I was an advertising writer/creative, so I have this propensity to distill more complex ideas into a 30-second movie, or a 6 word headline. We had to cut to the chase, and decide what was really important – what is the main message? An ad started with a briefing document. The most important section was the ‘single minded proposition’. I have just read the latest Wealthy Barber book. The single-minded proposition has not changed. Save and invest 10-15% of your income. Six words, one number. Do that over 30 t ...

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格隆汇11月14日｜摩根士丹利发表研报指，宏利金融第三季核心每股盈利1.16美元，按年增长16%，若 剔除预期信贷损失拨备释放的影响，则按年增长11%，不仅高于该行预测，亦好过宏利2024年投资者日 设定的中期10至12%每股盈利增长目标。不过，该行指，宏利第三季美国业务核心盈利为3.32亿美元， 略低于3.39亿美元的市场预期。宏利全球财富与资产管理(GWAM)净资金流为负62亿美元，相较于2025 年第二季的9亿美元净流入及2024年第三季的52亿美元净流入。该行重申在加拿大上市的宏利"与大市同 步"评级，目标价47加元。 ...

     TSX/NYSE/PSE: MFC   SEHK: 945 TORONTO, Nov. 13, 2025 /PRNewswire/ - Phil Witherington, President and Chief Executive Officer, Manulife, will participate in a fireside chat with TD Securities Analyst, Mario Mendonca on Wednesday, November 19, 2025, to discuss the company's recent business performance and refreshed enterprise strategy. The event is scheduled to begin at 9:00 a.m. ET. A live webcast and replay of the fireside chat will be available through Manulife's Investor Relations website. The ...

Key Takeaways Manulife posted Q3 core EPS of $0.84, beating estimates by 13.5% and rising 15% year over year. Core earnings hit $1.4B, driven by growth in Global WAM, Asia, and Canada, plus an ECL provision release. NBV grew 6.3%, APE sales rose 8%, and core ROE expanded 150 bps to 18.1% for the quarter. Manulife Financial Corporation (MFC) delivered third-quarter 2025 core earnings of 84 cents per share, which beat the Zacks Consensus Estimate by 13.5%. The bottom line improved 15% year over year.Core earn ...

Manulife Financial (NYSE:MFC) Q3 2025 Earnings Call November 13, 2025 08:00 AM ET Company ParticipantsColin Simpson - CFOHung Ko - Global Head of Treasury and Investor RelationsPhil Witherington - President and CEOStephanie Fadous - Chief ActuarySteve Finch - President and CEOPaul Lorentz - President and CEOTrevor Kreel - Chief Investment OfficerConference Call ParticipantsPaul Holden - AnalystAlex Scott - AnalystGabriel Dechaine - AnalystTom MacKinnon - AnalystDarko Mihelic - AnalystMario Mendonca - Analys ...

Financial Data and Key Metrics Changes - The company reported a core EPS growth of 16% year-over-year, supported by record core earnings and strong underlying business growth across various segments [10][12][28] - The LICAT ratio remained strong at 138%, providing a buffer above the supervisory target ratio, while the leverage ratio improved to 22.7% [10][27] - Book value per share increased by 7% year-over-year, reflecting continued capital return to shareholders [10][26] Business Line Data and Key Metrics Changes - Insurance new business performance showed growth of 15% or greater in new business CSM across all segments, with APE sales increasing by 8% year-over-year [14][9] - Asia segment core earnings increased by 29% year-over-year, with new business CSM and value metrics rising by 18% and 7% respectively [21][11] - Global WAM reported a 19% growth in pre-tax core earnings, despite net outflows of $6.2 billion due to challenges in the North American retail market [22][15] Market Data and Key Metrics Changes - The company experienced net outflows of $6.2 billion in global WAM, primarily due to pressures in the U.S. retirement channel and intermediary channels [15][22] - APE sales in Canada increased by 9% year-over-year, driven by strong growth in the individual insurance business [24] - The U.S. segment saw a 51% increase in APE sales, although core earnings decreased by 20% year-over-year due to unfavorable life insurance claims experience [25] Company Strategy and Development Direction - The refreshed enterprise strategy focuses on sustainable growth, leveraging strengths in Asia and global WAM, and entering the Indian insurance market through a joint venture with Mahindra [7][6] - The company aims to become an AI-powered organization, enhancing product offerings and customer engagement through digital innovation [8][9] - The strategy emphasizes balanced growth across markets, with continued investments in Canada and the U.S. to sustain scale and capital generation [60][59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 financial targets, highlighting strong fundamentals and growth potential in Asia and global WAM [10][28] - The company anticipates challenges in net flows but remains optimistic about future earnings potential driven by strong market fundamentals [22][25] - Management noted the importance of adapting strategies to evolving external environments to ensure long-term success [58][59] Other Important Information - The company completed its annual basis change, resulting in a net favorable impact of a $605 million decrease in overall pre-tax fulfillment cash flows [18][19] - The company expects remittances for 2025 to be approximately $6 billion, contributing to a cumulative target of at least $22 billion by 2027 [27][28] Q&A Session Summary Question: Details on the India venture - Management highlighted the favorable regulatory environment and digital infrastructure in India, with plans to enter the market through a joint venture with Mahindra, expected to take 12-18 months for regulatory approvals [31][32][33] Question: Outlook for Asia markets - Management noted strong sales momentum in Asia, with broad-based success across multiple markets, and expressed optimism for continued growth [38][39] Question: Private credit exposure - The company reported a below-investment-grade private credit portfolio of around CAD 4 billion, emphasizing strong performance and low risk [41][42] Question: Impact of GMWAM fee changes - Management confirmed guidance of about $25 million per quarter in impacts from fee changes, with proactive measures taken to mitigate effects [48][49] Question: Actuarial review and LTC assumptions - Management discussed the favorable impact of the LTC triennial review, reflecting higher medical inflation and utilization trends [50][51][52] Question: Strategy refresh rationale - Management explained the need for a refreshed strategy to adapt to changing external environments while maintaining focus on balanced growth across markets [57][58][60]

Financial Data and Key Metrics Changes - The company reported a core EPS growth of 16% year-over-year, supported by record core earnings and strong underlying business growth across various segments [9][12][27] - The LICAT ratio remained strong at 138%, indicating a solid capital position, while the leverage ratio improved to 22.7% [9][26] - Book value per share increased by 7% year-over-year, reflecting continued capital return to shareholders [9][25] Business Line Data and Key Metrics Changes - Insurance new business performance showed growth of 15% or greater in new business CSM across all segments, with total new business CSM increasing over 20% year-over-year for the fifth consecutive quarter [8][12][13] - Asia segment reported a 29% year-on-year increase in core earnings, with APE sales up 5% and new business CSM increasing by 18% [10][19] - Global WAM experienced net outflows of $6.2 billion but maintained a record level of core earnings with a 19% increase in pre-tax core earnings [8][20][21] - The U.S. segment saw APE sales growth of 51%, but core earnings decreased by 20% due to unfavorable life insurance claims experience [24][25] Market Data and Key Metrics Changes - The company is expanding into the Indian insurance market through a joint venture with Mahindra, aiming to leverage local expertise and distribution [6][30] - The company continues to focus on Asia and global WAM for growth opportunities, with a strong emphasis on digital innovation and AI [7][10] Company Strategy and Development Direction - The refreshed enterprise strategy aims to build on strengths and focus on sustainable growth, with a diversified portfolio to mitigate risks [5][6][8] - The company plans to enhance its leadership position in its home market while maintaining a scaled presence in the U.S. [6][7] - Investments will be made to leverage AI capabilities and improve customer engagement [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 financial targets, emphasizing the importance of diversified growth across segments [9][27] - The company remains optimistic about the fundamentals in Asia, particularly in markets like China and Singapore [32][33] - Management acknowledged challenges in net flows but highlighted strong core earnings generation and operational resilience [12][27] Other Important Information - The company returned nearly $4 billion of capital to shareholders year-to-date through dividends and share buybacks [25][26] - The annual actuarial review resulted in a favorable impact on reserves, validating the prudence of the company's reserves [18][48] Q&A Session Summary Question: Details on the India venture - Management highlighted the favorable regulatory environment and digital infrastructure in India, with expectations to launch operations within 12-18 months [30][31] Question: Outlook for Asia markets - Continued strong sales growth is expected in Asia, with broad-based success across multiple markets [32][33] Question: Private credit exposure - The company has a CAD 4 billion below-investment-grade private credit portfolio, focusing on middle-market lending [34] Question: Impact of mandatory provident fund fee changes - Guidance remains intact for a $25 million quarterly impact post-transition, with expectations for improved margins [36][37] Question: Actuarial review impact - The annual review led to a reserve reduction of $605 million, positively impacting core earnings [48][49] Question: U.S. business strategy - The focus remains on high net worth customers, with no intention to revert to previous high-risk products [57][58]

Financial Performance - Core EPS increased by 16% to $1.16, compared to $1.00 in 3Q24[18, 33] - Core earnings increased by 10% to $2,035 million, compared to $1,828 million in 3Q24[30, 32] - Adjusted book value per share increased by 12% to $38.22, compared to $34.27 in 3Q24[18, 48] - New business CSM grew by 25% to $966 million, compared to $759 million in 3Q24[16, 29] - New business value increased by 11% to $906 million, compared to $806 million in 3Q24[16, 29] Business Segment Performance - Asia core earnings grew by 29% to $550 million (US dollars), driven by strong growth momentum[25, 36] - Global WAM core earnings increased by 9% to $525 million (Canadian dollars), supported by AUMA growth and expense management[39] - Canada APE sales increased by 9% to $374 million[42] Capital Management - The company's LICAT ratio was 138%[18, 53] - The financial leverage ratio decreased to 22.7%[18, 53]

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