CHINA BANKING Corp. (Chinabank) has renewed its bancassurance partnership with The Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) through Manulife Chinabank Life Assurance Corp. (MCBL).

The Sy-led bank’s board of directors ratified the extension of the partnership in a regular meeting on Wednesday, it said in a disclosure to the stock exchange on Thursday.

“This new agreement is subject to approval by the Insurance Commission (IC),” Chinabank said.

MCBL was incorporated in 2007 as a joint venture between Chinabank and Manulife Philippines. Chinabank holds a 40% stake in the company.

The newly ratified agreement extends the two firms’ partnership for another 15 years.

MCBL offers financial protection and wealth management products and services. Under Chinabank and Manulife Philippines’ bancassurance deal, MCBL’s products are offered at Chinabank and China Bank Savings, Inc. branches nationwide.

MCBL booked a premium income of P10.35 billion in 2024, latest data from the Insurance Commission showed. Its net income stood at P1.39 billion last year.

For its part, Manulife Philippines’ premium income stood at P15.83 billion last year, while its net income was at P2.78 billion.

Meanwhile, Chinabank’s attributable net income grew by 12.69% year on year to a record P24.8 billion in 2024 amid sustained core business growth, it reported last week.

The bank’s full-year performance translated to a return on equity of 15.6% and a return on assets of 1.6%.

Net interest income rose by 18.7% year on year to P63.54 billion due to asset base expansion. Net interest margin stood at 4.5%. Its revenues also increased by 21.1% to P65.49 billion.

Chinabank shares dropped by 30 centavos or 0.35% to close at P86.50 apiece on Thursday. — A.M.C. Sy