Financial Performance - In Q2 2023, Manulife reported a net income attributable to shareholders of CAD 1 billion, an increase of CAD 900 million compared to Q2 2022[2]. - Core earnings for Q2 2023 were CAD 1.6 billion, representing a 4% increase year-over-year on a constant currency basis[2]. - The annualized premium equivalent (APE) sales for Q2 2023 reached CAD 1.6 billion, up 12% from Q2 2022[2]. - New business value for Q2 2023 was CAD 585 million, a 10% increase compared to Q2 2022[2]. - The new business contract service margin (CSM) for Q2 2023 was CAD 592 million, reflecting a 15% increase year-over-year[2]. - As of June 30, 2023, the CSM balance, net of non-controlling interests, was CAD 17.4 billion, an increase of CAD 140 million from December 31, 2022[2]. - Net income attributable to shareholders for Q2 2023 was $1,025 million, a significant increase from a loss of $2,119 million in Q2 2022[9]. - Core earnings for Q2 2023 reached $1,637 million, compared to $1,526 million in Q2 2022, reflecting a year-to-date total of $3,168 million versus $2,919 million in the previous year[9]. - The diluted earnings per share for Q2 2023 was $0.50, up from a loss of $1.13 in Q2 2022, with a year-to-date EPS of $1.23 compared to $0.71 in 2022[9]. - The return on common equity for Q2 2023 was 9.3%, a recovery from (22.4)% in Q2 2022, with a year-to-date return of 11.4% compared to 7.1% in the previous year[9]. Capital and Shareholder Returns - Manulife's LICAT ratio for Q2 2023 was 136%, indicating strong capital levels[4]. - The company repurchased approximately 17.3 million common shares for a total value of CAD 443 million, representing 0.9% of the issued and outstanding common shares[4]. - The core return on common shareholders' equity for Q2 2023 was 15.5%[4]. - The financial leverage ratio for Q2 2023 was 25.8%, compared to 26.0% in the same quarter of the previous year[10]. - Total common equity attributable to shareholders was CAD 39,047 million in Q2 2023, down from CAD 40,715 million in Q1 2023[36]. Business Growth and Expansion - The company expanded its health coverage in Hong Kong, now providing access to over 3,000 hospitals in mainland China, becoming the first life insurance company to cover all tier-3 public hospitals in the region[5]. - The company integrated the Manulife Vitality program into newly launched personal insurance dividend policies in Canada, enhancing its behavioral insurance offerings[5]. - APE sales in Q2 2023 amounted to CAD 1.6 billion, representing a 12% growth compared to Q2 2022, with significant contributions from Hong Kong and other Asian regions[14]. - New business value in Q2 2023 was CAD 585 million, a 10% increase from Q2 2022, with Canada showing a notable growth of 29%[15]. - The company partnered with Envestnet to provide a leading investment management platform for financial advisors in the Canadian retail market, enhancing client experience and advisor productivity[8]. ESG and Sustainability Initiatives - The company announced a science-based target to reduce absolute Scope 1 and 2 emissions by 40% by 2035, reinforcing its commitment to ESG strategies[6]. - The company launched two ESG-themed funds within its MPF scheme, making it the first MPF plan to offer both sustainable equity and fixed income investment options[7]. Operational Efficiency and Customer Experience - The company reported a 16% quarter-over-quarter increase in insurance applications submitted through its online platform in the Philippines[8]. - The company reduced call transfer rates in its group insurance customer contact center by nearly 50% compared to Q2 2022, resulting in a 14% increase in transactional NPS[8]. - The company was recognized by LIBRA Insurance Partners as one of the top insurance companies providing an excellent experience on its life insurance electronic platform[8]. - The company successfully delivered life insurance policy documents electronically for the first time, saving over 3 million sheets of paper[8]. Wealth and Asset Management - The total assets under management and administration in the global wealth and asset management business reached $819.6 billion, up from $746.8 billion in the previous year[10]. - Global wealth and asset management business recorded net inflows of CAD 2.2 billion in Q2 2023, compared to CAD 1.7 billion in Q2 2022[18]. - The total investment assets for the Global Wealth and Asset Management business reached $5,464 million as of June 30, 2023, down from $5,565 million in the previous quarter[41]. - The total revenue for the company in Q2 2023 was CAD 1,637 million, with a significant contribution from asset management services[33]. Strategic Outlook and Risks - The company issued forward-looking statements regarding its ability to achieve mid-term financial and operational goals[47]. - The company highlighted potential risks that could significantly impact actual performance, including economic conditions, market volatility, and regulatory changes[47]. - The company emphasized the importance of maintaining its reputation and financial strength amidst competitive pressures and potential acquisitions[48]. - The company discussed its strategic plans and the ability to implement them effectively, which are crucial for future growth[47]. - The company acknowledged the ongoing impact of the COVID-19 pandemic and its variants on business operations and market conditions[47].

Financial Performance - Manulife's net income attributable to shareholders for Q1 2023 was CAD 1.4 billion, an increase of CAD 0.1 billion compared to Q1 2022[2]. - Core earnings for Q1 2023 were CAD 1.5 billion, representing a 6% increase year-over-year on a constant currency basis[2]. - The company's diluted earnings per share increased to CAD 0.73 in Q1 2023, up from CAD 0.66 in Q1 2022, representing an increase of approximately 10.6%[6]. - Core earnings for Q1 2023 totaled CAD 1,531 million, compared to CAD 1,393 million in Q1 2022, representing a 10% increase[20]. - Net income attributable to shareholders for Q1 2023 was CAD 1,406 million, up from CAD 1,325 million in Q1 2022, reflecting a 6% growth[20]. - The company experienced a market experience loss of CAD 65 million in Q1 2023, a significant improvement from a loss of CAD 655 million in Q4 2022[20]. - The net income (loss) attributable to shareholders for Q1 2023 was CAD 139 million, a significant improvement from a loss of CAD 672 million in Q4 2022[26]. - The net income attributable to common shareholders for Q1 2023 was $1,131 million, an increase from $726 million in Q4 2022, representing a growth of approximately 56%[31]. Sales and Business Growth - The annualized premium equivalent sales for Q1 2023 amounted to CAD 1.6 billion, a decrease of 3% compared to Q1 2022[2]. - The new business value for Q1 2023 was CAD 509 million, down 5% from Q1 2022[2]. - The annualized premium equivalent sales in Asia reached CAD 1,173 million in Q1 2023, compared to CAD 1,087 million in Q1 2022, reflecting a growth of 7.9%[6]. - The total new business value for Asia was CAD 372 million in Q1 2023, slightly up from CAD 369 million in Q1 2022[6]. - Annualized premium equivalent sales for Q1 2023 totaled CAD 1.6 billion, a decrease of 3% compared to Q1 2022, with notable growth in Hong Kong offsetting declines in Canada and the U.S.[11]. Capital and Equity - The LICAT ratio for Q1 2023 was reported at 138%[3]. - The company's LICAT capital ratio stood at 138% in Q1 2023, a decrease from 140% in Q1 2022[7]. - The adjusted book value per common share as of March 31, 2023, was CAD 30.04, an increase of CAD 2.51 from March 31, 2022[3]. - The total equity attributable to shareholders was CAD 47,375 million in Q1 2023, compared to CAD 46,876 million in Q4 2022[29]. Customer Engagement and Technology - In Asia, over 50% of eligible customers have activated the ManulifeMOVE app, with 38% subsequently purchasing policies[4]. - In Canada, the company partnered with Cleveland Clinic to enhance products and services for 5 million group insurance customers[4]. - The active user ratio for the customer website in Vietnam grew to 37% by the end of Q1 2023, an increase of 29 percentage points year-over-year[5]. Asset Management - The total assets under management and administration in global wealth and asset management reached CAD 814.5 billion in Q1 2023, up from CAD 810.2 billion in Q1 2022[7]. - The net inflows for global wealth and asset management business were CAD 4.4 billion in Q1 2023, down from CAD 6.8 billion in Q1 2022[7]. - The retirement business saw net inflows of CAD 1.2 billion in Q1 2023, compared to CAD 2 billion in Q1 2022, impacted by increased plan redemptions[15]. - Institutional asset management recorded net inflows of CAD 2.5 billion in Q1 2023, a significant increase from CAD 0.9 billion in Q1 2022, driven by higher inflows from mainland China[15]. Future Outlook and Strategy - The company aims to maintain a CSM growth target of 8% to 10% annually despite challenges in the operating environment[3]. - Future guidance indicates a focus on maintaining growth in core earnings and expanding market presence in Asia and North America[21]. - The company plans to continue investing in new product development and technology to enhance customer experience and operational efficiency[21]. - The company anticipates continued growth in assets under management driven by strategic initiatives and market expansion efforts[40]. - The company is committed to pursuing strategic acquisitions to support long-term growth and enhance its service offerings[42]. Risk Management and Market Conditions - The company emphasizes the importance of risk management and the ability to adapt to regulatory changes and market dynamics[42]. - Future performance may be influenced by various factors including market volatility, interest rates, and economic conditions, which could lead to significant deviations from expected results[41]. - The impact of the COVID-19 pandemic continues to be monitored, with potential implications for business operations and market conditions[41].

Financial Performance - Manulife reported a net income attributable to shareholders of CAD 1.3 billion for Q3 2022, a decrease of CAD 200 million compared to Q3 2021[1]. - Core earnings for Q3 2022 were CAD 1.3 billion, representing a 14% decrease year-over-year on a constant currency basis[1]. - Net income attributable to shareholders for Q3 2022 was CAD 1.347 billion, down from CAD 1.592 billion in Q3 2021, reflecting a decrease of 15.4%[9]. - Core earnings for Q3 2022 were CAD 1.322 billion, a decline of 14% compared to CAD 1.517 billion in Q3 2021[10]. - The return on common equity for Q3 2022 was 10.5%, down from 12.6% in Q3 2021[9]. - The expense ratio for Q3 2022 was 53.9%, compared to 51.3% in Q3 2021, indicating increased operational costs[9]. - Core earnings (after tax) for the company reached CAD 4,828 million, reflecting a 68% increase compared to the previous year[36]. - The net income attributable to shareholders (after tax) was CAD 5,021 million, with a significant contribution from Asia at CAD 2,412 million[35]. Sales and Business Value - The annualized premium equivalent sales for Q3 2022 were CAD 1.3 billion, down 6% from Q3 2021[2]. - The new business value for Q3 2022 was CAD 514 million, a decrease of 6% compared to the same quarter in 2021[2]. - New business value in Asia dropped by 17% year-over-year, primarily due to lower sales in Hong Kong[12]. - New business value in Canada increased by 25% year-over-year, driven by improved margins in the insurance business[12]. - New business value in the U.S. rose by 27% year-over-year, attributed to pricing measures and rising interest rates[12]. - The sales of products featuring Vitality PLUS increased by 12% compared to Q3 2021, indicating growing interest among health-conscious consumers[13]. Wealth and Asset Management - Global wealth and asset management business recorded net inflows of CAD 3 billion in Q3 2022, down from CAD 9.8 billion in Q3 2021[2]. - The total assets under management in the global wealth and asset management business were CAD 748.8 billion, down from CAD 823.6 billion[9]. - The total investment assets managed by the Global Wealth and Asset Management business as of September 30, 2022, were $411,292 million, an increase from $402,329 million on June 30, 2022, representing a growth of 2.4%[40]. - The total assets under administration provided by the Global Wealth and Asset Management division amounted to $855.9 billion, a 5.9% increase from the previous quarter[41]. Operational Efficiency - The core EBITDA for Q3 2022 was $504 million, reflecting a 7.9% increase compared to $467 million in Q2 2022[43]. - The core EBITDA margin improved to 32.7% in Q3 2022, up from 30.7% in Q2 2022[43]. - The efficiency ratio for Q3 2022 was 53.9%, compared to 49.2% in Q2 2022, indicating increased operational costs relative to earnings[44]. - Core general expenses for Q3 2022 were $1.859 billion, slightly higher than $1.843 billion in Q2 2022[44]. Strategic Initiatives - Manulife expanded its Manulife Vitality program to include new policyholders for term and universal life insurance starting November 2022[4]. - The company introduced advanced early detection services for multiple cancers through the Galleri® test, becoming the first life insurer to offer this service[5]. - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings[41]. Risks and Uncertainties - The company emphasizes that forward-looking statements are subject to risks and uncertainties, and actual performance may differ significantly from expectations[46]. - Significant factors affecting actual performance include general business and economic conditions, market volatility, interest rates, and credit spreads[47]. - The ongoing impact of the COVID-19 pandemic, including any variants, poses additional risks to the company's performance[47]. - Legal and regulatory changes may affect the company's operations and financial performance[47]. - The company acknowledges the challenges in attracting and retaining key personnel, which could impact operational effectiveness[48].

Financial Performance - Manulife reported a net income of CAD 1.1 billion for Q2 2022, a decrease of CAD 1.6 billion compared to Q2 2021[1]. - Core earnings for Q2 2022 were CAD 1.6 billion, representing a 9% decrease year-over-year on a constant currency basis[1]. - Net income attributable to shareholders for Q2 2022 was CAD 1.1 billion, a decrease of CAD 1.6 billion compared to Q2 2021[8]. - Core earnings for Q2 2022 were CAD 1.6 billion, down 9% from Q2 2021[9]. - The net income attributable to shareholders for Q2 2022 was CAD 1.086 billion, a decrease from CAD 2.970 billion in Q1 2022[19]. - The net income (after tax) for Q1 2022 was CAD 2,902 million, with CAD 2,067 million from the US and CAD 596 million from Asia[25]. - The net income attributable to shareholders (after tax) for Q2 2021 was $2,646 million, indicating a solid financial position[27]. - The net income (after tax) for Q2 2021 was $2,682 million, underscoring the company's strong market presence[27]. Sales and Business Growth - The annualized premium equivalent sales for Q2 2022 amounted to CAD 1.4 billion, down 1% from Q2 2021[1]. - The global wealth and asset management business recorded net inflows of CAD 1.7 billion in Q2 2022, significantly lower than CAD 8.6 billion in Q2 2021[1]. - New business value recorded in Q2 2022 was CAD 511 million, a decline of 9% compared to Q2 2021[11]. - Annualized premium equivalent sales in Asia for Q2 2022 were CAD 838 million, down from CAD 950 million in Q2 2021[11]. - Annualized premium equivalent sales in Canada for Q2 2022 were CAD 361 million, an increase from CAD 274 million in Q2 2021[11]. - Annualized premium equivalent sales in the US for Q2 2022 were CAD 209 million, up from CAD 191 million in Q2 2021[11]. - The retirement business recorded a net inflow of CAD 1 billion in Q2 2022, a significant improvement from a net outflow of CAD 600 million in Q2 2021[13]. - Institutional asset management net inflow was CAD 2.5 billion in Q2 2022, compared to CAD 1.9 billion in Q2 2021[13]. Efficiency and Cost Management - The company achieved a spending efficiency ratio of 49.2%, with general expenses decreasing by 3%[1]. - The expense ratio for Q2 2022 was 49.2%, compared to 46.8% in Q2 2021[8]. - The core general expenses for Q2 2022 were $1,843 million, slightly lower than $1,877 million in Q1 2022, showing a decrease of 1.8%[43]. - The expense efficiency ratio improved to 49.2% in Q2 2022 from 50.0% in Q1 2022, indicating better cost management[43]. Capital and Investment - The LICAT ratio for Q2 2022 was reported at 137%[1]. - The total assets under management and administration in global wealth and asset management were CAD 744.7 billion, down from CAD 798.5 billion[8]. - The total assets managed by the Global Wealth and Asset Management division reached $744,703 million, a decrease from $807,964 million in the previous quarter, indicating a drop of 7.8%[41]. - The total investment assets amounted to $3,967 million as of June 30, 2022, compared to $4,458 million in March 2022, reflecting a decrease of 11%[39]. Digital Transformation - Manulife enhanced its digital capabilities, achieving an 85.5% electronic submission rate for new policies in Asia, a 10 percentage point increase from Q2 2021[4]. Risk Factors and Strategic Focus - The company acknowledges that forward-looking statements involve risks and uncertainties, and actual performance may differ significantly from expectations[46]. - Key risk factors affecting actual performance include general business and economic conditions, market volatility, interest rates, and credit spreads[46]. - The ongoing impact of the COVID-19 pandemic, including any variants, remains a significant risk to future performance[46]. - The company anticipates continued focus on market expansion and new product development as part of its strategic initiatives moving forward[44]. - The company has outlined that its financial condition and operational performance are subject to various regulatory and legal risks[47]. - The company emphasizes the importance of maintaining its reputation and financial strength amid potential downgrades in credit ratings[46]. Shareholder Returns - The company repurchased approximately 2% of its common shares year-to-date, totaling CAD 933 million[2]. - The diluted earnings per share for Q2 2022 was CAD 0.78, slightly up from CAD 0.77 in Q1 2022[37].

Financial Performance - Manulife reported a net income of CAD 3 billion for Q1 2022, an increase of CAD 2 billion compared to Q1 2021[2]. - Core earnings for Q1 2022 were CAD 1.6 billion, a decrease of 4% year-over-year on a constant currency basis[2]. - The net income attributable to shareholders for Q1 2022 was CAD 2.97 billion, an increase of CAD 2.22 billion compared to Q1 2021[6]. - Core earnings for Q1 2022 were CAD 1.55 billion, a decrease of 4% from CAD 1.63 billion in Q1 2021[8]. - Core earnings (after tax) for Q1 2022 totaled CAD 1,552 million, with a breakdown of CAD 537 million from Asia, CAD 314 million from Canada, and CAD 486 million from the US[21]. - The total income before tax for Q1 2022 was CAD 3,711 million, with CAD 681 million from Asia, CAD 880 million from Canada, and CAD 2,577 million from the US[20]. - The company reported a net income attributable to shareholders (after tax) for Q1 2022 was CAD 2,970 million, with contributions of CAD 773 million from Asia, CAD 547 million from Canada, and CAD 2,067 million from the US[20]. - Core earnings (after tax) for Q1 2022 were $1,500 million, compared to $1,629 million in Q1 2021, reflecting a decrease of 7.9%[26]. - Core earnings before tax for Q1 2022 were $1,687 million, down from $1,995 million in Q1 2021, indicating a decline of 15.4%[25]. Sales and Business Growth - The annualized premium equivalent sales for Q1 2022 amounted to CAD 1.6 billion, down 9% from Q1 2021[2]. - The new business value for Q1 2022 was CAD 513 million, a decrease of 14% compared to Q1 2021[2]. - Annualized premium equivalent sales for Q1 2022 totaled CAD 1.61 billion, a decrease of 9% from CAD 1.78 billion in Q1 2021[10]. - Annualized premium equivalent sales in "Other Asia" decreased by 8%, primarily due to a decline in agent sales offsetting growth in bank insurance sales in Singapore[11]. - Annualized premium equivalent sales in the US increased by 32%, driven by unique market advantages of local products and heightened consumer demand for insurance protection amid the pandemic[11]. - The company achieved net inflows of CAD 6.9 billion in its global wealth and asset management business for Q1 2022, compared to CAD 1.4 billion in Q1 2021[6]. - Institutional asset management net inflows were CAD 0.9 billion in Q1 2022, a significant improvement from net outflows of CAD 7.2 billion in Q1 2021[12]. - Retail business net inflows were CAD 4.0 billion in Q1 2022, down from CAD 6.5 billion in Q1 2021, reflecting a decline in total inflows mainly related to fixed income products[12]. Capital and Investment - The LICAT ratio for Q1 2022 was reported at 140%[2]. - The company released CAD 2.4 billion in capital through reinsurance transactions for over 75% of its legacy variable annuity business in the U.S.[5]. - The total amount of investment assets in global wealth and asset management was $3,468 million, down from $4,458 million in the previous quarter[30]. - Total investment assets amounted to $409,401 million as of March 31, 2022, a decrease of 4.1% from $427,098 million on December 31, 2021[30]. - Net assets of independent funds totaled $371,928 million, down 7.0% from $399,788 million in the previous quarter[30]. Strategic Initiatives - Manulife aims to increase the core return on common shareholders' equity to over 15% and expand the dividend payout ratio target range to 35%-45%[4]. - The company enhanced the user experience of its Manulife Vitality mobile app in Canada, aiming to further engage customers[5]. - In Asia, the company began offering insurance solutions to 14 million customers of VietinBank in Vietnam as part of a 16-year exclusive bancassurance partnership[5]. - The company plans to continue expanding its market presence and enhancing its product offerings, although specific strategies were not detailed in the provided content[19]. Risk Factors and Future Outlook - The company emphasizes that forward-looking statements involve risks and uncertainties that may cause actual results to differ significantly from those anticipated[32]. - The company faces significant risks that could lead to actual performance differing greatly from expectations, including general business and economic conditions, market volatility, and credit spreads[33]. - The ongoing COVID-19 pandemic and government actions in response to it are critical factors affecting the company's performance[33]. - The company's ability to execute strategic plans and adapt to changes in accounting standards and capital requirements is essential for future performance[33]. - The company must maintain its reputation and manage potential impairments of goodwill or intangible assets[33]. - The accuracy of forecasts related to morbidity, mortality, and policyholder behavior is crucial for the company's financial health[33]. - The company emphasizes the importance of effective hedging strategies and the ability to acquire suitable assets to support long-term liabilities[33]. - The company's liquidity and ability to secure financing for financial obligations are vital for operational stability[33]. - Future guidance remains optimistic, with expectations for growth in core earnings and managed assets in the upcoming quarters[19].