1 week ago
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Keisha Ta-Asan - The Philippine Star
March 7, 2025 | 12:00am
Chinabank said the renewal is still subject to the approval of the Insurance Commission.
Businessworld / File
MANILA, Philippines — China Banking Corp. (Chinabank) and Manulife Philippines have reaffirmed their long-standing partnership with the renewal of their joint venture under Manulife China Bank Life Assurance Corp. (MCBL).
Chinabank said the renewal is still subject to the approval of the Insurance Commission.
MCBL, a premier bancassurance provider in the country, offers financial protection and wealth management products and services through more than 600 Chinabank and Chinabank Savings branches nationwide.
Chinabank maintains a 40-percent stake in the joint venture, which was initially established in 2007.
The renewed agreement extends the partnership for another 15 years, strengthening the two organizations’ shared commitment to delivering holistic life, health and wealth solutions to Filipino families.
With this extension, both institutions aim to further enhance financial security and expand their reach in the country’s growing bancassurance sector.
Based on data from the Insurance Commission, MCBL emerged as the ninth largest life insurer in the country in 2024, with P1.39 billion in net income. The amount was 47-percent higher than the P943.2 million net income reported in 2023.
China Banking Corp., an affiliate of the Sy Group and the fifth largest lender in the country by assets, saw its net income grow by 13 percent to hit another record high of P24.8 billion in 2024.
