MANULIFE(00945)2023-05-10 23:57Financial 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 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].