- Home
- Manulife...
Manulife 2023 net profit up 11% to RM83.9 million
KUALA LUMPUR (July 2): Manulife Holdings Bhd (KL:MANULFE ) net profit for 2023 rose 11% to RM83.9 million, driven by insurance service revenues with higher contractual service margin amortisation and risk adjustment release, attributable to expansion of insurance in-force business.
In a statement on Tuesday, the financial services provider said total assets stood at RM7 billion as of December 2023.
Manulife group CEO Vibha Coburn said the company’s ‘Scale Up’ growth strategy contributed to the increase of revenue within the group and a notable increase in net profit.
“We remain committed to our aim of being the most trusted and preferred financial services provider in Malaysia,” said Coburn.
She said that additionally, Manulife’s agency force achieved new business of RM124 million, characterised by a substantial increase in Investment-Linked Product (ILP) mix from 61% to 76%.
“This demonstrates their continued focus on leveraging opportunities to drive recruitment and new business.
“Manulife’s bancassurance business demonstrated significant sales growth and a stronger market presence.
“In July 2023, Manulife 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 RM57 million for 2023, which translates into 29% year-on-year growth and surpassing the 2023 Business Plan by 16%,” she said.
Meanwhile, 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% in the year, growing from RM13.2 billion in 2022 to RM14.6 billion in 2023.
- https://www.msn.com/en-my/money/topstories/manulife-2023-net-profit-up-11-to-rm83-9-million/ar-BB1pfvtO?ocid=00000000
Related
Mah Sing buys RM108 mil land in Taman Desa with estimated GDV of RM1.01 bil
KUALA LUMPUR (July 3): Mah Sing Group Bhd (KL:MAHSING) is acquiring land in Taman Desa, Kuala Lumpur for RM108 million which will be developed into serviced apartments and residential projects. The planned development is estimated to have a gross development value of RM1.01 billion. Mah Sing plans to develop the land in two phases, the first being 1,600 serviced apartments spread over 3.7 acres dubbed as M Aspira and the second phase, Residensi...
MoneyMRT Corp's accumulated losses hit RM57.6b as MRT1, MRT2 failed to meet ridership, frequency targets — AG's Report
KUALA LUMPUR (July 4): The Mass Rapid Transit Line 1 (MRT1) and MRT2 have failed to meet their targets for daily ridership. They also failed to meet the targeted numbers of trains in operation, and peak-hour frequency, according to the 2024 Auditor General's Report. For MRT1, also known as the Kajang Line, the average daily passenger rate ranged from 10.8% to 37.4% from the start of its full operation in 2017 until 2023, falling short of...
MoneyCourt: 1MDB, SRC’s US$346 mil claim against Rosmah may rise as HK, US and UK investigations pending
This article first appeared in The Edge Malaysia Weekly on June 24, 2024 - June 30, 2024 THE list of jewellery and luxury goods worth US$346.01 million (RM1.632 billion), allegedly purchased using misappropriated funds of 1Malaysia Development Bhd (1MDB) and its subsidiaries, is not exhaustive and may be amended to include subsequent items as investigations are still pending, the companies said in their lawsuit against Datin Seri Rosmah Mansor....
MoneyPecca Group ‘hungry’ for more acquisitions as it shifts into higher gear
This article first appeared in The Edge Malaysia Weekly on June 24, 2024 - June 30, 2024 PECCA Group Bhd (KL:PECCA) is back on the acquisition trail after a pause due to the Covid-19 crisis. The automotive upholstery maker has concluded one takeover deal in the past year and is on the hunt for more acquisitions as part of its ambitions to become a Tier-1 automotive player, its CEO Foo Ken Nee says. Foo tells The Edge in an interview that there...
MoneyGenting’s energy ventures yet to excite investors
This article first appeared in The Edge Malaysia Weekly on June 24, 2024 - June 30, 2024 TO some, Genting Bhd’s (KL:GENTING) announcement of its RM5 billion energy ventures last week seemed to have come out of the blue. But to others, the announcement comes at a time when the gaming business is becoming more competitive than it was 50 years ago, when Genting first established its hilltop casino and resort in Pahang. The conglomerate, synonymous...
MoneyManulife 2023 net profit up 11% to RM83.9 million
KUALA LUMPUR (July 2): Manulife Holdings Bhd (KL:MANULFE ) net profit for 2023 rose 11% to RM83.9 million, driven by insurance service revenues with higher contractual service margin amortisation and risk adjustment release, attributable to expansion of insurance in-force business. In a statement on Tuesday, the financial services provider said total assets stood at RM7 billion as of December 2023. Manulife group CEO Vibha Coburn said the...
MoneyHigh Court tosses out Najib's bid to serve sentence under house arrest
KUALA LUMPUR (July 3): The High Court on Wednesday dismissed former prime minister Datuk Seri Najib Razak's bid to serve the remainder of his sentence under house arrest. All the affidavits filed — two by Najib, one by Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi and Pahang Menteri Besar Datuk Seri Wan Rosdy Wan Ismail — are mere hearsay, judge Datuk Amarjeet Singh Serjit Singh said. The Pardons Board was represented by senior federal...
MoneyBrokers demand cash upfront from investors for these stocks
KUALA LUMPUR (July 1): Brokers are demanding cash upfront for the purchase of several stocks, namely Artroniq Bhd (KL:ARTRONIQ) and its warrant Artroniq-WA, APB Resources Bhd (KL:APB), Notion VTec Bhd (KL:NOTION) and its warrant Notion-WD, as well as YNH Property Bhd (KL:YNH). “Effective June 28, there will be a suspension of share buying for the following counters: Artroniq, Artroniq-WA, APB, Notion, Notion-WD,” Apex Securities informed its...
Money