Manulife Philippines is eyeing double-digit growth in 2025, driven by a strong economy and increasing financial awareness among millennials and Gen Z consumers, according to its President and CEO Rahul Hora.
Speaking at a media briefing on February 27, Hora expressed confidence in the company’s continued expansion, citing the country’s improving economic conditions and the growing demand for financial protection products.
“The economy of the country continues to do well, which means people will have more disposable income. This will contribute to industry growth, and as one of the longest-standing insurance companies, we are ambitious in our growth plans,” Hora said.
Manulife Philippines posted robust financial results in 2024, reflecting its strong market position: Net income surged by 46.2% to ₱2.78 billion, up from ₱1.89 billion in 2023. Premium income rose to ₱15.83 billion, marking a 1.78% increase from ₱15.55 billion in the previous year. New Business Annual Premium Equivalent (NBAPE) climbed 8.7% to ₱2.86 billion.
“We expect 2025 and the coming years to remain positive, and we aim to accelerate our growth rate moving forward,” Hora added.
Manulife Philippines is prioritizing younger customers, encouraging early financial planning and health protection solutions.
The company’s 2024 study revealed that many Filipinos remain financially unprepared for medical emergencies: 41% of surveyed Filipinos rely on out-of-pocket payments for unexpected medical expenses. Filipinos aged 18 to 29 have an average of ₱38,000 saved for urgent healthcare needs.
“While Gen Z customers are starting to build financial security, they also recognize how unforeseen events, like medical emergencies, can drain their savings. We encourage young customers to invest in their health and financial future through affordable protection plans,” Hora noted.
To cater to evolving customer needs, Manulife Philippines is: Expanding its product portfolio based on customer insights. Enhancing health and life protection solutions for young professionals and families. Recruiting younger financial advisors to better engage millennial and Gen Z clients. Investing in digital platforms to reach more Filipinos and make financial planning more accessible.
Over the past five years, Manulife Philippines has paid out ₱12.9 billion in claims, underscoring its dedication to securing Filipinos’ financial well-being.
“Customers in the Philippines are becoming more proactive about financial security. They seek products that provide stability for their families, and we take pride in being their trusted partner in this journey,” Hora said.
