Manulife sees insurance biz rebounding after Covid-19

Manulife Holdings Bhd's group chief executive officer Lee Sang Hui said although market weakness and volatility will likely prevail throughout the year, the company hopes that investor sentiment would improve once uncertainty subsides and markets stabilise.

KUALA LUMPUR: Manulife Holdings Bhd expects the insurance business to rebound, moving forward after the Covid-19 pandemic impact as demand for protection coverage increases.

Its group chief executive officer Lee Sang Hui said although market weakness and volatility will likely prevail throughout the year, the company hopes that investor sentiment would improve once uncertainty subsides and markets stabilise.

"We will continue to look at strengthening and growing our business as Malaysia moves towards the recovery phase after nearly three months of the Movement Control Order, ” he said in a statement on Tuesday.

Manulife Holdings’ insurance subsidiary, Manulife Insurance Bhd (MIB), recorded 43 per cent growth year-on-year in 2019, driven by a surge in new business sales worth RM182.5 million from its agency and bancassurance channels.

Manulife Holdings' market share rose to 2.86 per cent from 2.24 per cent a year earlier, reaffirming its position among the country’s life insurance companies.

In 2019, the group’s newest subsidiary, Manulife Insurance Labuan Ltd (MILL), exclusively partnered with Standard Chartered Bank Malaysia and established relationships with several brokers to distribute its US dollar-denominated life insurance plan to high net worth customers.

On the group’s performance in 2019, Lee said despite the challenges, Manulife Holdings was able to record higher revenues, given its diversification across various business lines.

"We will continue to deliver on our commitments to our customers and progress on our mission to help make their decisions easier and lives better, ” he added. - Bernama