Manulife HK and Macau sees 26% YOY insurance sales growth in Q1 2023

Manulife Hong Kong and Macau has seen a double-digit year-on-year (YOY) growth in insurance sales in the first quarter of 2023. When compared to the same period in 2022, first-quarter annualised premium equivalent (APE) sales increased by 26% to HK$1.66 billion, with critical illness plans and Qualifying Deferred Annuity Plans both increasing by more than 40% YOY.

According to the statement, Chinese visitors accounted for a large proportion of its growth. The growth mainly came after the border reopens and the ease of COVID-19 restrictions.

During the quarter, APE sales to mainland China visitors reached a new quarterly high, surpassing the pre-pandemic averages seen in the quarters of 2018 and 2019. Sales increased across all distribution channels, contributing to a record percentage of total APE sales during the quarter. When it comes to local customers, the brand also saw strong performance since the demand for health and retirement solutions were the key drivers for domestic growth.

Commenting on the brand’s business growth, Patrick Graham, chief executive officer of Manulife Hong Kong and Macau, said, "Thanks to our diversified business portfolio and robust distribution capabilities, we are excited to report strong sales momentum for the first quarter of 2023."

"In addition to our broker channels, our professional agency force in Hong Kong and Macau has played a pivotal role in driving this growth, resulting in double-digit year-on-year sales increases across multiple product lines, such as savings, critical illness, and Qualifying Deferred Annuity Plans," he explained.

Don't miss: Manulife bolsters leadership with new appointments for HK and Macau

Looking forward, the brand will also be expanding its customer service facilities to elevate customer experiences, a brand-new prestige centre with a focus on banking and broker partners of high-net-worth and mainland China customers will be opened in Tsim Sha Tsui, according to Graham. 

Apart from serving mainland China customers in Hong Kong, the brand also aggressively expanded its services in China. "We have also recently expanded the coverage of our Designated China Hospitals Network from 1,700 to more than 3,000 listed hospitals across mainland China to meet growing health and protection demand from customers residing in, or travelling to, mainland Chinese cities," Graham explained. “Our expanded network encompasses a wide range of graded public hospitals and carefully selected private hospitals, delivering comprehensive healthcare services that position us as a leading player in the market,” he added.

Recently, the brand went through major reallocation of human resources. Back in April 2023, it appointed Thaddeus Yu as its chief strategy officer and Alice Li as chief communications officer, for its Hong Kong and Macau operations. These additions to its leadership team reflect the company's ongoing commitment to expanding its strategic and communication capabilities. As members of Manulife Hong Kong's senior management team, both executives report directly to Patrick Graham, chief executive officer of Manulife Hong Kong and Macau.

During the same month, Manulife Hong Kong has also laid off about 1% of its staff due to readjustment of business development priority and reallocation of resources to support business growth. Meanwhile, it is also looking to grow its workforce by approximately 15% to 1,360 and will hire 3,000 insurance agents by the end of this year. According to the statement, Manulife’s professional agency force has 11,112 agents in Hong Kong and Macau, as of 31 March 2023.

Related articles:
Manulife HK lays off 1% staff amid reallocation of resources, looks to grow workforce by 15%
Manulife names Patrick Graham as CEO for HK and Macau
Manulife names new Asia chief marketing and experience design officer