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Manulife Hong Kong reports double-digit growth in core earnings, APE sales and new business value in 2019

HONG KONG, Feb. 13, 2020 /PRNewswire/ -- The Manulife group of companies operating in Hong Kong ("Manulife Hong Kong") today announced strong growth for the fourth quarter and full-year 2019. Results overview:A 

Core earnings



Core earnings of HK$5.8 billion in 2019, up 26% from 2018, and HK$1.6 billion in 4Q19, up 31% from 4Q18



Annualized premium equivalent (APE) sales



APE sales of HK$6.7 billion in 2019, up 33% from 2018, and HK$1.8 billion in 4Q19, up 22% from 4Q18



New business value (NBV)



NBV of HK$4.2 billion in 2019, up 28% from 2018, and HK$1.2 billion in 4Q19, up 19% from 4Q18



Wealth and asset management (WAM) gross flows



WAM gross flows of HK$37.2 billion in 2019, up 13% from 2018, and HK$10.4 billion in 4Q19, up 29% from 4Q18



Mandatory Provident Funds (MPF) market share:A Manulife remained the largest MPF scheme sponsor with a market share of 23.8% based on assets under management as at December 31, 2019 and 36.8% in terms of estimated net cash flows for the period from October 1 to December 31, 2019



Agency force:up 14% from 2018 to 10,083 agents

"We are pleased to report record results for full-year 2019," said Damien Green, Chief Executive Officer of Manulife Hong Kong. "Since the second quarter, we have been a front-runner in the tax-deductible solutions market. Manulife is one of a few insurers capable of offering all of these solutions to customers as a one-stop shop. Demand for these health protection and retirement savings plans has been consistently strong, driving much of our growth over the year, and we're happy to see our customers enjoying tax savings as a result."Core earnings in the fourth quarter increased 31% to HK$1.6 billion from HK$1.3 billion in the same quarter of 2018. Full-year core earnings increased 26% to a record HK$5.8 billion from HK$4.6 billion in 2018. The strong growth on both a quarterly and full-year basis was driven by improved policyholder experience, higher new business volumes and in-force business growth.APE sales grew to HK$1.8 billion in the fourth quarter of 2019, up 22% from HK$1.5 billion in the prior year quarter, driven by an increase in sales across all distribution channels, double-digit growth in our agency force and the success of recently-launched products. On a full-year basis, APE sales of HK$6.7 billion increased 33% from HK$5.1 billion in 2018, primarily driven by the success of tax deductible solutions including Voluntary Health Insurance Scheme (VHIS) and Qualified Deferred Annuity Policy (QDAP) products, as well as participating products launched during the year.
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