MANULIFE(00945)2025-02-19 23:57Financial 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].