to HK$1.66b, compared to Q1 2022. Critical illness plans and qualifying deferred annuity plans both recorded increases of more than 40%, Manulife reported.

APE sales to mainland Chinese visitors hit a record quarterly high, to over double pre-pandemic averages in 2018 and 2019.

"As Hong Kong and Macau continue on their path to economic recovery, we are confident that there will be continued interest in health and protection products from both domestic and MCV customers," said Patrick Graham, Chief Executive Officer of Manulife Hong Kong and Macau.

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Manulife Hong Kong maintained its position as the city’s largest MPF provider, clinching 27.1% of the market share based on assets under management by 31 March 2023.

The insurance company was also the number one MPF provider in terms of estimated net inflows, accounting for 30.1% of the market between January and March 2023, Manulife said.

Graham shared plans to open a second prestige centre in Tsim Sha Tsui. The new centre will reportedly focus on assisting Manulife’s banking and broker partners in meeting the financial needs of its high-net-worth and mainland Chinese customers.

Graham added that Manulife recently expanded its hospital network coverage in China to more than 3,000 hospitals.

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As of 31 March, Manulife has 11,112 agents across Hong Kong and Macau.