Manulife Financial Corp. reported $ 1.6 billion net income attributed to shareholders in the last quarter of 2024, fell by 3% compared to the same quarter in 2023. The profit per share was 88 cents, slightly compared to 86 cents in the same period.
The insurance giant had $ 1.61 billion in management and administration as at December 31, 2024, compared to $ 1.39 billion at the same time in 2023.
Canadian basic profits for 2024 amounted to $ 1.57 billion, compared to $ 1.49 billion of the previous year. The increase was mainly due to the company’s growth in the field of group insurance and improving individual insurance experiences, partly compensated by lower expected investment earnings.
Individual annual sales of the premium in Canada amounted to $ 523 million in 2024, which is a decrease of 7% compared to 2023. Manulife announced that it was due to large, one -time market sales should in 2023, and partly compensated by higher sales of life insurance.
The annual sales of contributions to the Canadian group in the amount of USD 923 million in 2024 increased by 43% compared to 2023, reflecting higher sales on all group benefits markets, primarily from sales of a large number.
The annual sales of an equivalent bonus amounted to $ 243 million in 2024, moreover by 21% compared to 2023. It was mainly driven by higher sales of segregated funds in Canada.
A margin of contractual services – or the value of unrealized profits – in Canada amounted to $ 4.1 billion, which is an increase in $ 49 million compared to 2023.
Manulife had 27 cases of using artificial intelligence (AI) in 2024 with another 32 in development, he said in discussion and management analysis. For example, he used a generative tool for selling artificial intelligence in Singapore and Japan to create personalized strategies of commitment based on the needs, preferences, demographic data and transaction stories. AI was also used to automate documents during US insurance and Singapore.
This article has been updated to improve the number.
