Manulife Financial Corporation has reported strong results for its Asian business in 2025, which delivered record fourth-quarter core earnings of $564m, up by 24% year on year, driven by a favourable business mix and sustained demand across major markets.
For the 2025 full year (FY25), Asia core earnings stood at $2.13bn, reflecting an 18% increase year on year.
In FY25, Asia also generated 18%, 27% and 20% increases in APE sales, new business CSM and NBV, respectively, reflecting strong performance across the region, led by Hong Kong.
Manulife’s FY25 Asia Segment financial highlights include:
- Core earnings: FY25 core earnings were $2,126m, up 18% YoY
- APE sales: FY25 APE sales were $5,250m up 18% YoY
- NBV: FY25 NBV was $1,832m, up 20% YoY
- New business CSM: FY25 new business CSM was $1,994m, up 27% YoY.
Manulife said Asia continues to benefit from structural demand for protection, wealth accumulation and health solutions, particularly amid rising middle-class affluence and ageing demographics.
Manulife Asia CEO and President Steve Finch said, “Asia continues to be a core driver of growth for Manulife. This is supported by our robust, diversified distribution platform, holistic solutions across health, wealth and longevity, and leading digital and AI capabilities that enhance customer and distributor experience. As we look ahead, we remain focused on executing our strategy to deliver high-quality, sustainable growth across a diversified business portfolio.”
Strategically, Manulife continued to expand its presence across Asia in 2025. In the Philippines, it renewed its exclusive bancassurance partnership with Chinabank through 2039, ensuring Filipino customers continue to have access to its life, health and wealth solutions. The company also invested in strengthening its agency force by equipping advisers with better digital and AI tools, alongside enhanced training programmes such as the newly launched Manulife Business Academy.