Manulife Philippines eyes ‘double-digit’ growth
MANULIFE Philippines expects double-digit growth across all its business metrics this year, its top official said on Thursday.
“Our forecast for the future years continues to be positive and we are aiming to continue growing at a faster rate moving forward,” Manulife Philippines President and Chief Executive Officer Rahul Hora told reporters. “We target double-digit growth across our key financial metrics.”
The company’s growth will be driven by the Philippines’ dominantly young demographic, he added. He declined to give exact figures.
In the past five years, Manulife Philippines has paid claims worth P12.9 billion, the company said in a separate statement.
“The Philippines is a market which has a lot of young people for whom our products are extremely relevant. That market on a year-on-year basis keeps growing,” he said.
Mr. Hora said the country’s continued economic growth would boost disposable income, which would contribute to the industry’s overall growth.
“The economy of the country continues to do well, which means people are going to become richer, and hence, disposable income for them will increase,” he said. “So all those factors are contributing to the growth in the industry.”
Mr. Hora said Manulife Philippines would continue to create products that fit the demands of customers to supplement its growth.
“We do a lot of research to first understand what the customers want, and then we try to bring products which are relevant to our customers,” he said. “That to me is the most important reason why we are very bullish about our growth prospects in the country in the years to come.”
Mr. Hora said longevity and mental health are two themes that the company would incorporate in its product design this year because they expect these to trend.
In the past five years, Manulife Philippines has paid claims worth P12.9 billion, the company said in a separate statement.
Manulife Philippines’ premium income stood at P15.83 billion as of end-2024, up by 1.78% from a year earlier. Net income rose 46.2% to P2.78 billion. — Aaron Michael C. Sy
