6-K
MANULIFE FINANCIAL CORP (MFC)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2024
Commission File Number: 1-14942
MANULIFE FINANCIAL CORPORATION
(Translation of registrant's name into English)
200 Bloor Street East
North Tower 10
Toronto, Ontario, Canada M4W 1E5
(416) 926-3000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F | ¨ | Form 40-F | ☒ |
|---|
DOCUMENTS FILED AS PART OF THIS FORM 6-K
The following documents, filed as exhibits to this Form 6-K, are incorporated by reference as part of this Form 6-K:
| Exhibit | Description of Exhibit |
|---|---|
| 99.1 | News release - third quarter results dated November 6, 2024 |
| 99.2 | News release - quarterly dividend announcement dated November 6, 2024 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| MANULIFE FINANCIAL CORPORATION | ||
|---|---|---|
| By: | /s/ Scott MacIntosh | |
| Name: | Scott MacIntosh | |
| Title: | Assistant Corporate Secretary | |
| Date: November 6, 2024 |
Q3 2024 Press Release Report 1
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“We continued to drive momentum and delivered strong results in the third quarter, evident in record total
company core earnings, substantial top-line growth across our operating segments and steady growth in our
book value per share. In Global WAM, we generated a 37% increase in core earnings year-over-year, and our
core EBITDA margin4 further improved to 27.8% driven by strong AUMA growth and higher operating leverage.
In Asia, we reached record levels of APE sales, new business CSM and NBV, while delivering 17% growth in
core earnings. On a year-to-date basis, we generated 70% of core earnings from our highest potential
businesses4 which contributed to a 14% growth in core EPS excluding the impact of GMT. We remain focused
on executing against our strategic priorities and delivering on our financial targets to bring a strong close to
2024, and I am optimistic in our ability to continue generating value to our shareholders.”
— Roy Gori, Manulife President & Chief Executive Officer
“We have made progress on our financial targets unveiled at our Investor Day this year. Core ROE of 16.6%
reflects strong business performance and disciplined capital allocation. We remain diligent in our expense
management with 45.0% expense efficiency ratio4 on a year-to-date basis, in-line with our medium-term target
of less than 45%. Our balance sheet is strong, and we returned more than $2 billion to our shareholders
through our common share buyback program since the start of 20249.”
— Colin Simpson, Manulife Chief Financial Officer
TSX/NYSE/PSE: MFC SEHK: 945
C$ unless otherwise stated
TORONTO, ON – November 6, 2024 – Manulife Financial Corporation (“Manulife” or the “Company”) reported its
third quarter results for the period ended September 30, 2024, delivering record core earnings and insurance new
business results1.
Key highlights for the third quarter of 2024 (“3Q24”) include:
•Core earnings2 of $1.8 billion, up 4% on a constant exchange rate basis3 from the third quarter of 2023
(“3Q23”)
•Net income attributed to shareholders of $1.8 billion, up $0.8 billion from 3Q23
•Core EPS4 of $1.00, up 7%3 from 3Q23. EPS of $1.00, up 91%3 from 3Q23
•Excluding the impact of Global Minimum Taxes (“GMT”)5, core EPS4 was $1.03, up 11%3 from 3Q23
•Core ROE4 of 16.6% and ROE of 16.6%
•LICAT ratio6 of 137%
•APE sales up 40%7, new business CSM up 47%3 and new business value (“NBV”) up 39%7 from 3Q238
•Global Wealth and Asset Management net inflows7 of $5.2 billion, up from net outflows of $0.8 billion in 3Q23
Results at a Glance
| ($ millions, unless otherwise stated) | Quarterly Results | YTD Results | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 3Q24 | 3Q23 | Change3,7 | 2024 | 2023 | Change | |||||
| Net income attributed to shareholders | $ | 1,839 | $ | 1,013 | 82% | $ | 3,747 | $ | 3,444 | 8% |
| Core earnings | $ | 1,828 | $ | 1,743 | 4% | $ | 5,319 | $ | 4,911 | 8% |
| EPS ($) | $ | 1.00 | $ | 0.52 | 91% | $ | 1.97 | $ | 1.76 | 11% |
| Core EPS ($) | $ | 1.00 | $ | 0.92 | 7% | $ | 2.84 | $ | 2.55 | 12% |
| ROE | 16.6% | 9.5% | 7.1 pps | 11.3% | 10.8% | 0.5 pps | ||||
| Core ROE | 16.6% | 16.8% | -0.2 pps | 16.3% | 15.7% | 0.6 pps | ||||
| Book value per common share ($) | $ | 24.40 | $ | 22.42 | 9% | $ | 24.40 | $ | 22.42 | 9% |
| Adjusted BV per common share ($)4 | $ | 34.97 | $ | 30.67 | 14% | $ | 34.97 | $ | 30.67 | 14% |
| Financial leverage ratio (%)4 | 23.5% | 25.2% | -1.7 pps | 23.5% | 25.2% | -1.7 pps | ||||
| APE sales | $ | 2,347 | $ | 1,657 | 40% | $ | 6,137 | $ | 4,890 | 26% |
| New business CSM | $ | 759 | $ | 507 | 47% | $ | 2,045 | $ | 1,541 | 33% |
| NBV | $ | 843 | $ | 600 | 39% | $ | 2,235 | $ | 1,694 | 32% |
| Global WAM net flows ($ billions) | $ | 5.2 | $ | (0.8) | -% | $ | 12.0 | $ | 5.8 | 110% |
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Results by Segment
| ( millions, unless otherwise stated) | YTD Results | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 3Q23 | Change7 | 2024 | 2023 | Change | |||||
| Asia (US) | |||||||||
| Net income attributed to shareholders | 606 | $ | 63 | 877% | $ | 1,300 | $ | 543 | 136% |
| Core earnings | 453 | 390 | 17% | 1,413 | 1,104 | 31% | |||
| APE sales | 1,372 | 835 | 64% | 3,242 | 2,582 | 28% | |||
| New business CSM | 435 | 300 | 45% | 1,148 | 845 | 38% | |||
| NBV | 481 | 310 | 55% | 1,194 | 900 | 35% | |||
| Canada | |||||||||
| Net income attributed to shareholders | 430 | $ | 290 | 48% | $ | 782 | $ | 826 | (5)% |
| Core earnings | 412 | 408 | 1% | 1,178 | 1,135 | 4% | |||
| APE sales | 343 | 431 | (20)% | 1,313 | 1,046 | 26% | |||
| New business CSM | 95 | 51 | 86% | 241 | 154 | 56% | |||
| NBV | 143 | 153 | (7)% | 459 | 351 | 31% | |||
| U.S. (US) | |||||||||
| Net income attributed to shareholders | 5 | $ | 53 | (91)% | $ | 23 | $ | 327 | (93)% |
| Core earnings | 302 | 329 | (8)% | 940 | 955 | (2)% | |||
| APE sales | 97 | 79 | 23% | 303 | 275 | 10% | |||
| New business CSM | 52 | 40 | 30% | 178 | 187 | (5)% | |||
| NBV | 34 | 25 | 36% | 112 | 99 | 13% | |||
| Global WAM | |||||||||
| Net income attributed to shareholders | 498 | $ | 318 | 55% | $ | 1,213 | $ | 932 | 29% |
| Core earnings | 499 | 361 | 37% | 1,255 | 968 | 29% | |||
| Gross flows ( billions)7 | 41.3 | 34.3 | 19% | 128.2 | 108.2 | 18% | |||
| Average AUMA ( billions)7 | 963 | 813 | 16% | 924 | 812 | 13% | |||
| Core EBITDA margin (%) | 27.8% | 26.9% | 90 bps | 26.6% | 24.7% | 190 bps |
All values are in US Dollars.
Strategic Highlights
We are driving profitable top-line growth through product and distribution innovations
In Asia, we continued the rollout of Manulife Pro, our proprietary recognition and activation program for top-tier
agents, to Hong Kong in July. This key initiative contributed to improved productivity, reflecting our investments in
our agency force and contributing to over 20% year-over-year growth in agency NBV and agency APE sales in
3Q24. With this expansion Manulife Pro is now available in five of our markets10.
In addition, we further enhanced our high-net-worth offerings with the launch of two innovative new products:
Manulife Global Indexed UL PRO in our International High Net Worth business and Signature Indexed Income in
Singapore. These offerings build on our capabilities to meet the complex and evolving protection, legacy planning
and wealth management needs of high-net-worth customers.
In the U.S., we expanded a differentiated enhancement to our entire suite of survivorship solutions, allowing
customers to proactively address their estate planning needs now in anticipation of potential estate tax changes in
2026.
In Global WAM, we announced the closing of a $1.1 billion institutional fund - Manulife Private Equity Partners II.
This fund is part of our ongoing effort to provide specialized solutions for institutional investors seeking greater
exposure to opportunities in the growing North American private equity market.
We are elevating the customer experience with continued digital and AI enhancements
In Asia, we improved customer experience and the operational efficiency of our Japan contact centre as part of
global contact centre transformation initiatives. Our further enhancement of voice bot capabilities and the
application of AI contributed to a record high transactional NPS11 on a year-to-date basis. AI-enabled speech-to-
text and call summarization enhancements reduced average contact centre handling time by 28% compared with
3Q23.
Furthermore, we launched new mobile apps in Vietnam and Indonesia as part of our program to create a unified
customer app experience in each of our Asia markets. These apps now enable customers to seamlessly conduct a
wide range of policy management activities including accessing policy information, making premium payments,
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tracking claim status, updating personal information and downloading contracts. Since the launch of the new
mobile app in Vietnam in August, monthly customer registrations have nearly doubled12.
In the U.S., we entered into a strategic distribution partnership with Ethos – a life insurance technology company
focused on simplifying the purchase experience – to provide prospective customers and nearly 9,000 newly
appointed agents with instant coverage decisions for our Simple Term solution via the Ethos platform.
In Global WAM, we launched an AI-powered planning tool in our wealth platform in Canada Retail to enhance
support for advisors and their clients, delivering an elevated service experience through streamlined financial
planning processes and personalized advice and solutions.
We are helping our customers live longer, healthier, and better lives
In Canada, we further enhanced our mobile app for the Manulife Vitality program with tailored activity
recommendations to provide customers with a more personalized app experience to help them achieve their
health and wellness goals. Continuous improvements have resulted in a 9% increase in utilization year-over-year.
In the U.S., we provided access to GRAIL’s Galleri® multi-cancer early detection test to certain eligible John
Hancock Vitality members ages 40 to 49 (previously ages 50 and up). This change aligns our offering with recent
medical research indicating a significant increase in early-onset cancer diagnoses13, reinforcing our commitment to
early detection and better health outcomes for our members.
Strong earnings driven by continued business growth and improved market experience14
Core earnings of $1.8 billion in 3Q24, up 4% from 3Q23
The increase reflected strong business growth led by Global WAM and Asia, and a lower net charge in the
provision for Expected Credit Loss (“ECL”), more than offsetting the impacts of GMT and reinsurance transactions
closed earlier this year.
•Asia core earnings were up 17%, reflecting continued business growth momentum and benefits from
updates to actuarial methods and assumptions in 2023 and 2024.
•Global WAM core earnings hit a record level in 3Q24 and grew 37%, driven by higher net fee income
from favourable market impacts and positive net flows, favourable tax true-ups and benefits, and
continued expense discipline.
•Canada core earnings increased 1% as strong business growth in Group Insurance more than offset the
impact of less favourable claims experience in 3Q24.
•U.S. core earnings were down 8%, primarily due to lower investment spreads, impact from the previously
completed reinsurance transaction and the annual review of actuarial methods and assumptions, partially
offset by a lower charge in the ECL provision and more favourable claims experience in life.
•Corporate and Other core earnings decreased $123 million, mainly due to the impact of GMT and higher
interest on capital allocated to operating segments.
Net Income attributed to shareholders of $1.8 billion in 3Q24, $0.8 billion higher compared with 3Q23
The $0.8 billion increase in net income reflects improved market experience and core earnings growth, partially
offset by lower tax-related benefits and a higher net charge from the annual review of actuarial methods and
assumptions. The net gain from market experience in 3Q24 was primarily related to higher-than-expected returns
from public equity and net realized gains from the sale of debt instruments, partially offset by lower-than-expected
returns on alternative long-duration assets mainly related to real estate investments.
Record levels across all three insurance new business metrics for total company and Asia segment, and
strong net inflows in Global WAM
Significant momentum continued into 3Q24 as the insurance business generated year-over-year growth
of 40%, 47% and 39% in APE sales, new business CSM and NBV, respectively.
•Asia led with broad-based growth, generating 64%, 45% and 55% year-over-year growth in APE sales,
new business CSM and NBV, respectively, reflecting higher sales volumes in Hong Kong, mainland
China, Singapore and Japan. NBV margin7 remained resilient at 38.8%.
•Canada delivered solid new business results; higher sales in participating life insurance and Group
Insurance were more than offset by the non-recurrence of a large affinity market sale in 3Q23. APE sales
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and NBV were down 20% and 7%, respectively, while new business CSM increased 86% due to strong
individual insurance and segregated fund sales.
•U.S. delivered double-digit growth in APE sales, new business CSM and NBV of 23%, 30% and 36%,
respectively, reflecting a rebound in demand from affluent customers for accumulation insurance
products.
Global WAM net inflows of $5.2 billion in 3Q24, increased $6.0 billion compared with net outflows of $0.8
billion in 3Q23, reflecting strong Retail net flows across all geographies
•Retirement net inflows of $0.6 billion in 3Q24 increased from net outflows of $3.4 billion in 3Q23, primarily
driven by the non-recurrence of a large-case retirement plan redemption in the U.S. in 3Q23.
•Retail net inflows of $3.9 billion in 3Q24 increased from net outflows of $0.2 billion in 3Q23, due to
increased demand for investment products amid an equity market recovery and improved investor
sentiment, as well as the onboarding of several new advisors in Canada wealth.
•Institutional Asset Management net inflows of $0.7 billion in 3Q24 decreased compared with net inflows of
$2.8 billion in 3Q23, reflecting higher redemptions in fixed income mandates.
Growth in new business continues to drive higher organic CSM and CSM balance
CSM15 was $20,930 million as at September 30, 2024
CSM increased $490 million compared with December 31, 2023. Organic CSM movement contributed $724
million of the increase for the first three quarters of 2024, primarily driven by the impact of new business and
interest accretion, partially offset by amortization recognized in core earnings and adverse insurance experience.
Inorganic CSM movement was a decrease of $234 million for the same period, primarily driven by the impacts of
reinsurance transactions and the annual review of actuarial methods and assumptions, partially offset by
favourable impacts of changes in foreign currency exchange rates and equity market performance. Post-tax CSM
net of NCI2 was $18,595 million as at September 30, 2024.
Annual Review of Actuarial Methods and Assumptions
We completed our annual review of actuarial methods and assumptions, which resulted in a net favourable
impact of a $174 million16 decrease in pre-tax fulfillment cash flows. Under IFRS 17, the impact of the annual
review of actuarial methods and assumptions is reported in several places. The $174 million decrease in pre-tax
fulfillment cash flows in 3Q24 was comprised of a decrease in pre-tax net income attributed to shareholders of
$250 million ($199 million post-tax), an increase in pre-tax net income attributed to participating policyholders of
$29 million ($21 million post-tax), a decrease in CSM of $421 million, an increase in pre-tax other comprehensive
income attributed to shareholders of $771 million ($632 million post-tax), and an increase in pre-tax other
comprehensive income attributed to participating policyholders of $45 million ($32 million post-tax). The actuarial
review this year included updates to our lapse assumptions for non-participating products in our U.S. life
insurance business and in our International High Net Worth business in Asia segment, updates to discount rates
used in the valuation of our non-participating business, a review of our reinsurance contracts and risk adjustment,
updates to our global expense assumptions, updates to mortality and morbidity assumptions in certain products in
Asia, as well as other methodology refinements.
1.Record levels of total company annualized premium equivalent (“APE”) sales, new business contractual service margin (“new business CSM”) and new
business value (“NBV”).
2.Core earnings and post-tax contractual service margin net of NCI (“post-tax CSM net of NCI”) are non-GAAP financial measures. For more information on
non-GAAP and other financial measures, see “Non-GAAP and other financial measures” below and in our 3Q24 Management’s Discussion and Analysis
(“3Q24 MD&A”).
3.Percentage growth / declines in core earnings, diluted core earnings per common share (“core EPS”), diluted earnings (loss) per share (“EPS”), core EPS
excluding the impact of GMT, new business contractual service margin net of NCI (“new business CSM”), and net income attributed to shareholders are stated
on a constant exchange rate basis and are non-GAAP ratios.
4.Core EPS, core EPS excluding the impact of GMT, core ROE, core EBITDA margin, highest potential businesses core earnings contribution, expense
efficiency ratio, adjusted book value per common share (“adjusted BV per common share”) and financial leverage ratio are non-GAAP ratios.
5.On June 20, 2024, Canada enacted the Global Minimum Tax Act. The impact was reflected in Corporate & Other in situations where GMT was not
substantively enacted in local jurisdictions where we operated as of September 30, 2024.
6.Life Insurance Capital Adequacy Test (“LICAT”) ratio of The Manufacturers Life Insurance Company (“MLI”) as at September 30, 2024. LICAT ratio is
disclosed under the Office of the Superintendent of Financial Institutions Canada’s (“OSFI’s”) Life Insurance Capital Adequacy Test Public Disclosure
Requirements guideline.
7.For more information on annualized premium equivalent (“APE”) sales, NBV, Global Wealth and Asset Management (“Global WAM”) net flows, gross flows,
average asset under management and administration (“average AUMA”) and new business value margin (“NBV margin”), see “Non-GAAP and other financial
measures” below. In this news release, percentage growth/decline in APE sales, NBV, net flows, gross flows and average AUMA are stated on a constant
exchange rate basis.
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8.Refer to “Results at a Glance” for 3Q24 and 3Q23 results.
9.As of October 31, 2024.
10.Manulife Pro is available in Singapore, Vietnam, Indonesia, Japan and Hong Kong.
11.Net promoter score (“NPS”).
12.Compared with registration in May 2024, prior to the soft launch of the app in June 2024.
13.Jianhui Zhao, Liying Xu, et al - Global trends in incidence, death, burden and risk factors of early-onset cancer from 1990 to 2019: BMJ Oncology 2023.
14.See section A1 “Profitability” in our 3Q24 MD&A for more information on notable items attributable to core earnings and net income attributed to shareholders.
15.Net of non-controlling interests (“NCI”).
16.This amount excludes the portion related to NCI.
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Quarterly Results Conference Call
Manulife will host a conference call and live webcast on its third quarter 2024 results on November 7, 2024, at
8:00 a.m. (ET). To access the conference call, dial 1-800-806-5484 or 1-416-340-2217 (Passcode: 3664682#).
Please call in 15 minutes before the scheduled start time. You will be required to provide your name and
organization to the operator. You may access the webcast at manulife.com/en/investors/results-and-reports.
The archived webcast will be available following the call at the same URL as above. A replay of the call will also
be available until December 7, 2024, by dialing 1-800-408-3053 or 1-905-694-9451 (Passcode: 5071593#).
The Third Quarter 2024 Statistical Information Package is also available on the Manulife website at
www.manulife.com/en/investors/results-and-reports.
This earnings news release should be read in conjunction with the Company’s Third Quarter 2024 Report to
Shareholders, including our unaudited interim Consolidated Financial Statements for the three and nine months
ended September 30, 2024, prepared in accordance with International Financial Reporting Standards (“IFRS”) as
issued by the International Accounting Standards Board, which is available on our website at https://
www.manulife.com/en/investors/results-and-reports.html. The Company’s 3Q24 MD&A and additional information
relating to the Company is available on the SEDAR+ website at http://www.sedarplus.ca and on the U.S.
Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Any information contained in, or otherwise accessible through, websites mentioned in this news release does not
form a part of this document unless it is expressly incorporated by reference.
Media InquiriesInvestor Relations
Anne HammerHung Ko
(201) 925-1213(416) 806-9921
ahammer@manulife.com Hung_Ko@manulife.com
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Earnings
The following table presents net income attributed to shareholders, consisting of core earnings and details of the
items excluded from core earnings:
| Quarterly Results | YTD Results | ||||
|---|---|---|---|---|---|
| ($ millions) | 3Q24 | 2Q24 | 3Q23 | 2024 | 2023 |
| Core earnings | |||||
| Asia | $619 | $647 | $522 | $1,923 | $1,484 |
| Canada | 412 | 402 | 408 | 1,178 | 1,135 |
| U.S. | 411 | 415 | 442 | 1,278 | 1,285 |
| Global Wealth and Asset Management | 499 | 399 | 361 | 1,255 | 968 |
| Corporate and Other | (113) | (126) | 10 | (315) | 39 |
| Total core earnings | $1,828 | $1,737 | $1,743 | $5,319 | $4,911 |
| Items excluded from core earnings:<br><br>Market experience gains (losses) | 186 | (665) | (1,022) | (1,258) | (1,657) |
| Change in actuarial methods and assumptions that flow<br><br>directly through income | (199) | - | (14) | (199) | (14) |
| Restructuring charge | (20) | - | - | (20) | - |
| Reinsurance transactions, tax-related items and other | 44 | (30) | 306 | (95) | 204 |
| Net income attributed to shareholders | $1,839 | $1,042 | $1,013 | $3,747 | $3,444 |
Non-GAAP and other financial measures
The Company prepares its Consolidated Financial Statements in accordance with International Financial
Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. We use a number of
non-GAAP and other financial measures to evaluate overall performance and to assess each of our businesses.
This section includes information required by National Instrument 52-112 – Non-GAAP and Other Financial
Measures Disclosure in respect of “specified financial measures” (as defined therein).
Non-GAAP financial measures include core earnings (loss); core earnings available to common shareholders;
core earnings before income taxes, depreciation and amortization (“core EBITDA”); core expenses, core earnings
available to common shareholders excluding the impact of GMT; core revenue; adjusted book value; post-tax
contractual service margin; and post-tax contractual service margin net of NCI (“post-tax CSM net of NCI”). In
addition, non-GAAP financial measures include the following stated on a constant exchange rate (“CER”) basis:
any of the foregoing non-GAAP financial measures; net income attributed to shareholders; and common
shareholders’ net income.
Non-GAAP ratios include core return on common shareholders’ equity (“core ROE”); diluted core earnings per
common share (“core EPS”); core EPS excluding the impact of Global Minimum Tax (“GMT”); highest potential
businesses core earnings contribution; expense efficiency ratio; adjusted book value per common share; financial
leverage ratio; core EBITDA margin; and percentage growth/decline on a constant exchange rate basis in any of
the above non-GAAP financial measures and non-GAAP ratios; net income attributed to shareholders; diluted
earnings per common share (“EPS”); and new business CSM.
Other specified financial measures include NBV; APE sales; gross flows; net flows; average assets under
management and administration (“average AUMA”); new business value margin (“NBV margin”); and percentage
growth/decline in these foregoing specified financial measures. In addition, explanations of the components of the
CSM movement, other than the new business CSM were provided in the 3Q24 MD&A.
Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under GAAP and,
therefore, might not be comparable to similar financial measures disclosed by other issuers. Therefore, they
should not be considered in isolation or as a substitute for any other financial information prepared in accordance
with GAAP. For more information on non-GAAP financial measures, including those referred to above, see the
section “Non-GAAP and other financial measures” in our 3Q24 MD&A, which is incorporated by reference.
8
| M<br><br>a<br><br>n<br><br>u<br><br>li<br><br>f<br><br>e<br><br>R<br><br>e<br><br>p<br><br>o<br><br>rt<br><br>s<br><br>S<br><br>e<br><br>c<br><br>o<br><br>n<br><br>d<br><br>Q<br><br>u<br><br>a<br><br>r<br><br>t<br><br>e<br><br>r<br><br>2<br><br>0<br><br>2<br><br>3<br><br>R<br><br>e<br><br>s<br><br>u<br><br>lt<br><br>s |
|---|
Reconciliation of core earnings to net income attributed to shareholders – 3Q24
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| Asia | Canada | U.S. | Global<br><br>WAM | Corporate<br><br>and Other | Total | |
| Income (loss) before income taxes | 1,059 | $578 | $18 | $519 | $167 | $2,341 |
| Income tax (expenses) recoveries | ||||||
| Core earnings | (65) | (104) | (112) | (6) | (28) | (315) |
| Items excluded from core earnings | 26 | (10) | 99 | (14) | (60) | 41 |
| Income tax (expenses) recoveries | (39) | (114) | (13) | (20) | (88) | (274) |
| Net income (post-tax) | 1,020 | 464 | 5 | 499 | 79 | 2,067 |
| Less: Net income (post-tax) attributed to | ||||||
| Non-controlling interests | 130 | - | - | 1 | - | 131 |
| Participating policyholders | 63 | 34 | - | - | - | 97 |
| Net income (loss) attributed to shareholders (post-tax) | 827 | 430 | 5 | 498 | 79 | 1,839 |
| Less: Items excluded from core earnings (post-tax) | ||||||
| Market experience gains (losses) | 213 | 16 | (204) | 28 | 133 | 186 |
| Changes in actuarial methods and assumptions that<br><br>flow directly through income | (5) | 2 | (202) | - | 6 | (199) |
| Restructuring charge | - | - | - | (20) | - | (20) |
| Reinsurance transactions, tax related items and other | - | - | - | (9) | 53 | 44 |
| Core earnings (post-tax) | 619 | $412 | $411 | $499 | $(113) | $1,828 |
| Income tax on core earnings (see above) | 65 | 104 | 112 | 6 | 28 | 315 |
| Core earnings (pre-tax) | 684 | $516 | $523 | $505 | $(85) | $2,143 |
All values are in US Dollars.
Core earnings, CER basis and U.S. dollars – 3Q24
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| Canada | U.S. | Corporate<br><br>and Other | Total | |
| Core earnings (post-tax) | $412 | 411 | $(113) | $1,828 |
| CER adjustment(1) | - | - | - | - |
| Core earnings, CER basis (post-tax) | $412 | 411 | $(113) | $1,828 |
| Income tax on core earnings, CER basis(2) | 104 | 112 | 28 | 315 |
| Core earnings, CER basis (pre-tax) | $516 | 523 | $(85) | $2,143 |
| Core earnings (U.S. dollars) – Asia and U.S. segments | ||||
| Core earnings (post-tax)(3), US | 302 | |||
| CER adjustment US (1) | - | |||
| Core earnings, CER basis (post-tax), US | 302 | |||
| (1)The impact of updating foreign exchange rates to that which was used in 3Q24.(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q24.(3)Core earnings (post-tax) in Canadian is translated to US using the US Statement of Income exchange rate for 3Q24. |
All values are in US Dollars.
9
| M<br><br>a<br><br>n<br><br>u<br><br>li<br><br>f<br><br>e<br><br>R<br><br>e<br><br>p<br><br>o<br><br>rt<br><br>s<br><br>S<br><br>e<br><br>c<br><br>o<br><br>n<br><br>d<br><br>Q<br><br>u<br><br>a<br><br>r<br><br>t<br><br>e<br><br>r<br><br>2<br><br>0<br><br>2<br><br>3<br><br>R<br><br>e<br><br>s<br><br>u<br><br>lt<br><br>s |
|---|
Reconciliation of core earnings to net income attributed to shareholders – 2Q24
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| 2Q24 | ||||||
|---|---|---|---|---|---|---|
| Asia | Canada | U.S. | Global<br><br>WAM | Corporate<br><br>and Other | Total | |
| Income (loss) before income taxes | $763 | $141 | $156 | $383 | $(59) | $1,384 |
| Income tax (expenses) recoveries | ||||||
| Core earnings | (64) | (107) | (95) | (46) | (8) | (320) |
| Items excluded from core earnings | (51) | 68 | 74 | 14 | (37) | 68 |
| Income tax (expenses) recoveries | (115) | (39) | (21) | (32) | (45) | (252) |
| Net income (post-tax) | 648 | 102 | 135 | 351 | (104) | 1,132 |
| Less: Net income (post-tax) attributed to | ||||||
| Non-controlling interests | 38 | - | - | 1 | - | 39 |
| Participating policyholders | 28 | 23 | - | - | - | 51 |
| Net income (loss) attributed to shareholders (post-tax) | 582 | 79 | 135 | 350 | (104) | 1,042 |
| Less: Items excluded from core earnings (post-tax) | ||||||
| Market experience gains (losses) | (58) | (364) | (280) | (7) | 44 | (665) |
| Changes in actuarial methods and assumptions that<br><br>flow directly through income | - | - | - | - | - | - |
| Restructuring charge | - | - | - | - | - | - |
| Reinsurance transactions, tax related items and other | (7) | 41 | - | (42) | (22) | (30) |
| Core earnings (post-tax) | $647 | $402 | $415 | $399 | $(126) | $1,737 |
| Income tax on core earnings (see above) | 64 | 107 | 95 | 46 | 8 | 320 |
| Core earnings (pre-tax) | $711 | $509 | $510 | $445 | $(118) | $2,057 |
Core earnings, CER basis and U.S. dollars – 2Q24
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| U.S. | Corporate<br><br>and Other | Total | |
| Core earnings (post-tax) | 415 | $(126) | $1,737 |
| CER adjustment(1) | (2) | 1 | 5 |
| Core earnings, CER basis (post-tax) | 413 | $(125) | $1,742 |
| Income tax on core earnings, CER basis(2) | 95 | 8 | 321 |
| Core earnings, CER basis (pre-tax) | 508 | $(117) | $2,063 |
| Core earnings (U.S. dollars) – Asia and U.S. segments | |||
| Core earnings (post-tax)(3), US | 303 | ||
| CER adjustment US (1) | - | ||
| Core earnings, CER basis (post-tax), US | 303 | ||
| (1)The impact of updating foreign exchange rates to that which was used in 3Q24.(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q24.(3)Core earnings (post-tax) in Canadian is translated to US using the US Statement of Income exchange rate for 2Q24. |
All values are in US Dollars.
10
| M<br><br>a<br><br>n<br><br>u<br><br>li<br><br>f<br><br>e<br><br>R<br><br>e<br><br>p<br><br>o<br><br>rt<br><br>s<br><br>S<br><br>e<br><br>c<br><br>o<br><br>n<br><br>d<br><br>Q<br><br>u<br><br>a<br><br>r<br><br>t<br><br>e<br><br>r<br><br>2<br><br>0<br><br>2<br><br>3<br><br>R<br><br>e<br><br>s<br><br>u<br><br>lt<br><br>s |
|---|
Reconciliation of core earnings to net income attributed to shareholders – 3Q23
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| 3Q23 | ||||||
|---|---|---|---|---|---|---|
| Asia | Canada | U.S. | Global<br><br>WAM | Corporate<br><br>and Other | Total | |
| Income (loss) before income taxes | $439 | $376 | $68 | $366 | $(75) | $1,174 |
| Income tax (expenses) recoveries | ||||||
| Core earnings | (62) | (109) | (93) | (59) | 30 | (293) |
| Items excluded from core earnings | (73) | 15 | 97 | 11 | 294 | 344 |
| Income tax (expenses) recoveries | (135) | (94) | 4 | (48) | 324 | 51 |
| Net income (post-tax) | 304 | 282 | 72 | 318 | 249 | 1,225 |
| Less: Net income (post-tax) attributed to | ||||||
| Non-controlling interests | 25 | - | - | - | - | 25 |
| Participating policyholders | 195 | (8) | - | - | - | 187 |
| Net income (loss) attributed to shareholders (post-tax) | 84 | 290 | 72 | 318 | 249 | 1,013 |
| Less: Items excluded from core earnings (post-tax) | ||||||
| Market experience gains (losses) | (286) | (159) | (476) | (43) | (58) | (1,022) |
| Changes in actuarial methods and assumptions that<br><br>flow directly through income | (157) | 37 | 106 | - | - | (14) |
| Restructuring charge | - | - | - | - | - | - |
| Reinsurance transactions, tax related items and other | 5 | 4 | - | - | 297 | 306 |
| Core earnings (post-tax) | $522 | $408 | $442 | $361 | $10 | $1,743 |
| Income tax on core earnings (see above) | 62 | 109 | 93 | 59 | (30) | 293 |
| Core earnings (pre-tax) | $584 | $517 | $535 | $420 | $(20) | $2,036 |
Core earnings, CER basis and U.S. dollars – 3Q23
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| U.S. | Corporate<br><br>and Other | Total | |
| Core earnings (post-tax) | 442 | $10 | $1,743 |
| CER adjustment(1) | 7 | 1 | 16 |
| Core earnings, CER basis (post-tax) | 449 | $11 | $1,759 |
| Income tax on core earnings, CER basis(2) | 95 | (30) | 295 |
| Core earnings, CER basis (pre-tax) | 544 | $(19) | $2,054 |
| Core earnings (U.S. dollars) – Asia and U.S. segments | |||
| Core earnings (post-tax)(3), US | 329 | ||
| CER adjustment US (1) | - | ||
| Core earnings, CER basis (post-tax), US | 329 | ||
| (1)The impact of updating foreign exchange rates to that which was used in 3Q24.(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q24.(3)Core earnings (post-tax) in Canadian is translated to US using the US Statement of Income exchange rate for 3Q23. |
All values are in US Dollars.
11
| M<br><br>a<br><br>n<br><br>u<br><br>li<br><br>f<br><br>e<br><br>R<br><br>e<br><br>p<br><br>o<br><br>rt<br><br>s<br><br>S<br><br>e<br><br>c<br><br>o<br><br>n<br><br>d<br><br>Q<br><br>u<br><br>a<br><br>r<br><br>t<br><br>e<br><br>r<br><br>2<br><br>0<br><br>2<br><br>3<br><br>R<br><br>e<br><br>s<br><br>u<br><br>lt<br><br>s |
|---|
Reconciliation of core earnings to net income attributed to shareholders – YTD 2024
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| YTD 2024 | ||||||
|---|---|---|---|---|---|---|
| Asia | Canada | U.S. | Global<br><br>WAM | Corporate<br><br>and Other | Total | |
| Income (loss) before income taxes | $2,416 | $1,100 | $20 | $1,328 | $113 | $4,977 |
| Income tax (expenses) recoveries | ||||||
| Core earnings | (196) | (302) | (310) | (110) | (3) | (921) |
| Items excluded from core earnings | (108) | 66 | 322 | (3) | (162) | 115 |
| Income tax (expenses) recoveries | (304) | (236) | 12 | (113) | (165) | (806) |
| Net income (post-tax) | 2,112 | 864 | 32 | 1,215 | (52) | 4,171 |
| Less: Net income (post-tax) attributed to | ||||||
| Non-controlling interests | 223 | - | - | 2 | - | 225 |
| Participating policyholders | 117 | 82 | - | - | - | 199 |
| Net income (loss) attributed to shareholders (post-tax) | 1,772 | 782 | 32 | 1,213 | (52) | 3,747 |
| Less: Items excluded from core earnings (post-tax) | ||||||
| Market experience gains (losses) | (95) | (439) | (1,018) | 27 | 267 | (1,258) |
| Changes in actuarial methods and assumptions that<br><br>flow directly through income | (5) | 2 | (202) | - | 6 | (199) |
| Restructuring charge | - | - | - | (20) | - | (20) |
| Reinsurance transactions, tax related items and other | (51) | 41 | (26) | (49) | (10) | (95) |
| Core earnings (post-tax) | $1,923 | $1,178 | $1,278 | $1,255 | $(315) | $5,319 |
| Income tax on core earnings (see above) | 196 | 302 | 310 | 110 | 3 | 921 |
| Core earnings (pre-tax) | $2,119 | $1,480 | $1,588 | $1,365 | $(312) | $6,240 |
Core earnings, CER basis and U.S. dollars – YTD 2024
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| U.S. | Corporate<br><br>and Other | Total | |
| Core earnings (post-tax) | 1,278 | $(315) | $5,319 |
| CER adjustment(1) | 3 | 1 | 21 |
| Core earnings, CER basis (post-tax) | 1,281 | $(314) | $5,340 |
| Income tax on core earnings, CER basis(2) | 312 | 3 | 924 |
| Core earnings, CER basis (pre-tax) | 1,593 | $(311) | $6,264 |
| Core earnings (U.S. dollars) – Asia and U.S. segments | |||
| Core earnings (post-tax)(3), US | 940 | ||
| CER adjustment US (1) | - | ||
| Core earnings, CER basis (post-tax), US | 940 | ||
| (1)The impact of updating foreign exchange rates to that which was used in 3Q24.(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q24.(3)Core earnings (post-tax) in Canadian is translated to US using the US Statement of Income exchange rate for the respective quarters that make up 2024 year-to-date core earnings. |
All values are in US Dollars.
12
| M<br><br>a<br><br>n<br><br>u<br><br>li<br><br>f<br><br>e<br><br>R<br><br>e<br><br>p<br><br>o<br><br>rt<br><br>s<br><br>S<br><br>e<br><br>c<br><br>o<br><br>n<br><br>d<br><br>Q<br><br>u<br><br>a<br><br>r<br><br>t<br><br>e<br><br>r<br><br>2<br><br>0<br><br>2<br><br>3<br><br>R<br><br>e<br><br>s<br><br>u<br><br>lt<br><br>s |
|---|
Reconciliation of core earnings to net income attributed to shareholders – YTD 2023
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| YTD 2023 | ||||||
|---|---|---|---|---|---|---|
| Asia | Canada | U.S. | Global<br><br>WAM | Corporate<br><br>and Other | Total | |
| Income (loss) before income taxes | $1,397 | $1,111 | $507 | $1,073 | $241 | $4,329 |
| Income tax (expenses) recoveries | ||||||
| Core earnings | (203) | (291) | (289) | (149) | 62 | (870) |
| Items excluded from core earnings | (128) | 34 | 223 | 9 | 209 | 347 |
| Income tax (expenses) recoveries | (331) | (257) | (66) | (140) | 271 | (523) |
| Net income (post-tax) | 1,066 | 854 | 441 | 933 | 512 | 3,806 |
| Less: Net income (post-tax) attributed to | ||||||
| Non-controlling interests | 104 | - | - | 1 | - | 105 |
| Participating policyholders | 229 | 28 | - | - | - | 257 |
| Net income (loss) attributed to shareholders (post-tax) | 733 | 826 | 441 | 932 | 512 | 3,444 |
| Less: Items excluded from core earnings (post-tax) | ||||||
| Market experience gains (losses) | (553) | (350) | (917) | (41) | 204 | (1,657) |
| Changes in actuarial methods and assumptions that<br><br>flow directly through income | (157) | 37 | 106 | - | - | (14) |
| Restructuring charge | - | - | - | - | - | - |
| Reinsurance transactions, tax related items and other | (41) | 4 | (33) | 5 | 269 | 204 |
| Core earnings (post-tax) | $1,484 | $1,135 | $1,285 | $968 | $39 | $4,911 |
| Income tax on core earnings (see above) | 203 | 291 | 289 | 149 | (62) | 870 |
| Core earnings (pre-tax) | $1,687 | $1,426 | $1,574 | $1,117 | $(23) | $5,781 |
Core earnings, CER basis and U.S. dollars – YTD 2023
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| U.S. | Corporate<br><br>and Other | Total | |
| Core earnings (post-tax) | 1,285 | $39 | $4,911 |
| CER adjustment(1) | 18 | 2 | 17 |
| Core earnings, CER basis (post-tax) | 1,303 | $41 | $4,928 |
| Income tax on core earnings, CER basis(2) | 293 | (61) | 871 |
| Core earnings, CER basis (pre-tax) | 1,596 | $(20) | $5,799 |
| Core earnings (U.S. dollars) – Asia and U.S. segments | |||
| Core earnings (post-tax)(3), US | 955 | ||
| CER adjustment US (1) | - | ||
| Core earnings, CER basis (post-tax), US | 955 | ||
| (1)The impact of updating foreign exchange rates to that which was used in 3Q24.(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q24.(3)Core earnings (post-tax) in Canadian is translated to US using the US Statement of Income exchange rate for the respective quarters that make up 2023 year-to-date core earnings. |
All values are in US Dollars.
13
| M<br><br>a<br><br>n<br><br>u<br><br>li<br><br>f<br><br>e<br><br>R<br><br>e<br><br>p<br><br>o<br><br>rt<br><br>s<br><br>S<br><br>e<br><br>c<br><br>o<br><br>n<br><br>d<br><br>Q<br><br>u<br><br>a<br><br>r<br><br>t<br><br>e<br><br>r<br><br>2<br><br>0<br><br>2<br><br>3<br><br>R<br><br>e<br><br>s<br><br>u<br><br>lt<br><br>s |
|---|
Core earnings available to common shareholders
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| Quarterly Results | YTD Results | Full Year<br><br>Results | ||||||
|---|---|---|---|---|---|---|---|---|
| 3Q24 | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2024 | 2023 | 2023 | |
| Core earnings | $1,828 | $1,737 | $1,754 | $1,773 | $1,743 | $5,319 | $4,911 | $6,684 |
| Less: Preferred share dividends and<br><br>other equity distributions | 56 | 99 | 55 | 99 | 54 | 210 | 204 | 303 |
| Core earnings available to common<br><br>shareholders | 1,772 | 1,638 | 1,699 | 1,674 | 1,689 | 5,109 | 4,707 | 6,381 |
| CER adjustment(1) | - | 5 | 16 | 2 | 16 | 21 | 17 | 19 |
| Core earnings available to common<br><br>shareholders, CER basis | $1,772 | $1,643 | $1,715 | $1,676 | $1,705 | $5,130 | $4,724 | $6,400 |
| (1)The impact of updating foreign exchange rates to that which was used in 3Q24. |
Core ROE
($ millions, unless otherwise stated)
| Quarterly Results | YTD Results | Full Year<br><br>Results | ||||||
|---|---|---|---|---|---|---|---|---|
| 3Q24 | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2024 | 2023 | 2023 | |
| Core earnings available to common<br><br>shareholders | $1,772 | $1,638 | $1,699 | $1,674 | $1,689 | $5,109 | $4,707 | $6,381 |
| Annualized core earnings available<br><br>to common shareholders (post-tax) | $7,049 | $6,588 | $6,833 | $6,641 | $6,701 | $6,824 | $6,293 | $6,381 |
| Average common shareholders’<br><br>equity (see below) | $42,609 | $41,947 | $40,984 | $40,563 | $39,897 | $41,847 | $40,081 | $40,201 |
| Core ROE (annualized) (%) | 16.6% | 15.7% | 16.7% | 16.4% | 16.8% | 16.3% | 15.7% | 15.9% |
| Average common shareholders’<br><br>equity | ||||||||
| Total shareholders’ and other equity | $49,573 | $48,965 | $48,250 | $47,039 | $47,407 | $49,573 | $47,407 | $47,039 |
| Less: Preferred shares and other equity | 6,660 | 6,660 | 6,660 | 6,660 | 6,660 | 6,660 | 6,660 | 6,660 |
| Common shareholders’ equity | $42,913 | $42,305 | $41,590 | $40,379 | $40,747 | $42,913 | $40,747 | $40,379 |
| Average common shareholders’<br><br>equity | $42,609 | $41,947 | $40,984 | $40,563 | $39,897 | $41,847 | $40,081 | $40,201 |
Core earnings available to common shareholders excluding the impact of GMT
| For the three months ended September 30, 2024 | |
|---|---|
| ($ millions and post-tax) | 2024 |
| Core earnings available to common shareholders | $1,772 |
| Less: GMT included in core earnings | (61) |
| Core earnings available to common shareholders excluding the impact GMT | $1,833 |
CSM and post-tax CSM information
($ millions pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| As at | Sept 30,<br><br>2024 | Jun 30,<br><br>2024 | Mar 31,<br><br>2024 | Dec 31,<br><br>2023 | Sept 30,<br><br>2023 |
|---|---|---|---|---|---|
| CSM | $22,213 | $21,760 | $22,075 | $21,301 | $18,149 |
| Less: CSM for NCI | 1,283 | 1,002 | 986 | 861 | 780 |
| CSM, net of NCI | $20,930 | $20,758 | $21,089 | $20,440 | $17,369 |
| CER adjustment(1) | - | 218 | 207 | 427 | 152 |
| CSM, net of NCI, CER basis | $20,930 | $20,976 | $21,296 | $20,867 | $17,521 |
| Post-tax CSM | |||||
| CSM | $22,213 | $21,760 | $22,075 | $21,301 | $18,149 |
| Marginal tax rate on CSM | (2,488) | (2,576) | (2,650) | (2,798) | (2,474) |
| Post-tax CSM | $19,725 | $19,184 | $19,425 | $18,503 | $15,675 |
| CSM, net of NCI | $20,930 | $20,758 | $21,089 | $20,440 | $17,369 |
| Marginal tax rate on CSM net of NCI | (2,335) | (2,468) | (2,542) | (2,692) | (2,377) |
| Post-tax CSM net of NCI | $18,595 | $18,290 | $18,547 | $17,748 | $14,992 |
| (1) The impact of reflecting CSM and CSM net of NCI using the foreign exchange rates for the Statement of Financial Position in effect for 3Q24. |
14
| M<br><br>a<br><br>n<br><br>u<br><br>li<br><br>f<br><br>e<br><br>R<br><br>e<br><br>p<br><br>o<br><br>rt<br><br>s<br><br>S<br><br>e<br><br>c<br><br>o<br><br>n<br><br>d<br><br>Q<br><br>u<br><br>a<br><br>r<br><br>t<br><br>e<br><br>r<br><br>2<br><br>0<br><br>2<br><br>3<br><br>R<br><br>e<br><br>s<br><br>u<br><br>lt<br><br>s |
|---|
New business CSM(1) detail, CER basis
($ millions pre-tax, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| Quarterly Results | YTD Results | Full Year<br><br>Results | ||||||
|---|---|---|---|---|---|---|---|---|
| 3Q24 | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2024 | 2023 | 2023 | |
| New business CSM | ||||||||
| Hong Kong | $254 | $200 | $168 | $199 | $167 | $622 | $477 | $676 |
| Japan | 86 | 90 | 48 | 42 | 29 | 224 | 84 | 126 |
| Asia Other | 253 | 188 | 275 | 173 | 206 | 716 | 574 | 747 |
| International High Net Worth | 231 | |||||||
| Mainland China | 138 | |||||||
| Singapore | 244 | |||||||
| Vietnam | 87 | |||||||
| Other Emerging Markets | 47 | |||||||
| Asia | 593 | 478 | 491 | 414 | 402 | 1,562 | 1,135 | 1,549 |
| Canada | 95 | 76 | 70 | 70 | 51 | 241 | 154 | 224 |
| U.S. | 71 | 74 | 97 | 142 | 54 | 242 | 252 | 394 |
| Total new business CSM | $759 | $628 | $658 | $626 | $507 | $2,045 | $1,541 | $2,167 |
| New business CSM, CER adjustment(2),(3) | ||||||||
| Hong Kong | $- | $- | $1 | $1 | $3 | $1 | $7 | $- |
| Japan | - | 4 | 1 | (1) | (1) | 5 | (5) | (8) |
| Asia Other | - | 2 | 5 | 2 | 6 | 7 | 5 | (5) |
| International High Net Worth | 1 | |||||||
| Mainland China | (1) | |||||||
| Singapore | - | |||||||
| Vietnam | (4) | |||||||
| Other Emerging Markets | (1) | |||||||
| Asia | - | 6 | 7 | 2 | 8 | 13 | 7 | (13) |
| Canada | - | - | - | - | 1 | - | - | - |
| U.S. | - | (1) | 1 | (1) | 1 | - | 1 | (1) |
| Total new business CSM | $- | $5 | $8 | $1 | $10 | $13 | $8 | $(14) |
| New business CSM, CER basis | ||||||||
| Hong Kong | $254 | $200 | $169 | $200 | $170 | $623 | $484 | $676 |
| Japan | 86 | 94 | 49 | 41 | 28 | 229 | 79 | 118 |
| Asia Other | 253 | 190 | 280 | 175 | 212 | 723 | 579 | 742 |
| International High Net Worth | 232 | |||||||
| Mainland China | 137 | |||||||
| Singapore | 244 | |||||||
| Vietnam | 83 | |||||||
| Other Emerging Markets | 46 | |||||||
| Asia | 593 | 484 | 498 | 416 | 410 | 1,575 | 1,142 | 1,536 |
| Canada | 95 | 76 | 70 | 70 | 52 | 241 | 154 | 224 |
| U.S. | 71 | 73 | 98 | 141 | 55 | 242 | 253 | 393 |
| Total new business CSM, CER basis | $759 | $633 | $666 | $627 | $517 | $2,058 | $1,549 | $2,153 |
| (1) New business CSM is net of NCI.<br><br>(2) The impact of updating foreign exchange rates to that which was used in 3Q24.<br><br>(3) New business CSM for Asia Other is reported by country annually, on a full year basis. Other Emerging Markets within Asia Other include Indonesia, the<br><br>Philippines, Malaysia, Thailand, Cambodia and Myanmar. |
15
| M<br><br>a<br><br>n<br><br>u<br><br>li<br><br>f<br><br>e<br><br>R<br><br>e<br><br>p<br><br>o<br><br>rt<br><br>s<br><br>S<br><br>e<br><br>c<br><br>o<br><br>n<br><br>d<br><br>Q<br><br>u<br><br>a<br><br>r<br><br>t<br><br>e<br><br>r<br><br>2<br><br>0<br><br>2<br><br>3<br><br>R<br><br>e<br><br>s<br><br>u<br><br>lt<br><br>s |
|---|
Net income financial measures on a CER basis
($ Canadian millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| Quarterly Results | YTD Results | Full Year<br><br>Results | ||||||
|---|---|---|---|---|---|---|---|---|
| 3Q24 | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2024 | 2023 | 2023 | |
| Net income (loss) attributed to shareholders: | ||||||||
| Asia | $827 | $582 | $363 | $615 | $84 | $1,772 | $733 | $1,348 |
| Canada | 430 | 79 | 273 | 365 | 290 | 782 | 826 | 1,191 |
| U.S. | 5 | 135 | (108) | 198 | 72 | 32 | 441 | 639 |
| Global WAM | 498 | 350 | 365 | 365 | 318 | 1,213 | 932 | 1,297 |
| Corporate and Other | 79 | (104) | (27) | 116 | 249 | (52) | 512 | 628 |
| Total net income (loss) attributed to shareholders | 1,839 | 1,042 | 866 | 1,659 | 1,013 | 3,747 | 3,444 | 5,103 |
| Preferred share dividends and other equity distributions | (56) | (99) | (55) | (99) | (54) | (210) | (204) | (303) |
| Common shareholders’ net income (loss) | $1,783 | $943 | $811 | $1,560 | $959 | $3,537 | $3,240 | $4,800 |
| CER adjustment(1) | ||||||||
| Asia | $- | $(10) | $3 | $1 | $- | $(7) | $17 | $18 |
| Canada | - | 1 | 2 | (5) | 3 | 3 | 2 | (3) |
| U.S. | - | (1) | 5 | (2) | - | 4 | 13 | 11 |
| Global WAM | - | (1) | 3 | - | 4 | 2 | 8 | 8 |
| Corporate and Other | - | (1) | - | - | (7) | (1) | (20) | (20) |
| Total net income (loss) attributed to shareholders | - | (12) | 13 | (6) | - | 1 | 20 | 14 |
| Preferred share dividends and other equity distributions | - | - | - | - | - | - | - | - |
| Common shareholders’ net income (loss) | $- | $(12) | $13 | $(6) | $- | $1 | $20 | $14 |
| Net income (loss) attributed to shareholders, CER basis | ||||||||
| Asia | $827 | $572 | $366 | $616 | $84 | $1,765 | $750 | $1,366 |
| Canada | 430 | 80 | 275 | 360 | 293 | 785 | 828 | 1,188 |
| U.S. | 5 | 134 | (103) | 196 | 72 | 36 | 454 | 650 |
| Global WAM | 498 | 349 | 368 | 365 | 322 | 1,215 | 940 | 1,305 |
| Corporate and Other | 79 | (105) | (27) | 116 | 242 | (53) | 492 | 608 |
| Total net income (loss) attributed to shareholders, CER<br><br>basis | 1,839 | 1,030 | 879 | 1,653 | 1,013 | 3,748 | 3,464 | 5,117 |
| Preferred share dividends and other equity distributions, CER<br><br>basis | (56) | (99) | (55) | (99) | (54) | (210) | (204) | (303) |
| Common shareholders’ net income (loss), CER basis | $1,783 | $931 | $824 | $1,554 | $959 | $3,538 | $3,260 | $4,814 |
| Asia net income attributed to shareholders, U.S. dollars | ||||||||
| Asia net income (loss) attributed to shareholders, US $(2) | $606 | $424 | $270 | $452 | $63 | $1,300 | $543 | $995 |
| CER adjustment, US $(1) | - | (5) | (2) | (1) | (1) | (7) | 6 | 5 |
| Asia net income (loss) attributed to shareholders, U.S. $,<br><br>CER basis(1) | $606 | $419 | $268 | $451 | $62 | $1,293 | $549 | $1,000 |
| (1)The impact of updating foreign exchange rates to that which was used in 3Q24.<br><br>(2)Asia net income attributed to shareholders (post-tax) in Canadian dollars is translated to U.S. dollars using the U.S. dollar Statement of Income rate for the<br><br>reporting period. |
Adjusted book value
| As at<br><br>($ millions) | Sept 30,<br><br>2024 | Jun 30,<br><br>2024 | Mar 31,<br><br>2024 | Dec 31,<br><br>2023 | Sept 30,<br><br>2023 |
|---|---|---|---|---|---|
| Common shareholders’ equity | $42,913 | $42,305 | $41,590 | $40,379 | $40,747 |
| Post-tax CSM, net of NCI | 18,595 | 18,290 | 18,547 | 17,748 | 14,992 |
| Adjusted book value | $61,508 | $60,595 | $60,137 | $58,127 | $55,739 |
16
| M<br><br>a<br><br>n<br><br>u<br><br>li<br><br>f<br><br>e<br><br>R<br><br>e<br><br>p<br><br>o<br><br>rt<br><br>s<br><br>S<br><br>e<br><br>c<br><br>o<br><br>n<br><br>d<br><br>Q<br><br>u<br><br>a<br><br>r<br><br>t<br><br>e<br><br>r<br><br>2<br><br>0<br><br>2<br><br>3<br><br>R<br><br>e<br><br>s<br><br>u<br><br>lt<br><br>s |
|---|
Reconciliation of Global WAM core earnings to core EBITDA
($ millions, pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| Quarterly Results | YTD Results | Full Year<br><br>Results | ||||||
|---|---|---|---|---|---|---|---|---|
| 3Q24 | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2024 | 2023 | 2023 | |
| Global WAM core earnings (post-tax) | $499 | $399 | $357 | $353 | $361 | $1,255 | $968 | $1,321 |
| Add back taxes, acquisition costs, other expenses and<br><br>deferred sales commissions | ||||||||
| Core income tax (expenses) recoveries (see<br><br>above) | 6 | 46 | 58 | 55 | 59 | 110 | 149 | 204 |
| Amortization of deferred acquisition costs and<br><br>other depreciation | 48 | 49 | 42 | 45 | 41 | 139 | 121 | 166 |
| Amortization of deferred sales commissions | 19 | 19 | 20 | 21 | 19 | 58 | 59 | 80 |
| Core EBITDA | $572 | $513 | $477 | $474 | $480 | $1,562 | $1,297 | $1,771 |
| CER adjustment(1) | - | (2) | 4 | (1) | 5 | 2 | 10 | 9 |
| Core EBITDA, CER basis | $572 | $511 | $481 | $473 | $485 | $1,564 | $1,307 | $1,780 |
| (1)The impact of updating foreign exchange rates to that which was used in 3Q24. |
Core EBITDA margin and core revenue
| Quarterly Results | YTD Results | Full Year<br><br>Results | ||||||
|---|---|---|---|---|---|---|---|---|
| ($ millions, unless otherwise stated) | 3Q24 | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2024 | 2023 | 2023 |
| Core EBITDA margin | ||||||||
| Core EBITDA | $572 | $513 | $477 | $474 | $480 | $1,562 | $1,297 | $1,771 |
| Core revenue | $2,055 | $1,948 | $1,873 | $1,842 | $1,783 | $5,876 | $5,261 | $7,103 |
| Core EBITDA margin | 27.8% | 26.3% | 25.5% | 25.7% | 26.9% | 26.6% | 24.7% | 24.9% |
| Global WAM core revenue | ||||||||
| Other revenue per financial statements | $1,928 | $1,849 | $1,808 | $1,719 | $1,645 | $5,585 | $5,027 | $6,746 |
| Less: Other revenue in segments other than Global<br><br>WAM | 53 | 40 | 58 | 31 | (64) | 151 | 6 | 37 |
| Other revenue in Global WAM (fee income) | $1,875 | $1,809 | $1,750 | $1,688 | $1,709 | $5,434 | $5,021 | $6,709 |
| Investment income per financial statements | $4,487 | $4,261 | $4,251 | $4,497 | $4,028 | $12,999 | $11,683 | $16,180 |
| Realized and unrealized gains (losses) on assets<br><br>supporting insurance and investment contract<br><br>liabilities per financial statements | 1,730 | 564 | 538 | 2,674 | (2,430) | 2,832 | 464 | 3,138 |
| Total investment income | 6,217 | 4,825 | 4,789 | 7,171 | 1,598 | 15,831 | 12,147 | 19,318 |
| Less: Investment income in segments other than<br><br>Global WAM | 5,991 | 4,687 | 4,649 | 6,941 | 1,578 | 15,327 | 11,945 | 18,886 |
| Investment income in Global WAM | $226 | $138 | $140 | $230 | $20 | $504 | $202 | $432 |
| Total other revenue and investment income in Global<br><br>WAM | $2,101 | $1,947 | $1,890 | $1,918 | $1,729 | $5,938 | $5,223 | $7,141 |
| Less: Total revenue reported in items excluded from<br><br>core earnings | ||||||||
| Market experience gains (losses) | 33 | (9) | 8 | 63 | (54) | 32 | (35) | 28 |
| Revenue related to integration and acquisitions | 13 | 8 | 9 | 13 | - | 30 | (3) | 10 |
| Global WAM core revenue | $2,055 | $1,948 | $1,873 | $1,842 | $1,783 | $5,876 | $5,261 | $7,103 |
17
| M<br><br>a<br><br>n<br><br>u<br><br>li<br><br>f<br><br>e<br><br>R<br><br>e<br><br>p<br><br>o<br><br>rt<br><br>s<br><br>S<br><br>e<br><br>c<br><br>o<br><br>n<br><br>d<br><br>Q<br><br>u<br><br>a<br><br>r<br><br>t<br><br>e<br><br>r<br><br>2<br><br>0<br><br>2<br><br>3<br><br>R<br><br>e<br><br>s<br><br>u<br><br>lt<br><br>s |
|---|
Core expenses
($ millions, pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| Quarterly Results | YTD Results | Full Year<br><br>Results | ||||||
|---|---|---|---|---|---|---|---|---|
| 3Q24 | 2Q24 | 1Q24 | 4Q23 | 3Q23 | 2024 | 2023 | 2023 | |
| Core expenses | ||||||||
| General expenses - Statements of Income | $1,204 | $1,225 | $1,102 | $1,180 | $1,042 | $3,531 | $3,150 | $4,330 |
| Directly attributable acquisition expense for<br><br>contracts measured using the PAA method and<br><br>for other products without a CSM(1) | 36 | 39 | 38 | 42 | 37 | 113 | 105 | 147 |
| Directly attributable maintenance expense(1) | 509 | 509 | 539 | 565 | 544 | 1,557 | 1,640 | 2,205 |
| Total expenses | 1,749 | 1,773 | 1,679 | 1,787 | 1,623 | 5,201 | 4,895 | 6,682 |
| Less: General expenses included in items<br><br>excluded from core earnings | ||||||||
| Restructuring charge | 25 | - | - | 46 | - | 25 | - | 46 |
| Integration and acquisition | - | 57 | - | 8 | - | 57 | - | 8 |
| Legal provisions and Other expenses | 8 | 3 | 6 | 8 | 1 | 17 | 70 | 78 |
| Total | 33 | 60 | 6 | 62 | 1 | 99 | 70 | 132 |
| Core expenses | $1,716 | $1,713 | $1,673 | $1,725 | $1,622 | $5,102 | $4,825 | $6,550 |
| CER adjustment(2) | - | 1 | 11 | 2 | 12 | 12 | 19 | 21 |
| Core expenses, CER basis | $1,716 | $1,714 | $1,684 | $1,727 | $1,634 | $5,114 | $4,844 | $6,571 |
| Total expenses | $1,749 | $1,773 | $1,679 | $1,787 | $1,623 | $5,201 | $4,895 | $6,682 |
| CER adjustment(2) | - | 1 | 11 | 2 | 12 | 12 | 19 | 21 |
| Total expenses, CER basis | $1,749 | $1,774 | $1,690 | $1,789 | $1,635 | $5,213 | $4,914 | $6,703 |
| (1)Expenses are components of insurance service expenses on the Statements of Income that flow directly through income.<br><br>(2)The impact of updating foreign exchange rates to that which was used in 3Q24. |
Core earnings contribution from highest potential businesses
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
| YTD Results | ||
|---|---|---|
| 2024 | 2023 | |
| Core earnings highest potential businesses(1) | $3,745 | $2,950 |
| Core earnings - All other businesses | 1,574 | 1,961 |
| Core earnings | 5,319 | 4,911 |
| Items excluded from core earnings | (1,572) | (1,467) |
| Net income (loss) attributed to shareholders | $3,747 | $3,444 |
| Highest potential businesses core earnings contribution | 70% | 60% |
| (1)Includes core earnings from Asia and Global WAM segments, Canada Group Benefits, and behavioral insurance products. |
18
| M<br><br>a<br><br>n<br><br>u<br><br>li<br><br>f<br><br>e<br><br>R<br><br>e<br><br>p<br><br>o<br><br>rt<br><br>s<br><br>S<br><br>e<br><br>c<br><br>o<br><br>n<br><br>d<br><br>Q<br><br>u<br><br>a<br><br>r<br><br>t<br><br>e<br><br>r<br><br>2<br><br>0<br><br>2<br><br>3<br><br>R<br><br>e<br><br>s<br><br>u<br><br>lt<br><br>s |
|---|
CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
From time to time, Manulife makes written and/or oral forward-looking statements, including in this document. In
addition, our representatives may make forward-looking statements orally to analysts, investors, the media and
others. All such statements are made pursuant to the “safe harbour” provisions of Canadian provincial securities
laws and the U.S. Private Securities Litigation Reform Act of 1995.
The forward-looking statements in this document include, but are not limited to, statements with respect to our
ability to achieve our medium-term financial and operating targets, and also relate to, among other things, our
objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be
identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, “suspect”, “outlook”,
“expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “forecast”, “objective”, “seek”, “aim”, “continue”, “goal”,
“restore”, “embark” and “endeavour” (or the negative thereof) and words and expressions of similar import, and
include statements concerning possible or assumed future results. Although we believe that the expectations
reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and
undue reliance should not be placed on such statements and they should not be interpreted as confirming market
or analysts’ expectations in any way.
Certain material factors or assumptions are applied in making forward-looking statements and actual results may
differ materially from those expressed or implied in such statements.
Important factors that could cause actual results to differ materially from expectations include but are not limited
to: general business and economic conditions (including but not limited to the performance, volatility and
correlation of equity markets, interest rates, credit and swap spreads, inflation rates, currency rates, investment
losses and defaults, market liquidity and creditworthiness of guarantors, reinsurers and counterparties); the
ongoing prevalence of COVID-19, including any variants, as well as actions that have been, or may be taken by
governmental authorities in response to COVID-19, including the impacts of any variants; changes in laws and
regulations; changes in accounting standards applicable in any of the territories in which we operate; changes in
regulatory capital requirements; our ability to obtain premium rate increases on in-force policies; our ability to
execute strategic plans and changes to strategic plans; downgrades in our financial strength or credit ratings; our
ability to maintain our reputation; impairments of goodwill or intangible assets or the establishment of provisions
against future tax assets; the accuracy of estimates relating to morbidity, mortality and policyholder behaviour; the
accuracy of other estimates used in applying accounting policies, actuarial methods and embedded value
methods; our ability to implement effective hedging strategies and unforeseen consequences arising from such
strategies; our ability to source appropriate assets to back our long-dated liabilities; level of competition and
consolidation; our ability to market and distribute products through current and future distribution channels;
unforeseen liabilities or asset impairments arising from acquisitions and dispositions of businesses; the realization
of losses arising from the sale of investments classified fair value through other comprehensive income; our
liquidity, including the availability of financing to satisfy existing financial liabilities on expected maturity dates
when required; obligations to pledge additional collateral; the availability of letters of credit to provide capital
management flexibility; accuracy of information received from counterparties and the ability of counterparties to
meet their obligations; the availability, affordability and adequacy of reinsurance; legal and regulatory
proceedings, including tax audits, tax litigation or similar proceedings; our ability to adapt products and services to
the changing market; our ability to attract and retain key executives, employees and agents; the appropriate use
and interpretation of complex models or deficiencies in models used; political, legal, operational and other risks
associated with our non-North American operations; geopolitical uncertainty, including international conflicts;
acquisitions and our ability to complete acquisitions including the availability of equity and debt financing for this
purpose; the disruption of or changes to key elements of the Company’s or public infrastructure systems;
environmental concerns, including climate change; our ability to protect our intellectual property and exposure to
claims of infringement; and our inability to withdraw cash from subsidiaries.
Additional information about material risk factors that could cause actual results to differ materially from
expectations and about material factors or assumptions applied in making forward-looking statements may be
found under “Risk Management and Risk Factors” and “Critical Actuarial and Accounting Policies” in the
Management’s Discussion and Analysis in our most recent annual report, under “Risk Management and Risk
Factors Update” and “Critical Actuarial and Accounting Policies” in the Management’s Discussion and Analysis in
our most recent interim report, and in the “Risk Management” note to the Consolidated Financial Statements in our
most recent annual and interim reports, as well as elsewhere in our filings with Canadian and U.S. securities
regulators.
The forward-looking statements in this document are, unless otherwise indicated, stated as of the date hereof and
are presented for the purpose of assisting investors and others in understanding our financial position and results
of operations, our future operations, as well as our objectives and strategic priorities, and may not be appropriate
for other purposes. We do not undertake to update any forward-looking statements, except as required by law.
3Q2024-MFC-NR-COMShrDiv-6Nov-ENG - v1
News
Release
C$ unless otherwise statedTSX/NYSE/PSE: MFC SEHK: 945
For Immediate Release
November 6, 2024
Manulife declares common share dividend
Toronto - 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 December 19, 2024, to
shareholders of record at the close of business on November 20, 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 Company will purchase common shares on the
open market in connection with the reinvestment of dividends and optional cash purchases under
these plans. The purchase price of these common shares will be based on the average of the actual
cost to purchase them and there are no applicable discounts.
About Manulife
Manulife Financial Corporation is a leading international financial services provider, helping people
make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we
provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and
primarily as John Hancock in the United States. Through Manulife Investment Management, the global
brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and
retirement plan members worldwide. At the end of 2023, we had more than 38,000 employees, over
98,000 agents, and thousands of distribution partners, serving over 35 million customers. We trade as
‘MFC’ on the Toronto, New York, and the Philippine stock exchanges, and under ‘945’ in Hong Kong.
Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
Media Inquiries:Investor Relations:
Anne HammerHung Ko
ManulifeManulife
201-925-1213416-806-9921
ahammer@manulife.com hung_ko@manulife.com