Manulife Financial Corp

Latest Results (19.10.2025):

Manulife Financial Corp reported its first quarter of 2025 results, achieving record insurance new business and maintaining steady growth in book value per common share. The company demonstrated robust performance across its key segments despite a challenging economic environment.

Core Earnings

Core earnings reached CAD $1.8 billion in 1Q25, representing a 1% decrease on a constant exchange rate basis compared to 1Q24.

Net Income

Net income attributed to shareholders was CAD $0.5 billion, a decrease of CAD $0.4 billion from the first quarter of 2024.

Earnings Per Share (EPS)

Core EPS increased by 3% to CAD $0.99, while overall EPS declined by 48% to CAD $0.25 compared to 1Q24.

Return on Equity (ROE)

Core ROE stood at 15.6%, and overall ROE was 3.9%, down from 8.0% in the same quarter last year.

LICAT Ratio

The LICAT ratio remained strong at 137%, reflecting the company's solid financial standing.

Sales and New Business Growth

APE sales surged by 37% to CAD $2.689 billion, with new business CSM up 31% to CAD $907 million and new business value increasing by 36% to CAD $907 million compared to 1Q24.

Global Wealth and Asset Management (WAM)

Global WAM reported net inflows of CAD $0.5 billion, a significant decrease from CAD $6.7 billion in 1Q24, while core earnings grew by 24%.

Regional Performance

In Asia, net income attributed to shareholders grew by 57% to CAD $435 million, driven by strong business growth and a 43% increase in new business value. Conversely, the U.S. segment saw a 396% decrease in net income attributed to shareholders, primarily due to higher provisions and lower investment spreads.

Book Value and Financial Ratios

Book value per common share increased by 12% to CAD $25.88, and the financial leverage ratio was maintained at 23.9%, well within the company's medium-term target.

Strategic Initiatives

Manulife continued to expand its product portfolio and enhance digital capabilities, including the launch of FutureStepTM in Global WAM and renewing strategic partnerships in Asia, reinforcing its commitment to sustainable growth and shareholder value.