Manulife remains committed to continued growth

PETALING JAYA: Manulife Holdings Bhd (MHB) reported a year of growth and progress at its AGM, underscoring its commitment to sustainable growth.

In 2024, MHB reported an increase in profit before tax to RM185.4mil, supported by strong business fundamentals. Manulife Investment Management also saw its assets under management (AUM) grow 18% year-on-year (y-o-y) to RM17.2bil as of end of 2024. It said AUM’s growth surpassed the industry average for equity and fixed income funds, strengthening its position in the retail investment market.

Manulife Insurance Bhd, the insurance business of MHB, saw bancassurance growth in 2024, with a 48% y-o-y increase in annual premium equivalent (APE).

The high-networth segment, through its Manulife Insurance Labuan Limited business, experienced 50% growth in APE, driven by the launch of Malaysia’s first US dollar indexed Universal Life product.

“Our achievements in 2024 are testament to our unwavering commitment to excellence and innovation. We have successfully scaled up our operations, expanded our product offerings, and enhanced our customer experience.

“I am incredibly proud of our team’s dedication and focus, which have been instrumental in driving our growth and success.

“As we look ahead to 2025, we remain focused on raising the game for sustainable growth and profitability,” said MHB group CEO Vibha Coburn.

MHB also continued to invest in sustainability and community initiatives building from Manulife ‘s Impact Agenda, including biodiversity projects in Perlis, urban clean-ups, the Terry Fox Run, and recycling campaigns.