宏利金融-S(00945) - 2024 Q2 - 季度业绩

Core Earnings and Net Income - Core earnings for Q2 2024 reached CAD 1.737 billion, a 6% increase year-over-year at constant exchange rates[2] - Net income attributed to shareholders was CAD 1.042 billion, similar to Q2 2023 levels[2] - Core earnings per share (EPS) rose to CAD 0.91, a 9% increase compared to Q2 2023[2] - Core earnings for Q2 2024 were CAD 1.737 billion, with Asia contributing CAD 647 million, Canada CAD 402 million, the US CAD 415 million, and Global Wealth and Asset Management CAD 399 million[19] - Core earnings for the first half of 2024 totaled CAD 3.491 billion, compared to CAD 3.168 billion in the same period of 2023[19] - Core profit (after tax) for Q2 2024 was $1.737 billion, with Asia contributing$647 million, Canada $402 million, and the US$415 million[22] - Core profit (before tax) for Q2 2024 was $2.057 billion, with Asia contributing$711 million, Canada $509 million, and the US$510 million[22] - Core profit (after tax) at constant exchange rates for Q2 2024 was $1.737 billion, with Asia contributing$647 million, Canada $402 million, and the US$415 million[23] - Core profit (before tax) at constant exchange rates for Q2 2024 was $2.057 billion, with Asia contributing$711 million, Canada $509 million, and the US$510 million[23] - Core profit (after tax) in USD for Asia and US operations in Q2 2024 was $472 million and$303 million respectively[23] - Core profit after tax for Q1 2024 in Asia was $657 million, while in Canada it was$364 million, and in the US it was $452 million[26] - Total core profit after tax for Q1 2024 across all regions was$1,754 million[26] - Core profit after tax on a constant currency basis for Q1 2024 was $1,765 million, with adjustments of$11 million due to currency fluctuations[27] - Core profit after tax for Q2 2023 in Asia was $473 million, while in Canada it was$374 million, and in the US it was $458 million[29] - Total core profit after tax for Q2 2023 across all regions was$1,637 million[29] - Core profit after tax on a constant currency basis for Q2 2023 was $1,639 million, with adjustments of$2 million due to currency fluctuations[30] - Core profit after tax for the Asia and US business segments in Q1 2024 was $488 million and$335 million respectively, when converted to USD[27] - Core profit after tax for the Asia and US business segments in Q2 2023 was $353 million and$341 million respectively, when converted to USD[30] - Core profit after tax on a constant currency basis for the Asia and US business segments in Q2 2023 was $337 million and$341 million respectively, when converted to USD[30] - Core earnings for Asia in 2024 YTD reached $1,304 million, while Canada and the US reported$766 million and $867 million respectively[31] - Global Wealth and Asset Management contributed$756 million to core earnings in 2024 YTD[31] - Total core earnings for the overall business in 2024 YTD stood at $3,491 million[31] - Core earnings before tax for the overall business in 2024 YTD amounted to$4,097 million[31] - Core earnings for Asia in 2023 YTD were $962 million, with Canada and the US reporting$727 million and $843 million respectively[34] - Global Wealth and Asset Management contributed$607 million to core earnings in 2023 YTD[34] - Total core earnings for the overall business in 2023 YTD were $3,168 million[34] - Core earnings before tax for the overall business in 2023 YTD amounted to$3,745 million[34] - Core earnings at constant exchange rates for 2024 YTD were $3,502 million, with Asia and the US contributing$1,305 million and $874 million respectively[32] - Core earnings before tax at constant exchange rates for 2024 YTD were$4,109 million[32] - Core earnings after tax at fixed exchange rates for 2023 year-to-date totaled $3,162 million, with Asia contributing$936 million and the US contributing $857 million[35] - Core earnings after tax for Q2 2024 were$1,737 million, with a slight decrease from Q1 2024's $1,754 million[38] - Core earnings attributable to common shareholders for Q2 2024 were$1,638 million, reflecting a decrease from Q1 2024's $1,699 million[38] - Core earnings after tax for the US business segment in 2023 year-to-date were$626 million at fixed exchange rates[35] - Core earnings after tax for the Asia business segment in 2023 year-to-date were $683 million at fixed exchange rates[35] - Core earnings before tax at fixed exchange rates for 2023 year-to-date were$3,736 million, with Asia contributing $1,071 million and the US contributing$1,055 million[35] - Core earnings attributable to common shareholders for 2023 full year were $6,381 million, with a slight adjustment for fixed exchange rates bringing it to$6,387 million[38] Business Growth and Sales Performance - Annualized Premium Equivalent (APE) sales grew by 17% year-over-year, reaching CAD 1.907 billion[2] - New Business Value (NBV) increased by 23% year-over-year to CAD 723 million[2] - Asia region core earnings grew by 40% year-over-year to USD 472 million[5] - Canada APE sales surged by 61% year-over-year to CAD 520 million[5] - Asia business core earnings grew 40% in Q2 2024, attributed to sustained business momentum and updates to actuarial methods and assumptions in H2 2023[10] - Canada group insurance business core earnings grew 7% in Q2 2024, driven by strong growth and favorable net insurance experience[10] - Global Wealth and Asset Management business recorded net inflows of CAD 100 million in Q2 2024, reflecting strength in institutional business, offset by outflows in retirement business[13] - New business CSM in Hong Kong for Q2 2024 reached $200 million, showing a 19$168 million)[43] - Asia (excluding Hong Kong and Japan) contributed $463 million to new business CSM in 2024 YTD, a 25.8$368 million)[43] - Total new business CSM for 2024 YTD reached $1.286 billion, a 24.4$1.034 billion)[43] - Japan's new business CSM for 2024 YTD was $138 million, a significant 150.9$55 million)[43] - The US market contributed $171 million to new business CSM in 2024 YTD, a decrease of 13.6$198 million)[43] - Canada's new business CSM for 2024 YTD was $146 million, a 41.7$103 million)[43] - Total new business CSM on a constant exchange rate basis for 2024 YTD was $1.291 billion, a 25.3$1.030 billion)[43] - Asia (excluding Hong Kong and Japan) accounted for 36% of total new business CSM in 2024 YTD ($463 million out of$1.286 billion)[43] - The global premium business segment contributed $231 million to total new business CSM in 2023, representing 10.7$2.167 billion)[43] - Vietnam's new business CSM for 2023 was $87 million, a 91.3$45.5 million, calculated from 2023 total and 2022 YTD)[43] Global Wealth and Asset Management - Global Wealth and Asset Management net inflows were CAD 100 million, significantly lower than CAD 2.2 billion in Q2 2023[2] - Global Wealth and Asset Management core EBITDA margin improved to 26.3%, up 170 basis points year-over-year[6] - Total assets under management and administration reached CAD 933.1 billion, a 13% increase year-over-year[6] - Global Wealth and Asset Management core earnings increased 23% in Q2 2024 due to higher fee income from favorable market impacts, positive net inflows, and favorable tax adjustments[10] - Global Wealth and Asset Management core EBITDA reached $513 million in Q2 2024, compared to$477 million in Q1 2024[49] - Core earnings for Global Wealth and Asset Management grew to $399 million in Q2 2024, up from$357 million in Q1 2024[49] - Core EBITDA for Global Wealth and Asset Management at constant exchange rates was $995 million year-to-date in 2024, up from$822 million in the same period of 2023[49] - Core EBITDA for Q2 2024 was $513 million, up from$477 million in Q1 2024 and $424 million in Q2 2023[50] - Core revenue for Q2 2024 reached$1.948 billion, compared to $1.873 billion in Q1 2024 and$1.722 billion in Q2 2023[50] - Core EBITDA margin for Q2 2024 was 26.3%, up from 25.5% in Q1 2024 and 24.6% in Q2 2023[50] - Global Wealth and Asset Management core revenue for Q2 2024 was $1.948 billion, compared to$1.873 billion in Q1 2024 and $1.722 billion in Q2 2023[50] - Total investment income for Q2 2024 was$4.825 billion, up from $4.789 billion in Q1 2024 and$5.085 billion in Q2 2023[50] - Global Wealth and Asset Management investment income for Q2 2024 was $138 million, compared to$140 million in Q1 2024 and $75 million in Q2 2023[50] - Year-to-date core EBITDA for 2024 was$990 million, up from $817 million in the same period in 2023[50] - Year-to-date core revenue for 2024 was$3.821 billion, compared to $3.478 billion in the same period in 2023[50] Regional Performance - Asia region core earnings grew by 40$582 million in Q2 2024, up from $363 million in Q1 2024[46] - US operations reported a net income of$135 million in Q2 2024, recovering from a loss of $108 million in Q1 2024[46] - Canada's net income attributable to shareholders decreased to$79 million in Q2 2024 from $273 million in Q1 2024[46] - Asia's net income attributable to shareholders in USD terms was$424 million in Q2 2024, compared to $270 million in Q1 2024[46] - Total net income attributable to shareholders reached$1,042 million in Q2 2024, up from $866 million in Q1 2024[46] Contractual Service Margin (CSM) - Contractual Service Margin (CSM) balance increased to CAD 20.758 billion as of June 30, 2024, up by CAD 318 million from December 31, 2023[14] - Natural CSM movement contributed CAD 453 million to the increase in the first half of 2024, driven by new business and interest accretion, partially offset by core earnings amortization and unfavorable insurance experience[14] - Non-natural CSM movement decreased by CAD 135 million, primarily due to reinsurance transactions, partially offset by favorable foreign exchange and equity market impacts[14] - Post-tax CSM, excluding non-controlling interests, stood at CAD 18.290 billion as of June 30, 2024[14] - Contractual Service Margin (CSM) as of June 30, 2024, was$21,760 million, slightly down from $22,075 million at the end of 2023[41] - Post-tax CSM as of June 30, 2024, was$19,184 million, compared to $19,425 million at the end of 2023[41] Market Experience and Losses - Market experience losses for Q2 2024 were CAD 665 million, contributing to a total loss of CAD 1.444 billion for the first half of 2024[19] - Market experience losses for Q2 2024 were$665 million, with Asia contributing $(58) million, Canada$(364) million, and the US $(280) million[22] - Market experience losses for Q2 2024 were$9 million, compared to gains of $8 million in Q1 2024 and$7 million in Q2 2023[50] Strategic Initiatives and Partnerships - Manulife completed the acquisition of UK-based multi-sector alternative credit management company CQS, rebranded as Manulife | CQS Investment Management, and launched the John Hancock Multi Asset Credit Fund in the US retail market[7] - Manulife announced a strategic partnership with Annexus in the US to expand its indexed account product portfolio and broaden the market for its indexed universal life insurance products[7] - Manulife deployed generative AI in Asia, launching an innovative AI-powered agent sales tool in Singapore and piloting the Manulife MPF Smart Advisor platform in Hong Kong[8] - Manulife enhanced its mobile app for group insurance members in Canada by adding mental health features and instant support services through a partnership with TELUS Health[8] Financial Metrics and Ratios - Shareholders' core return on equity (annualized) for Q2 2024 was 15.7%, down from 16.7% in Q1 2024[39] - Adjusted book value rose to $60,595 million as of June 30, 2024, up from$60,137 million at the end of Q1 2024[47] - The company's LICAT ratio as of June 30, 2024, was disclosed in accordance with OSFI's guidelines[14] Forward-Looking Statements and Risk Management - Manulife's second quarter 2023 results are discussed, focusing on financial performance and future outlook[55] - The report includes updates on risk management and key actuarial and accounting policies[55] - Forward-looking statements are provided to help investors understand the company's financial condition and future operations[55] - The company does not commit to updating forward-looking statements unless required by law[55]