Manulife is broadening its operational footprint in Macau by securing a multi-year lease agreement for more than 64,000 square feet of office space in a prime YOHO Group property.
This expansion reflects Manulife’s strategic objective to bolster its position within the financial services sector of Macau, particularly in addressing the region’s increasing demand for insurance and retirement solutions.
The life insurance market penetration in Macau was reported at 9% in 2023.
To meet the growing needs, Manulife’s expanded office space will focus on enhancing client services and agent training, which aligns with the demographic trend towards an older population.
Patrick Graham, CEO of Manulife Hong Kong and Macau, highlighted the lease’s strategic importance.
“We are excited to have concluded this multi-year collaboration and lease agreement with YOHO group, which is a pivotal step in our expansion strategy in Macau,” he said. “As Macau continues to play a crucial role in the holistic development of the Greater Bay Area, this deal enables us to expand our footprint across the city and beyond. This marks a significant milestone in our business growth plan and brings us a step closer to achieving our goal of recruiting more agents in Macau. It also exemplifies our strong financial standing and unwavering commitment to investing in our dedicated employees, vibrant agency force, and other distribution channels in the city today and for the longer term.”
The leased premises will feature a lake-facing terrace spanning 7,000 square feet, which is intended to improve customer interaction and service. It will also include advanced meeting and training facilities tailored to Manulife’s specifications.
The company, which is among Brand Finance’s most valuable brands in the insurance industry, plans to inaugurate the location in May 2024, with full operational capacity expected by November 2024.
“We are thrilled to announce our partnership with Manulife,” said Mike Lam, CEO of YOHO Group. “This collaboration represents a significant milestone for our organisation as we align ourselves with a trusted and esteemed partner. We believe this strategic alliance will fuel innovation, foster growth, and create mutually beneficial opportunities. We look forward to a prosperous journey together as we forge new paths and achieve remarkable success.”
Based in Macau, YOHO Group is a key player in real estate, with YOHO Treasure Island being one of their notable projects. It encompasses a luxury hotel and a large retail mall in the heart of the Macau Peninsula.
