Manulife Financial ( (MFC) ) has released its Q3 earnings. Here is a breakdown of the information Manulife Financial presented to its investors.
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Manulife Financial Corporation is a leading international financial services group that operates primarily in the insurance and wealth management sectors, providing a wide range of financial products and services to individuals and institutions globally. The company is recognized for its innovative products and strategic growth initiatives across various markets, particularly in Asia and North America.
In its third-quarter earnings report for 2024, Manulife Financial announced record core earnings and significant growth in new business metrics. The company reported core earnings of $1.8 billion, a 4% increase from the previous year, and a notable 91% increase in net income attributed to shareholders. The report highlighted strong performance in its insurance and wealth management segments, bolstered by strategic initiatives and product innovations.
Key financial metrics from the report show a robust performance across the board. Core earnings per share increased by 7%, while the return on equity reached 16.6%. The company reported a remarkable 40% increase in annualized premium equivalent sales and a 47% rise in new business contractual service margin, with the Asia segment leading this growth. Additionally, Global Wealth and Asset Management reported net inflows of $5.2 billion, reversing the previous year’s outflow trend.
Regionally, Asia showed significant gains, with a 17% increase in core earnings driven by strong sales in Hong Kong, mainland China, Singapore, and Japan. In North America, Canada saw a moderate increase in core earnings, while the U.S. experienced a decline due to lower investment spreads and reinsurance impacts. Nonetheless, Global WAM posted a 37% increase in core earnings, reflecting favorable market impacts and strong net flows.
Looking ahead, Manulife remains focused on executing its strategic priorities and achieving financial targets. The company plans to continue its momentum into the final quarter of 2024 by enhancing its product offerings and expanding its market presence, particularly in high-growth regions, while maintaining a strong balance sheet and efficient capital management.
