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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
22 minutes ago
- New Straits Times
Potential sale reflects broader trend
KUALA LUMPUR: Petroliam Nasional Bhd's (Petronas) potential sale of its stake in an oilfield in Brazil reflects a broader trend among state-owned oil and gas companies to streamline their global portfolios, economists said. The potential divestment, which could raise about US$1 billion (RM4.23 billion), comes as Petronas continues to reshape its international upstream portfolio in line with long-term strategic priorities and shifting global energy dynamics, they added. It was reported that the national oil company was working with Bank of America Corp to market its 50 per cent stake in the offshore deepwater oilfield in Brazil's Campos Basin. The Tartaruga Verde field is operated by Brazil's national oil company Petrobras, which owns the remaining 50 per cent. Economist Samirul Ariff Othman said Petronas is in the midst of restructuring its upstream portfolio to boost resilience, prioritise value creation and ensure long-term sustainability in the face of market and geopolitical uncertainties. The strategy involves focusing on assets with strong break-even economics while minimising the group's presence in regions with elevated risk. "In recent years, the company has prioritised monetising non-core assets and reinvesting in areas aligned with its long‑term strategy, including unconventional resources in Argentina and Canada, and focused conventional assets in Brazil, Mexico, Turkmenistan, Iraq and Vietnam. "Selling the 50 per cent stake reflects this approach: monetising an offshore minority interest acquired in 2019, freeing capital for re-investment in more core or higher-return geographies," he told Business Times. Samirul said the national oil and gas company has been steadily withdrawing from non-core or higher-risk international assets as part of its portfolio optimisation strategy. "Ongoing divestments across Africa, including exits from Chad and South Sudan, align with re-focusing efforts. "Earlier moves included exiting Venezuela and underperforming European ventures, emphasising a pivot toward higher-grade, lower-risk upstream opportunities," he added. He added that the move to divest the Brazil stake aligns with Petronas' long-term strategy of shedding non-core offshore assets in order to redirect capital towards key operations and minimise geopolitical or operational risks. Samirul said the reported Petronas move to engage Bank of America to market its Tartaruga Verde stake reflects its ongoing strategic shift, streamlining its upstream portfolio in line with the 2024-2026 Activity Outlook, while redirecting capital toward assets with better break-even performance and stronger alignment with its Net Zero 2050 goals. Similarly, Universiti Teknologi Mara Business Management Faculty senior lecturer Dr Mohamad Idham Md Razak said Petronas' potential exit from the Brazilian asset is consistent with a wider realignment seen across the oil and gas industry. "This divestment aligns with strategic shifts aimed at reallocating resources towards more lucrative or strategically aligned assets. "The Brazilian offshore asset, while potentially profitable, might present operational challenges or uncertainties such as geopolitical risks, currency fluctuations, or regulatory complexities that make it a candidate for divestment," Idham said when contacted. He said the move could form part of a wider strategy to restructure Petronas' portfolio in line with global energy transition trends, potentially unlocking capital for renewable energy investments or higher-yield hydrocarbon projects in other regions. "Petronas' potential exit from international assets, such as the Tartaruga Verde oilfield, could be indicative of a strategic refocusing or a risk-aversion strategy in response to the evolving global energy landscape. "This trend might reflect a broader industry recalibration where companies, in the wake of the pandemic's economic impact and shifting towards cleaner energy sources, are divesting from assets that are either less profitable or do not align with their long-term strategic objectives," he added. Idham said this could be part of a larger trend of asset reallocation to support domestic energy security and decarbonisation efforts. "However, this does not necessarily imply a complete retreat from international ventures, as state-owned enterprises often have mandates to secure energy resources globally, and strategic disinvestments could be offset by new investments or partnerships in more geopolitically stable or strategically important regions," he explained.
The Star
an hour ago
- The Star
Delhi, Manila ink security deals
Boosting ties: Modi (right) with Marcos at the presidential palace in New Delhi. —Bloomberg Manila and New Delhi signed a raft of security deals aimed at strengthening strategic ties between the nations as they navigate regional tensions across the Asia-Pacific. President Ferdinand Marcos, on a five-day visit to India, was accorded a red carpet welcome and an honour guard before he met with Prime Minister Narendra Modi in New Delhi yesterday. The leaders agreed on deals including bolstering ties between their respective armed forces – the army, and air force as well as their navies – with Indian warships currently taking part in patrols of the disputed South China Sea with their Philippine counterparts for the first time. Over the past year, the Philippines has heightened defence cooperation with a range of allies. 'India and the Philippines are friends by choice and partners by destiny,' Modi told Marcos in a speech. 'From the Indian Ocean to the Pacific, we are untied by shared values.' Marcos' visit follows the Philippines' acquisition of India's BrahMos supersonic cruise missile system – the first such export by New Delhi – with deliveries beginning in April under a US$375mil deal signed in 2022. Marcos said the two sides engaged in 'far-reaching, productive and forward-looking' discussions. 'We expressed satisfaction over the rapid pace of the Philippines' ongoing defence modernisation and the expanding capabilities ... of India's indigenous defence industry as a partner in this undertaking, exemplified by our BrahMos project,' he said. Talks also included setting out the terms of reference for the negotiations on a 'preferential trade agreement' between Manila and New Delhi. — AFP
The Star
an hour ago
- The Star
Police detain former eFishery CEO who faked data
Police have detained the co-founder of eFishery Pte, investigating a startup whose collapse shook up South-East Asia's investment and tech community. Gibran Huzaifah was detained last week by the white-collar crimes division, the police said. He and two other former eFishery executives have remained in custody since July 31, according to a text message from Helfi Assegaf, director of special economic crimes at the National Police's Criminal Investigation Agency. The three have been 'officially named as suspects,' according to the police, though it was unclear if any have been officially charged with wrongdoing. Apart from Gibran, they detained and named two other suspects in the probe, Angga Hadrian Raditya and Andri Yadi. Both are former vice-presidents and had been interviewed by internal investigators. Gibran's detention comes months after he gave a detailed account of how he inflated revenue at a startup once valued north of US$1bil (RM4.2bil). Its ultimate collapse dealt a blow to several of the world's highest-profile investors from SoftBank Group Corp and Temasek Holdings Pte to Peak XV (formerly Sequoia India) and Abu Dhabi's 42XFund. The company, which deployed feeders to fish and shrimp farmers in Indonesia, incurred several hundred million dollars in losses between 2018 and 2024, Bloomberg News has reported. EFishery, which was valued at US$1.4bil (RM5.9bil) after a 2023 funding round, had been one of the highest-profile startups to emerge from Indonesia. — Bloomberg
