Chinabank renews bancassurance pact with Manulife for 15 years

China Banking Corp. (Chinabank) has renewed its bancassurance partnership with Manulife Philippines through their joint venture, Manulife Chinabank Life Assurance Corp. (MCBL).

The renewal was ratified by Chinabank's board of directors during a regular meeting on Wednesday and is pending approval from the Insurance Commission.

Under this agreement, MCBL’s financial protection and wealth management products will continue to be offered at Chinabank and China Bank Savings branches nationwide for another 15 years.

MCBL reported P10.35 billion in premium income and a net income of P1.39 billion in 2024, while Manulife Philippines recorded P15.83 billion in premiums and P2.78 billion in net income.

Chinabank's attributable net income grew by 12.69% to P24.8 billion in 2024 due to sustained core business growth, with revenues increasing by 21.1% to P65.49 billion.