Manulife reports Q4, full-year financials

Manulife reports Q4, full-year financials | Insurance Business America

Motor & Fleet

Manulife reports Q4, full-year financials

Chief executive calls 2023 “a milestone year”

Motor & Fleet

By
Terry Gangcuangco

Manulife has published its financial results for the quarter and year ended December 31, 2023.

Here’s how the insurance group performed, according to its earnings report:

Metric

Q4 2023

Q4 2022

Q4 2022 (transitional)

FY 2023

FY 2022

FY 2022 (transitional)

Net income attributed to shareholders

CA$1.7 billion

CA$915 million

CA$1.2 billion

CA$5.1 billion

CA$(1.9 billion)

CA$3.5 billion

Core earnings

CA$1.8 billion

CA$1.5 billion

CA$6.7 billion

5.8 billion

Of the full-year net income attributed to shareholders, CA$1.2 billion came from Canada; US$473 million from the US; and US$995 million from Asia.

Commenting on the numbers, Manulife president & chief executive Roy Gori said: “2023 was a milestone year for Manulife as we continued to execute on our transformation journey. We delivered strong business results of 17% and 13% growth year-over-year in core EPS (earnings per common share) and core earnings, respectively, as well as core ROE (return on common shareholders’ equity) of 15.9% in 2023.

“We generated core earnings growth across all insurance segments, double-digit increases in all new business metrics, and CA$4.5 billion of net inflows in global WAM (wealth and asset management). We also announced a milestone reinsurance transaction, including the largest ever LTC (long-term care) risk transfer.

“Our strategy is grounded in making decisions easier and lives better for our customers and driving greater value for our shareholders. The dedication and passion of our team to deliver has helped us excel in uncertain market conditions and achieve positive momentum as we begin 2024.”

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