Global insurance leader Manulife and local banking giant Chinabank are deepening their operations across the Philippines following a executive summit in Manila led by Manulife President and Chief Executive Officer Phil Witherington.

The high-level meeting solidifies the implementation phase of the 15-year bancassurance agreement signed in 2025 by Chinabank and Manulife Philippines. The extended deal ensures that their joint venture, Manulife China Bank Life Assurance Corporation (MCBL), will continue delivering life, health, wealth, savings, and retirement products through Chinabank’s extensive distribution infrastructure.

Building on an institutional relationship established in 2007, MCBL currently operates across 650 Chinabank and China Bank Savings branches nationwide. The ongoing strategy comes on the back of fresh momentum for the joint venture, which has posted double-digit year-on-year growth.

“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,” said Phil Witherington, President and Chief Executive Officer, Manulife. “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.”

Through the renewed alliance, both institutions aim to increase insurance penetration and broaden financial planning access for Filipino households. Key areas covered under the product agreement include:

• Comprehensive Protection: Structured life and health insurance coverage tailored for bank clients.
• Asset Building: Wealth management and dedicated savings solutions for long-term growth.
• Retirement Planning: Targeted financial products designed to secure post-work income and stability.

“MCBL has grown through the strength of a partnership built on trust, shared values, and a steadfast commitment to customers,” said Hans Sy, Chairman, 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.”

The long-term extension positions MCBL to capitalize on growing domestic demand for integrated wealth and health management products across the archipelago.

“Our partnership has always been anchored on trust, shared purpose, and a deep understanding of the Filipino customer,” said Amy Gochuico, President and Chief Executive Officer, 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.”

For additional information, please visit manulife.com.