Manulife Hong Kong reports strong 2017 growth

February 9 2018 by InsuranceAsia News Staff

Manulife Hong Kong ended 2017 with strong growth on the back of market demand for insurance and wealth products, Guy Mills, the group’s CEO said.

Manulife’s annualised premium equivalent (APE) sales in the fourth quarter reached a new high of HK$1.3 billion (US$166 million), up 21% from HK$1.1 billion in the same quarter of 2016.

For the entire year of 2017, APE sales were also a record high of HK$4.6 billion, up 18% from HK$3.8 billion in 2016.

Manulife attributed the growth during both periods to the strong sales of recently-launched customer solutions.

Total premiums and deposits in the fourth quarter grew to a record of HK$18.1 billion, up 39% from HK$13.0 billion in the same period of 2016, attributable to growth in both insurance and pension sales and higher renewal premiums.

Full-year premiums and deposits increased by 44% to another new record of HK$64.1 billion in 2017 from HK$44.3 billion in 2016.