Manulife celebrated the 25th anniversary of its initial public offering (IPO) with a closing gong ceremony at the Hong Kong Exchanges and Clearing Limited (HKEX), recognising the milestone in its long-standing presence in the Hong Kong financial market.
The company has been a key player in Hong Kong for more than 125 years and first listed on the HKEX in 1999 as the first international life insurer on the exchange.
Since then, Manulife has grown into a significant financial services provider in Hong Kong and Macau, serving over 2.5 million customers and leading the Mandatory Provident Fund (MPF) sector with more than HK$342 billion in assets under management.
The company has also formed multiple bancassurance partnerships and was one of the first multinational firms to establish operations in the Kowloon East business district.
Phil Witherington, president and CEO of Manulife Asia, said that since going public, the company’s market capitalisation has grown from HK$47 billion to over HK$400 billion, delivering more than a 1,000% return to shareholders.
“Just as importantly, we are proud to count one in three people in Hong Kong as our customers, making us an integral part of the city’s fabric,” he said. “We feel privileged that the Hong Kong SAR has been a dynamic base for our growth across Asia and remains a cornerstone of our regional business.”
The event brought together senior Manulife leadership and key business partners. Among the attendees were:
Manulife Hong Kong and Macau CEO Patrick Graham highlighted the firm’s growth since its 1999 listing, driven by customers’ trust in the company, the dedication of the company’s agents, and strong relationships with banking partners.
“As we celebrate this significant milestone of our IPO anniversary, we reflect on our remarkable journey of growth in Hong Kong over the past 25 years, expanding our workforce more than fivefold to 2,600 people and partnering with more than 10,000 professional agents,” he said.
The celebration brings to light Manulife Asia’s strong growth in the second quarter (Q2) of 2024.
Manulife’s overall core earnings for Q2 were reported at $1.7 billion, a 6% increase compared to the same period in 2023.
Its Asia insurance operations saw even stronger performance, with core earnings rising 51% to HK$1.9 billion, and new business value up 23% to HK$1.3 billion. Annualised premium equivalent (APE) sales also increased by 15% to HK$2.4 billion.
In the retirement sector, Manulife retained its leadership position in the MPF market, with a 27.9% market share in assets under management as of Q2 2024. The company also accounted for 35.4% of estimated net inflows between April and June 2024, reinforcing its dominance in the Hong Kong retirement space.
Looking forward, Manulife intends to continue investing in technology and expanding its services to meet evolving customer needs. It reaffirmed its commitment to Hong Kong as a regional business hub and aims to support its growth as an international financial centre while pursuing further expansion throughout Asia.
