Financial Performance - Core earnings for 2024 reached CAD 7.2 billion, an 8% increase from 2023, with Q4 core earnings at CAD 1.9 billion, up 6% year-over-year [3]. - Net income attributable to shareholders for 2024 was CAD 5.4 billion, an increase of CAD 300 million compared to 2023, with Q4 net income at CAD 1.6 billion, relatively stable compared to Q4 2023 [3]. - The core EPS for 2024 was CAD 3.87, an 11% increase from 2023, with Q4 core EPS at CAD 1.03, up 9% year-over-year [3]. - Core earnings for Q4 2024 reached CAD 1,907 million, up from CAD 1,773 million in Q4 2023, representing an increase of 7.5% [29]. - Total core earnings for the full year 2024 were CAD 7,226 million, compared to CAD 6,684 million in 2023, reflecting a growth of 8.1% [29]. - The net income attributable to shareholders for Q4 2024 was CAD 1,638 million, compared to CAD 1,659 million in Q4 2023, showing a slight decrease of 1.3% [29]. - The company reported a market experience loss of CAD 192 million in Q4 2024, compared to a gain of CAD 186 million in Q3 2024 [29]. Capital Management - The company recorded CAD 7 billion in capital repatriation for 2024, compared to CAD 5.5 billion in 2023 [3]. - A total of CAD 3.2 billion was used to repurchase and cancel 4.6% of the issued common shares, equating to over 82 million shares [3]. - The company announced a 10% increase in quarterly common share dividends and initiated a new normal course issuer bid to repurchase up to 3% of issued common shares [3]. Sales and Growth - APE sales for 2024 reached CAD 8.4 billion, a 30% increase from 2023, with Q4 APE sales at CAD 2.2 billion, up 42% year-over-year [6]. - Total inflows for the year were CAD 171.7 billion, a 19% increase from CAD 143.4 billion in 2023, with Q4 inflows at CAD 43.5 billion, up 21% from CAD 35.1 billion [9]. - The company achieved net inflows of CAD 13.3 billion in global wealth and asset management business for 2024, a significant increase from CAD 4.5 billion in 2023 [6]. - The retirement business net inflows for 2024 were CAD 700 million, a significant improvement from a net outflow of CAD 4 billion in 2023, attributed to the absence of large plan redemptions and increased sales of new retirement plans [22]. Operational Efficiency - Core EBITDA margin improved to 28.6% in 2024, up 290 basis points from 25.7% in 2023, reflecting operational efficiency [9]. - The company successfully launched 27 generative AI applications by the end of 2024, with 32 more in development, enhancing customer engagement and operational efficiency [15]. - The overall business performance indicates a consistent growth trajectory, with a focus on improving operational efficiencies and market presence [53]. Regional Performance - In Asia, the Manulife Pro program expanded to Indonesia, Japan, and Hong Kong, resulting in a 23% year-over-year increase in agent APE sales in 2024 [12]. - APE sales in Asia for 2024 grew by 36%, with new business CSM and new business value increasing by 38% and 35% respectively, driven by broad growth across multiple Asian markets [22]. - In Canada, APE sales and new business value increased by 20% and 28% respectively, primarily due to growth in group insurance, participating life insurance, and segregated fund products [22]. - In the U.S., APE sales and new business value grew by 9% and 14% respectively, driven by increased demand for accumulation insurance products [22]. Expenses - Core expenses for Q4 2024 amounted to CAD 1,888 million, an increase from CAD 1,787 million in Q4 2023, representing a growth of 5.7% year-over-year [82]. - Total core expenses for the full year 2024 reached CAD 7,089 million, compared to CAD 6,682 million in 2023, reflecting an increase of 6.1% [82]. - General expenses in the income statement for Q4 2024 were CAD 1,328 million, up from CAD 1,180 million in Q4 2023, marking a 12.6% increase [82]. - Restructuring expenses in Q4 2024 totaled CAD 67 million, compared to CAD 46 million in Q4 2023, indicating a significant increase of 45.7% [82].

Core Earnings and Net Income - Core earnings reached CAD 1.8 billion, a 4% increase year-over-year at constant exchange rates[2] - Net income attributed to shareholders was CAD 1.8 billion, an increase of CAD 800 million compared to Q3 2023[2] - Core earnings per share (EPS) were CAD 1.00, up 7% year-over-year, while EPS grew 91% to CAD 1.00[2] - Q3 2024 core earnings reached CAD 1.8 billion, up 4% YoY, driven by strong growth in global wealth and asset management and Asia[11] - Core earnings for Q3 2024 totaled $1.828 billion, compared to $1.737 billion in Q2 2024 and $1.743 billion in Q3 2023[24] - Year-to-date core earnings for 2024 reached $5.319 billion, an 8.3% increase from $4.911 billion in the same period of 2023[24] - Core earnings after tax, on a constant currency basis, for Q3 2024 were $1.828 billion, with Asia contributing $619 million, Canada $412 million, and the US $411 million[30] - Core earnings before tax, on a constant currency basis, for Q3 2024 were $2.143 billion, with Asia contributing $684 million, Canada $516 million, and the US $523 million[30] - Core earnings after tax for Asia and US operations in USD for Q3 2024 were $453 million and $302 million respectively[30] - Core earnings after tax for Q2 2024 were $1.737 billion, with Asia contributing $647 million, Canada $402 million, and the US $415 million[33] - Core earnings before tax for Q2 2024 were $2.057 billion, with Asia contributing $711 million, Canada $509 million, and the US $510 million[33] - Core earnings after tax, on a constant currency basis, for Q2 2024 were $1.742 billion, with Asia contributing $654 million, Canada $402 million, and the US $413 million[34] - Core earnings before tax, on a constant currency basis, for Q2 2024 were $2.063 billion, with Asia contributing $719 million, Canada $509 million, and the US $508 million[34] - Core earnings after tax for Asia and US operations in USD for Q2 2024 were $478 million and $303 million respectively[34] - Core earnings for Q3 2024 reached $1,743 million (after tax), with Asia contributing $522 million, Canada $408 million, and the US $442 million[36] - Core earnings before tax for Q3 2024 totaled $2,036 million, with Asia contributing $584 million, Canada $517 million, and the US $535 million[36] - Core earnings on a constant currency basis for Q3 2024 were $1,759 million (after tax), with Asia contributing $526 million, Canada $408 million, and the US $449 million[37] - Core earnings before tax on a constant currency basis for Q3 2024 were $2,054 million, with Asia contributing $588 million, Canada $517 million, and the US $544 million[37] - Core earnings for the year-to-date 2024 reached $5,319 million (after tax), with Asia contributing $1,923 million, Canada $1,178 million, and the US $1,278 million[39] - Core earnings before tax for the year-to-date 2024 totaled $6,240 million, with Asia contributing $2,119 million, Canada $1,480 million, and the US $1,588 million[39] - Core profit after tax for the overall business in 2024 year-to-date is $5.319 billion, with Asia contributing $1.923 billion, Canada $1.178 billion, and the US $1.278 billion[40] - Core profit after tax on a constant currency basis for 2024 year-to-date is $5.340 billion, with Asia at $1.938 billion, Canada at $1.178 billion, and the US at $1.281 billion[40] - Core profit after tax for the overall business in 2023 year-to-date is $4.911 billion, with Asia contributing $1.484 billion, Canada $1.135 billion, and the US $1.285 billion[42] - Core profit after tax on a constant currency basis for 2023 year-to-date is $4.928 billion, with Asia at $1.473 billion, Canada at $1.135 billion, and the US at $1.303 billion[43] - Core profit after tax for Q3 2024 is $1.828 billion, with Q2 2024 at $1.737 billion and Q1 2024 at $1.754 billion[44] - Core profit attributable to common shareholders for 2024 year-to-date is $5.109 billion, with Q3 2024 at $1.772 billion, Q2 2024 at $1.638 billion, and Q1 2024 at $1.699 billion[44] - Core profit attributable to common shareholders on a constant currency basis for 2024 year-to-date is $5.130 billion, with Q3 2024 at $1.772 billion, Q2 2024 at $1.643 billion, and Q1 2024 at $1.715 billion[44] - Core earnings attributable to common shareholders for Q3 2024 were CAD 1,772 million, with a year-to-date total of CAD 5,109 million, compared to CAD 4,707 million in the same period last year[45] - Annualized core earnings attributable to common shareholders (after tax) for Q3 2024 were CAD 7,049 million, up from CAD 6,588 million in Q2 2024 and CAD 6,701 million in Q3 2023[45] - Core earnings attributable to common shareholders excluding GMT impact for Q3 2024 were CAD 1,833 million, after adjusting for CAD 61 million GMT impact[46] New Business and Sales Growth - Annualized Premium Equivalent (APE) sales increased by 40% year-over-year, with New Business Value (NBV) growing by 39%[2] - Asia region APE sales grew by 64% year-over-year, with New Business CSM increasing by 45% and New Business Value by 55%[5] - Canada region net income attributed to shareholders increased by 48% year-over-year, while APE sales declined by 20%[5] - Manulife Pro program in Asia drove new business value and APE sales growth of over 20% YoY in Q3 2024[6] - Insurance APE sales, new business CSM, and new business value grew 40%, 47%, and 39% YoY respectively in Q3 2024[14] - Annualized Premium Equivalent (APE) sales, new business CSM, and new business value reached record highs[18] - New business CSM in Hong Kong for Q3 2024 reached $254 million, showing a significant increase from $200 million in Q2 2024[52] - Japan's new business CSM for Q3 2024 was $86 million, slightly down from $90 million in Q2 2024[52] - Asia's total new business CSM for Q3 2024 was $593 million, up from $478 million in Q2 2024[52] - Canada's new business CSM for Q3 2024 was $95 million, compared to $76 million in Q2 2024[52] - The US new business CSM for Q3 2024 was $71 million, down from $74 million in Q2 2024[52] - Total new business CSM for Q3 2024 was $759 million, up from $628 million in Q2 2024[52] - Fixed exchange rate adjustments for new business CSM in Q3 2024 were minimal, with a total adjustment of $0[52] - Asia's new business CSM on a fixed exchange rate basis for Q3 2024 was $593 million, up from $484 million in Q2 2024[52] - Total new business CSM on a fixed exchange rate basis for Q3 2024 was $759 million, up from $633 million in Q2 2024[52] - The company's new business CSM in other emerging markets in Asia for 2023 was $87 million[52] Global Wealth and Asset Management - Global Wealth and Asset Management net inflows were CAD 5.2 billion, a significant improvement from CAD 0.8 billion net outflows in Q3 2023[2] - Global Wealth and Asset Management core EBITDA margin improved to 27.8%, up 90 basis points year-over-year[5] - Total assets under management and administration (AUMA) reached CAD 963 billion, a 16% increase year-over-year[5] - Global wealth and asset management core earnings hit a record high, increasing 37% YoY in Q3 2024[11] - Global wealth and asset management net inflows reached CAD 5.2 billion in Q3 2024, a significant improvement from CAD 0.8 billion net outflows in Q3 2023[14] - The company's global wealth and asset management business reported a core EBITDA of $572 million in Q3 2024, up from $513 million in Q2 2024 and $477 million in Q1 2024[57] - The company's core profit for global wealth and asset management in Q3 2024 was $499 million, compared to $399 million in Q2 2024 and $357 million in Q1 2024[57] - Core EBITDA for global wealth and asset management on a constant currency basis was $572 million in Q3 2024, slightly higher than the $511 million reported in Q2 2024[57] - The company's core profit for global wealth and asset management on a constant currency basis was $499 million in Q3 2024, unchanged from the reported figure[57] - Core profit after tax for the global wealth and asset management segment in 2024 year-to-date is $1.255 billion, while in 2023 year-to-date it is $968 million[40][42] - Core revenue for Q3 2024 reached $2.055 billion, up from $1.948 billion in Q2 2024[58] - Global Wealth and Asset Management core revenue for Q3 2024 was $2.055 billion, consistent with previous quarters[58] - Total investment income for Q3 2024 was $6.217 billion, with $226 million attributed to Global Wealth and Asset Management[58] Contractual Service Margin (CSM) - CSM balance increased by CAD 490 million to CAD 20.93 billion as of September 30, 2024, compared to December 31, 2023[16] - Organic CSM growth contributed CAD 724 million in the first three quarters of 2024, driven by new business and interest accretion[16] - Inorganic CSM decreased by CAD 234 million due to reinsurance transactions and actuarial method and assumption reviews[16] - Post-tax CSM, excluding NCI, stood at CAD 18.595 billion as of September 30, 2024[16] - CSM decreased by CAD 421 million as a result of the actuarial review[17] - Contractual Service Margin (CSM) as of September 30, 2024, was CAD 22,213 million, up from CAD 21,760 million in Q2 2024 and CAD 18,149 million in Q3 2023[49] - CSM attributable to non-controlling interests as of September 30, 2024, was CAD 1,283 million, compared to CAD 780 million in Q3 2023[49] - Post-tax CSM as of September 30, 2024, was CAD 19,725 million, up from CAD 18,503 million in Q4 2023 and CAD 15,675 million in Q3 2023[49] - Post-tax CSM attributable to non-controlling interests as of September 30, 2024, was CAD 18,595 million, compared to CAD 14,992 million in Q3 2023[49] Regional Performance - Asia core earnings grew 17% YoY in Q3 2024, supported by business growth and actuarial updates[11] - Asia region contributed $619 million to core earnings in Q3 2024, up 18.6% year-over-year from $522 million in Q3 2023[24] - Net income attributable to shareholders in Asia for Q3 2024 was $827 million, a significant increase from $582 million in Q2 2024 and $363 million in Q1 2024[55] - Net income attributable to shareholders in Canada for Q3 2024 was $430 million, a substantial increase from $79 million in Q2 2024 and $273 million in Q1 2024[55] - Net income attributable to shareholders in the U.S. for Q3 2024 was $5 million, a sharp decline from $135 million in Q2 2024 and a loss of $108 million in Q1 2024[55] - Net income attributable to shareholders in Asia on a constant currency basis for Q3 2024 was $827 million, consistent with the reported figure[55] Shareholders' Equity and Return on Equity - Shareholders' core return on equity (ROE) stood at 16.6%, reflecting strong business performance and disciplined capital allocation[2] - Shareholders' equity core return (annualized) for Q3 2024 was 16.6%, compared to 15.7% in Q2 2024 and 16.8% in Q3 2023[45] - Total shareholders' equity and other interests for Q3 2024 were CAD 49,573 million, with common shareholders' equity at CAD 42,913 million[45] Actuarial and Market Experience - Annual actuarial review resulted in a pre-tax favorable impact of CAD 174 million on cash flows[17] - Pre-tax net income attributable to shareholders decreased by CAD 250 million (CAD 199 million post-tax) due to actuarial review[17] - Market experience gains were $186 million in Q3 2024, compared to losses of $665 million in Q2 2024 and $1.022 billion in Q3 2023[24] - Actuarial methods and assumptions changes negatively impacted income by $199 million in Q3 2024[24] - Market experience losses for Q3 2024 were $1,022 million, with Asia contributing $286 million, Canada $159 million, and the US $476 million[36] - Market experience losses for the year-to-date 2024 were $1,258 million, with Asia contributing $95 million, Canada $439 million, and the US $1,018 million[39] Forward-Looking Statements and Risks - The company's forward-looking statements are subject to significant risks and uncertainties, including general business and economic conditions, COVID-19 impacts, legal and regulatory changes, and more[65] - Forward-looking statements include the company's ability to achieve mid-term financial and operational goals, and involve words like "may," "will," "expect," and "estimate"[63] - Actual results may differ materially from forward-looking statements due to factors such as market volatility, interest rates, credit spreads, and inflation[65] - The company's ability to execute strategic plans and adapt to market changes is a key factor in its forward-looking statements[65] - Risks related to the company's non-North American operations, geopolitical uncertainties, and environmental factors like climate change are highlighted[65] - The company's ability to attract and retain key personnel and manage complex models is crucial for future performance[65] - Legal or regulatory proceedings, including tax audits and litigation, could impact the company's actual results[65] - The company's liquidity and ability to meet financial obligations are important considerations in its forward-looking statements[65] - The company's ability to protect intellectual property and avoid infringement claims is a significant risk factor[65] - Further details on risk factors and assumptions applied to forward-looking statements can be found in the company's latest annual and interim reports[66] Technology and Innovation - AI-enhanced voice-to-text and call summarization reduced average handling time by 28% in customer centers[8] - New mobile apps in Vietnam and Indonesia doubled monthly customer registrations after launch[8] Product Launches and Initiatives - Manulife Global Indexed UL PRO and Signature Indexed Income launched to cater to high-net-worth clients' needs[6] - Manulife Private Equity Partners II fund raised CAD 1.1 billion for institutional investors[7] - Manulife Pro is now available in Singapore, Vietnam, Indonesia, Japan, and Hong Kong[18] Financial Metrics and Ratios - Core EBITDA for Q3 2024 was $572 million, with a core EBITDA margin of 27.8%[58] - Core expenses for Q3 2024 were $1.716 billion, slightly up from $1.713 billion in Q2 2024[60] - Highest potential business core earnings for YTD 2024 were $3.745 billion, contributing 70% to total core earnings[61] - Total core earnings for YTD 2024 were $5.319 billion, up from $4.911 billion in 2023[61] - Net income attributable to shareholders for YTD 2024 was $3.747 billion, compared to $3.444 billion in 2023[61] - Adjusted book value as of September 30, 2024, stood at $61.508 billion, compared to $60.595 billion as of June 30, 2024, and $60.137 billion as of March 31, 2024[56] - The company's adjusted book value increased by $913 million from June 30, 2024, to September 30, 2024, reaching $61.508 billion[56]

Core Earnings and Net Income - Core earnings for Q2 2024 reached CAD 1.737 billion, a 6% increase year-over-year at constant exchange rates[2] - Net income attributed to shareholders was CAD 1.042 billion, similar to Q2 2023 levels[2] - Core earnings per share (EPS) rose to CAD 0.91, a 9% increase compared to Q2 2023[2] - Core earnings for Q2 2024 were CAD 1.737 billion, with Asia contributing CAD 647 million, Canada CAD 402 million, the US CAD 415 million, and Global Wealth and Asset Management CAD 399 million[19] - Core earnings for the first half of 2024 totaled CAD 3.491 billion, compared to CAD 3.168 billion in the same period of 2023[19] - Core profit (after tax) for Q2 2024 was $1.737 billion, with Asia contributing $647 million, Canada $402 million, and the US $415 million[22] - Core profit (before tax) for Q2 2024 was $2.057 billion, with Asia contributing $711 million, Canada $509 million, and the US $510 million[22] - Core profit (after tax) at constant exchange rates for Q2 2024 was $1.737 billion, with Asia contributing $647 million, Canada $402 million, and the US $415 million[23] - Core profit (before tax) at constant exchange rates for Q2 2024 was $2.057 billion, with Asia contributing $711 million, Canada $509 million, and the US $510 million[23] - Core profit (after tax) in USD for Asia and US operations in Q2 2024 was $472 million and $303 million respectively[23] - Core profit after tax for Q1 2024 in Asia was $657 million, while in Canada it was $364 million, and in the US it was $452 million[26] - Total core profit after tax for Q1 2024 across all regions was $1,754 million[26] - Core profit after tax on a constant currency basis for Q1 2024 was $1,765 million, with adjustments of $11 million due to currency fluctuations[27] - Core profit after tax for Q2 2023 in Asia was $473 million, while in Canada it was $374 million, and in the US it was $458 million[29] - Total core profit after tax for Q2 2023 across all regions was $1,637 million[29] - Core profit after tax on a constant currency basis for Q2 2023 was $1,639 million, with adjustments of $2 million due to currency fluctuations[30] - Core profit after tax for the Asia and US business segments in Q1 2024 was $488 million and $335 million respectively, when converted to USD[27] - Core profit after tax for the Asia and US business segments in Q2 2023 was $353 million and $341 million respectively, when converted to USD[30] - Core profit after tax on a constant currency basis for the Asia and US business segments in Q2 2023 was $337 million and $341 million respectively, when converted to USD[30] - Core earnings for Asia in 2024 YTD reached $1,304 million, while Canada and the US reported $766 million and $867 million respectively[31] - Global Wealth and Asset Management contributed $756 million to core earnings in 2024 YTD[31] - Total core earnings for the overall business in 2024 YTD stood at $3,491 million[31] - Core earnings before tax for the overall business in 2024 YTD amounted to $4,097 million[31] - Core earnings for Asia in 2023 YTD were $962 million, with Canada and the US reporting $727 million and $843 million respectively[34] - Global Wealth and Asset Management contributed $607 million to core earnings in 2023 YTD[34] - Total core earnings for the overall business in 2023 YTD were $3,168 million[34] - Core earnings before tax for the overall business in 2023 YTD amounted to $3,745 million[34] - Core earnings at constant exchange rates for 2024 YTD were $3,502 million, with Asia and the US contributing $1,305 million and $874 million respectively[32] - Core earnings before tax at constant exchange rates for 2024 YTD were $4,109 million[32] - Core earnings after tax at fixed exchange rates for 2023 year-to-date totaled $3,162 million, with Asia contributing $936 million and the US contributing $857 million[35] - Core earnings after tax for Q2 2024 were $1,737 million, with a slight decrease from Q1 2024's $1,754 million[38] - Core earnings attributable to common shareholders for Q2 2024 were $1,638 million, reflecting a decrease from Q1 2024's $1,699 million[38] - Core earnings after tax for the US business segment in 2023 year-to-date were $626 million at fixed exchange rates[35] - Core earnings after tax for the Asia business segment in 2023 year-to-date were $683 million at fixed exchange rates[35] - Core earnings before tax at fixed exchange rates for 2023 year-to-date were $3,736 million, with Asia contributing $1,071 million and the US contributing $1,055 million[35] - Core earnings attributable to common shareholders for 2023 full year were $6,381 million, with a slight adjustment for fixed exchange rates bringing it to $6,387 million[38] Business Growth and Sales Performance - Annualized Premium Equivalent (APE) sales grew by 17% year-over-year, reaching CAD 1.907 billion[2] - New Business Value (NBV) increased by 23% year-over-year to CAD 723 million[2] - Asia region core earnings grew by 40% year-over-year to USD 472 million[5] - Canada APE sales surged by 61% year-over-year to CAD 520 million[5] - Asia business core earnings grew 40% in Q2 2024, attributed to sustained business momentum and updates to actuarial methods and assumptions in H2 2023[10] - Canada group insurance business core earnings grew 7% in Q2 2024, driven by strong growth and favorable net insurance experience[10] - Global Wealth and Asset Management business recorded net inflows of CAD 100 million in Q2 2024, reflecting strength in institutional business, offset by outflows in retirement business[13] - New business CSM in Hong Kong for Q2 2024 reached $200 million, showing a 19% increase compared to Q1 2024 ($168 million)[43] - Asia (excluding Hong Kong and Japan) contributed $463 million to new business CSM in 2024 YTD, a 25.8% increase from the same period in 2023 ($368 million)[43] - Total new business CSM for 2024 YTD reached $1.286 billion, a 24.4% increase compared to 2023 YTD ($1.034 billion)[43] - Japan's new business CSM for 2024 YTD was $138 million, a significant 150.9% increase from 2023 YTD ($55 million)[43] - The US market contributed $171 million to new business CSM in 2024 YTD, a decrease of 13.6% compared to 2023 YTD ($198 million)[43] - Canada's new business CSM for 2024 YTD was $146 million, a 41.7% increase from 2023 YTD ($103 million)[43] - Total new business CSM on a constant exchange rate basis for 2024 YTD was $1.291 billion, a 25.3% increase from 2023 YTD ($1.030 billion)[43] - Asia (excluding Hong Kong and Japan) accounted for 36% of total new business CSM in 2024 YTD ($463 million out of $1.286 billion)[43] - The global premium business segment contributed $231 million to total new business CSM in 2023, representing 10.7% of the total ($2.167 billion)[43] - Vietnam's new business CSM for 2023 was $87 million, a 91.3% increase from 2022 ($45.5 million, calculated from 2023 total and 2022 YTD)[43] Global Wealth and Asset Management - Global Wealth and Asset Management net inflows were CAD 100 million, significantly lower than CAD 2.2 billion in Q2 2023[2] - Global Wealth and Asset Management core EBITDA margin improved to 26.3%, up 170 basis points year-over-year[6] - Total assets under management and administration reached CAD 933.1 billion, a 13% increase year-over-year[6] - Global Wealth and Asset Management core earnings increased 23% in Q2 2024 due to higher fee income from favorable market impacts, positive net inflows, and favorable tax adjustments[10] - Global Wealth and Asset Management core EBITDA reached $513 million in Q2 2024, compared to $477 million in Q1 2024[49] - Core earnings for Global Wealth and Asset Management grew to $399 million in Q2 2024, up from $357 million in Q1 2024[49] - Core EBITDA for Global Wealth and Asset Management at constant exchange rates was $995 million year-to-date in 2024, up from $822 million in the same period of 2023[49] - Core EBITDA for Q2 2024 was $513 million, up from $477 million in Q1 2024 and $424 million in Q2 2023[50] - Core revenue for Q2 2024 reached $1.948 billion, compared to $1.873 billion in Q1 2024 and $1.722 billion in Q2 2023[50] - Core EBITDA margin for Q2 2024 was 26.3%, up from 25.5% in Q1 2024 and 24.6% in Q2 2023[50] - Global Wealth and Asset Management core revenue for Q2 2024 was $1.948 billion, compared to $1.873 billion in Q1 2024 and $1.722 billion in Q2 2023[50] - Total investment income for Q2 2024 was $4.825 billion, up from $4.789 billion in Q1 2024 and $5.085 billion in Q2 2023[50] - Global Wealth and Asset Management investment income for Q2 2024 was $138 million, compared to $140 million in Q1 2024 and $75 million in Q2 2023[50] - Year-to-date core EBITDA for 2024 was $990 million, up from $817 million in the same period in 2023[50] - Year-to-date core revenue for 2024 was $3.821 billion, compared to $3.478 billion in the same period in 2023[50] Regional Performance - Asia region core earnings grew by 40% year-over-year to USD 472 million[5] - Canada APE sales surged by 61% year-over-year to CAD 520 million[5] - Asia business core earnings grew 40% in Q2 2024, attributed to sustained business momentum and updates to actuarial methods and assumptions in H2 2023[10] - Canada group insurance business core earnings grew 7% in Q2 2024, driven by strong growth and favorable net insurance experience[10] - US core earnings decreased 11% in Q2 2024 due to unfavorable net insurance experience and the impact of the long-term care reinsurance transaction announced in December 2023[10] - Asia's net income attributable to shareholders increased to $582 million in Q2 2024, up from $363 million in Q1 2024[46] - US operations reported a net income of $135 million in Q2 2024, recovering from a loss of $108 million in Q1 2024[46] - Canada's net income attributable to shareholders decreased to $79 million in Q2 2024 from $273 million in Q1 2024[46] - Asia's net income attributable to shareholders in USD terms was $424 million in Q2 2024, compared to $270 million in Q1 2024[46] - Total net income attributable to shareholders reached $1,042 million in Q2 2024, up from $866 million in Q1 2024[46] Contractual Service Margin (CSM) - Contractual Service Margin (CSM) balance increased to CAD 20.758 billion as of June 30, 2024, up by CAD 318 million from December 31, 2023[14] - Natural CSM movement contributed CAD 453 million to the increase in the first half of 2024, driven by new business and interest accretion, partially offset by core earnings amortization and unfavorable insurance experience[14] - Non-natural CSM movement decreased by CAD 135 million, primarily due to reinsurance transactions, partially offset by favorable foreign exchange and equity market impacts[14] - Post-tax CSM, excluding non-controlling interests, stood at CAD 18.290 billion as of June 30, 2024[14] - Contractual Service Margin (CSM) as of June 30, 2024, was $21,760 million, slightly down from $22,075 million at the end of 2023[41] - Post-tax CSM as of June 30, 2024, was $19,184 million, compared to $19,425 million at the end of 2023[41] Market Experience and Losses - Market experience losses for Q2 2024 were CAD 665 million, contributing to a total loss of CAD 1.444 billion for the first half of 2024[19] - Market experience losses for Q2 2024 were $665 million, with Asia contributing $(58) million, Canada $(364) million, and the US $(280) million[22] - Market experience losses for Q2 2024 were $9 million, compared to gains of $8 million in Q1 2024 and $7 million in Q2 2023[50] Strategic Initiatives and Partnerships - Manulife completed the acquisition of UK-based multi-sector alternative credit management company CQS, rebranded as Manulife | CQS Investment Management, and launched the John Hancock Multi Asset Credit Fund in the US retail market[7] - Manulife announced a strategic partnership with Annexus in the US to expand its indexed account product portfolio and broaden the market for its indexed universal life insurance products[7] - Manulife deployed generative AI in Asia, launching an innovative AI-powered agent sales tool in Singapore and piloting the Manulife MPF Smart Advisor platform in Hong Kong[8] - Manulife enhanced its mobile app for group insurance members in Canada by adding mental health features and instant support services through a partnership with TELUS Health[8] Financial Metrics and Ratios - Shareholders' core return on equity (annualized) for Q2 2024 was 15.7%, down from 16.7% in Q1 2024[39] - Adjusted book value rose to $60,595 million as of June 30, 2024, up from $60,137 million at the end of Q1 2024[47] - The company's LICAT ratio as of June 30, 2024, was disclosed in accordance with OSFI's guidelines[14] Forward-Looking Statements and Risk Management - Manulife's second quarter 2023 results are discussed, focusing on financial performance and future outlook[55] - The report includes updates on risk management and key actuarial and accounting policies[55] - Forward-looking statements are provided to help investors understand the company's financial condition and future operations[55] - The company does not commit to updating forward-looking statements unless required by law[55]

Core Earnings and Net Income - Core earnings for Q1 2024 were CAD 1.8 billion, a 16% increase year-over-year at constant exchange rates[2] - Net income attributed to shareholders was CAD 900 million, a decrease of CAD 500 million compared to Q1 2023, but adjusted for the Global Atlantic reinsurance transaction, it was CAD 1.6 billion, an increase of CAD 200 million[2] - Core earnings per share (EPS) increased by 20% to CAD 0.94, while EPS decreased by 38% to CAD 0.45, but adjusted for the Global Atlantic transaction, EPS rose by 21% to CAD 0.87[3] - Shareholders' core return on equity (ROE) was 16.7%, while ROE was 8.0%, but adjusted for the Global Atlantic transaction, ROE was 15.5%[3] - Manulife's core earnings for Q1 2024 reached CAD 1.8 billion, a 16% increase compared to Q1 2023[11] - Core earnings for Q1 2024 totaled CAD 1.754 billion, compared to CAD 1.773 billion in Q4 2023 and CAD 1.531 billion in Q1 2023[19] - Core earnings (after tax) for the overall company in Q2 2023 were $1,754 million, with Asia contributing $657 million, Canada $364 million, the US $452 million, and Global Wealth & Asset Management $357 million[22] - Core earnings (before tax) at a fixed exchange rate for the overall company were $2,040 million, with Asia at $724 million, Canada $455 million, the US $555 million, and Global Wealth & Asset Management $415 million[23] - Core earnings after tax for the overall company reached $1.773 billion, with Asia contributing $564 million, Canada $352 million, and the US $474 million[24] - Core earnings before tax for the overall company were $2.067 billion, with Asia contributing $640 million, Canada $439 million, and the US $587 million[24] - Core earnings after tax on a constant currency basis were $1.759 billion, with Asia contributing $557 million, Canada $352 million, and the US $470 million[25] - Core earnings before tax on a constant currency basis were $2.051 billion, with Asia contributing $633 million, Canada $439 million, and the US $582 million[25] - Core earnings after tax for the overall company in Q1 2023 were $1.531 billion, with Asia contributing $489 million, Canada $353 million, and the US $385 million[26] - Core earnings before tax for the overall company in Q1 2023 were $1.801 billion, with Asia contributing $557 million, Canada $438 million, and the US $471 million[26] - Core earnings after tax at fixed exchange rates for Q2 2023 were $1,513 million, with Asia contributing $473 million, Canada $353 million, and the US $384 million[27] - Core earnings after tax for common shareholders in Q2 2023 were $1,539 million, with a fixed exchange rate adjustment of $(8) million[29] - Core earnings after tax for common shareholders in Q1 2024 were $1,699 million, with a fixed exchange rate adjustment of $0 million[29] - Core earnings after tax excluding GA reinsurance transactions were $1,754 million, with Asia contributing $657 million, Canada $364 million, the US $452 million, and Global Wealth & Asset Management $357 million[22] Capital Adequacy and Financial Ratios - The LICAT ratio stood at 138%, indicating strong capital adequacy[2] - Shareholders' core return on equity (ROE) was 16.7%, while ROE was 8.0%, but adjusted for the Global Atlantic transaction, ROE was 15.5%[3] - Shareholders' core return on equity (annualized) for Q2 2023 was 15.5%, with core earnings after tax for common shareholders at $6,173 million[30] - Shareholders' core return on equity (annualized) for Q1 2024 was 16.7%, with core earnings after tax for common shareholders at $6,833 million[30] - Shareholders' return on equity excluding GA reinsurance transactions (annualized) for Q2 2023 was 15.5%, with net income attributable to common shareholders at $1,578 million[32] - Core EBITDA margin for Q1 2024 was 25.5%, slightly down from 25.7% in Q4 2023 but up from 22.4% in Q1 2023[42] Business Performance by Region - In Asia, core earnings increased by 39% to USD 488 million, with APE sales growing by 13% to USD 950 million, and new business CSM and value increasing by 68% and 28% respectively[5] - In Canada, APE sales surged by 54% to CAD 450 million, with new business CSM and value increasing by 52% and 71% respectively[5] - Asia's core earnings grew by 39% year-over-year in Q1 2024, while global wealth and asset management core earnings increased by 25%[11] - Canada's APE sales increased by 54% in Q1 2024, driven by growth across all business segments[14] - US APE sales grew by 14% in Q1 2024, reflecting increased demand for wealth accumulation insurance products among affluent customers[14] - Asia core earnings for Q1 2024 were CAD 657 million, up from CAD 489 million in Q1 2023[19] - Canada core earnings for Q1 2024 were CAD 364 million, slightly up from CAD 353 million in Q1 2023[19] - US core earnings for Q1 2024 were CAD 452 million, up from CAD 385 million in Q1 2023[19] - Global Wealth and Asset Management core earnings for Q1 2024 were CAD 357 million, up from CAD 287 million in Q1 2023[19] - Core earnings (after tax) for Asia and US business units in USD were $488 million and $335 million respectively, with no adjustments for fixed exchange rates[23] - Net income attributable to shareholders (after tax) was $866 million, with Asia contributing $363 million, Canada $273 million, and the US showing a loss of $108 million[22] - Net income attributable to shareholders in Asia for Q1 2024 was $363 million, compared to $615 million in Q4 2023[38] - Net income attributable to shareholders in the U.S. for Q1 2024 was a loss of $108 million, compared to a profit of $198 million in Q4 2023[38] - Net income attributable to shareholders in Canada for Q1 2024 was $273 million, down from $365 million in Q4 2023[38] Global Wealth and Asset Management - Global Wealth and Asset Management net inflows reached CAD 6.7 billion, up from CAD 4.4 billion in Q1 2023[2] - Global wealth and asset management business recorded net inflows of CAD 6.7 billion in Q1 2024, a CAD 2.3 billion increase from Q1 2023[14] - Global Wealth and Asset Management core earnings for Q1 2024 were CAD 357 million, up from CAD 287 million in Q1 2023[19] - Global Wealth and Asset Management business reported net income of $365 million in Q1 2024, consistent with Q4 2023[38] - Core EBITDA for the Global Wealth and Asset Management business in Q1 2024 was $477 million, slightly up from $474 million in Q4 2023[41] - Core earnings for the Global Wealth and Asset Management business in Q1 2024 were $357 million, compared to $353 million in Q4 2023[41] - Core EBITDA on a constant currency basis for the Global Wealth and Asset Management business in Q1 2024 was $477 million, consistent with Q4 2023[41] - Core revenue for Q1 2024 was $1.873 billion, up from $1.842 billion in Q4 2023 and $1.756 billion in Q1 2023[42] - Global Wealth and Asset Management core revenue for Q1 2024 was $1.873 billion, compared to $1.842 billion in Q4 2023 and $1.756 billion in Q1 2023[42] - Total investment income for Q1 2024 was $4.789 billion, down from $7.171 billion in Q4 2023 but up from $5.464 billion in Q1 2023[42] - Global Wealth and Asset Management investment income for Q1 2024 was $140 million, compared to $230 million in Q4 2023 and $107 million in Q1 2023[42] New Business and Contractual Service Margin (CSM) - Annualized Premium Equivalent (APE) sales grew by 21% compared to Q1 2023, with new business CSM and new business value increasing by 52% and 34% respectively[2] - CSM balance increased to CAD 21.089 billion as of March 31, 2024, up by CAD 649 million compared to December 31, 2023[15] - Natural CSM change in Q1 2024 increased by CAD 314 million, driven by new business and interest accretion, partially offset by core earnings amortization[15] - Non-natural CSM change in Q1 2024 increased by CAD 335 million, benefiting from favorable equity market performance and foreign exchange rate movements, partially offset by the Global Atlantic reinsurance transaction[15] - Post-tax CSM, excluding non-controlling interests, stood at CAD 18.547 billion as of March 31, 2024[15] - New business CSM total for Q1 2024 reached $658 million, compared to $626 million in Q4 2023 and $442 million in Q1 2023[35] - Asia region contributed $491 million to new business CSM in Q1 2024, up from $414 million in Q4 2023 and $301 million in Q1 2023[35] - Hong Kong's new business CSM in Q1 2024 was $168 million, down from $199 million in Q4 2023 but up from $119 million in Q1 2023[35] - Japan's new business CSM increased to $48 million in Q1 2024 from $42 million in Q4 2023 and $36 million in Q1 2023[35] - Other Asian regions saw a significant jump in new business CSM to $275 million in Q1 2024 from $173 million in Q4 2023 and $146 million in Q1 2023[35] - Canada's new business CSM remained steady at $70 million in both Q1 2024 and Q4 2023, up from $46 million in Q1 2023[35] - US new business CSM decreased to $97 million in Q1 2024 from $142 million in Q4 2023 but was slightly higher than $95 million in Q1 2023[35] - Full-year 2023 new business CSM totaled $2,167 million, with Asia contributing $1,549 million, Canada $224 million, and the US $394 million[35] - Currency adjustments had a negative impact of $7 million on new business CSM in Q1 2024, with Asia being the most affected region at $5 million[35] - On a constant currency basis, new business CSM for Q1 2024 was $658 million, slightly lower than the $619 million in Q4 2023 but significantly higher than the $434 million in Q1 2023[35] Reinsurance and Capital Management - The company completed a significant reinsurance transaction with Global Atlantic, involving CAD 5.6 billion in net insurance liabilities, releasing CAD 800 million in capital, which will be returned to shareholders through a share repurchase program[7] - Net income attributable to shareholders excluding GA reinsurance transactions for Q2 2023 was $1,633 million, with a net loss from GA reinsurance transactions of $(767) million[31] - Net income attributable to shareholders excluding GA reinsurance transactions for Q1 2024 was $1,633 million, with a net loss from GA reinsurance transactions of $(767) million[31] - Future share repurchases will depend on earnings, cash requirements, market conditions, and regulatory approvals[45] Digital and Technological Innovations - Manulife launched a new AI-powered sales tool, JHINI, in the US to enhance sales team efficiency[8] - The company introduced M-Pro in Vietnam, a digital pre-signature verification tool, improving customer experience[8] - Manulife's new retail wealth platform in Canada manages over CAD 54 billion in assets, enhancing advisor and client experiences[9] - JohnHancock.com's Vitality page saw a 43% increase in visits in Q1 2024 compared to Q1 2023, driven by the Your Year in Wellness campaign[10] Risks and Future Outlook - The company highlights risks such as market volatility, interest rates, credit spreads, and the impact of COVID-19 variants on future performance[45] - Potential factors affecting future results include changes in legal and regulatory environments, accounting standards, and capital requirements[45] - The company's ability to achieve strategic plans and maintain reputation are key factors in future performance[45]

Financial Performance - The net income attributable to shareholders for 2023 was CAD 5.1 billion, an increase of CAD 1.6 billion compared to CAD 3.5 billion in 2022, with Q4 2023 net income at CAD 1.7 billion, up CAD 0.4 billion from CAD 1.3 billion in Q4 2022[2]. - Core earnings for 2023 reached CAD 6.7 billion, a 13% increase from CAD 5.8 billion in 2022, with Q4 2023 core earnings at CAD 1.8 billion, up 15% from CAD 1.5 billion in Q4 2022[2]. - The core earnings per share for 2023 was CAD 3.47, a 17% increase from CAD 2.90 in 2022, while Q4 2023 core earnings per share was CAD 0.92, up 20% from CAD 0.77 in Q4 2022[2]. - The return on common shareholders' equity for 2023 was 11.9%, with a core return on equity of 15.9%[2]. - The company reported a total revenue of CAD 6,452 million for Q2 2023, with a significant contribution from the Asia segment[30]. - The total core earnings for the year 2023 reached CAD 6.684 billion, up from CAD 5.801 billion in 2022, reflecting a growth of approximately 15%[25]. - The company reported a significant increase in transitional income attributable to shareholders, amounting to CAD 3,498 million, compared to a loss of CAD 1,933 million in the previous year[32]. - The overall annual performance for 2023 showed core earnings of CAD 7,103 million, up from CAD 6,516 million in 2022[48]. Shareholder Returns - The company announced a 9.6% increase in common stock dividends[1]. - The company completed a share buyback program totaling CAD 1.6 billion, representing 3.4% of the outstanding common shares[2]. - The adjusted book value per share was CAD 1,321, reflecting the company's commitment to shareholder value[30]. Business Growth and New Initiatives - A significant reinsurance agreement was reached with Global Atlantic involving CAD 6 billion in long-term care insurance contracts, expected to close by the end of February 2024[2]. - New business value for Q4 2023 was CAD 630 million, a 20% increase from CAD 524 million in Q4 2022[5]. - The company acquired CQS, a London-based alternative credit management firm, to enhance its global investment offerings[9]. - The company launched several new products targeting institutional investors, contributing to the increase in net inflows in the institutional asset management sector[17]. - The company plans to expand its market presence through strategic acquisitions and new product launches in the upcoming quarters[27]. Market Performance and Sales - APE sales in the U.S. for the second quarter were CAD 141 million, a 34% increase year-over-year[7]. - In Canada, APE sales grew by 44% year-over-year in Q4 2023, primarily due to large group insurance sales and increased fixed annuity sales[16]. - In the U.S., APE sales increased by 34% compared to Q4 2022, reflecting a rebound in affluent customer demand, with new business value and CSM growing by 74% and 102% respectively[17]. - The net inflow for institutional asset management business increased to CAD 21 billion in Q4 2023, compared to CAD 9 billion in Q4 2022, driven by a rebound in real estate, private equity, and credit projects[18]. Risk Factors and Strategic Considerations - The company highlighted significant risk factors that could lead to actual performance differing greatly from expectations, including economic conditions, market volatility, and credit spreads[55]. - The ongoing impact of the COVID-19 pandemic, including potential government actions in response to variants, was noted as a critical factor affecting future performance[55]. - The management discussed the need for effective hedging strategies to mitigate unforeseen consequences[55]. - The company acknowledged the importance of accurate forecasting related to morbidity, mortality, and policyholder behavior[55]. Operational Efficiency - The core EBITDA margin improved to 25.7%, reflecting a 210 basis points increase year-over-year[7]. - The company experienced a net loss of CAD 1,164 million in core earnings, highlighting challenges in market conditions[30]. - The company is focusing on strategic adjustments to enhance core earnings and manage tax implications effectively moving forward[34].

Financial Performance - Net income attributable to shareholders for Q3 2023 reached CAD 1 billion, an increase of CAD 200 million compared to Q3 2022 transitional net income and CAD 500 million compared to Q3 2022 net income [2]. - Core earnings for Q3 2023 were CAD 1.743 billion, representing a 28% increase from Q3 2022 [2]. - Core earnings per share for Q3 2023 were CAD 0.92, a 35% increase from CAD 0.68 in Q3 2022 [2]. - The company reported a total core earnings of CAD 4,911 million year-to-date in 2023, an increase from CAD 4,258 million in the same period of 2022 [20]. - The net income attributable to shareholders for Q3 2023 increased by CAD 500 million compared to Q3 2022, driven by core earnings growth and a one-time tax-related gain of CAD 290 million [6]. - The total net income attributable to shareholders for the year-to-date 2023 was CAD 3,444 million, a significant increase from a loss of CAD 2,848 million in the same period of 2022 [44]. - The company reported a net loss attributable to shareholders of CAD 214 million in Q3 2023, compared to a loss of CAD 430 million in Q2 2023 [32]. Sales and Business Growth - APE sales for Q3 2023 amounted to CAD 1.657 billion, a 21% increase from CAD 1.347 billion in Q3 2022 [4]. - New business value for Q3 2023 was CAD 600 million, up 15% from CAD 515 million in Q3 2022 [4]. - The company reported a 33% year-over-year growth in core earnings driven by the Asia region, with new business CSM increasing by 16% [2]. - Annualized premium equivalent (APE) sales amounted to CAD 1.7 billion, reflecting a 21% increase year-over-year, with strong performance in Asia, particularly a 57% increase in Hong Kong [9]. - New business value (NBV) recorded CAD 600 million, a 15% increase from Q3 2022, with a 72% growth in Canada, while the U.S. saw a 29% decline [10]. Shareholder Returns and Equity - The company repurchased nearly CAD 1.3 billion of common shares since the beginning of the year to enhance shareholder returns [2]. - The company achieved a shareholder equity core return rate of 16.8% for Q3 2023, up from 12.7% in the previous year [3]. - Total equity attributable to shareholders increased to $40,747 million in Q3 2023, compared to $39,047 million in Q2 2023, marking a 4.4% rise [35]. Market and Regional Performance - The Asian market contributed CAD 522 million to core earnings in Q3 2023, a 35% increase from CAD 387 million in Q3 2022 [20]. - The Canadian market's core earnings were CAD 408 million in Q3 2023, up from CAD 391 million in Q3 2022, marking a 4.4% increase [20]. - The U.S. market reported core earnings of CAD 442 million in Q3 2023, compared to CAD 437 million in Q3 2022, showing a 1.1% increase [20]. - The global wealth and asset management segment experienced a net outflow of CAD 800 million in Q3 2023, compared to a net inflow of CAD 3 billion in Q3 2022 [12]. - Institutional asset management recorded a net inflow of CAD 2.8 billion in Q3 2023, a significant increase from CAD 600 million in Q3 2022 [12]. Strategic Initiatives and Product Development - The company plans to continue focusing on market expansion and new product development as part of its strategic initiatives moving forward [22]. - In Q3 2023, the company launched an integrated high-end account platform in Bermuda, Hong Kong, and Singapore, simplifying new business applications and compliance processes for high-end markets [15]. - The company expanded its personalized medicine program in Canada to all group insurance extended medical plans, enhancing accessibility for more clients [15]. - A new product named "Excellence Protection Indexed Universal Life" was introduced in the U.S., allowing employees to purchase personal coverage through a simplified electronic process [15]. Operational Efficiency and Technology - The company reported a 31% increase in calls completed without human interaction due to improved interactive voice response technology, enhancing the digital customer experience [16]. - In Asia, the automation of claims processing in Hong Kong has nearly doubled the number of directly processed claims compared to Q3 2022 [16]. - The "Goodbye Paper" initiative in Canada led to a 165% increase in the adoption rate of electronic applications among retirement business clients [16]. Risk Factors and Future Outlook - The company emphasizes that forward-looking statements involve risks and uncertainties that may cause actual results to differ significantly from those anticipated [46]. - The company highlighted significant risk factors that could lead to actual performance differing greatly from expectations, including economic conditions, market volatility, and credit spreads [47]. - The ongoing impact of the COVID-19 pandemic, including potential government actions in response to variants, was noted as a critical factor affecting future performance [48]. - The company acknowledged the importance of attracting and retaining key personnel to drive operational success [48].

Financial Performance - In Q2 2023, Manulife reported a net income attributable to shareholders of CAD 1 billion, an increase of CAD 900 million compared to Q2 2022[2]. - Core earnings for Q2 2023 were CAD 1.6 billion, representing a 4% increase year-over-year on a constant currency basis[2]. - The annualized premium equivalent (APE) sales for Q2 2023 reached CAD 1.6 billion, up 12% from Q2 2022[2]. - New business value for Q2 2023 was CAD 585 million, a 10% increase compared to Q2 2022[2]. - The new business contract service margin (CSM) for Q2 2023 was CAD 592 million, reflecting a 15% increase year-over-year[2]. - As of June 30, 2023, the CSM balance, net of non-controlling interests, was CAD 17.4 billion, an increase of CAD 140 million from December 31, 2022[2]. - Net income attributable to shareholders for Q2 2023 was $1,025 million, a significant increase from a loss of $2,119 million in Q2 2022[9]. - Core earnings for Q2 2023 reached $1,637 million, compared to $1,526 million in Q2 2022, reflecting a year-to-date total of $3,168 million versus $2,919 million in the previous year[9]. - The diluted earnings per share for Q2 2023 was $0.50, up from a loss of $1.13 in Q2 2022, with a year-to-date EPS of $1.23 compared to $0.71 in 2022[9]. - The return on common equity for Q2 2023 was 9.3%, a recovery from (22.4)% in Q2 2022, with a year-to-date return of 11.4% compared to 7.1% in the previous year[9]. Capital and Shareholder Returns - Manulife's LICAT ratio for Q2 2023 was 136%, indicating strong capital levels[4]. - The company repurchased approximately 17.3 million common shares for a total value of CAD 443 million, representing 0.9% of the issued and outstanding common shares[4]. - The core return on common shareholders' equity for Q2 2023 was 15.5%[4]. - The financial leverage ratio for Q2 2023 was 25.8%, compared to 26.0% in the same quarter of the previous year[10]. - Total common equity attributable to shareholders was CAD 39,047 million in Q2 2023, down from CAD 40,715 million in Q1 2023[36]. Business Growth and Expansion - The company expanded its health coverage in Hong Kong, now providing access to over 3,000 hospitals in mainland China, becoming the first life insurance company to cover all tier-3 public hospitals in the region[5]. - The company integrated the Manulife Vitality program into newly launched personal insurance dividend policies in Canada, enhancing its behavioral insurance offerings[5]. - APE sales in Q2 2023 amounted to CAD 1.6 billion, representing a 12% growth compared to Q2 2022, with significant contributions from Hong Kong and other Asian regions[14]. - New business value in Q2 2023 was CAD 585 million, a 10% increase from Q2 2022, with Canada showing a notable growth of 29%[15]. - The company partnered with Envestnet to provide a leading investment management platform for financial advisors in the Canadian retail market, enhancing client experience and advisor productivity[8]. ESG and Sustainability Initiatives - The company announced a science-based target to reduce absolute Scope 1 and 2 emissions by 40% by 2035, reinforcing its commitment to ESG strategies[6]. - The company launched two ESG-themed funds within its MPF scheme, making it the first MPF plan to offer both sustainable equity and fixed income investment options[7]. Operational Efficiency and Customer Experience - The company reported a 16% quarter-over-quarter increase in insurance applications submitted through its online platform in the Philippines[8]. - The company reduced call transfer rates in its group insurance customer contact center by nearly 50% compared to Q2 2022, resulting in a 14% increase in transactional NPS[8]. - The company was recognized by LIBRA Insurance Partners as one of the top insurance companies providing an excellent experience on its life insurance electronic platform[8]. - The company successfully delivered life insurance policy documents electronically for the first time, saving over 3 million sheets of paper[8]. Wealth and Asset Management - The total assets under management and administration in the global wealth and asset management business reached $819.6 billion, up from $746.8 billion in the previous year[10]. - Global wealth and asset management business recorded net inflows of CAD 2.2 billion in Q2 2023, compared to CAD 1.7 billion in Q2 2022[18]. - The total investment assets for the Global Wealth and Asset Management business reached $5,464 million as of June 30, 2023, down from $5,565 million in the previous quarter[41]. - The total revenue for the company in Q2 2023 was CAD 1,637 million, with a significant contribution from asset management services[33]. Strategic Outlook and Risks - The company issued forward-looking statements regarding its ability to achieve mid-term financial and operational goals[47]. - The company highlighted potential risks that could significantly impact actual performance, including economic conditions, market volatility, and regulatory changes[47]. - The company emphasized the importance of maintaining its reputation and financial strength amidst competitive pressures and potential acquisitions[48]. - The company discussed its strategic plans and the ability to implement them effectively, which are crucial for future growth[47]. - The company acknowledged the ongoing impact of the COVID-19 pandemic and its variants on business operations and market conditions[47].

Financial Performance - Manulife's net income attributable to shareholders for Q1 2023 was CAD 1.4 billion, an increase of CAD 0.1 billion compared to Q1 2022[2]. - Core earnings for Q1 2023 were CAD 1.5 billion, representing a 6% increase year-over-year on a constant currency basis[2]. - The company's diluted earnings per share increased to CAD 0.73 in Q1 2023, up from CAD 0.66 in Q1 2022, representing an increase of approximately 10.6%[6]. - Core earnings for Q1 2023 totaled CAD 1,531 million, compared to CAD 1,393 million in Q1 2022, representing a 10% increase[20]. - Net income attributable to shareholders for Q1 2023 was CAD 1,406 million, up from CAD 1,325 million in Q1 2022, reflecting a 6% growth[20]. - The company experienced a market experience loss of CAD 65 million in Q1 2023, a significant improvement from a loss of CAD 655 million in Q4 2022[20]. - The net income (loss) attributable to shareholders for Q1 2023 was CAD 139 million, a significant improvement from a loss of CAD 672 million in Q4 2022[26]. - The net income attributable to common shareholders for Q1 2023 was $1,131 million, an increase from $726 million in Q4 2022, representing a growth of approximately 56%[31]. Sales and Business Growth - The annualized premium equivalent sales for Q1 2023 amounted to CAD 1.6 billion, a decrease of 3% compared to Q1 2022[2]. - The new business value for Q1 2023 was CAD 509 million, down 5% from Q1 2022[2]. - The annualized premium equivalent sales in Asia reached CAD 1,173 million in Q1 2023, compared to CAD 1,087 million in Q1 2022, reflecting a growth of 7.9%[6]. - The total new business value for Asia was CAD 372 million in Q1 2023, slightly up from CAD 369 million in Q1 2022[6]. - Annualized premium equivalent sales for Q1 2023 totaled CAD 1.6 billion, a decrease of 3% compared to Q1 2022, with notable growth in Hong Kong offsetting declines in Canada and the U.S.[11]. Capital and Equity - The LICAT ratio for Q1 2023 was reported at 138%[3]. - The company's LICAT capital ratio stood at 138% in Q1 2023, a decrease from 140% in Q1 2022[7]. - The adjusted book value per common share as of March 31, 2023, was CAD 30.04, an increase of CAD 2.51 from March 31, 2022[3]. - The total equity attributable to shareholders was CAD 47,375 million in Q1 2023, compared to CAD 46,876 million in Q4 2022[29]. Customer Engagement and Technology - In Asia, over 50% of eligible customers have activated the ManulifeMOVE app, with 38% subsequently purchasing policies[4]. - In Canada, the company partnered with Cleveland Clinic to enhance products and services for 5 million group insurance customers[4]. - The active user ratio for the customer website in Vietnam grew to 37% by the end of Q1 2023, an increase of 29 percentage points year-over-year[5]. Asset Management - The total assets under management and administration in global wealth and asset management reached CAD 814.5 billion in Q1 2023, up from CAD 810.2 billion in Q1 2022[7]. - The net inflows for global wealth and asset management business were CAD 4.4 billion in Q1 2023, down from CAD 6.8 billion in Q1 2022[7]. - The retirement business saw net inflows of CAD 1.2 billion in Q1 2023, compared to CAD 2 billion in Q1 2022, impacted by increased plan redemptions[15]. - Institutional asset management recorded net inflows of CAD 2.5 billion in Q1 2023, a significant increase from CAD 0.9 billion in Q1 2022, driven by higher inflows from mainland China[15]. Future Outlook and Strategy - The company aims to maintain a CSM growth target of 8% to 10% annually despite challenges in the operating environment[3]. - Future guidance indicates a focus on maintaining growth in core earnings and expanding market presence in Asia and North America[21]. - The company plans to continue investing in new product development and technology to enhance customer experience and operational efficiency[21]. - The company anticipates continued growth in assets under management driven by strategic initiatives and market expansion efforts[40]. - The company is committed to pursuing strategic acquisitions to support long-term growth and enhance its service offerings[42]. Risk Management and Market Conditions - The company emphasizes the importance of risk management and the ability to adapt to regulatory changes and market dynamics[42]. - Future performance may be influenced by various factors including market volatility, interest rates, and economic conditions, which could lead to significant deviations from expected results[41]. - The impact of the COVID-19 pandemic continues to be monitored, with potential implications for business operations and market conditions[41].

Financial Performance - Manulife reported a net income attributable to shareholders of CAD 1.3 billion for Q3 2022, a decrease of CAD 200 million compared to Q3 2021[1]. - Core earnings for Q3 2022 were CAD 1.3 billion, representing a 14% decrease year-over-year on a constant currency basis[1]. - Net income attributable to shareholders for Q3 2022 was CAD 1.347 billion, down from CAD 1.592 billion in Q3 2021, reflecting a decrease of 15.4%[9]. - Core earnings for Q3 2022 were CAD 1.322 billion, a decline of 14% compared to CAD 1.517 billion in Q3 2021[10]. - The return on common equity for Q3 2022 was 10.5%, down from 12.6% in Q3 2021[9]. - The expense ratio for Q3 2022 was 53.9%, compared to 51.3% in Q3 2021, indicating increased operational costs[9]. - Core earnings (after tax) for the company reached CAD 4,828 million, reflecting a 68% increase compared to the previous year[36]. - The net income attributable to shareholders (after tax) was CAD 5,021 million, with a significant contribution from Asia at CAD 2,412 million[35]. Sales and Business Value - The annualized premium equivalent sales for Q3 2022 were CAD 1.3 billion, down 6% from Q3 2021[2]. - The new business value for Q3 2022 was CAD 514 million, a decrease of 6% compared to the same quarter in 2021[2]. - New business value in Asia dropped by 17% year-over-year, primarily due to lower sales in Hong Kong[12]. - New business value in Canada increased by 25% year-over-year, driven by improved margins in the insurance business[12]. - New business value in the U.S. rose by 27% year-over-year, attributed to pricing measures and rising interest rates[12]. - The sales of products featuring Vitality PLUS increased by 12% compared to Q3 2021, indicating growing interest among health-conscious consumers[13]. Wealth and Asset Management - Global wealth and asset management business recorded net inflows of CAD 3 billion in Q3 2022, down from CAD 9.8 billion in Q3 2021[2]. - The total assets under management in the global wealth and asset management business were CAD 748.8 billion, down from CAD 823.6 billion[9]. - The total investment assets managed by the Global Wealth and Asset Management business as of September 30, 2022, were $411,292 million, an increase from $402,329 million on June 30, 2022, representing a growth of 2.4%[40]. - The total assets under administration provided by the Global Wealth and Asset Management division amounted to $855.9 billion, a 5.9% increase from the previous quarter[41]. Operational Efficiency - The core EBITDA for Q3 2022 was $504 million, reflecting a 7.9% increase compared to $467 million in Q2 2022[43]. - The core EBITDA margin improved to 32.7% in Q3 2022, up from 30.7% in Q2 2022[43]. - The efficiency ratio for Q3 2022 was 53.9%, compared to 49.2% in Q2 2022, indicating increased operational costs relative to earnings[44]. - Core general expenses for Q3 2022 were $1.859 billion, slightly higher than $1.843 billion in Q2 2022[44]. Strategic Initiatives - Manulife expanded its Manulife Vitality program to include new policyholders for term and universal life insurance starting November 2022[4]. - The company introduced advanced early detection services for multiple cancers through the Galleri® test, becoming the first life insurer to offer this service[5]. - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings[41]. Risks and Uncertainties - The company emphasizes that forward-looking statements are subject to risks and uncertainties, and actual performance may differ significantly from expectations[46]. - Significant factors affecting actual performance include general business and economic conditions, market volatility, interest rates, and credit spreads[47]. - The ongoing impact of the COVID-19 pandemic, including any variants, poses additional risks to the company's performance[47]. - Legal and regulatory changes may affect the company's operations and financial performance[47]. - The company acknowledges the challenges in attracting and retaining key personnel, which could impact operational effectiveness[48].

Financial Performance - Manulife reported a net income of CAD 1.1 billion for Q2 2022, a decrease of CAD 1.6 billion compared to Q2 2021[1]. - Core earnings for Q2 2022 were CAD 1.6 billion, representing a 9% decrease year-over-year on a constant currency basis[1]. - Net income attributable to shareholders for Q2 2022 was CAD 1.1 billion, a decrease of CAD 1.6 billion compared to Q2 2021[8]. - Core earnings for Q2 2022 were CAD 1.6 billion, down 9% from Q2 2021[9]. - The net income attributable to shareholders for Q2 2022 was CAD 1.086 billion, a decrease from CAD 2.970 billion in Q1 2022[19]. - The net income (after tax) for Q1 2022 was CAD 2,902 million, with CAD 2,067 million from the US and CAD 596 million from Asia[25]. - The net income attributable to shareholders (after tax) for Q2 2021 was $2,646 million, indicating a solid financial position[27]. - The net income (after tax) for Q2 2021 was $2,682 million, underscoring the company's strong market presence[27]. Sales and Business Growth - The annualized premium equivalent sales for Q2 2022 amounted to CAD 1.4 billion, down 1% from Q2 2021[1]. - The global wealth and asset management business recorded net inflows of CAD 1.7 billion in Q2 2022, significantly lower than CAD 8.6 billion in Q2 2021[1]. - New business value recorded in Q2 2022 was CAD 511 million, a decline of 9% compared to Q2 2021[11]. - Annualized premium equivalent sales in Asia for Q2 2022 were CAD 838 million, down from CAD 950 million in Q2 2021[11]. - Annualized premium equivalent sales in Canada for Q2 2022 were CAD 361 million, an increase from CAD 274 million in Q2 2021[11]. - Annualized premium equivalent sales in the US for Q2 2022 were CAD 209 million, up from CAD 191 million in Q2 2021[11]. - The retirement business recorded a net inflow of CAD 1 billion in Q2 2022, a significant improvement from a net outflow of CAD 600 million in Q2 2021[13]. - Institutional asset management net inflow was CAD 2.5 billion in Q2 2022, compared to CAD 1.9 billion in Q2 2021[13]. Efficiency and Cost Management - The company achieved a spending efficiency ratio of 49.2%, with general expenses decreasing by 3%[1]. - The expense ratio for Q2 2022 was 49.2%, compared to 46.8% in Q2 2021[8]. - The core general expenses for Q2 2022 were $1,843 million, slightly lower than $1,877 million in Q1 2022, showing a decrease of 1.8%[43]. - The expense efficiency ratio improved to 49.2% in Q2 2022 from 50.0% in Q1 2022, indicating better cost management[43]. Capital and Investment - The LICAT ratio for Q2 2022 was reported at 137%[1]. - The total assets under management and administration in global wealth and asset management were CAD 744.7 billion, down from CAD 798.5 billion[8]. - The total assets managed by the Global Wealth and Asset Management division reached $744,703 million, a decrease from $807,964 million in the previous quarter, indicating a drop of 7.8%[41]. - The total investment assets amounted to $3,967 million as of June 30, 2022, compared to $4,458 million in March 2022, reflecting a decrease of 11%[39]. Digital Transformation - Manulife enhanced its digital capabilities, achieving an 85.5% electronic submission rate for new policies in Asia, a 10 percentage point increase from Q2 2021[4]. Risk Factors and Strategic Focus - The company acknowledges that forward-looking statements involve risks and uncertainties, and actual performance may differ significantly from expectations[46]. - Key risk factors affecting actual performance include general business and economic conditions, market volatility, interest rates, and credit spreads[46]. - The ongoing impact of the COVID-19 pandemic, including any variants, remains a significant risk to future performance[46]. - The company anticipates continued focus on market expansion and new product development as part of its strategic initiatives moving forward[44]. - The company has outlined that its financial condition and operational performance are subject to various regulatory and legal risks[47]. - The company emphasizes the importance of maintaining its reputation and financial strength amid potential downgrades in credit ratings[46]. Shareholder Returns - The company repurchased approximately 2% of its common shares year-to-date, totaling CAD 933 million[2]. - The diluted earnings per share for Q2 2022 was CAD 0.78, slightly up from CAD 0.77 in Q1 2022[37].