Manulife Hong Kong said core earnings grew by 8 percent year-on-year to HK$2.9 billion in the first half. Annualized premium equivalent sales increased by 5 percent to HK$3 billion in the first six months from a year before, but declined by 8 percent year-on-year to HK$1.4 billion in the second quarter. The drop in sales to mainland Chinese visitors to Hong Kong as a result of travel restrictions was partially offset by an increase in demand from local customers, Manulife said. New business value grew by 4 percent year-on-year to HK$1.7 billion in the first half, but plunged by 13 percent to HK$800 million in the second quarter due to lower sales and lower interest rates.

Source: The Standard August 10, 2020 07:52 UTC