Manulife Holdings Berhad has announced its audited financial results for 2023 with operating revenue increasing by 11 percent the group's the insurance business, recorded an APE of RM185 million in 2023, reflecting a 10 percent year-on-year growth. As of 31 December 2023, MIB's product mix has undergone a positive shift as the distribution channels shifted focus on higher margin Investment-Linked Policies (ILP), marking an 11 percent year-on-year growth.
Additionally, its agency force achieved a new business of RM124 million, characterised by a substantial increase in Investment-Linked Product (ILP) mix from 61 percent to 76 percent. This demonstrates their continued focus on leveraging opportunities to drive recruitment and new business.
MIB's bancassurance business demonstrated significant sales growth and a stronger market presence. In July 2023, MIB extended its partnership with Alliance Bank for another 15 years, building on a decade of successful collaboration. The bancassurance channel recorded new business sales of RM 57 million for 2023, which translates to 29 percent year-on-year growth and surpassing the 2023 Business Plan by 16 percent.
With the business expansion, MIB has also seen a rise in claims payouts, reflecting its commitment to fulfilling their promise to customers. This was evident with the total claim payments increasing by 24% at RM 193 million in 2023 being paid to approximately over 30,000 customers. These substantial claim payments highlight Manulife's dedication to customer protection, making their decisions easier and lives better.
"The success of Manulife Malaysia relies on our collective effort as a winning team, dedicated to executing our 'Scale Up' growth strategy. We have seen this come true in 2023 with the increase of revenue within the group and a notable increase with our net profit after tax. We remain committed to our aim of being the most trusted and preferred financial services provider in Malaysia." said Vibha Coburn, Group CEO of Manulife Holdings Berhad.
Manulife Investment Management (Malaysia) Berhad (MIM), the company's asset management business, continued to record strong growth momentum in the year, with Assets Under Management (AUM) increasing by 11 percent in the year, growing from RM13.2 billion in 2022 to RM14.6 billion in 2023. The growth in AUM has seen the company perform relatively better than the industry average (equity & fixed income funds), thus gained retail market share in the year.
