China Banking Corp. and Manulife Philippines have renewed their joint venture agreement under Manulife China Bank Life Assurance Corp. (MCBL), for another 15 years.
The renewal, approved by Chinabank’s board of directors on March 5, is subject to regulatory approval from the Insurance Commission.
MCBL, established in 2007 with Chinabank holding a 40% stake, distributes life, health, and wealth management products through Chinabank’s branch network.
“The extension of this partnership reinforces both companies’ commitment to expanding access to life, health, and wealth solutions for Filipino families,” the companies said in a statement.
MCBL ranked as the ninth-largest life insurer in the Philippines in 2024, reporting a net income of ₱1.39 billion ($24.9 million), a 47.2% increase from 2023.
Chinabank, an affiliate of the Sy Group, reported a record net income of ₱24.8 billion in 2024.
