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Manulife 2Q net profit doubles
by Cals Tue 13 Aug 2013, 22:02
Manulife 2Q net profit doubles
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com
Tuesday, 13 August 2013 18:43
KUALA LUMPUR (Aug 13): Manulife Holdings Bhd recorded a net profit of RM14.6 million for its second quarter ended June 30, almost double the RM9.6 million in earnings posted in the previous year corresponding quarter.
This was on the back of revenue of RM235.5 million, compared with RM181.5 million previously.
In a filing with Bursa Malaysia today, Manulife said the higher revenue was mainly due to higher interest income in its investment holding business as well as higher gross premiums in the group's life insurance segment.
"Operating revenue slightly increased in the current quarter as compared to the corresponding quarter in the preceding year mainly contributed by higher management fee income earned on higher assets under management and higher interest income in our other business segments," said Manulife in its filing.
For its cumulative half yearly results, Manulife posted a net profit of RM18.6 million, compared with RM26.9 million at the same time last year.
The decrease in net profit came from decrease in realised gains on disposal of investments and higher management expenses for the investment holding segment.
There was also a loss in earnings for Manulife's other businesses due to "higher management expenses driven by increase in staff force to support the private retirement scheme launched in November 2012".
Looking forward, Manulife said the group's business should remain "satisfactory" as it embarks on its expansion plans.
"With the new 10-year strategic bancassurance relationship with Alliance Bank Malaysia Berhad (ABMB), we will market, promote and sell life insurance products to ABMB’s customers."
"It also broadens the existing distribution which will enhance the economies of scale and profitability. Our strategic plans will enhance the group’s competitiveness in the insurance, unit trust and asset management
industries," it added.
Business & Markets 2013
Written by Shalini Kumar of theedgemalaysia.com
Tuesday, 13 August 2013 18:43
KUALA LUMPUR (Aug 13): Manulife Holdings Bhd recorded a net profit of RM14.6 million for its second quarter ended June 30, almost double the RM9.6 million in earnings posted in the previous year corresponding quarter.
This was on the back of revenue of RM235.5 million, compared with RM181.5 million previously.
In a filing with Bursa Malaysia today, Manulife said the higher revenue was mainly due to higher interest income in its investment holding business as well as higher gross premiums in the group's life insurance segment.
"Operating revenue slightly increased in the current quarter as compared to the corresponding quarter in the preceding year mainly contributed by higher management fee income earned on higher assets under management and higher interest income in our other business segments," said Manulife in its filing.
For its cumulative half yearly results, Manulife posted a net profit of RM18.6 million, compared with RM26.9 million at the same time last year.
The decrease in net profit came from decrease in realised gains on disposal of investments and higher management expenses for the investment holding segment.
There was also a loss in earnings for Manulife's other businesses due to "higher management expenses driven by increase in staff force to support the private retirement scheme launched in November 2012".
Looking forward, Manulife said the group's business should remain "satisfactory" as it embarks on its expansion plans.
"With the new 10-year strategic bancassurance relationship with Alliance Bank Malaysia Berhad (ABMB), we will market, promote and sell life insurance products to ABMB’s customers."
"It also broadens the existing distribution which will enhance the economies of scale and profitability. Our strategic plans will enhance the group’s competitiveness in the insurance, unit trust and asset management
industries," it added.
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