Manulife Monetary has reported web earnings of $1.64bn attributable to shareholders for the fourth quarter of 2024 (This autumn 2024), a 3% lower in contrast with $1.66bn in the identical quarter of the earlier yr.
The corporate’s earnings per share (EPS) for This autumn 2024 stood at $0.88, in opposition to $0.86 in 2023.
Core earnings for the quarter reached $1.9bn, a 6% enhance from $1.7bn within the corresponding quarter of the earlier yr.
The insurer reported monetary outcomes for 4 segments: Asia, Canada, the US and International Wealth and Asset Administration (WAM).
The Asia section’s core earnings noticed a 16% enhance to $477m in This autumn 2024, which the corporate attributed to “continued enterprise development momentum and impacts from the annual updates to actuarial strategies and assumptions”.
In Canada, core earnings rose by 11% to $390m attributable to beneficial insurance coverage expertise and enterprise development in Group Insurance coverage.
Nevertheless, US core earnings noticed a 16% lower to $294m.
This was attributed to decrease investments and impacts from a finalised reinsurance deal, and the annual evaluation of actuaries.
The corporate bought and cancelled 4.6% of its widespread shares excellent, equal to greater than 82 million shares, for $3.2bn in 2024.
For the total yr, Manulife’s web earnings attributed to shareholders elevated by 5% to $5.4bn, up from $5.1bn in 2023.
Full-year EPS additionally rose by 8% to $2.84 from $2.61 within the earlier yr.
Core earnings had been up by 8% to $7.2bn from $6.7bn in 2023.
The Asia section contributed with $1.8bn in core earnings, marking a 27% enhance, whereas Canada reported a 5% enhance to $1.5bn.
Nevertheless, US core earnings decreased by 5% to $1.2bn in 2024 from $1.3bn in 2023.
Moreover, Manulife introduced a traditional course issuer bid that enables the repurchase of as much as 3% of its excellent widespread shares, beginning late this month.
Manulife president and CEO Roy Gori stated: “We continued to construct on our momentum to ship for shareholders and prospects.
“We additionally made vital progress in the direction of our digital, buyer management ambition, reaching a report excessive Web Promoter Rating and producing over $600m of advantages from our initiatives globally in 2024.”
The corporate additionally appointed Nancy Carroll and John Montalbano to its board of administrators, efficient 28 February 2025.
Final month, Manulife concluded a reinsurance transaction with Reinsurance Group of America valued at $5.4bn), which included $2.4bn of long-term care reserves.
