Financial Performance - Manulife reported a net income of CAD 3 billion for Q1 2022, an increase of CAD 2 billion compared to Q1 2021[2]. - Core earnings for Q1 2022 were CAD 1.6 billion, a decrease of 4% year-over-year on a constant currency basis[2]. - The net income attributable to shareholders for Q1 2022 was CAD 2.97 billion, an increase of CAD 2.22 billion compared to Q1 2021[6]. - Core earnings for Q1 2022 were CAD 1.55 billion, a decrease of 4% from CAD 1.63 billion in Q1 2021[8]. - Core earnings (after tax) for Q1 2022 totaled CAD 1,552 million, with a breakdown of CAD 537 million from Asia, CAD 314 million from Canada, and CAD 486 million from the US[21]. - The total income before tax for Q1 2022 was CAD 3,711 million, with CAD 681 million from Asia, CAD 880 million from Canada, and CAD 2,577 million from the US[20]. - The company reported a net income attributable to shareholders (after tax) for Q1 2022 was CAD 2,970 million, with contributions of CAD 773 million from Asia, CAD 547 million from Canada, and CAD 2,067 million from the US[20]. - Core earnings (after tax) for Q1 2022 were $1,500 million, compared to $1,629 million in Q1 2021, reflecting a decrease of 7.9%[26]. - Core earnings before tax for Q1 2022 were $1,687 million, down from $1,995 million in Q1 2021, indicating a decline of 15.4%[25]. Sales and Business Growth - The annualized premium equivalent sales for Q1 2022 amounted to CAD 1.6 billion, down 9% from Q1 2021[2]. - The new business value for Q1 2022 was CAD 513 million, a decrease of 14% compared to Q1 2021[2]. - Annualized premium equivalent sales for Q1 2022 totaled CAD 1.61 billion, a decrease of 9% from CAD 1.78 billion in Q1 2021[10]. - Annualized premium equivalent sales in "Other Asia" decreased by 8%, primarily due to a decline in agent sales offsetting growth in bank insurance sales in Singapore[11]. - Annualized premium equivalent sales in the US increased by 32%, driven by unique market advantages of local products and heightened consumer demand for insurance protection amid the pandemic[11]. - The company achieved net inflows of CAD 6.9 billion in its global wealth and asset management business for Q1 2022, compared to CAD 1.4 billion in Q1 2021[6]. - Institutional asset management net inflows were CAD 0.9 billion in Q1 2022, a significant improvement from net outflows of CAD 7.2 billion in Q1 2021[12]. - Retail business net inflows were CAD 4.0 billion in Q1 2022, down from CAD 6.5 billion in Q1 2021, reflecting a decline in total inflows mainly related to fixed income products[12]. Capital and Investment - The LICAT ratio for Q1 2022 was reported at 140%[2]. - The company released CAD 2.4 billion in capital through reinsurance transactions for over 75% of its legacy variable annuity business in the U.S.[5]. - The total amount of investment assets in global wealth and asset management was $3,468 million, down from $4,458 million in the previous quarter[30]. - Total investment assets amounted to $409,401 million as of March 31, 2022, a decrease of 4.1% from $427,098 million on December 31, 2021[30]. - Net assets of independent funds totaled $371,928 million, down 7.0% from $399,788 million in the previous quarter[30]. Strategic Initiatives - Manulife aims to increase the core return on common shareholders' equity to over 15% and expand the dividend payout ratio target range to 35%-45%[4]. - The company enhanced the user experience of its Manulife Vitality mobile app in Canada, aiming to further engage customers[5]. - In Asia, the company began offering insurance solutions to 14 million customers of VietinBank in Vietnam as part of a 16-year exclusive bancassurance partnership[5]. - The company plans to continue expanding its market presence and enhancing its product offerings, although specific strategies were not detailed in the provided content[19]. 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[32]. - The company faces significant risks that could lead to actual performance differing greatly from expectations, including general business and economic conditions, market volatility, and credit spreads[33]. - The ongoing COVID-19 pandemic and government actions in response to it are critical factors affecting the company's performance[33]. - The company's ability to execute strategic plans and adapt to changes in accounting standards and capital requirements is essential for future performance[33]. - The company must maintain its reputation and manage potential impairments of goodwill or intangible assets[33]. - The accuracy of forecasts related to morbidity, mortality, and policyholder behavior is crucial for the company's financial health[33]. - The company emphasizes the importance of effective hedging strategies and the ability to acquire suitable assets to support long-term liabilities[33]. - The company's liquidity and ability to secure financing for financial obligations are vital for operational stability[33]. - Future guidance remains optimistic, with expectations for growth in core earnings and managed assets in the upcoming quarters[19].