This article first appeared in The Edge Malaysia Weekly on August 17, 2026 - August 23, 2026

Manulife Holdings Bhd (KL:MANULFE) has continued to see strong and steady earnings growth over the past few years, despite an increasingly demanding operating environment, demonstrating a remarkable resilience.

The life insurance and asset management services provider’s net profit surged nearly fivefold to RM111.9 million in its financial year ended Dec 31, 2025 (FY2025) from RM23.4 million in FY2022. This represented a compound annual growth rate of 68.4% over the last three years, which saw Manulife trumping its peers in the financial services sector to take home the award for Highest Growth in Profit After Tax Over Three Years at The Edge Malaysia Centurion Club Corporate Awards 2026.

Its earnings momentum remained strong going into the first quarter of FY2026, as its net profit more than doubled to RM18.67 million from RM7.13 million in the previous corresponding quarter, on the back of a 7.2% improvement in revenue to RM225.9 million. The performance is especially notable, given the mounting pressures on the insurance sector, including escalating medical claims inflation, heightened competition and a more demanding regulatory landscape.

The insurance business is the primary driver of Manulife’s earnings. In FY2025, the business, operated through Manulife Insurance Bhd (MIB), saw 13% growth in annual premium equivalent — a key measure of new insurance sales — supported by new product offerings and the continued expansion of distribution partnerships.

Its agency channel rebounded strongly, growing 27% year on year, supported by improvements across all its key drivers, including agent active rate and productivity. Meanwhile, its bancassurance channel remained stable during the year. A new partnership with the Bank of China was also inked.

Notably, Manulife’s asset management business, Manulife Investment Management (M) Bhd (Manulife IM Malaysia), saw assets under management hit RM17.9 billion as at end-2025, a record high for the company. Growth was contributed by both its key business lines — retail and institutional businesses.

Amid this earnings streak, Manulife has been consistently rewarding shareholders, raising its net dividend per share to nine sen in FY2025 from eight sen in FY2024 and seven sen in FY2023.

The group is controlled by Canada-based Manulife Financial Corp (MFC), with the latest filings showing that MFC holds an indirect stake of 63.31% in the Malaysian company.

The start of 2026 saw a leadership change at the group, with former banker Renzo Christopher Viegas taking over the chairmanship of Manulife from Datuk Zaha Rina Zahari, who retired after serving in the role since 2013. Group CEO Vibha Hamsi Coburn, who brings extensive experience from industries such as banking, insurance and management consulting, having previously held leadership roles in Asia, Europe and Australia, has led Manulife since October 2020.

In its latest annual report, Coburn said Manulife would continue to work with regulators and closely monitor regulatory developments, including changes affecting medical and health insurance/takaful (MHIT), to ensure compliance with evolving requirements. “MIB’s focus remains on strengthening distribution through agency professionalisation and bancassurance partnerships, expanding digital capabilities with artificial intelligence and analytics, and innovating health and wealth solutions to meet evolving customer needs — all underpinned by a commitment to sustainability and customer centricity,” she added.

As for the asset management business, Coburn said Manulife IM Malaysia plans to deepen its distribution reach and accelerate agency development while advancing its digitalisation efforts by strengthening Manulife iFUNDS as a platform of choice for investors and advisers.

In April this year, Manulife Investment Management clinched seven awards at the LSEG Lipper Fund Awards 2026 to emerge as one of the biggest individual award winners, cementing its strong track record in fund management. Last year, the company expanded into Singapore through a distribution agreement with a leading private bank there to offer a liquidity-focused cash management solution.

Listed on the Kuala Lumpur Stock Exchange’s Main Board (now Bursa Malaysia’s Main Market) since 1984, Manulife today serves more than 300,000 policyholders and wealth management customers.

At the time of writing on July 17, the group’s share price had gained 4.6% from the start of the year to RM2.28, lifting its market capitalisation to RM528.13 million. This is an increase from the market valuation of RM509.6 million — at RM2.20 per share — recorded on March 31, 2026, the cut-off date for the Centurion Club awards.

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