Manulife Vietnam’s 2024 profit inches up 2% on financial earnings surge

Manulife Vietnam, a subsidiary of Canada-headquartered life insurer Manulife, reported a net profit of VND3.33 trillion ($128.8 million) in 2024, up 2% year-on-year, according to its audited financial statement.

The insurer recorded revenue of VND29.52 trillion ($1.14 billion) last year, a slight decrease of 1% from 2023.

Specifically, it generated VND17.03 trillion ($658.5 million) in insurance premiums, down 19% year-on-year. In contrast, financial revenue surged 36.3% to VND7.55 trillion ($292 million) in 2024.

As of the end of 2024, Manulife Vietnam’s total assets rose 15.5% to VND137.05 trillion ($5.3 billion), placing it among the largest life insurers in Vietnam.

It remains the country’s leading life insurer by charter capital, at VND22.22 trillion ($858.9 million).

By end-2024, the company had 997 employees and spent VND1.3 trillion ($50.83 million) on salaries and employee benefits.

Manulife Vietnam poured a total VND118.37 trillion ($4.7 billion) under an investment trust into its wholly-owned fund management company as of end-2024.

Of this amount, Manulife Vietnam Fund Management Company Limited (MVFM Co., Ltd) allocated nearly VND17.51 trillion ($678.4 million) to listed equity securities, VND64.94 trillion ($2.4 billion) to listed debt securities, and VND13.1 trillion ($507.8 million) to unlisted debt securities.