A view of Manulife Vietnam building. — Photo courtesy of the company

HÀ NỘI — Manulife Vietnam has released its 2024 financial report, showcasing a solid business performance driven by strategic financial activities.

The company achieved a post-tax profit of over VNĐ3.33 trillion, (US$128 million) marking a two per cent increase compared to 2023. Key to this growth was a significant 39 per cent year-on-year surge in profits from financial activities.

The company’s success was further supported by advancements in digitalisation, efficient cost management and improved business quality. As a result, Manulife Vietnam’s total assets grew by 15.5 per cent, surpassing VNĐ137 trillion by the end of 2024. Additionally, the company’s charter capital remains the largest in Việt Nam’s life insurance market, standing at VNĐ22.22 trillion.

Reaffirming its commitment to supporting customers through life’s uncertainties, Manulife Vietnam disbursed more than VNĐ7.88 trillion in insurance claims and benefit payouts in 2024. The company processed nearly 500,000 insurance claims, with an impressive average processing time of just 1.2 days.

Strengthening commitment to transparency and innovation

Manulife Vietnam continues to lead in transforming the insurance experience by placing customers at the heart of every strategy. In 2024, the company introduced a range of innovative solutions aimed at enhancing trust, improving customer experience, and fostering professional growth in the insurance market.

To ensure transparent and comprehensive consultations, Manulife Vietnam launched the M-Pro process alongside an audio recording solution. The company also enhanced its customer service capabilities with an automated Interactive Voice Response (IVR) system and extended hotline service hours. Furthermore, it upgraded many of its nationwide customer service centres to provide a superior experience.

In August 2024, the company launched the Manulife Vietnam app, allowing customers to easily manage most policy-related transactions online. Responding to the growing demand for diverse health and life insurance options, the company introduced two new products: the 'An Tâm Vui Sống 2.0' term life insurance and the ‘Sống Khỏe Mỗi Ngày’ (2024 version) health insurance.

Looking ahead to 2025, Manulife Vietnam rolled out the M-PS (Manulife Promoter System) survey platform, enabling real-time customer feedback collection and timely responses to inquiries, further strengthening its commitment to customer satisfaction and service excellence.

Manulife Vietnam continues to lead in transforming the insurance experience by placing customers at the heart of every strategy.

Manulife Financial Corporation reports strong 2024 growth

Manulife Financial Corporation - the parent company of Manulife - has also announced impressive 2024 business results, highlighting robust growth across multiple key indicators.

The company’s core earnings for the year reached C$7.2 billion, marking an 8 per cent increase from 2023. Key metrics such as Annualised Premium Equivalent (APE), New Business Contractual Service Margin (New Business CSM), and New Business Value (NBV) all saw growth rates surpassing 30 per cent compared to the previous year.

In Asia, Manulife continued its strong performance, with core earnings rising by 27 per cent compared to 2023. APE, CSM, and NBV each achieved year-over-year growth of 36 per cent, 38 per cent, and 35 per cent, respectively, driven by broad-based growth across the region, with Hong Kong leading the charge.

A standout achievement for the company in 2024 was its strategic use of generative artificial intelligence (AI) in business operations. Manulife has implemented 27 Generative AI use cases, with an additional 32 in development. This focus on digital innovation has significantly enhanced the customer experience, contributing to a four-point increase in the company’s relationship net promoter score (rNPS) from 2023, while straight-through processing (STP) reached an impressive 89 per cent, well above the set target. — VNS