Chinabank and Manulife renew bancassurance partnership

China Banking Corp. (Chinabank) and Manulife Philippines have renewed their 15-year bancassurance partnership through their joint venture, Manulife China Bank Life Assurance Corp. (MCBL).

The renewal of the partnership, initially formed in 2007 with Chinabank holding a 40% stake, is pending approval from the Insurance Commission.

MCBL offers financial protection and wealth management solutions through over 600 Chinabank and Chinabank Savings branches nationwide.

In 2024, MCBL achieved a net income of P1.39 billion, a 47% increase from the previous year, and booked a premium income of P10.35 billion.

For the same year, Manulife Philippines reported a premium income of P15.83 billion and a net income of P2.78 billion.