Manulife to up its game this year after strong 2024
Manulife Investment Management (MIM) also saw its assets under management grow by 18% year-over-year to RM17.2 billion as of end of 2024, surpassing the industry average for equity and fixed income funds, strengthening its position in the retail investment market.
Manulife Insurance Bhd (MIB), the insurance business of MHB, saw growth in its bancassurance in 2024, with a 48% rise year-over-year in annual premium equivalent.
The high-net-worth segment, through its Manulife Insurance Labuan Ltd (MILL) business experienced a 50% growth in APE, driven by the launch of Malaysia's first USD Indexed Universal Life product.
'Our achievements in 2024 are a 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. The company also reported a 46% increase in volunteer hours and aligned its climate risk governance with Bank Negara Malaysia's Climate Risk Management and Scenario Analysis policy.
'We are not merely growing; we are growing with a clear purpose,' Vibha said, adding that as they progress.
Looking ahead to 2025, MHB aims to focus on operational excellence, employee engagement, sustainability through Manulife's Impact Agenda, and enhancing customer experience. The theme for 2025 is 'Raise the Game,' reflecting the company's commitment to sustainable growth and profitability.
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