Manulife Philippines bullish on 2025 growth as it taps millennial, Gen Z markets

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According to a Manulife Philippines study, Filipinos aged 18 to 29 only have P38,000 saved on average for urgent medical care

MANILA, Philippines – Manulife Philippines is optimistic it will achieve a double-digit growth rate in 2025 as more Filipinos seek financial protection against future uncertainties.

Rahul Hora, the life insurer’s president and chief executive officer, shared that the COVID-19 pandemic made many of their customers realize that out-of-pocket payments are not sufficient to cover medical costs.

“They want to be as prepared as possible to ease any financial burden on their children — who can, in turn, learn and adopt the same thinking from their parents,” he said during a briefing on Thursday, February 27.

Hora added that Manulife Philippines is setting its sights on millennial and Gen Z customers as more of them start preparing for their financial futures early.

According to the Canada-based firm’s 2024 study, 41% of surveyed Filipinos end up paying out-of-pocket when medical emergencies occur. The study also found that Filipinos aged 18 to 29 only have P38,000 saved on average for urgent medical care.

“While Gen Z customers are starting to build their financial security, they are also highly conscious of how easily factors beyond their control, like medical emergencies, can deplete their savings,” Hora noted.

“The Philippines is a market which has a lot of young people for whom our products are extremely relevant. That market on a year-on-year basis keeps growing.”

Hora is also bullish on double-digit growth rate for Manulife Philippines as the economy continues to grow this year.

Manulife Philippines said in a statement that the company paid P12.9 billion worth of claims in the last five years.

The Canada-based life insurer also saw its net income of its Philippine unit grow 46% to P2.78 billion in 2024. – Rappler.com