Manulife Financial Corp. reported net income attributable to shareholders for the quarter ended Dec. 31 of $1.66 billion, up 81% from $915 million in the year-ago quarter.
The insurance giant reported core profit of $1.77 billion, or 0.92 cents a share, for the quarter, compared with $1.54 billion, or 0.77 cents a share, a year ago.
Manulife says its fundamental earnings exclude the impact of market fluctuations and certain other factors, allowing it to better assess the long-term potential of the business.
The results showed that core profits in Asia rose 14% to $414 million, core profits in Canada rose 19% to $352 million and profits in the U.S. rose 16% to $349 million.
Global wealth and asset management saw underlying revenue rise 29% to $353 million, although unadjusted net income fell 9% to $365 million.
Earnings for the 2022 quarter are based on adjusted results following the transition to the new accounting standard.
As of December 31, 2023, the company had $1.39 trillion in assets under management and administration, compared to $1.30 trillion in the prior year. The 9% increase was primarily due to favorable market impacts and net inflows, according to management’s discussion and analysis.
Assets under management at Manulife in Canada totaled $147.5 billion as of Dec. 31, up 3% from a year earlier, according to the analysis. This was due to higher total invested assets due to the company’s growth and the impact of interest rate changes.
In Canada, individual insurance sales (annual premium equivalent) rose 36% year over year to $564 million in 2023, driven by strong sales in related markets, partially offset by lower sales of participating insurance, the analysis said. Annuity sales (annual premium equivalent) fell 26% to $201 million in 2023, primarily due to lower sales of segregated funds, it said.
The analysis noted that in Canada, Manulife returned to the individual annuity market in 2023 “to better meet our customers’ demand for stable income.”
On November 15, Manulife announced it would acquire London-based alternative credit manager CQS, which has about $18.8 billion in assets under management, for an undisclosed amount.
