{"id":1799,"date":"2024-07-22T16:49:17","date_gmt":"2024-07-22T16:49:17","guid":{"rendered":"https:\/\/financeify.ca\/?p=1799"},"modified":"2024-07-22T16:49:17","modified_gmt":"2024-07-22T16:49:17","slug":"manulife-financial-reports-net-income-of-1-66-billion-in-q4","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/07\/22\/manulife-financial-reports-net-income-of-1-66-billion-in-q4\/","title":{"rendered":"Manulife Financial reports net income of $1.66 billion in Q4"},"content":{"rendered":"

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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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Global wealth and asset management saw underlying revenue rise 29% to $353 million, although unadjusted net income fell 9% to $365 million.<\/p>\n

Earnings for the 2022 quarter are based on adjusted results following the transition to the new accounting standard.<\/p>\n

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.<\/p>\n

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\u2019s growth and the impact of interest rate changes.<\/p>\n

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.<\/p>\n

The analysis noted that in Canada, Manulife returned to the individual annuity market in 2023 \u201cto better meet our customers\u2019 demand for stable income.\u201d<\/p>\n

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. <\/p>\n<\/p>\n

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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 […]<\/p>\n","protected":false},"author":1,"featured_media":1800,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[18],"tags":[544,192,111,388,591,581],"class_list":{"0":"post-1799","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-seg-fund-investments","8":"tag-billion","9":"tag-financial","10":"tag-income","11":"tag-manulife","12":"tag-net","13":"tag-reports"},"aioseo_notices":[],"yoast_head":"\nManulife Financial reports net income of $1.66 billion in Q4 - Financeify<\/title>\n<meta name=\"description\" content=\"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\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeify.ca\/index.php\/2024\/07\/22\/manulife-financial-reports-net-income-of-1-66-billion-in-q4\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manulife Financial reports net income of $1.66 billion in Q4 - 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