MANILA – Manulife Philippines is projecting robust double-digit growth across its key financial metrics for 2024, fueled by the Philippines' thriving economy and its expanding young population. This optimistic forecast follows a strong 2023 performance, where the company saw its net income surge by 46.2 percent to PHP2.77 billion, according to data from the Insurance Commission.

"We target a double-digit growth across our key financial metrics," stated Rahul Hora, president and chief executive officer of Manulife Philippines, during a briefing in Makati City. The company's premium income also saw an increase, reaching PHP15.83 billion, while New Business Annual Premium Equivalent (NBAPE) rose by 8.7 percent to PHP2.86 billion.

Hora expressed confidence in the company's continued upward trajectory, emphasizing the Philippines' demographic advantage. "The Philippines is a market which has a lot of young people for whom our products are extremely relevant. That market on a year-on-year basis keeps growing," he said.

He also highlighted the positive impact of the nation's economic progress. "The economy of the country continues to do well which means people are going to become more and more richer and hence disposable income for them will increase. So all those factors are contributing to the growth in the industry," Hora added.

Manulife Philippines remains focused on educating millennials and Gen Z about the importance of early financial planning to secure their future, positioning the company for sustained growth in the years to come.