Manulife Philippines looks forward to robust double-digit growth this year, driven by favorable market conditions, a thriving economy, and a young population with increasing disposable income. Rahul Hora, president and CEO of the insurer, expressed confidence that the company’s growth trajectory will continue to accelerate in the years ahead.
“2024 was a strong year for us, and we expect that 2025 and beyond will show even more positive results. We are aiming to grow at a faster pace moving forward,” said Hora in briefing financial reporters.
In 2024, the local unit of Canada’s Manufacturers Life Insurance Co. reported a 46 percent increase in net income, reaching P2.78 billion, up from P1.89 billion the previous year. Premium income remained relatively flat, amounting to P15.83 billion, compared to P15.55 billion in 2023.
Hora based the company’s optimistic outlook on the country’s demographic and economic underpinnings. “The market here has a large, young population for whom our products are highly relevant. As the economy continues to grow, people’s disposable incomes rise, and this drives growth in the insurance sector,” he noted.
As it marks its 118th year in the country, Manulife Philippines also reaffirms its commitment to evolving with the dynamic needs of its expanding customer base. Recently, the company secured the top spot in customer recommendation among Philippine life insurers, according to the 2024 Net Promoter Score (NPS) survey conducted by global market research firm IPSOS.
In the past five years, Manulife Philippines paid out P12.9 billion in claims, further solidifying its role as a trusted financial partner for Filipinos. “Customers are becoming more proactive in planning for financial protection, and we are proud to partner with them in achieving their goals,” Hora said.
Manulife Philippines continues to focus on customer-centric innovations, conducting extensive research to ensure its products remain relevant to the evolving needs of Filipinos. With a customer-first approach, the company is positioning itself as a key player in the nation’s growing insurance market.
