KUALA LUMPUR (July 2): Manulife Holdings Bhd (KL:MANULFE ) net profit for 2023 rose 11% to RM83.9 million, driven by insurance service revenues with higher contractual service margin amortisation and risk adjustment release, attributable to expansion of insurance in-force business.

In a statement on Tuesday, the financial services provider said total assets stood at RM7 billion as of December 2023.

Manulife group CEO Vibha Coburn said the company’s ‘Scale Up’ growth strategy contributed to the increase of revenue within the group and a notable increase in net profit.

“We remain committed to our aim of being the most trusted and preferred financial services provider in Malaysia,” said Coburn.

She said that additionally, Manulife’s agency force achieved new business of RM124 million, characterised by a substantial increase in Investment-Linked Product (ILP) mix from 61% to 76%.

“This demonstrates their continued focus on leveraging opportunities to drive recruitment and new business.

“Manulife’s bancassurance business demonstrated significant sales growth and a stronger market presence.

“In July 2023, Manulife extended its partnership with Alliance Bank for another 15 years, building on a decade of successful collaboration.

“The bancassurance channel recorded new business sales of RM57 million for 2023, which translates into 29% year-on-year growth and surpassing the 2023 Business Plan by 16%,” she said.

Meanwhile, Manulife Investment Management (Malaysia) Berhad (MIM), the company’s asset management business, continued to record strong growth momentum in the year, with Assets Under Management (AUM) increasing by 11% in the year, growing from RM13.2 billion in 2022 to RM14.6 billion in 2023.