Manulife and Chinabank are strengthening their renewed 15-year bancassurance partnership as the two financial institutions look to expand Filipinos’ access to protection, health, savings, retirement, and wealth solutions.
The partnership gained fresh momentum following a meeting between senior leaders of Manulife and Chinabank in Manila, including Manulife President and Chief Executive Officer Phil Witherington, who visited the Philippines to meet with the executive leadership team of Chinabank.
The discussions marked another milestone for the long-running relationship between the two companies through Manulife China Bank Life Assurance Corporation (MCBL), their bancassurance joint venture.
The renewed agreement, signed in 2025, extends the partnership for another 15 years and builds on a relationship that began in 2007.
MCBL currently serves customers through around 650 Chinabank and China Bank Savings branches nationwide, giving customers access to a range of insurance and financial solutions through the banks’ established distribution network.
Manulife, Chinabank build on nearly two decades of partnership
The Manulife Chinabank bancassurance partnership has evolved alongside the financial needs of Filipino customers.
Since MCBL began operations in October 2007, the joint venture has focused on bringing insurance solutions closer to bank customers while combining Manulife’s insurance expertise with Chinabank’s banking presence.
From L to R (seated): Amy Gochuico, Manulife China Bank Life President and CEO; Phil Witherington, Manulife President and CEO; Hans Sy, China Banking Corp. Chairman; and Romy Uyan, China Banking Corp. President and CEO. (Standing) Justin Helferich, Manulife Philippines CFO; Rahul Hora, Manulife Philippines President and CEO; Kah Siang Khoo, Manulife Asia CEO, Emerging Markets; Howard Sy, China Banking Corp. Advisor to the Board; Patrick Cheng, CFO; and Gerry Susmerano, China Banking Corp. Retail Banking Business Co-Segment Head.
The partnership was strengthened further in 2014 when Chinabank increased its equity stake in MCBL to 40%.
Following the latest 15-year renewal, MCBL has gained additional momentum, supported by double-digit year-on-year growth, according to the companies.
For Manulife, the renewed agreement provides an opportunity to further integrate insurance and financial planning into the banking experience.
“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.
He added that the renewed agreement positions the companies to help more customers protect what matters to them, plan with greater confidence, and build a more secure financial future.
Expanding access to protection and wealth solutions
The partnership covers a broad range of financial needs, including life insurance, health protection, savings, retirement planning, and wealth solutions.
Through MCBL, these products are made available to customers of Chinabank and its thrift banking arm, China Bank Savings.
The model allows customers to access insurance and financial solutions through a banking relationship they already use, potentially making financial planning more convenient and accessible.
The renewed partnership also comes as Filipino consumers face increasingly diverse financial priorities, from preparing for retirement and protecting their families to building wealth and managing unexpected health-related expenses.
Hans Sy, Chairman of Chinabank, said the partnership has been built around trust, shared values, and a commitment to customers.
“Through MCBL, both organizations continue to help customers make meaningful choices and build better lives through accessible protection, health, savings, retirement, and wealth solutions,” Sy said.
MCBL enters its next growth phase
For MCBL, the renewed agreement represents more than an extension of an existing business relationship. It also sets the direction for the company’s next stage of growth.
Amy Gochuico, President and Chief Executive Officer of Manulife China Bank Life Assurance Corporation, said the partnership remains anchored on trust, shared purpose, and an understanding of Filipino customers.
“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,” Gochuico said.
MCBL aims to strengthen its position as a major bancassurance provider while continuing to improve the customer experience across its insurance and financial solutions.
Its distribution through Chinabank and China Bank Savings also gives the joint venture an established nationwide platform from which to reach customers.
Bancassurance remains a key channel for financial access
Bancassurance combines banking and insurance services, allowing banks and insurers to work together to distribute insurance products through bank channels.
For customers, the model can provide a more integrated way of managing financial needs. Instead of treating banking, insurance, savings, and retirement planning as completely separate activities, customers can explore different solutions through an institution they already know.
For Manulife and Chinabank, the continued investment in MCBL reflects their belief in the long-term potential of this model in the Philippines.
The renewed partnership also comes with a broader focus on helping customers make informed financial decisions across different stages of life.
As MCBL moves forward with its next chapter, the companies said they remain focused on providing solutions that respond to evolving customer needs while strengthening their long-standing relationship.
With the 15-year renewal now in place, Manulife and Chinabank are positioning their bancassurance partnership for another phase of growth, with MCBL serving as the platform for delivering protection, health, savings, retirement, and wealth solutions to more Filipinos.
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Disclaimer: This article is based primarily on information provided in a press release from Manulife Philippines and Chinabank and has been edited for clarity and journalistic style. Statements and information regarding the companies, their partnership, products, services, and business operations are attributed to the companies unless otherwise indicated. FintechNewsPH publishes this article for informational purposes only and does not endorse any insurance product, financial service, or investment product. This article should not be considered financial, legal, or investment advice.
