HONG KONG, Oct. 21, 2024 /PRNewswire/ -- Manulife has marked the 25th anniversary of its initial public offering with a grand closing gong ceremony at Hong Kong Exchanges and Clearing Limited (HKEX). This milestone event not only celebrates a quarter-century of public trading in Hong Kong but also adds to Manulife's legacy of over 125 years of growth alongside the Hong Kong community.
Since becoming the first international life insurance company to be listed on the HKEX in 1999, Manulife has transformed over the past 25 years into one of the top leaders in the financial services industry, both on a global scale and in Hong Kong, setting the bar for the entire industry. Manulife's commitment to growth and innovation in Hong Kong is evident, as it currently serves over 2.5 million customers across Hong Kong and Macau and is the No.1 MPF provider in Hong Kong with over HK$342 billion in assets under management[1]. The company has also established multiple successful bancassurance partnerships and was among the first multinational corporations to relocate offices to Kowloon East, a new commercial hub in Hong Kong.
"While we had already been operating in Hong Kong for more than 100 years by the time of our listing, what we have achieved since then makes it an important event in our history worth celebrating," said Phil Witherington, President and CEO for Manulife Asia. "Twenty-five years on, our market cap has grown from around HK$47 billion to more than HK$400 billion on HKEX, delivering a total return of over 1,000% for our shareholders. Just as importantly, we are proud to count 1 in 3 people in Hong Kong as our customers, making us an integral part of the city's fabric. We feel privileged that the Hong Kong SAR has been a dynamic base for our growth across Asia and remains a cornerstone of our regional business."
The ceremony brought together a distinguished array of attendees, including Phil Witherington, Manulife's President and CEO for Asia; Patrick Graham, Manulife's CEO for Hong Kong and Macau; other members of Manulife's Asia and Hong Kong senior management teams, and 200 of Manulife's top-performing agency leaders in Hong Kong. The event was further graced by the presence of three esteemed guests: Carlson Tong, Chairman of HKEX; the Honourable KP Chan, a member of both the Executive Council and Legislative Council of Hong Kong; and Marty Lui, Executive Director of Long-Term Business at the Insurance Authority of Hong Kong.
"As we celebrate this significant milestone of our IPO anniversary, we reflect on our remarkable journey of growth in Hong Kong over the past 25 years, expanding our workforce more than fivefold to 2,600 people and partnering with more than 10,000 professional agents," said Patrick Graham, CEO of Manulife Hong Kong and Macau. "Our success underscores the unwavering trust our customers have placed in us, the dedication of our employees and our professional agency force, the enduring support of our long-term bank partners, and the vibrant business environment that Hong Kong provides."
As Manulife looks to the future, it remains committed to growing alongside Hong Kong and reinforcing the city's position as a leading international financial centre. The company will continue to leverage its winning team and culture to meet the evolving needs of its customers, helping them live better, healthier lives through innovative offerings and the transformative power of technology. Manulife is excited by the immense potential that lies ahead, and eagerly anticipates the next chapter of its transformation in Hong Kong, continuously raising the bar for its colleagues, customers, and the industry at large.
Esteemed guests and Manulife management come together for a group photo at the closing gong ceremony marking the 25th anniversary of Manulife's IPO at HKEX. From left to right are: Andy Tse, Executive Regional Director, Manulife; Johnny Chan, Senior Executive Regional Director, Manulife; Carlson Tong, Chairman of HKEX; KP Chan, Executive Council Member and Legislative Councillor; Phil Witherington, President & CEO, Manulife Asia; Patrick Graham, CEO, Manulife Hong Kong & Macau; Marty Lui, Executive Director of Long-Term Business at Insurance Authority of Hong Kong; Ivan Chan, Chief Distribution Officer, Manulife Hong Kong & Macau; Peter Shum, Senior Executive Regional Director, Manulife; and George Lung, Senior Executive Regional Director, Manulife
About Manulife Hong Kong
Manulife Hong Kong has been a trusted name for more than 125 years. Since our operations started in Asia in 1897, we have grown to become one of the top-tier providers of financial services, offering a diverse range of protection and wealth products and services to over 2.5 million customers in Hong Kong and Macau. We are committed to helping make decisions easier and lives better for our customers.
Manulife Hong Kong, through Manulife International Holdings Limited, owns Manulife (International) Limited, Manulife Investment Management (Hong Kong) Limited, and Manulife Provident Funds Trust Company Limited.
About Manulife
Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2023, we had more than 38,000 employees, over 98,000 agents, and thousands of distribution partners, serving over 35 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and under '945' in Hong Kong.
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[1] MPF market share is measured by share of assets under management and estimated net inflows by scheme sponsor. Source: Mercer MPF Market Shares Report as of June 30, 2024.