Manulife Hong Kong reports year-over-year core earnings growth for the 20th consecutive quarter
- New business value (NBV) margin reached a record high with product mix shifting further towards health and protection in the second quarter
- Agent numbers recorded the highest growth rate among
Hong Kong's large-scale life insurance companies with agency forces [1] - Growth in quarterly core earnings demonstrated continued resilience despite impact of the prolonged pandemic on annualized premium equivalent (APE) sales
"Manulife Hong Kong reported solid results with year-over-year core earnings growth in both the first half and second quarter of 2022, despite the challenges posed by the continued impact of the fifth COVID-19 wave in
Core earnings in the first half of 2022 grew by 1% to
APE sales in the first half of 2022 were
In the first half of 2022, NBV declined 24% to
Manulife Hong Kong was the largest Mandatory Provident Funds (MPF) provider with a market share of 26.7% based on assets under management as at
As at
"We are proud of our expanding agency force, whose outperformance in the 2022
In regard to product offerings, Manulife Hong Kong has extended its basic individual life insurance coverage[3] to customers diagnosed with human immunodeficiency virus (HIV). The Company also announced an expanded definition of family, enabling customers to name policy beneficiaries from an expanded list of family members and same-sex married partners to purchase life insurance policies for their loved ones where insurable interest exists.
To help customers prepare for retirement, children's education or other financial goals, in
"As the longest continuously operating life insurer in
About Manulife Hong Kong
Manulife Hong Kong, through
About Manulife
Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
Media Contact:
Tel: (852) 2510 5429 / 2510 5644
[email protected] / [email protected]
Notes:
i. Manulife Hong Kong includes all our
ii. All percentage changes are stated on a year-over-year basis unless otherwise specified.
iii. Core earnings for Manulife Hong Kong include insurance and insurance-based wealth accumulation products, and exclude our wealth and asset management businesses. Core earnings is a non-GAAP financial measure. For full definition of core earnings, see "Non-GAAP and other financial measures" in
iv. Annualized premium equivalent ("APE") sales are presented to provide consistency of scope for NBV disclosures and industry practice. APE sales consist of insurance and insurance-based wealth accumulation products, and exclude our wealth and asset management businesses. They comprise 100% of regular premiums/deposits sales and 10% of single premiums/deposits sales.
v. New business value ("NBV") is the change in embedded value as a result of sales in the reporting period. NBV is calculated as the present value of shareholders' interests in expected future distributable earnings, after the cost of capital under the local capital requirements in
vi. New business value margin ("NBV margin")is calculated as NBV divided by APE sales excluding non-controlling interests. NBV margin is a useful metric to help understand the profitability of our new business.
vii. MPF market share is measured by share of assets under management and estimated net cash flows by scheme sponsor. Source: Mercer MPF Market Shares Report as at
[1] Source: MDRT Top 25 Companies by
[2] Source: MDRT Top 100 Companies (Global) (as of
[3] Excludes term life, critical illness and medical insurance products.
Attachments
Disclaimer
FIRST US BANCSHARES, INC. DECLARES CASH DIVIDEND
Insurance Broker Tool Market Set for Strong Growth Outlook : Oracle, Comarch, AgencyBloc, Radiusbob
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News