Manulife Holdings Berhad (Manulife Malaysia) has reported its audited financial results for 2023, showcasing impressive growth with an 11 percent increase in operating revenue. This growth is largely attributed to higher insurance service revenues, driven by increased contractual service margin amortization and risk adjustment releases, reflecting the expansion of its in-force insurance business. Additionally, improved performance in equity investments and increased fee income from higher assets under management contributed to these positive results.
Manulife Insurance Berhad (MIB), the insurance arm of Manulife Holdings Berhad, reported an annual premium equivalent (APE) of RM185 million for 2023, marking a 10 percent year-on-year growth. As of December 31, 2023, MIB’s product mix shifted positively with a focus on higher-margin Investment-Linked Policies (ILP), resulting in an 11 percent year-on-year growth.
MIB’s agency force achieved RM124 million in new business, with a notable increase in the ILP mix from 61 percent to 76 percent, highlighting their focus on leveraging opportunities for recruitment and new business. The bancassurance channel also saw significant sales growth and a stronger market presence, with new business sales reaching RM57 million in 2023, a 29 percent year-on-year growth, exceeding the 2023 Business Plan by 16 percent. This growth was bolstered by the extension of MIB’s partnership with Alliance Bank for another 15 years in July 2023.
Reflecting its commitment to customer protection, MIB’s claims payouts increased by 24 percent to RM193 million in 2023, benefiting over 30,000 customers. This underscores Manulife’s dedication to making decisions easier and lives better for their customers.
“The success of Manulife Malaysia relies on our collective effort as a winning team, dedicated to executing our ‘Scale Up’ growth strategy. This was evident in 2023 with increased revenue and a notable rise in our net profit after tax. We remain committed to being the most trusted and preferred financial services provider in Malaysia,” said Vibha Coburn, Group CEO of Manulife Holdings Berhad.
Manulife Investment Management (Malaysia) Berhad (MIM), the asset management arm, continued its strong growth momentum with assets under management (AUM) increasing by 11 percent, from RM13.2 billion in 2022 to RM14.6 billion in 2023. This growth outpaced the industry average for equity and fixed income funds, resulting in increased retail market share.
MIM received significant recognition in 2023, winning three group awards and twelve fund awards at the 2024 LSEG Lipper Fund Awards, including the biggest group award for the second consecutive year. MIM was also acknowledged as a leader in Shariah-compliant investment solutions at the LSEG Lipper Fund Awards Global Islamic 2024.
In November 2023, RAM Ratings upgraded Manulife Malaysia’s corporate credit ratings to AA2/Stable/P1, reflecting the company’s commitment to responsible and transparent financial practices, contributing to a more sustainable and resilient economy.
The double-digit growth achieved in Manulife Malaysia’s 2023 financials highlights its dedication, resilience, and strategic vision. Manulife Malaysia remains optimistic about future opportunities, focusing on innovation and strengthening its commitment to Malaysian customers and families.
