EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | | | | --- | --- | --- | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | | | | 股票發行人現金股息公告 | | | | | | 發行人名稱 | 宏利金融有限公司 | | | | | 股份代號 | 00945 | | | | | 多櫃檯股份代號及貨幣 | 不適用 | | | | | 相關股份代號及名稱 | 不適用 | | | | | 公告標題 | 宏利宣布派發普通股股息 | | | | | 公告日期 | 2025年8月6日 | | | | | 公告狀態 | 更新公告 | | | | | 更新/撤回理由 | 更新匯率 | | | | | 股息信息 | | | | | | 股息類型 | 第二季度 | | | | | 股息性質 | 普通股息 | | | | | 財政年末 | 2025年12月31日 | | | | | 宣派股息的報告期末 | 2025年6月3 ...

Core Insights - Manulife Canada has launched a dedicated platform for travel agents to enhance the delivery of insurance solutions, adapting to the evolving needs of professionals and their clients [1][9] - The platform addresses the increasing importance of insurance among travelers, providing user-friendly tools for agents to engage with clients effectively [2] Product Offerings - The upgraded platform includes the Non-Medical Premium Protection Plan, which offers comprehensive trip protection without additional medical benefits for those already covered [3] - A streamlined Product Selector tool allows agents and clients to easily identify suitable travel insurance options, ensuring alignment with individual travel needs [4] Engagement and Efficiency - New engagement features enable agents to send automated reminders to clients, ensuring timely protection [4] - Built-in tracking tools provide measurable insights into engagement and productivity, while the scalable digital system enhances efficiency and cost management [6] Financial Implications - The platform is expected to strengthen Manulife Financial Corporation's financial position by increasing premium inflows from travel insurance sales, expanding the customer base, and improving client retention [5] - Enhanced client engagement and satisfaction are anticipated to boost the lifetime value of each customer [5] Market Performance - Year-to-date, Manulife's shares have decreased by 1.3%, slightly underperforming the broader industry decline of 1.2%, influenced by foreign exchange volatility and weaker premium growth in Canada [7]

Group 1 - Manulife's President and CEO, Phil Witherington, will participate in a fireside chat at the 26th Scotiabank Financials Summit on September 4, 2025, at 1:00 p.m. ET [1] - The live webcast and a replay of the fireside chat will be available on Manulife's Investor Relations website for 90 days following the live session [1] Group 2 - Manulife Financial Corporation is a leading international financial services provider with global headquarters in Toronto, Canada, operating as Manulife in Canada, Asia, and Europe, and as John Hancock in the United States [2] - The company offers financial advice and insurance for individuals, groups, and businesses, and provides global investment, financial advice, and retirement plan services through Manulife Wealth & Asset Management [2] - As of the end of 2024, Manulife had over 37,000 employees, more than 109,000 agents, and thousands of distribution partners, serving over 36 million customers [2] - Manulife trades as 'MFC' on the Toronto, New York, and Philippine stock exchanges, and under '945' in Hong Kong [2]

Core Insights - Manulife Canada and Centum Financial Group Inc. have renewed their partnership to enhance mortgage and financial protection solutions for Canadians [1][9] - The collaboration combines Centum's mortgage expertise with Manulife's wealth management experience, offering comprehensive financial solutions [2] Partnership Details - Centum Financial's agents will continue to provide Manulife's Mortgage Protection Plan, which includes life and disability insurance [3] - A new Group RRSP program will be available to Centum agents starting September 1, allowing them to pursue their financial goals while assisting clients [4] Business Impact - The partnership is expected to increase access to mortgage professionals, driving premium growth and enhancing cross-selling opportunities [5] - Mortgage-linked products are anticipated to generate predictable cash flows, improving operational efficiency and supporting long-term revenue growth [5] Market Performance - Year-to-date, Manulife's shares have decreased by 2.1%, compared to a 1.2% decline in the broader industry, indicating ongoing challenges [6]

Core Viewpoint - Manulife Financial-S reported a core profit of CAD 1.7 billion in Q2 2025, demonstrating progress in AI technology application and digital transformation despite operational pressures [1] AI Technology Driving Business Innovation - Manulife Financial-S achieved an industry-leading position in AI application, ranking first in the life insurance sector according to the inaugural EvidentAI Insurance Index [3] - The company launched an AI-driven sales support solution in the U.S. retirement market, resulting in a doubling of sales opportunities and a reduction of over 50% in information search time compared to Q2 2024 [3] - In Asia, the company introduced the VOICE analytics platform in Singapore and Japan, utilizing generative AI to analyze customer interactions and improve service quality [3] Financial Performance Under Pressure but Stable - For H1 2025, Manulife Financial-S reported total revenue of CAD 13.522 billion, slightly down from half of the CAD 25.823 billion reported for the full year of 2024 [4] - Shareholder profit was CAD 2.114 billion, with earnings per share at CAD 1.23, down from CAD 2.85 in 2024 [4] - The company maintained a high debt-to-equity ratio of 90.52%, similar to 90.24% in 2024, indicating potential impacts on financial flexibility [4] - Return on equity decreased to 4.23% from 10.35% in 2024, while total asset return fell from 0.98% to 0.39% [4] - Cash and cash equivalents were CAD 23.773 billion, down from CAD 25.789 billion at the end of 2024, but liquidity remains sufficient [4] Ongoing Global Business Expansion - Manulife Financial-S is enhancing distribution capabilities and expanding its product lineup to meet evolving customer needs [5] - The company saw a 23% year-on-year increase in MDRT membership in Asia, ranking third globally in 2025 [5] - It became the first international life insurance company to establish an office in the Dubai International Financial Centre, focusing on high-net-worth clients [5] - Product innovations include a diversified real asset strategy in Malaysia and a series of actively managed ETF products in Canada [5] - In the U.S., the long-term care business integrated GenAI features to automate claims processes, while a digital travel insurance platform was launched in Canada to enhance service experiences [5]

Core Viewpoint - Manulife Investment Management has appointed June Chua as Head of Asian Equities, effective August 4, 2025, to enhance its equity investment capabilities in Asia, a key region for the firm's long-term strategy [1][3]. Group 1: Leadership Appointment - June Chua will lead a large equity team of over 90 investment professionals across 10 markets in Asia, overseeing investment processes in countries such as Indonesia, Malaysia, Philippines, Singapore, Taiwan, and Vietnam [2]. - She will also serve as Head of Asian Equity Research, coordinating research coverage and resources across the region [2]. Group 2: Company Growth and Strategy - Manulife Investment Management has been operating in Asia for over a century and currently manages more than US$241 billion in assets under management (AUM) across Asia equity strategies [3]. - The firm aims to leverage local talent and integrate regional insights with global investment expertise to maintain a competitive edge over non-Asian asset managers [3]. Group 3: June Chua's Experience - June Chua has over 25 years of investment experience, with a strong background in Asia ex-Japan and Asia Frontier equities [4]. - Prior to joining Manulife, she held senior positions at Lombard Odier and Harvest Global Investments, where she led regional equity strategies [4][6]. Group 4: Additional Appointments - Manulife Investment Management also announced the appointment of Yuting Shao as Senior Global Macro Strategist, who will develop macroeconomic strategies to support investment teams [7]. - Yuting brings over eight years of experience, previously working at State Street Global Markets and the International Monetary Fund, focusing on China and Emerging Markets Asia [8][11].

Core Viewpoint - Manulife Financial Corporation is identified as a strong long-term income investment in the insurance industry due to its solid business fundamentals and promising growth prospects [1]. Company Analysis - Manulife Financial Corporation operates within the insurance sector, showcasing robust business fundamentals that support its investment appeal [1]. - The company is expected to benefit from favorable growth prospects, which are critical for long-term income generation [1]. Industry Context - The insurance industry is characterized by companies with strong fundamentals, and Manulife is positioned well within this context [1].

Core Insights - Manulife Financial Corporation (MFC) reported second-quarter 2025 core earnings of 69 cents per share, missing the Zacks Consensus Estimate by 2.8%, but showing a year-over-year improvement of 4.5% [1][9] - Core earnings totaled $1.2 billion (C$1.7 billion), reflecting a year-over-year decrease of 7.6% due to strong business growth in Global WAM, Asia, and Canada being offset by unfavorable life insurance claims experience in the U.S. and increased ECL provisions [1][9] New Business Metrics - New business value (NBV) for the quarter was $611 million (C$846 million), representing a year-over-year increase of 15.7% [2][9] - New business contractual service margin (CSM) reached $637 million (C$882 million), up 38.7% year over year [2][9] - Annualized premium equivalent (APE) sales increased by 12.8% year over year to $1.58 billion (C$2.2 billion), indicating strong sales momentum and margin expansion [2][9] Asset Management Performance - Average assets under management and administration in Global Wealth and Asset Management were $726 billion (C$1,005 billion), up 6.4% year over year [3] - Retail net outflows amounted to $3.2 billion, a significant increase of 32-fold year over year, primarily due to lower net sales through third-party intermediaries in North America and money market funds in Mainland China [3] Profitability and Financial Ratios - Core return on equity decreased by 70 basis points year over year to 15% [4] - Financial leverage ratio improved by 140 basis points to 25.6% at the end of the quarter [4] - Life Insurance Capital Adequacy Test ratio stood at 136% as of June 30, 2025, with adjusted book value per common share increasing by 7.4% year over year to $35.78 [4] Segment Performance - Global Wealth and Asset Management division's core earnings were $334 million (C$463 million), up 14.5% year over year [5] - Asia division's core earnings reached $520 million, a 13% increase year over year, with APE sales, new business CSM, and NBV rising by 31%, 34%, and 28% respectively [5] - Canada division's core earnings were $302 million (C$419 million), up 2.7% year over year, while APE sales decreased by 34% [6] - U.S. division reported core earnings of $141 million, down 53% year over year, despite strong business growth reflected in APE sales, new business CSM, and NBV increasing by 40%, 59%, and 12% respectively [7]

Financial Data and Key Metrics Changes - The company's core EPS grew by 2% year-over-year, reflecting strong underlying business growth, although dampened by elevated U.S. mortality and expected credit loss provisions [12][13] - The balance sheet remains strong with a LICAT ratio of 136% and a leverage ratio well below the 25% target, while book value per share increased by 5% from the prior year [13][28] - Net income for the quarter was reported at $1.8 billion, an increase of $747 million compared to the prior year, driven by positive market experience [20] Business Line Data and Key Metrics Changes - The insurance segments generated over 30% growth in new business CSM, with AP sales increasing by 15% year-over-year, particularly strong in Asia and the U.S. [15][16] - Global Wealth and Asset Management (WAM) achieved nearly $1 billion in positive net flows, demonstrating the strength of its diversified platform [16][22] - Core earnings in Asia increased by 13% year-over-year, while the U.S. segment saw a 53% decrease in core earnings due to unfavorable mortality experience [21][26] Market Data and Key Metrics Changes - The Asia segment reported a 31% increase in APE, with significant contributions from Hong Kong, Mainland China, and Singapore [21] - In Canada, APE sales decreased by 34% year-over-year, primarily due to the non-recurrence of a large case sale in the Group Insurance business [24] - The U.S. segment experienced a 40% growth in AP sales, driven by demand for accumulation insurance products from affluent customers [26] Company Strategy and Development Direction - The company is focused on enhancing its digital capabilities and embedding AI across its businesses to drive growth and productivity [8][9] - The acquisition of Comvest Credit Partners is aimed at scaling the private markets business and enhancing existing private credit capabilities, expected to be immediately accretive to core EPS and ROE [10][31] - The leadership team is reviewing the company's strategy to assess potential refreshes to meet long-term ambitions [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver sustainable growth despite short-term headwinds impacting core earnings [29] - The company remains committed to investing in high-quality growth opportunities and maintaining strong capital deployment priorities [9][10] - Management acknowledged the challenges posed by elevated mortality claims in the U.S. but views them as short-term headwinds rather than a trend [26][27] Other Important Information - The company has returned over $6.4 billion in capital to shareholders through dividends and share buybacks over the past year [28] - The transition to the new eMPF platform in Hong Kong is expected to impact core earnings, with a projected quarterly drag of approximately $25 million starting in 2026 [24][84] Q&A Session Summary Question: What other areas may the company want to bulk up in operations? - The company is focused on organic growth opportunities but is also looking for inorganic opportunities that could accelerate growth, particularly in private markets and alternatives [40][41] Question: What is the expected impact of the MPS on margins? - The transition to eMPF is expected to impact margins by approximately 150 basis points, with a recovery anticipated thereafter [46][47] Question: Can you provide details on the amortization of intangibles from the Comvest acquisition? - The acquisition is expected to add approximately $30 million annually in amortization of intangibles, which will be excluded from core earnings [49][50] Question: How does the company justify the valuation paid for Comvest? - The valuation reflects the future value expected from the acquisition, with significant growth opportunities in private credit and alignment of interests between the two firms [70][72] Question: What is the outlook for the Japan market? - The company sees continued growth potential in Japan, despite a decline in sales due to strong prior year performance, and is diversifying its product offerings [80][81]

Financial Data and Key Metrics Changes - Core EPS grew by 2% year-over-year, reflecting strong underlying business growth, though dampened by elevated U.S. mortality and expected credit loss provisions [12][13] - Net income for the quarter was $1.8 billion, an increase of $747 million compared to the prior year, driven by positive market experience [19] - Book value per share increased by 7% year-over-year to $35.78, despite returning over $6.4 billion of capital to shareholders [26][28] Business Line Data and Key Metrics Changes - AP sales increased by 15% year-over-year, with over 30% growth in both Asia and the U.S. [15] - New business CSM grew by 37% and new business value increased by 20% [15] - Global WAM achieved nearly $1 billion in positive net flows, demonstrating strength in institutional and retirement inflows [15][21] Market Data and Key Metrics Changes - Asia segment saw APE increase by 31% year-over-year, with significant contributions from Hong Kong, Mainland China, and Singapore [20] - Canada reported a 34% decrease in APE sales, offset by strong growth in individual insurance [23] - U.S. segment delivered strong AP sales growth of 40%, but core earnings decreased by 53% due to unfavorable mortality experience [25] Company Strategy and Development Direction - The company remains committed to investing in businesses for sustainable growth, with a focus on digital transformation and AI capabilities [7][8] - The acquisition of Comvest Credit Partners aims to enhance private credit capabilities and scale the private markets business [9][10] - A review of the company's strategy is planned to assess potential refreshes for long-term ambitions [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver high-quality sustainable growth despite short-term headwinds [12][28] - The company anticipates continued strong performance in Asia and is optimistic about future growth opportunities [20][23] - Management noted that elevated credit loss provisions are expected to stabilize, with a continued focus on maintaining a strong balance sheet [17][28] Other Important Information - The LICAT ratio remains strong at 136%, providing financial flexibility [28] - The company plans to transition to a new eMPF platform in Hong Kong, which is expected to impact core earnings starting in 2026 [22][23] Q&A Session Summary Question: What other areas may the company want to bulk up in operations? - The company is focused on organic growth opportunities but is also looking for inorganic opportunities that can accelerate growth [37][40] Question: What is the expected impact of the eMPF transition on margins? - The transition is expected to impact margins by approximately 150 basis points, with a recovery anticipated thereafter [44][46] Question: Can you provide details on the Comvest acquisition's accretion? - The acquisition is expected to provide $0.02 to $0.03 of core EPS accretion annually from 2026 onwards [50][52] Question: How does the company view the valuation of the Comvest acquisition? - The company believes the future value created from the acquisition justifies the valuation, highlighting strong growth potential and synergies [67][70] Question: What is the outlook for the U.S. long-term care business? - A triennial review of the long-term care business is expected in Q3, with trends showing utilization losses offset by lower incidents and higher claims terminations [97][99] Question: What drove the recent spike in credit losses? - The spike was primarily due to a few below-investment-grade loans, with the overall portfolio remaining 96% investment grade [110][112]