Core Insights - The article discusses the performance and growth potential of Manulife Financial Corporation, particularly highlighting its strong growth in Asia and the Wealth and Asset Management sectors [1]. Group 1: Company Performance - Manulife Financial Corporation has shown excellent acceleration in growth in Asia, which is a key market for the company [1]. - The company is recognized for its disciplined capital allocation and exceptional returns on capital, which are critical factors for long-term investment [1]. Group 2: Investment Philosophy - The investment philosophy emphasized in the article focuses on acquiring high-quality stocks and businesses that can compound invested capital over extended periods [1].

Core Insights - Manulife is committed to responsible AI use, emphasizing ethical principles in the design, development, and deployment of AI solutions [2][4][3] - The company has over 43 Generative AI (GenAI) use cases in production and plans to deploy an equivalent number by the end of 2025, with over 450 ideas currently under evaluation [1][6] - Manulife expects its digital investments, including AI enhancements, to yield a threefold return on investment over five years, with over $600 million in benefits realized in 2024 from digital customer leadership initiatives [8] Responsible AI Principles - Manulife's Responsible AI Principles guide the ethical use of AI, ensuring alignment with the company's core values and mission [4][5] - The principles focus on safety, sustainability, bias-free practices, human agency, and continuous learning from industry partners [5][4] AI Capabilities and Workforce Empowerment - The company has approximately 200 data scientists and machine learning engineers, providing global access to GenAI tools for all employees [6] - Manulife has implemented a GenAI skills-building program aimed at empowering its workforce to responsibly harness AI technologies [7] Industry Leadership and Collaboration - Manulife is positioning itself as a leader in responsible AI use, participating in industry discussions to shape the future of AI in global business [3][4] - The company is dedicated to fostering a collaborative environment that addresses the complexities of AI while ensuring its safe and beneficial application [4]

Core Insights - Manulife Investment Management has formed a joint venture named Lakefront Fiber with Midwest Fiber Networks to enhance digital infrastructure in the fiber connectivity sector [1][2] - Lakefront Fiber aims to provide connectivity for hyperscale, carrier, and municipal customers, leveraging MWFN's established relationships and experience in the fiber market [2][3] - The joint venture has completed its first transaction by acquiring network assets in Illinois from Everstream, adding nearly 650 route miles to its infrastructure [3] Company Overview - Manulife Investment Management is part of Manulife Financial Corporation, offering global investment, financial advice, and retirement plan services to 19 million clients worldwide [4] - Midwest Fiber Networks specializes in high-speed fiber connectivity across the Midwest, focusing on reliability and customer satisfaction, and supports various sectors including businesses and government entities [5]

Core Insights - Manulife Financial Corporation reported first-quarter 2025 core earnings of 69 cents per share, missing the Zacks Consensus Estimate by 1.4%, with a year-over-year decrease of 1.4% [1] - Core earnings totaled $1.2 billion (C$1.8 billion), reflecting a decline of 7.6% year over year, primarily due to increased provisions for expected credit loss and California wildfires [1] Financial Performance - New business value (NBV) for the quarter was $631.6 million (C$907 million), representing a significant increase of 29.4% year over year [2] - Annualized premium equivalent (APE) sales rose by 28.5% year over year to $1.8 billion (C$2.7 billion) [2] - Core return on equity decreased by 60 basis points year over year to 15.6% [3] Segment Performance - The Global Wealth and Asset Management division's core earnings were $316 million (C$454 million), up 21.5% year over year, despite retirement net outflows of $1.8 billion (C$2.6 billion) [4] - The Asia division's core earnings reached $492 million, a 7% increase year over year, with record levels of APE sales, new business CSM, and NBV, growing by 50%, 38%, and 43% respectively [5] - The Canada division reported core earnings of $260 million (C$374 million), down 1.8% year over year, while APE sales increased by 9% [6] - The U.S. division's core earnings were $251 million, down 25% year over year, attributed to lower investment spreads and strengthened ECL provisions [7]

Core Insights - The company reported a core profit of CAD 1.767 billion for the three months ending March 31, 2025, a decrease of 1% year-over-year [1] - Net income attributable to shareholders was CAD 485 million, down 47% compared to the previous year [1] - The global wealth and asset management business saw net inflows of CAD 500 million, significantly lower than the CAD 6.7 billion net inflows achieved in the first quarter of 2024 [1] Business Performance - The company started the new year with strong momentum, achieving record new business performance in the insurance sector for the quarter [1] - All business units in the insurance sector experienced double-digit growth in new business value, with Asia showing a year-on-year increase of 43% [1] - Core profit in the global wealth and asset management business grew by 24%, with a core EBITDA margin expansion of 290 basis points [1] Strategic Developments - The company completed its second long-term care reinsurance transaction, demonstrating its commitment to creating sustainable value for shareholders [1] - The company expressed confidence in navigating the current economic environment and seizing growth opportunities, supported by a robust balance sheet [1] - The LICAT ratio remained strong at 137%, and the financial leverage ratio was at 23.9%, within the mid-term target range of 25% [1]

Business Performance - The new business value in the insurance sector reached a record high, with a year-on-year growth of 43% in Asia, contributing to a 36% increase in new business value overall [4]. - Core earnings for Q1 2025 were CAD 1.767 billion, a decrease of 1% compared to Q1 2024, while net income attributable to shareholders was CAD 485 million, down 47% [6]. - Core EPS increased by 3% to CAD 0.99, while overall EPS fell by 48% to CAD 0.25 [6]. - APE sales rose by 37% to CAD 2.689 billion, and new business CSM increased by 31% to CAD 907 million [6]. - In Q1 2025, core earnings were CAD 1.8 billion, a decrease of 1% compared to Q1 2024 [13]. - Net income attributable to shareholders in Q1 2025 was CAD 500 million, down CAD 400 million from Q1 2024, primarily due to increased net provisions from market experience [14]. - APE sales, new business CSM, and new business value in the insurance sector grew by 37%, 31%, and 36% year-over-year, respectively, in Q1 2025 [15]. - Core earnings for Q1 2025 totaled CAD 1,767 million, a decrease from CAD 1,907 million in Q4 2024 but an increase from CAD 1,710 million in Q1 2024 [24]. - The net income attributable to shareholders for Q1 2025 was CAD 485 million, down from CAD 1,638 million in Q4 2024 and CAD 866 million in Q1 2024 [24]. Financial Metrics - The LICAT ratio remained strong at 137%, and the financial leverage ratio was 23.9%, within the mid-term target range of 25% [4]. - The core EBITDA margin for the global wealth and asset management business expanded by 290 basis points to 28.4% [8]. - The market experience loss for Q1 2025 was CAD 1,332 million, compared to a loss of CAD 192 million in Q4 2024 and a loss of CAD 779 million in Q1 2024 [24]. - The company reported a core earnings tax adjustment of $331 million for Q1 2025, consistent with the effective rates applied during the reporting period [31]. - The company reported a total investment income of $3,242 million for Q1 2025, down from $4,628 million in Q4 2024 [49]. - The company’s total income before tax was $1,252 million, with a significant contribution from the Asia segment at $594 million [35]. - The company’s core earnings tax adjustment for Q1 2024 was $330 million, reflecting the effective tax rate applied [37]. Market and Strategic Initiatives - The company launched FutureStepTM, a new digital retirement plan product for small businesses in the U.S., enhancing its market presence [9]. - A strategic partnership with China Banking Corporation was extended for 15 years to provide comprehensive financial solutions in the Philippines [9]. - The company completed a reinsurance transaction with Reinsurance Group of America, releasing capital to be returned to shareholders through a new share buyback plan [9]. - The company is focusing on expanding its market presence and enhancing its product offerings as part of its strategic initiatives [23]. - The company plans to return capital through share buybacks as part of its strategy to achieve mid-term financial and operational goals [50]. Regional Performance - In Asia, APE sales, new business CSM, and new business value reached record highs, growing by 50%, 38%, and 43% year-over-year, respectively [18]. - In Canada, APE sales increased by 9%, with new business value growing by 15% compared to Q1 2024 [18]. - The net income from Asia for Q1 2025 was $624 million, up from $583 million in Q4 2024, while the U.S. reported a loss of $569 million [45]. - The net income from Canada for Q1 2025 was $222 million, a decrease from $439 million in Q4 2024 [45]. Risks and Uncertainties - The company emphasizes that forward-looking statements are subject to significant risks and uncertainties, which may cause actual results to differ materially from expectations [50]. - Key factors affecting actual performance include general business and economic conditions, market volatility, interest rates, and credit spreads [52]. - Future performance may be influenced by geopolitical uncertainties, including international disputes and trade issues [52]. - The potential impact of climate change and environmental factors on the company's operations is acknowledged as a significant risk [52]. - The company acknowledges the importance of adapting to market changes and retaining key personnel to ensure operational effectiveness [52].

Core Insights - Manulife has released its 2024 Sustainability Report and Public Accountability Statement, highlighting its commitment to sustainability and long-term value creation for stakeholders [1][2] Group 1: Sustainability Initiatives - The firm aims to empower health and well-being, drive inclusive economic opportunities, and accelerate sustainability through its Impact Agenda [2] - Manulife's Chief Sustainability Officer emphasized the company's role in improving lives and communities, serving over 36 million customers globally [2] Group 2: Partnerships and Collaborations - Manulife announced a three-year partnership with Uplink to promote longevity innovation through Global Longevity Innovation challenges, with winners receiving $50,000 each [4] - A five-year collaboration with MIT AgeLab will focus on longevity-related research to enhance consumer preparedness [4] - The company partnered with the Centre for Addiction and Mental Health to fund mental health research for women, highlighting workplace health challenges [4] Group 3: Community Engagement and Education - The Smart$ense Financial Literacy for Kids Campaign was launched in the U.S., inspired by a successful program in the Philippines, winning an award for community investment [4] - A partnership with Mind HK aims to raise mental health awareness in Hong Kong through public events and expert discussions [4] Group 4: Responsible Innovation - Manulife released Responsible AI Principles to ensure ethical and transparent AI applications, aligning innovations with safety and sustainability standards [4] Group 5: Company Overview - Manulife Financial Corporation is a leading international financial services provider with over 37,000 employees and 109,000 agents, serving more than 36 million customers [5]

Media Contact To access the conference call, dial 1-800-806-5484 or 1-416-340-2217 (Passcode: 3499479#). Please call in 15 minutes prior to the scheduled start time. The archived webcast will be available at manulife.com/en/investors/results-and-reports following the call. A replay of the call will also be available until June 7, 2025, by dialing 1-800-408-3053 or 1-905-694- 9451 (Passcode: 9456881#). About Manulife Manulife Financial Corporation is a leading international financial services provider, helpi ...

Financial Performance - Core earnings for 2024 reached CAD 7.2 billion, an 8% increase from 2023, with Q4 core earnings at CAD 1.9 billion, up 6% year-over-year [3]. - Net income attributable to shareholders for 2024 was CAD 5.4 billion, an increase of CAD 300 million compared to 2023, with Q4 net income at CAD 1.6 billion, relatively stable compared to Q4 2023 [3]. - The core EPS for 2024 was CAD 3.87, an 11% increase from 2023, with Q4 core EPS at CAD 1.03, up 9% year-over-year [3]. - Core earnings for Q4 2024 reached CAD 1,907 million, up from CAD 1,773 million in Q4 2023, representing an increase of 7.5% [29]. - Total core earnings for the full year 2024 were CAD 7,226 million, compared to CAD 6,684 million in 2023, reflecting a growth of 8.1% [29]. - The net income attributable to shareholders for Q4 2024 was CAD 1,638 million, compared to CAD 1,659 million in Q4 2023, showing a slight decrease of 1.3% [29]. - The company reported a market experience loss of CAD 192 million in Q4 2024, compared to a gain of CAD 186 million in Q3 2024 [29]. Capital Management - The company recorded CAD 7 billion in capital repatriation for 2024, compared to CAD 5.5 billion in 2023 [3]. - A total of CAD 3.2 billion was used to repurchase and cancel 4.6% of the issued common shares, equating to over 82 million shares [3]. - The company announced a 10% increase in quarterly common share dividends and initiated a new normal course issuer bid to repurchase up to 3% of issued common shares [3]. Sales and Growth - APE sales for 2024 reached CAD 8.4 billion, a 30% increase from 2023, with Q4 APE sales at CAD 2.2 billion, up 42% year-over-year [6]. - Total inflows for the year were CAD 171.7 billion, a 19% increase from CAD 143.4 billion in 2023, with Q4 inflows at CAD 43.5 billion, up 21% from CAD 35.1 billion [9]. - The company achieved net inflows of CAD 13.3 billion in global wealth and asset management business for 2024, a significant increase from CAD 4.5 billion in 2023 [6]. - The retirement business net inflows for 2024 were CAD 700 million, a significant improvement from a net outflow of CAD 4 billion in 2023, attributed to the absence of large plan redemptions and increased sales of new retirement plans [22]. Operational Efficiency - Core EBITDA margin improved to 28.6% in 2024, up 290 basis points from 25.7% in 2023, reflecting operational efficiency [9]. - The company successfully launched 27 generative AI applications by the end of 2024, with 32 more in development, enhancing customer engagement and operational efficiency [15]. - The overall business performance indicates a consistent growth trajectory, with a focus on improving operational efficiencies and market presence [53]. Regional Performance - In Asia, the Manulife Pro program expanded to Indonesia, Japan, and Hong Kong, resulting in a 23% year-over-year increase in agent APE sales in 2024 [12]. - APE sales in Asia for 2024 grew by 36%, with new business CSM and new business value increasing by 38% and 35% respectively, driven by broad growth across multiple Asian markets [22]. - In Canada, APE sales and new business value increased by 20% and 28% respectively, primarily due to growth in group insurance, participating life insurance, and segregated fund products [22]. - In the U.S., APE sales and new business value grew by 9% and 14% respectively, driven by increased demand for accumulation insurance products [22]. Expenses - Core expenses for Q4 2024 amounted to CAD 1,888 million, an increase from CAD 1,787 million in Q4 2023, representing a growth of 5.7% year-over-year [82]. - Total core expenses for the full year 2024 reached CAD 7,089 million, compared to CAD 6,682 million in 2023, reflecting an increase of 6.1% [82]. - General expenses in the income statement for Q4 2024 were CAD 1,328 million, up from CAD 1,180 million in Q4 2023, marking a 12.6% increase [82]. - Restructuring expenses in Q4 2024 totaled CAD 67 million, compared to CAD 46 million in Q4 2023, indicating a significant increase of 45.7% [82].

Core Earnings and Net Income - Core earnings reached CAD 1.8 billion, a 4% increase year-over-year at constant exchange rates[2] - Net income attributed to shareholders was CAD 1.8 billion, an increase of CAD 800 million compared to Q3 2023[2] - Core earnings per share (EPS) were CAD 1.00, up 7% year-over-year, while EPS grew 91% to CAD 1.00[2] - Q3 2024 core earnings reached CAD 1.8 billion, up 4% YoY, driven by strong growth in global wealth and asset management and Asia[11] - Core earnings for Q3 2024 totaled $1.828 billion, compared to $1.737 billion in Q2 2024 and $1.743 billion in Q3 2023[24] - Year-to-date core earnings for 2024 reached $5.319 billion, an 8.3% increase from $4.911 billion in the same period of 2023[24] - Core earnings after tax, on a constant currency basis, for Q3 2024 were $1.828 billion, with Asia contributing $619 million, Canada $412 million, and the US $411 million[30] - Core earnings before tax, on a constant currency basis, for Q3 2024 were $2.143 billion, with Asia contributing $684 million, Canada $516 million, and the US $523 million[30] - Core earnings after tax for Asia and US operations in USD for Q3 2024 were $453 million and $302 million respectively[30] - Core earnings after tax for Q2 2024 were $1.737 billion, with Asia contributing $647 million, Canada $402 million, and the US $415 million[33] - Core earnings before tax for Q2 2024 were $2.057 billion, with Asia contributing $711 million, Canada $509 million, and the US $510 million[33] - Core earnings after tax, on a constant currency basis, for Q2 2024 were $1.742 billion, with Asia contributing $654 million, Canada $402 million, and the US $413 million[34] - Core earnings before tax, on a constant currency basis, for Q2 2024 were $2.063 billion, with Asia contributing $719 million, Canada $509 million, and the US $508 million[34] - Core earnings after tax for Asia and US operations in USD for Q2 2024 were $478 million and $303 million respectively[34] - Core earnings for Q3 2024 reached $1,743 million (after tax), with Asia contributing $522 million, Canada $408 million, and the US $442 million[36] - Core earnings before tax for Q3 2024 totaled $2,036 million, with Asia contributing $584 million, Canada $517 million, and the US $535 million[36] - Core earnings on a constant currency basis for Q3 2024 were $1,759 million (after tax), with Asia contributing $526 million, Canada $408 million, and the US $449 million[37] - Core earnings before tax on a constant currency basis for Q3 2024 were $2,054 million, with Asia contributing $588 million, Canada $517 million, and the US $544 million[37] - Core earnings for the year-to-date 2024 reached $5,319 million (after tax), with Asia contributing $1,923 million, Canada $1,178 million, and the US $1,278 million[39] - Core earnings before tax for the year-to-date 2024 totaled $6,240 million, with Asia contributing $2,119 million, Canada $1,480 million, and the US $1,588 million[39] - Core profit after tax for the overall business in 2024 year-to-date is $5.319 billion, with Asia contributing $1.923 billion, Canada $1.178 billion, and the US $1.278 billion[40] - Core profit after tax on a constant currency basis for 2024 year-to-date is $5.340 billion, with Asia at $1.938 billion, Canada at $1.178 billion, and the US at $1.281 billion[40] - Core profit after tax for the overall business in 2023 year-to-date is $4.911 billion, with Asia contributing $1.484 billion, Canada $1.135 billion, and the US $1.285 billion[42] - Core profit after tax on a constant currency basis for 2023 year-to-date is $4.928 billion, with Asia at $1.473 billion, Canada at $1.135 billion, and the US at $1.303 billion[43] - Core profit after tax for Q3 2024 is $1.828 billion, with Q2 2024 at $1.737 billion and Q1 2024 at $1.754 billion[44] - Core profit attributable to common shareholders for 2024 year-to-date is $5.109 billion, with Q3 2024 at $1.772 billion, Q2 2024 at $1.638 billion, and Q1 2024 at $1.699 billion[44] - Core profit attributable to common shareholders on a constant currency basis for 2024 year-to-date is $5.130 billion, with Q3 2024 at $1.772 billion, Q2 2024 at $1.643 billion, and Q1 2024 at $1.715 billion[44] - Core earnings attributable to common shareholders for Q3 2024 were CAD 1,772 million, with a year-to-date total of CAD 5,109 million, compared to CAD 4,707 million in the same period last year[45] - Annualized core earnings attributable to common shareholders (after tax) for Q3 2024 were CAD 7,049 million, up from CAD 6,588 million in Q2 2024 and CAD 6,701 million in Q3 2023[45] - Core earnings attributable to common shareholders excluding GMT impact for Q3 2024 were CAD 1,833 million, after adjusting for CAD 61 million GMT impact[46] New Business and Sales Growth - Annualized Premium Equivalent (APE) sales increased by 40% year-over-year, with New Business Value (NBV) growing by 39%[2] - Asia region APE sales grew by 64% year-over-year, with New Business CSM increasing by 45% and New Business Value by 55%[5] - Canada region net income attributed to shareholders increased by 48% year-over-year, while APE sales declined by 20%[5] - Manulife Pro program in Asia drove new business value and APE sales growth of over 20% YoY in Q3 2024[6] - Insurance APE sales, new business CSM, and new business value grew 40%, 47%, and 39% YoY respectively in Q3 2024[14] - Annualized Premium Equivalent (APE) sales, new business CSM, and new business value reached record highs[18] - New business CSM in Hong Kong for Q3 2024 reached $254 million, showing a significant increase from $200 million in Q2 2024[52] - Japan's new business CSM for Q3 2024 was $86 million, slightly down from $90 million in Q2 2024[52] - Asia's total new business CSM for Q3 2024 was $593 million, up from $478 million in Q2 2024[52] - Canada's new business CSM for Q3 2024 was $95 million, compared to $76 million in Q2 2024[52] - The US new business CSM for Q3 2024 was $71 million, down from $74 million in Q2 2024[52] - Total new business CSM for Q3 2024 was $759 million, up from $628 million in Q2 2024[52] - Fixed exchange rate adjustments for new business CSM in Q3 2024 were minimal, with a total adjustment of $0[52] - Asia's new business CSM on a fixed exchange rate basis for Q3 2024 was $593 million, up from $484 million in Q2 2024[52] - Total new business CSM on a fixed exchange rate basis for Q3 2024 was $759 million, up from $633 million in Q2 2024[52] - The company's new business CSM in other emerging markets in Asia for 2023 was $87 million[52] Global Wealth and Asset Management - Global Wealth and Asset Management net inflows were CAD 5.2 billion, a significant improvement from CAD 0.8 billion net outflows in Q3 2023[2] - Global Wealth and Asset Management core EBITDA margin improved to 27.8%, up 90 basis points year-over-year[5] - Total assets under management and administration (AUMA) reached CAD 963 billion, a 16% increase year-over-year[5] - Global wealth and asset management core earnings hit a record high, increasing 37% YoY in Q3 2024[11] - Global wealth and asset management net inflows reached CAD 5.2 billion in Q3 2024, a significant improvement from CAD 0.8 billion net outflows in Q3 2023[14] - The company's global wealth and asset management business reported a core EBITDA of $572 million in Q3 2024, up from $513 million in Q2 2024 and $477 million in Q1 2024[57] - The company's core profit for global wealth and asset management in Q3 2024 was $499 million, compared to $399 million in Q2 2024 and $357 million in Q1 2024[57] - Core EBITDA for global wealth and asset management on a constant currency basis was $572 million in Q3 2024, slightly higher than the $511 million reported in Q2 2024[57] - The company's core profit for global wealth and asset management on a constant currency basis was $499 million in Q3 2024, unchanged from the reported figure[57] - Core profit after tax for the global wealth and asset management segment in 2024 year-to-date is $1.255 billion, while in 2023 year-to-date it is $968 million[40][42] - Core revenue for Q3 2024 reached $2.055 billion, up from $1.948 billion in Q2 2024[58] - Global Wealth and Asset Management core revenue for Q3 2024 was $2.055 billion, consistent with previous quarters[58] - Total investment income for Q3 2024 was $6.217 billion, with $226 million attributed to Global Wealth and Asset Management[58] Contractual Service Margin (CSM) - CSM balance increased by CAD 490 million to CAD 20.93 billion as of September 30, 2024, compared to December 31, 2023[16] - Organic CSM growth contributed CAD 724 million in the first three quarters of 2024, driven by new business and interest accretion[16] - Inorganic CSM decreased by CAD 234 million due to reinsurance transactions and actuarial method and assumption reviews[16] - Post-tax CSM, excluding NCI, stood at CAD 18.595 billion as of September 30, 2024[16] - CSM decreased by CAD 421 million as a result of the actuarial review[17] - Contractual Service Margin (CSM) as of September 30, 2024, was CAD 22,213 million, up from CAD 21,760 million in Q2 2024 and CAD 18,149 million in Q3 2023[49] - CSM attributable to non-controlling interests as of September 30, 2024, was CAD 1,283 million, compared to CAD 780 million in Q3 2023[49] - Post-tax CSM as of September 30, 2024, was CAD 19,725 million, up from CAD 18,503 million in Q4 2023 and CAD 15,675 million in Q3 2023[49] - Post-tax CSM attributable to non-controlling interests as of September 30, 2024, was CAD 18,595 million, compared to CAD 14,992 million in Q3 2023[49] Regional Performance - Asia core earnings grew 17% YoY in Q3 2024, supported by business growth and actuarial updates[11] - Asia region contributed $619 million to core earnings in Q3 2024, up 18.6% year-over-year from $522 million in Q3 2023[24] - Net income attributable to shareholders in Asia for Q3 2024 was $827 million, a significant increase from $582 million in Q2 2024 and $363 million in Q1 2024[55] - Net income attributable to shareholders in Canada for Q3 2024 was $430 million, a substantial increase from $79 million in Q2 2024 and $273 million in Q1 2024[55] - Net income attributable to shareholders in the U.S. for Q3 2024 was $5 million, a sharp decline from $135 million in Q2 2024 and a loss of $108 million in Q1 2024[55] - Net income attributable to shareholders in Asia on a constant currency basis for Q3 2024 was $827 million, consistent with the reported figure[55] Shareholders' Equity and Return on Equity - Shareholders' core return on equity (ROE) stood at 16.6%, reflecting strong business performance and disciplined capital allocation[2] - Shareholders' equity core return (annualized) for Q3 2024 was 16.6%, compared to 15.7% in Q2 2024 and 16.8% in Q3 2023[45] - Total shareholders' equity and other interests for Q3 2024 were CAD 49,573 million, with common shareholders' equity at CAD 42,913 million[45] Actuarial and Market Experience - Annual actuarial review resulted in a pre-tax favorable impact of CAD 174 million on cash flows[17] - Pre-tax net income attributable to shareholders decreased by CAD 250 million (CAD 199 million post-tax) due to actuarial review[17] - Market experience gains were $186 million in Q3 2024, compared to losses of $665 million in Q2 2024 and $1.022 billion in Q3 2023[24] - Actuarial methods and assumptions changes negatively impacted income by $199 million in Q3 2024[24] - Market experience losses for Q3 2024 were $1,022 million, with Asia contributing $286 million, Canada $159 million, and the US $476 million[36] - Market experience losses for the year-to-date 2024 were $1,258 million, with Asia contributing $95 million, Canada $439 million, and the US $1,018 million[39] Forward-Looking Statements and Risks - The company's forward-looking statements are subject to significant risks and uncertainties, including general business and economic conditions, COVID-19 impacts, legal and regulatory changes, and more[65] - Forward-looking statements include the company's ability to achieve mid-term financial and operational goals, and involve words like "may," "will," "expect," and "estimate"[63] - Actual results may differ materially from forward-looking statements due to factors such as market volatility, interest rates, credit spreads, and inflation[65] - The company's ability to execute strategic plans and adapt to market changes is a key factor in its forward-looking statements[65] - Risks related to the company's non-North American operations, geopolitical uncertainties, and environmental factors like climate change are highlighted[65] - The company's ability to attract and retain key personnel and manage complex models is crucial for future performance[65] - Legal or regulatory proceedings, including tax audits and litigation, could impact the company's actual results[65] - The company's liquidity and ability to meet financial obligations are important considerations in its forward-looking statements[65] - The company's ability to protect intellectual property and avoid infringement claims is a significant risk factor[65] - Further details on risk factors and assumptions applied to forward-looking statements can be found in the company's latest annual and interim reports[66] Technology and Innovation - AI-enhanced voice-to-text and call summarization reduced average handling time by 28% in customer centers[8] - New mobile apps in Vietnam and Indonesia doubled monthly customer registrations after launch[8] Product Launches and Initiatives - Manulife Global Indexed UL PRO and Signature Indexed Income launched to cater to high-net-worth clients' needs[6] - Manulife Private Equity Partners II fund raised CAD 1.1 billion for institutional investors[7] - Manulife Pro is now available in Singapore, Vietnam, Indonesia, Japan, and Hong Kong[18] Financial Metrics and Ratios - Core EBITDA for Q3 2024 was $572 million, with a core EBITDA margin of 27.8%[58] - Core expenses for Q3 2024 were $1.716 billion, slightly up from $1.713 billion in Q2 2024[60] - Highest potential business core earnings for YTD 2024 were $3.745 billion, contributing 70% to total core earnings[61] - Total core earnings for YTD 2024 were $5.319 billion, up from $4.911 billion in 2023[61] - Net income attributable to shareholders for YTD 2024 was $3.747 billion, compared to $3.444 billion in 2023[61] - Adjusted book value as of September 30, 2024, stood at $61.508 billion, compared to $60.595 billion as of June 30, 2024, and $60.137 billion as of March 31, 2024[56] - The company's adjusted book value increased by $913 million from June 30, 2024, to September 30, 2024, reaching $61.508 billion[56]