MANULIFE(MFC) - 2024 Q4 - Annual Report

Financial Performance - Total core earnings for Q4 2024 reached $1,907 million, an increase from $1,773 million in Q4 2023, representing a growth of 7.5%[43] - Core earnings for Asia in Q4 2024 were $666 million, up from $564 million in Q4 2023, reflecting a growth of 18.1%[43] - The net income attributed to shareholders for the full year 2024 was $5,385 million, compared to $5,103 million in 2023, marking a year-over-year increase of 5.5%[43] - The core EPS for 2024 was reported at $4.00, compared to $3.73 in 2023, indicating a growth of 7.2%[43] - Core earnings available to common shareholders for the full year 2024 reached $6,915 million, compared to $6,381 million in 2023, reflecting a year-over-year growth of 8.4%[73] - Core earnings (post-tax) for 2023 totaled $6,684 million, with contributions from Asia ($2,048 million), Canada ($1,487 million), U.S. ($1,759 million), and WAM and Other ($1,321 million) [53] - The net income attributed to shareholders (post-tax) for 2023 was $5,103 million, with significant items excluded from core earnings resulting in a loss of $1,790 million from market experience [53] - In 4Q24, core earnings (post-tax) were reported at $1,907 million, with contributions from Asia ($666 million), Canada ($390 million), U.S. ($412 million), and WAM and Other ($481 million) [58] - The net income attributed to shareholders (post-tax) for 4Q24 was $1,638 million, reflecting a strong performance despite market experience losses of $192 million [57] - Core earnings (pre-tax) for 2023 reached $7,848 million, indicating a robust operational performance across all regions [54] - The total income (loss) before income taxes for 2023 was $6,452 million, indicating a solid revenue generation capability [53] Segment Performance - The Global Wealth and Asset Management segment reported core earnings of $481 million in Q4 2024, up from $353 million in Q4 2023, a significant increase of 36.3%[43] - The core revenue for Global WAM in Q4 2024 was $2,140 million, compared to $1,842 million in Q4 2023, reflecting a 16.2% increase[80] - Global WAM core earnings (post-tax) for Q4 2024 reached $481 million, up from $353 million in Q4 2023, representing a 36.2% year-over-year increase[79] - New business CSM net of NCI for Asia was $586 million in Q4 2024, compared to $424 million in Q4 2023, reflecting a 38.2% increase[78] Expenses and Charges - The restructuring charge for Q4 2024 was $52 million, compared to $36 million in Q4 2023, reflecting an increase of 44.4%[43] - Core expenses for Q4 2024 were $1,797 million, an increase of 4.7% from $1,725 million in Q4 2023[87] - Total expenses for Q4 2024 reached $1,888 million, up from $1,787 million in Q4 2023, reflecting a year-over-year increase of 5.6%[87] - The restructuring charge in Q4 2024 was $67 million, compared to $46 million in Q4 2023, indicating a significant increase in restructuring efforts[87] - For the full year 2024, core expenses totaled $6,899 million, a 5.3% increase from $6,550 million in 2023[87] - The company reported a total of $7,089 million in expenses for the full year 2024, compared to $6,682 million in 2023, marking an increase of 6.1%[87] Market and Investment Performance - The company experienced market experience losses of $192 million in Q4 2024, compared to gains of $186 million in Q3 2024[43] - The company’s total impact of new insurance business in CSM for Q4 2024 was $(622) million, compared to $2,674 million in Q4 2023, indicating significant volatility in investment performance[82] - Total investment income for the full year 2024 was $20,459 million, up from $19,318 million in 2023, indicating a growth of 5.9%[82] Future Outlook and Strategic Initiatives - The company plans to expand its digital and customer leadership initiatives, which are expected to drive revenue benefits and new business CSM growth[36] - Future outlook remains positive with ongoing investments in new products and technologies aimed at market expansion and enhancing customer engagement [56] - The company anticipates potential future common share repurchases as part of its strategic priorities[90] - Forward-looking statements indicate that the company aims to adapt products and services to changing market conditions[91] - The company emphasizes the importance of maintaining its reputation and financial strength amidst various market risks[93] Capital and Financial Ratios - The LICAT ratio for The Manufacturers Life Insurance Company as of December 31, 2024, was disclosed under regulatory requirements, indicating strong capital adequacy[34] - The adjusted book value as of December 31, 2024, was $63,994 million, an increase from $61,508 million as of September 30, 2024[75] - Core ROE for Q4 2024 was 16.5%, slightly down from 16.6% in Q3 2024 but up from 15.7% in Q2 2024[73] - The CSM, net of NCI, as of December 31, 2024, was $22,127 million, an increase from $20,930 million as of September 30, 2024[74]