Workflow
宏利金融-S(00945) - 2024 Q1 - 季度业绩
00945MANULIFE(00945)2024-05-08 23:28

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 1,754million,withAsiacontributing1,754 million, with Asia contributing 657 million, Canada 364million,theUS364 million, the US 452 million, and Global Wealth & Asset Management 357million[22]−Coreearnings(beforetax)atafixedexchangeratefortheoverallcompanywere357 million[22] - Core earnings (before tax) at a fixed exchange rate for the overall company were 2,040 million, with Asia at 724million,Canada724 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 1.773billion,withAsiacontributing1.773 billion, with Asia contributing 564 million, Canada 352million,andtheUS352 million, and the US 474 million[24] - Core earnings before tax for the overall company were 2.067billion,withAsiacontributing2.067 billion, with Asia contributing 640 million, Canada 439million,andtheUS439 million, and the US 587 million[24] - Core earnings after tax on a constant currency basis were 1.759billion,withAsiacontributing1.759 billion, with Asia contributing 557 million, Canada 352million,andtheUS352 million, and the US 470 million[25] - Core earnings before tax on a constant currency basis were 2.051billion,withAsiacontributing2.051 billion, with Asia contributing 633 million, Canada 439million,andtheUS439 million, and the US 582 million[25] - Core earnings after tax for the overall company in Q1 2023 were 1.531billion,withAsiacontributing1.531 billion, with Asia contributing 489 million, Canada 353million,andtheUS353 million, and the US 385 million[26] - Core earnings before tax for the overall company in Q1 2023 were 1.801billion,withAsiacontributing1.801 billion, with Asia contributing 557 million, Canada 438million,andtheUS438 million, and the US 471 million[26] - Core earnings after tax at fixed exchange rates for Q2 2023 were 1,513million,withAsiacontributing1,513 million, with Asia contributing 473 million, Canada 353million,andtheUS353 million, and the US 384 million[27] - Core earnings after tax for common shareholders in Q2 2023 were 1,539million,withafixedexchangerateadjustmentof1,539 million, with a fixed exchange rate adjustment of (8) million[29] - Core earnings after tax for common shareholders in Q1 2024 were 1,699million,withafixedexchangerateadjustmentof1,699 million, with a fixed exchange rate adjustment of 0 million[29] - Core earnings after tax excluding GA reinsurance transactions were 1,754million,withAsiacontributing1,754 million, with Asia contributing 657 million, Canada 364million,theUS364 million, the US 452 million, and Global Wealth & Asset Management 357million[22]CapitalAdequacyandFinancialRatios−TheLICATratiostoodat138357 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 6,833million[30]−Shareholders′returnonequityexcludingGAreinsurancetransactions(annualized)forQ22023was15.56,833 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 488millionand488 million and 335 million respectively, with no adjustments for fixed exchange rates[23] - Net income attributable to shareholders (after tax) was 866million,withAsiacontributing866 million, with Asia contributing 363 million, Canada 273million,andtheUSshowingalossof273 million, and the US showing a loss of 108 million[22] - Net income attributable to shareholders in Asia for Q1 2024 was 363million,comparedto363 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 108million,comparedtoaprofitof108 million, compared to a profit of 198 million in Q4 2023[38] - Net income attributable to shareholders in Canada for Q1 2024 was 273million,downfrom273 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 365millioninQ12024,consistentwithQ42023[38]−CoreEBITDAfortheGlobalWealthandAssetManagementbusinessinQ12024was365 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 474millioninQ42023[41]−CoreearningsfortheGlobalWealthandAssetManagementbusinessinQ12024were474 million in Q4 2023[41] - Core earnings for the Global Wealth and Asset Management business in Q1 2024 were 357 million, compared to 353millioninQ42023[41]−CoreEBITDAonaconstantcurrencybasisfortheGlobalWealthandAssetManagementbusinessinQ12024was353 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 1.873billion,upfrom1.873 billion, up from 1.842 billion in Q4 2023 and 1.756billioninQ12023[42]−GlobalWealthandAssetManagementcorerevenueforQ12024was1.756 billion in Q1 2023[42] - Global Wealth and Asset Management core revenue for Q1 2024 was 1.873 billion, compared to 1.842billioninQ42023and1.842 billion in Q4 2023 and 1.756 billion in Q1 2023[42] - Total investment income for Q1 2024 was 4.789billion,downfrom4.789 billion, down from 7.171 billion in Q4 2023 but up from 5.464billioninQ12023[42]−GlobalWealthandAssetManagementinvestmentincomeforQ12024was5.464 billion in Q1 2023[42] - Global Wealth and Asset Management investment income for Q1 2024 was 140 million, compared to 230millioninQ42023and230 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 658million,comparedto658 million, compared to 626 million in Q4 2023 and 442millioninQ12023[35]−Asiaregioncontributed442 million in Q1 2023[35] - Asia region contributed 491 million to new business CSM in Q1 2024, up from 414millioninQ42023and414 million in Q4 2023 and 301 million in Q1 2023[35] - Hong Kong's new business CSM in Q1 2024 was 168million,downfrom168 million, down from 199 million in Q4 2023 but up from 119millioninQ12023[35]−Japan′snewbusinessCSMincreasedto119 million in Q1 2023[35] - Japan's new business CSM increased to 48 million in Q1 2024 from 42millioninQ42023and42 million in Q4 2023 and 36 million in Q1 2023[35] - Other Asian regions saw a significant jump in new business CSM to 275millioninQ12024from275 million in Q1 2024 from 173 million in Q4 2023 and 146millioninQ12023[35]−Canada′snewbusinessCSMremainedsteadyat146 million in Q1 2023[35] - Canada's new business CSM remained steady at 70 million in both Q1 2024 and Q4 2023, up from 46millioninQ12023[35]−USnewbusinessCSMdecreasedto46 million in Q1 2023[35] - US new business CSM decreased to 97 million in Q1 2024 from 142millioninQ42023butwasslightlyhigherthan142 million in Q4 2023 but was slightly higher than 95 million in Q1 2023[35] - Full-year 2023 new business CSM totaled 2,167million,withAsiacontributing2,167 million, with Asia contributing 1,549 million, Canada 224million,andtheUS224 million, and the US 394 million[35] - Currency adjustments had a negative impact of 7milliononnewbusinessCSMinQ12024,withAsiabeingthemostaffectedregionat7 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 658million,slightlylowerthanthe658 million, slightly lower than the 619 million in Q4 2023 but significantly higher than the 434millioninQ12023[35]ReinsuranceandCapitalManagement−ThecompanycompletedasignificantreinsurancetransactionwithGlobalAtlantic,involvingCAD5.6billioninnetinsuranceliabilities,releasingCAD800millionincapital,whichwillbereturnedtoshareholdersthroughasharerepurchaseprogram[7]−NetincomeattributabletoshareholdersexcludingGAreinsurancetransactionsforQ22023was434 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]−NetincomeattributabletoshareholdersexcludingGAreinsurancetransactionsforQ12024was(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]