Manulife and Chinabank are strengthening their bancassurance partnership as their joint venture, Manulife China Bank Life Assurance Corp. (MCBL), records double-digit year-on-year growth.
The companies renewed their agreement in 2025, extending their partnership for another 15 years. Bancassurance allows customers to buy insurance and other financial products through a bank.
MCBL offers life, health, wealth, savings, and retirement products through 650 Chinabank and China Bank Savings branches nationwide. The wide branch network gives the joint venture access to customers in more parts of the Philippines as demand for financial protection and long-term savings grows.
The partnership began in 2007. Its latest phase was highlighted by the Manila visit of Phil Witherington, president and CEO of Manulife, who met with Chinabank’s executive leadership team.
“MCBL’s strength as a joint venture is a result of Manulife’s global insurance expertise combined with Chinabank’s trusted banking franchise and nationwide distribution network,” Witherington said. “Through our renewed 15-year agreement, we are well-positioned to help more customers protect what matters most to them, plan with greater confidence, and build a more secure financial future. We remain focused on deepening this partnership and delivering solutions that continue to meet the evolving needs of customers in the Philippines.”
For Manulife, the partnership provides a larger distribution network without relying only on its own insurance channels. Chinabank, meanwhile, can offer customers more financial products alongside its regular banking services.
“MCBL has grown through the strength of a partnership built on trust, shared values, and a steadfast commitment to customers,” said Hans Sy, chair of Chinabank. “As we continue building on this successful partnership with Manulife, we look forward to helping more Filipinos protect their loved ones and life goals. Through MCBL, both organizations continue to help customers make meaningful choices and build better lives through accessible protection, health, savings, retirement, and wealth solutions.”
MCBL’s double-digit growth indicates stronger demand for insurance, savings, and investment products sold through bank branches. However, the companies did not disclose sales figures or the number of customers covered.
“Our partnership has always been anchored on trust, shared purpose, and a deep understanding of the Filipino customer,” said Amy Gochuico, president and CEO of Manulife China Bank Life Assurance Corporation. “With the continued support of Manulife and Chinabank, MCBL is entering its next chapter with stronger momentum and a clear focus: helping more customers make meaningful choices for better lives.”