Manulife Expands Retirement Solutions in Macau to Enhance Financial Wellbeing
New fund offerings under Non-Mandatory Central Provident Fund System provide greater choice and flexibility
July 9, 2025
MACAU & HONG KONG – Manulife today announced the expansion of its retirement solutions in Macau through its participation in the Macau Non-Mandatory Central Provident Fund System (“CPF System”). This strategic initiative underscores Manulife’s commitment to helping customers make easier decisions for a healthier and more financially secure future.
In response to Macau’s evolving demographics and social protection needs, Manulife now offers the most extensive range of fund choices within the CPF System1 —a total of 10 diversified funds, comprising four newly launched funds and six existing funds, launched in the CPF System on July 2 this year.
Macau faces a pressing need for enhanced retirement planning. In 2024, life insurance penetration stood at just 8.9%2, indicating that a significant portion of the population remains uninsured or underinsured. Coupled with an aging population and longer years in retirement—Macau’s life expectancy of 83.1 years ranks among the highest globally3 —this calls for the financial industry to step in with solutions that address health, insurance, and retirement protection needs. A recent report also projects that by 2041, over 20% of Macau’s population will be aged 65 or above4. At present, many elderly residents in Macau rely primarily on their pensions and personal savings for daily expenses, with one in four lacking sufficient financial reserves5.
Ivan Chan, Chief Distribution Officer for Manulife Hong Kong and Macau, said: “Since launching our operations in Macau in 1996, we have grown alongside the city, offering a broad and diversified range of life, health, savings, and retirement solutions. With more than 125 years of experience in Asia, we understand the unique needs of each market and continuously evolve our product offerings based on customer feedback and market trends. Our participation in the CPF System reflects our innovative mindset and commitment to enhancing the solutions we provide to customers in Macau.”
The new pension funds available in the CPF System are the Growth Fund (Macau), North American Equity Fund (Macau), Technology Fund (Macau), and RMB Bond Fund (Macau), providing a comprehensive retirement solution. They are complemented by the existing pension funds offering, including HK & China Equity Fund (Macau), Healthcare Fund (Macau), Stable Growth Fund (Macau), Balanced Fund (Macau), Pacific Asia Bond Fund (Macau), and Capital Guaranteed Fund (Macau), making the Manulife CPF System offerings the most extensive in the city. This diverse range of 10 open pension funds spans various fund types, including equity, mixed assets, bonds, and capital guarantee options, catering to customers with different risk appetites, retirement objectives, as well as investment, thematic, asset class, and geographic preferences. Notably, the Healthcare Fund (Macau) and Technology Fund (Macau) are unique in the local pension market, while the Capital Guaranteed Fund (Macau) offers a stable cash-parking alternative solution amid uncertain market conditions.
“We are excited to launch an extensive range of fund choices within Macau’s CPF System and bring customers the opportunity to benefit from our deep knowledge and experience in Hong Kong’s pension management, combined with our expertise in building resilient long-term retirement portfolios,” said Jeanie Ho, Head of Hong Kong and Macau Retirement, Manulife. “As the largest Mandatory Provident Fund (“MPF”) service provider in Hong Kong, with a market share of 27.6% based on assets under management at the end of 1st quarter of 20256, we have seen the growing significance of MPF assets as a cornerstone of financial well-being, underpinned by the MPF system’s solid track record in safeguarding the interests of the working population for over a quarter of a century. By extending our proven capabilities to the Macau workforce, employers can retain talent and enhance workplace morale, quality, and efficiency, while employees and individual customers are encouraged to plan ahead and bolster their financial security through more adequate preparation for retirement.”
To better serve the financial and retirement needs of customers in Macau, Manulife will continue to expand its agency force, strengthen professional training, and upgrade its local facilities. By leveraging over a century of heritage, global practices, and the latest available technology, its digitally enabled agents and pension fund experts will deliver more holistic and personalized solutions in health protection, retirement planning, and overall customer experience.
More information and scheme features of Manulife CPF are available here.
Photo:
Mr. Wilson Vong Lap Fong, Executive Director of Monetary Authority of Macao (2nd from right), Ms. Chan Pou Wan, President of the Administrative Committee of the Social Security Fund (known as FSS in Macau) (2nd from left), Mr. Ivan Chan, Chief Distribution Officer for Manulife Hong Kong and Macau (1st from right), and Ms. Jeanie Ho, Head of Hong Kong and Macau Retirement, Manulife (1st from left) officiated at the ceremony, marking a significant milestone in Manulife’s expansion into retirement solutions in Macau.
1 Based on data from the Social Security Fund (FSS), Macau, as of June 19, 2025. "The most extensive range of fund choices" refers to the Manulife (International) Limited, which offers 10 pension funds—the highest number available under the Non-Mandatory Central Provident Fund System. For details, please visit: https://eservice2.fss.gov.mo/Web/CPFPublic/Funds/Funds
2 Insurance Activities Statistics (2024), Monetary Authority of Macao. https://www.amcm.gov.mo/en/research-statistics/statistics-page/statistic-insurance
3 Information from the Liaison Office of the Central People’s Government in the Macau S.A.R, publish data as of December 21, 2024. http://www.zlb.gov.cn/20241221/4cbd50a2c8bb4410b75ad5d4f3943d59/c.html
4 Data drawn from Macau Population Projection 2022-2041, Government of the Macau Special Administrative Region, Statistics and Census Service, data as of February 2023. https://www.dsec.gov.mo/getAttachment/54879f3c-21b7-4759-a35a-ba177765f28b/C_PPRM_PUB_2021_Y.aspx
5 Findings from the Survey on Employment and Living Conditions of the Elderly in Macau, conducted by the University of Saint Joseph and the Macau Federation of Trade Unions, 2023. https://www.exmoo.com/article/222360.html
6 MPF market share is measured by share of assets under management and estimated net inflows by scheme sponsor. Source: Mercer MPF Market Shares Report as of March 31, 2025.
About Manulife Hong Kong
Manulife Hong Kong has been a trusted name for more than 125 years. Since our operations started in Asia in 1897, we have grown to become one of the top-tier providers of financial services, offering a diverse range of insurance and retirement products and services to over 2.6 million customers in Hong Kong and Macau. We are committed to helping make decisions easier and lives better for our customers.
Manulife Hong Kong, through Manulife International Holdings Limited, owns Manulife (International) Limited, Manulife Investment Management (Hong Kong) Limited, and Manulife Provident Funds Trust Company Limited. These entities are all subsidiaries of Manulife Financial Corporation.
About Manulife
Manulife Financial Corporation is a leading international financial services provider, helping our customers make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States, providing financial advice and insurance for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2024, we had more than 37,000 employees, over 109,000 agents, and thousands of distribution partners, serving over 36 million customers. We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges, and under ‘945’ in Hong Kong.
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