Manulife Financial Corporation (MFC) delivered first-quarter 2024 core earnings of 70 cents per share, which beat the Zacks Consensus Estimate by 6.1%. The bottom line increased 20.7% year over year. Core earnings of $1.3 billion (C$1.8 billion) improved 16% year over year. This reflects strong business growth across its insurance businesses and higher fee income in Global WAM, driven by favorable market impact and positive net flows.New business value (NBV) in the reported quarter was $488 million (C$669 m ...

Core Earnings and Net Income - Core earnings for Q1 2024 were CAD 1.8 billion, a 16% increase year-over-year at constant exchange rates[2] - Net income attributed to shareholders was CAD 900 million, a decrease of CAD 500 million compared to Q1 2023, but adjusted for the Global Atlantic reinsurance transaction, it was CAD 1.6 billion, an increase of CAD 200 million[2] - Core earnings per share (EPS) increased by 20% to CAD 0.94, while EPS decreased by 38% to CAD 0.45, but adjusted for the Global Atlantic transaction, EPS rose by 21% to CAD 0.87[3] - Shareholders' core return on equity (ROE) was 16.7%, while ROE was 8.0%, but adjusted for the Global Atlantic transaction, ROE was 15.5%[3] - Manulife's core earnings for Q1 2024 reached CAD 1.8 billion, a 16% increase compared to Q1 2023[11] - Core earnings for Q1 2024 totaled CAD 1.754 billion, compared to CAD 1.773 billion in Q4 2023 and CAD 1.531 billion in Q1 2023[19] - Core earnings (after tax) for the overall company in Q2 2023 were $1,754 million, with Asia contributing $657 million, Canada $364 million, the US $452 million, and Global Wealth & Asset Management $357 million[22] - Core earnings (before tax) at a fixed exchange rate for the overall company were $2,040 million, with Asia at $724 million, Canada $455 million, the US $555 million, and Global Wealth & Asset Management $415 million[23] - Core earnings after tax for the overall company reached $1.773 billion, with Asia contributing $564 million, Canada $352 million, and the US $474 million[24] - Core earnings before tax for the overall company were $2.067 billion, with Asia contributing $640 million, Canada $439 million, and the US $587 million[24] - Core earnings after tax on a constant currency basis were $1.759 billion, with Asia contributing $557 million, Canada $352 million, and the US $470 million[25] - Core earnings before tax on a constant currency basis were $2.051 billion, with Asia contributing $633 million, Canada $439 million, and the US $582 million[25] - Core earnings after tax for the overall company in Q1 2023 were $1.531 billion, with Asia contributing $489 million, Canada $353 million, and the US $385 million[26] - Core earnings before tax for the overall company in Q1 2023 were $1.801 billion, with Asia contributing $557 million, Canada $438 million, and the US $471 million[26] - Core earnings after tax at fixed exchange rates for Q2 2023 were $1,513 million, with Asia contributing $473 million, Canada $353 million, and the US $384 million[27] - Core earnings after tax for common shareholders in Q2 2023 were $1,539 million, with a fixed exchange rate adjustment of $(8) million[29] - Core earnings after tax for common shareholders in Q1 2024 were $1,699 million, with a fixed exchange rate adjustment of $0 million[29] - Core earnings after tax excluding GA reinsurance transactions were $1,754 million, with Asia contributing $657 million, Canada $364 million, the US $452 million, and Global Wealth & Asset Management $357 million[22] Capital Adequacy and Financial Ratios - The LICAT ratio stood at 138%, indicating strong capital adequacy[2] - Shareholders' core return on equity (ROE) was 16.7%, while ROE was 8.0%, but adjusted for the Global Atlantic transaction, ROE was 15.5%[3] - Shareholders' core return on equity (annualized) for Q2 2023 was 15.5%, with core earnings after tax for common shareholders at $6,173 million[30] - Shareholders' core return on equity (annualized) for Q1 2024 was 16.7%, with core earnings after tax for common shareholders at $6,833 million[30] - Shareholders' return on equity excluding GA reinsurance transactions (annualized) for Q2 2023 was 15.5%, with net income attributable to common shareholders at $1,578 million[32] - Core EBITDA margin for Q1 2024 was 25.5%, slightly down from 25.7% in Q4 2023 but up from 22.4% in Q1 2023[42] Business Performance by Region - In Asia, core earnings increased by 39% to USD 488 million, with APE sales growing by 13% to USD 950 million, and new business CSM and value increasing by 68% and 28% respectively[5] - In Canada, APE sales surged by 54% to CAD 450 million, with new business CSM and value increasing by 52% and 71% respectively[5] - Asia's core earnings grew by 39% year-over-year in Q1 2024, while global wealth and asset management core earnings increased by 25%[11] - Canada's APE sales increased by 54% in Q1 2024, driven by growth across all business segments[14] - US APE sales grew by 14% in Q1 2024, reflecting increased demand for wealth accumulation insurance products among affluent customers[14] - Asia core earnings for Q1 2024 were CAD 657 million, up from CAD 489 million in Q1 2023[19] - Canada core earnings for Q1 2024 were CAD 364 million, slightly up from CAD 353 million in Q1 2023[19] - US core earnings for Q1 2024 were CAD 452 million, up from CAD 385 million in Q1 2023[19] - Global Wealth and Asset Management core earnings for Q1 2024 were CAD 357 million, up from CAD 287 million in Q1 2023[19] - Core earnings (after tax) for Asia and US business units in USD were $488 million and $335 million respectively, with no adjustments for fixed exchange rates[23] - Net income attributable to shareholders (after tax) was $866 million, with Asia contributing $363 million, Canada $273 million, and the US showing a loss of $108 million[22] - Net income attributable to shareholders in Asia for Q1 2024 was $363 million, compared to $615 million in Q4 2023[38] - Net income attributable to shareholders in the U.S. for Q1 2024 was a loss of $108 million, compared to a profit of $198 million in Q4 2023[38] - Net income attributable to shareholders in Canada for Q1 2024 was $273 million, down from $365 million in Q4 2023[38] Global Wealth and Asset Management - Global Wealth and Asset Management net inflows reached CAD 6.7 billion, up from CAD 4.4 billion in Q1 2023[2] - Global wealth and asset management business recorded net inflows of CAD 6.7 billion in Q1 2024, a CAD 2.3 billion increase from Q1 2023[14] - Global Wealth and Asset Management core earnings for Q1 2024 were CAD 357 million, up from CAD 287 million in Q1 2023[19] - Global Wealth and Asset Management business reported net income of $365 million in Q1 2024, consistent with Q4 2023[38] - Core EBITDA for the Global Wealth and Asset Management business in Q1 2024 was $477 million, slightly up from $474 million in Q4 2023[41] - Core earnings for the Global Wealth and Asset Management business in Q1 2024 were $357 million, compared to $353 million in Q4 2023[41] - Core EBITDA on a constant currency basis for the Global Wealth and Asset Management business in Q1 2024 was $477 million, consistent with Q4 2023[41] - Core revenue for Q1 2024 was $1.873 billion, up from $1.842 billion in Q4 2023 and $1.756 billion in Q1 2023[42] - Global Wealth and Asset Management core revenue for Q1 2024 was $1.873 billion, compared to $1.842 billion in Q4 2023 and $1.756 billion in Q1 2023[42] - Total investment income for Q1 2024 was $4.789 billion, down from $7.171 billion in Q4 2023 but up from $5.464 billion in Q1 2023[42] - Global Wealth and Asset Management investment income for Q1 2024 was $140 million, compared to $230 million in Q4 2023 and $107 million in Q1 2023[42] New Business and Contractual Service Margin (CSM) - Annualized Premium Equivalent (APE) sales grew by 21% compared to Q1 2023, with new business CSM and new business value increasing by 52% and 34% respectively[2] - CSM balance increased to CAD 21.089 billion as of March 31, 2024, up by CAD 649 million compared to December 31, 2023[15] - Natural CSM change in Q1 2024 increased by CAD 314 million, driven by new business and interest accretion, partially offset by core earnings amortization[15] - Non-natural CSM change in Q1 2024 increased by CAD 335 million, benefiting from favorable equity market performance and foreign exchange rate movements, partially offset by the Global Atlantic reinsurance transaction[15] - Post-tax CSM, excluding non-controlling interests, stood at CAD 18.547 billion as of March 31, 2024[15] - New business CSM total for Q1 2024 reached $658 million, compared to $626 million in Q4 2023 and $442 million in Q1 2023[35] - Asia region contributed $491 million to new business CSM in Q1 2024, up from $414 million in Q4 2023 and $301 million in Q1 2023[35] - Hong Kong's new business CSM in Q1 2024 was $168 million, down from $199 million in Q4 2023 but up from $119 million in Q1 2023[35] - Japan's new business CSM increased to $48 million in Q1 2024 from $42 million in Q4 2023 and $36 million in Q1 2023[35] - Other Asian regions saw a significant jump in new business CSM to $275 million in Q1 2024 from $173 million in Q4 2023 and $146 million in Q1 2023[35] - Canada's new business CSM remained steady at $70 million in both Q1 2024 and Q4 2023, up from $46 million in Q1 2023[35] - US new business CSM decreased to $97 million in Q1 2024 from $142 million in Q4 2023 but was slightly higher than $95 million in Q1 2023[35] - Full-year 2023 new business CSM totaled $2,167 million, with Asia contributing $1,549 million, Canada $224 million, and the US $394 million[35] - Currency adjustments had a negative impact of $7 million on new business CSM in Q1 2024, with Asia being the most affected region at $5 million[35] - On a constant currency basis, new business CSM for Q1 2024 was $658 million, slightly lower than the $619 million in Q4 2023 but significantly higher than the $434 million in Q1 2023[35] Reinsurance and Capital Management - The company completed a significant reinsurance transaction with Global Atlantic, involving CAD 5.6 billion in net insurance liabilities, releasing CAD 800 million in capital, which will be returned to shareholders through a share repurchase program[7] - Net income attributable to shareholders excluding GA reinsurance transactions for Q2 2023 was $1,633 million, with a net loss from GA reinsurance transactions of $(767) million[31] - Net income attributable to shareholders excluding GA reinsurance transactions for Q1 2024 was $1,633 million, with a net loss from GA reinsurance transactions of $(767) million[31] - Future share repurchases will depend on earnings, cash requirements, market conditions, and regulatory approvals[45] Digital and Technological Innovations - Manulife launched a new AI-powered sales tool, JHINI, in the US to enhance sales team efficiency[8] - The company introduced M-Pro in Vietnam, a digital pre-signature verification tool, improving customer experience[8] - Manulife's new retail wealth platform in Canada manages over CAD 54 billion in assets, enhancing advisor and client experiences[9] - JohnHancock.com's Vitality page saw a 43% increase in visits in Q1 2024 compared to Q1 2023, driven by the Your Year in Wellness campaign[10] Risks and Future Outlook - The company highlights risks such as market volatility, interest rates, credit spreads, and the impact of COVID-19 variants on future performance[45] - Potential factors affecting future results include changes in legal and regulatory environments, accounting standards, and capital requirements[45] - The company's ability to achieve strategic plans and maintain reputation are key factors in future performance[45]

Ta b l e o f C o n t e n t s E x hibit 9 9.1 F i r s t Q u a r t e r R e p o r t t o S h a r e h o l d e r s T h r e e m o n t h s e n d e d M a r c h 3 1, 2 0 2 4 Table of Contents Manulife Financial Corporation ("Manulife" or the "Company") reported its first quarter results for the period ended March 31, 2024, delivering strong core ROE and topline growth, and closing the largest long-term care ("LTC") reinsurance transaction in the industry. Key highlights for the first quarter of 2024 ("1Q24") include: ...

C$ unless otherwise stated                          TSX/NYSE/PSE: MFC   SEHK: 945 TORONTO, May 8, 2024 /PRNewswire/ - Manulife's Board of Directors today announced quarterly shareholders' dividends on the following non-cumulative preferred shares of Manulife Financial Corporation, payable on or after June 19, 2024, to shareholders of record at the close of business on May 22, 2024: Class A Shares Series 2 - $0.29063 per share Class A Shares Series 3 - $0.28125 per share Class 1 Shares Series 3 - $0.14675 p ...

C$ unless otherwise stated                          TSX/NYSE/PSE: MFC     SEHK: 945 TORONTO, May 8, 2024 /PRNewswire/ - Manulife's Board of Directors today announced a quarterly common shareholders' dividend of $0.40 per share on the common shares of Manulife, payable on and after June 19, 2024, to shareholders of record at the close of business on May 22, 2024. In respect of the Company's Canadian Dividend Reinvestment and Share Purchase Plan and its U.S. Dividend Reinvestment and Share Purchase Plan, the ...

TSX/NYSE/PSE: MFC SEHK: 945                                                                              C$ unless otherwise stated TORONTO, May 8, 2024 /PRNewswire/ - Manulife Financial Corporation ("Manulife" or the "Company") reported its first quarter results for the period ended March 31, 2024, delivering strong core ROE and topline growth, and closing the largest long-term care ("LTC") reinsurance transaction in the industry. Key highlights for the first quarter of 2024 ("1Q24") include: Core earning ...

GEORGETOWN, Cayman Islands, May 8, 2024 /PRNewswire/ -- Front Street Re ("FSR" or the "Company"), an international Insurtech and reinsurance company that focuses on annuity, life, health, and general reinsurance solutions and is an operating subsidiary of Lexasure Financial Group Limited ("Lexasure"), today announced the appointment of Edison Fong as Chief Executive Officer following a thorough search process. Edison Fong, CEO of Front Street Re Mr. Ian Lim, Chief Executive Officer of Lexasure Financial ...

Wall Street expects a year-over-year increase in earnings on lower revenues when Manulife Financial (MFC) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 8. O ...

C$ unless otherwise stated                                         TSX/NYSE/PSE: MFC     SEHK: 945 TORONTO, April 25, 2024 /PRNewswire/ - Manulife Financial Corporation ("Manulife") today announced that it does not intend to exercise its right to redeem all or any of its currently outstanding 8,000,000 Non-cumulative Rate Reset Class 1 Shares Series 15 (the "Series 15 Preferred Shares") (TSX: MFC.PR.L) on June 19, 2024. As a result, subject to certain conditions described in the prospectus supplement dated ...

C$ unless otherwise stated                                            TSX/NYSE/PSE: MFC     SEHK: 945 TORONTO, April 24, 2024 /PRNewswire/ - Manulife Financial Corporation will release its first quarter 2024 financial results after markets close on Wednesday, May 8, 2024, which will be made available at manulife.com/en/investors/results-and-reports. A live webcast and conference call are scheduled for Thursday, May 9, 2024, at 8:00 a.m. (ET) where members of Manulife's executive leadership team will discuss ...