Manulife Reports Q1 Results | Insurance business America
Life & Health
By Terry Gangcuangco
It is up to Manulife Financial Corporation to report its performance for the three months ended March 31.
Manulife, which operates primarily as John Hancock in the US, reported the following figures:
|
Metric |
Q1 2024 |
1st quarter 2023 |
|---|---|---|
|
Net profit attributable to shareholders |
866 million Canadian dollars |
1.4 billion Canadian dollars |
|
Core profit |
1.8 billion Canadian dollars |
1.5 billion Canadian dollars |
|
Annualized Premium Equivalent (APE) sales. |
1.9 billion Canadian dollars |
1.6 billion Canadian dollars |
|
New business CSM (contractual service margin) less non-controlling interests |
658 million Canadian dollars |
442 million Canadian dollars |
|
New business value |
669 million Canadian dollars |
509 million Canadian dollars |
|
Global WAM (Wealth and Asset Management) net flows. |
6.7 billion Canadian dollars |
4.4 billion Canadian dollars |
As for Manulife’s net income allocated to shareholders by segment, Canada and Asia reported declines, while the US suffered a loss. Without the impact of the reinsurance transaction with Global Atlantic, consolidated net income would have been $1.6 billion.
In terms of APE sales for the quarter, the Asia segment increased by 13%, Canada by 54% and the US by 14%. NBV and new business CSM also increased across all segments.
Commenting on the quarterly financial results, Roy Gori, President and CEO of Manulife (pictured), said: “Following a milestone year for Manulife, we continued to show strong momentum in Q1 2024 by delivering outstanding results, including core earnings per share (EPS ) of 20% ) growth, an 11% increase in adjusted book value per common share and record APE sales with double-digit growth in each of our insurance segments.
“With the closing of the largest LTC (long-term care) reinsurance transaction ever in the first quarter and the closing of the largest ever universal life reinsurance deal in Canada, we have once again demonstrated a disciplined focus on execution. I am excited about our momentum in the first quarter and the opportunities that lie ahead to continue to generate shareholder value.”
Colin Simpson, chief financial officer, added: “We have had a strong start to 2024 with record levels of new business CSM and new business value, representing growth of 52% and 34% respectively. Global WAM recorded strong net inflows of C$6.7 billion and our capital position remains robust with a Life Insurance Capital Adequacy Test (LICAT) ratio of 138%.
“Looking forward, we remain committed to further improving ROE (return on equity of common shareholders) through disciplined capital allocation and continued improvements in business performance.”
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2024-05-09 11:04:34
www.insurancebusinessmag.com
