Manulife Financial Corporation has announced robust first-quarter results for 2025, with its Asia segment achieving record levels in annualised premium equivalent (APE) sales, new business contractual service margin (CSM), and new business value (NBV).
The company reported a 50% year-over-year increase in APE sales, reaching $1,412m, whilst new business CSM rose by 38% to $498m. NBV also saw a significant rise of 43%, totalling $457m. Core earnings in Asia increased by 7% to $492m, driven by higher sales volumes in Hong Kong, Japan, and other Asian markets.
The strategic highlights for the quarter included the renewal of Manulife’s bancassurance partnership with China Banking Corporation in the Philippines, extending their collaboration for another 15 years. This partnership aims to provide comprehensive life, wealth, and health solutions.
Additionally, Manulife enhanced its artificial intelligence capabilities, launching an AI Assistant to support agents in Singapore and brokers in Japan, thereby improving customer engagement and reducing administrative tasks.
Manulife also introduced a new Shared Values proposition, offering high-net-worth life insurance with health benefits, and expanded its cancer diagnosis services in Hong Kong. The company launched a cross-border Cancer Drug Support Service to facilitate access to affordable treatments in mainland China.
Phil Witherington, President and CEO of Manulife Asia, stated, “2025 has got off to a strong start for Manulife in Asia. Building on last year’s momentum, the Asia segment achieved record levels across all value metrics in the first quarter.” Steve Finch is set to take over as President and CEO of Manulife Asia on 9 May 2025, with a focus on sustainable growth and customer-centric solutions.
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