Insurer Manulife Philippines said it remains optimistic about achieving double-digit growth in 2025, driven by new product introductions tailored for young and financially savvy Filipinos and rising disposable income levels.
Manulife Philippines president and chief executive Rahul Hora in a new briefing expressed confidence in the company’s growth trajectory, citing strong market fundamentals and increasing consumer demand for financial security.
“So yes, we’ve had a good year in 2024, and we expect the same for 2025. We are aiming to continue growing at a fast rate going forward, and the reasons for that remain the same. The Philippines has a large young population, for whom our products are extremely relevant,” he said.
Hora said the insurer plans to stay ahead of competitors by deepening its understanding of customer needs and offering innovative financial solutions.
A key focus area for Manulife Philippines is its health insurance segment, which Hora described as the company’s fastest-growing product category.
The increasing demand for health protection, especially after the pandemic, prompted the company to expand its offerings to better serve Filipino households.
“Particularly following the pandemic, customers have realized that out-of-pocket payments and emergency savings are not always enough to cover medical costs. They want to be as prepared as possible to ease financial burdens on their families,” Hora said.
Manulife Philippines is broadening its customer base by targeting household decision-makers and younger generations with products like Manulife Freedom and Manulife HealthFlex.
The company is also recruiting younger financial advisors to better connect with millennial and Gen Z consumers.
A 2024 study by Manulife Philippines found that 41 percent of Filipinos rely on out-of-pocket spending for medical expenses, with an average savings of P62,000 for future healthcare needs.
Those aged 18 to 29 set aside only P38,000 on average, highlighting a gap in financial preparedness.
“While Gen Z customers are starting to build their financial security, they are also aware of how medical emergencies can quickly deplete their savings,” Hora said.