KUALA LUMPUR, June 30 (Bernama) — Manulife Holdings Berhad (MHB), in its 44th Annual General Meeting held on 26 June 2020, reported sustained healthy business growth for the full-year 2019, despite challenging macro environment and market conditions last year. During the period under review, the Group’s operating revenue in Malaysia recorded a year-on-year growth of 6.9% in 2019 to RM1,304.1 million, generating a pre-tax profit of RM38.4 million for MHB, up 0.2% from 2018.
The key contributor to the Group’s operating revenue was its life insurance businesses, which delivered an 8.2% growth in gross premiums on the year. Gross premiums totalled RM988 million, mainly attributed to strong growth in MHB’s onshore and offshore life insurance business. While pre-tax profits in the investment holdings and asset management services grew significantly, up 720% to RM12.3 million and 88.4% to RM8.1 million, respectively, the life insurance business, however, fell 44.4% to RM18.0 million, due to higher medical claims. The company has taken the step to reprice its medical portfolio.