Manulife Reports First Quarter 2025 Results
PR Newswire
TORONTO, May 7, 2025
TSX/NYSE/PSE: MFC SEHK: 945
C$ unless otherwise stated
TORONTO, May 7, 2025 /PRNewswire/ - Manulife Financial Corporation ("Manulife" or the "Company") reported its first quarter results for the period ended March 31, 2025, delivering record insurance new business results(1) and steady growth in book value per common share.
Key highlights for the first quarter of 2025 ("1Q25") include:
-- Core earnings2 of $1.8 billion, a 1% decrease on a constant exchange rate
basis3 compared with the first quarter of 2024 ("1Q24")4
-- Net income attributed to shareholders of $0.5 billion, a decrease of $0.4
billion compared with 1Q24
-- Core EPS5 of $0.99, up 3%3 from 1Q244. EPS of $0.25, down 48%3 from 1Q24
-- Core ROE5 of 15.6% and ROE of 3.9%
-- LICAT ratio6 of 137%
-- APE sales up 37%7, new business CSM up 31%3 and new business value
("NBV") up 36%7 from 1Q244,8
-- Global Wealth and Asset Management ("Global WAM") net inflows7 of $0.5
billion, down from $6.7 billion in 1Q24
"We started the year with continued strong momentum, delivering record levels of insurance new business results this quarter. We generated double-digit growth in new business value across all insurance segments, led by Asia with a 43% increase year over year, demonstrating broad-based strength in our top-line results. Global WAM delivered 24% core earnings growth, expanded core EBITDA margin5 by 290 basis points and generated positive net flows. We also completed our second long-term care reinsurance transaction9, a testament to our focused execution and commitment in delivering sustainable value to shareholders. Overall, I am proud of our performance this quarter against an increasingly volatile operating environment, and our results reflect the strength of the franchise.
"The work we have done since 2017 has put the company in a position of great strength. We could not have transformed the company in such a tangible way without the hard work, disciplined execution, and commitment of our more than 37,000 colleagues across the globe. I couldn't be prouder of what we've accomplished and of the momentum we built, and I look forward to watching Phil Witherington lead the company in writing its next chapter."
-- Roy Gori, Manulife President & Chief Executive Officer
"Our underlying business growth remained resilient, while our core EPS growth was dampened by strengthened provisions related to expected credit loss and a provision for the California wildfires. Book value per common share continued to increase steadily in 1Q25, growing 12% year over year. We maintained a strong LICAT ratio of 137%, and our financial leverage ratio5 was 23.9%, well within our medium-term target of 25%. Anchored by our strategic priorities and supported by our robust balance sheet, we are well-positioned to navigate the current economic conditions and capitalize on growth opportunities."
-- Colin Simpson, Manulife Chief Financial Officer
Results at a Glance
Quarterly Results
--------------------------------- -------------------------------------------
($ millions, unless otherwise
stated) 1Q25 1Q24 Change(3,7)
--------------------------------- -------------- -------------- -----------
Net income attributed to
shareholders $ 485 $ 866 (47) %
Core earnings $ 1,767 $ 1,710 (1) %
EPS ($) $ 0.25 $ 0.45 (48) %
Core EPS ($) $ 0.99 $ 0.91 3 %
ROE 3.9 % 8.0 % (4.1) pps
Core ROE(4) 15.6 % 16.2 % (0.6) pps
Book value per common share ($) $ 25.88 $ 23.09 12 %
Adjusted BV per common share
($)(4,5) $ 36.66 $ 32.74 12 %
Financial leverage ratio (%)(4) 23.9 % 24.6 % (0.7) pps
APE sales $ 2,689 $ 1,883 37 %
New business CSM $ 907 $ 658 31 %
NBV $ 907 $ 641 36 %
Global WAM net flows ($ billions) $ 0.5 $ 6.7 (93) %
--------------------------------- -------------- -------------- -----------
Results by Segment
Quarterly Results
----------------------------------
($ millions, unless otherwise
stated) 1Q25 1Q24 Change(7)
---------------------------------- -------------- --------------- ---------
Asia (US$)
Net income attributed to
shareholders $ 435 $ 270 57 %
Core earnings(4) 492 465 7 %
APE sales 1,412 950 50 %
New business CSM 498 364 38 %
NBV(4) 457 323 43 %
---------------------------------- -------------- --------------- ---------
Canada
Net income attributed to
shareholders $ 222 $ 273 (19) %
Core earnings 374 364 3 %
APE sales 491 450 9 %
New business CSM 91 70 30 %
NBV 180 157 15 %
---------------------------------- -------------- --------------- ---------
U.S. (US$)
Net income attributed to
shareholders $ (397) $ (80) (396) %
Core earnings 251 335 (25) %
APE sales 120 113 6 %
New business CSM 70 72 (3) %
NBV 48 37 30 %
---------------------------------- -------------- --------------- ---------
Global WAM
Net income attributed to
shareholders $ 443 $ 365 15 %
Core earnings(4) 454 349 24 %
Gross flows ($ billions)(7) 50.3 45.4 5 %
Average AUMA ($ billions)(7) 1,041 880 13 %
Core EBITDA margin (%) 28.4 % 25.5 % 290 bps
---------------------------------- -------------- --------------- ---------
Strategic Highlights
We are capitalizing on opportunities and driving growth while optimizing our portfolio
In Global WAM, we launched FutureStep$(TM)$ , a new fully digital retirement plan offering for small businesses in the U.S., in collaboration with Vestwell, a financial technology company. This complements our existing plan offerings and enhances our market presence. It marks a significant step in transforming our retirement business to become the partner of choice for distributors, third-party administrators, and plan sponsors.
In Asia, we renewed our bancassurance partnership in the Philippines with China Banking Corporation ("Chinabank"), extending our exclusive partnership for another 15 years. This strategic partnership, which started in 2007, solidifies the two organizations' shared commitment to provide holistic life, wealth, and health solutions for the long-term financial security of Filipino families.
In addition, we closed the previously announced transaction to reinsure two blocks of in-force business, including a younger block of long-term care, with Reinsurance Group of America. We plan to return the capital released from this transaction through our new share buyback program which commenced in late February 2025.(10)
We continue to expand our innovative product portfolio to meet changing customer needs
In Asia, we introduced our Shared Values proposition by offering a first-of-its-kind combination of high-net-worth life insurance with comprehensive health benefits in our International High Net Worth business. The proposition provides access to customer benefits including a whole-body MRI scan, medical second opinion concierge services and critical illness benefits.
In Global WAM, we launched the John Hancock CQS Asset Backed Securities ("ABS") Fund in the U.S., our second retail fund leveraging Manulife | CQS Investment Management expertise. This fund offers exposure to the global ABS market, aiming to generate returns through current income and capital appreciation with a diversified, actively managed portfolio.
In the U.S., we continued enhancing the appeal of our differentiated suite of solutions, including the launch of a new hybrid indexed universal life insurance solution offering more flexible living benefits and a streamlined digital application process.
We are advancing our digital, customer leadership ambition with AI enhancements
In Asia, we further strengthened our GenAI capabilities to enhance sales support and improve customer experience. We rolled out our AI Assistant solution to support agents in Singapore and to help our teams better serve brokers in Japan, enabling faster access to product information, reducing administrative workload and allowing distributors to focus more on customer engagement.
In Canada, we introduced an innovative GenAI tool within our Individual Insurance business, which enables our internal sales team to automatically generate personalized communications to advisors by analyzing historical data and identifying available opportunities. As a result, interactions between wholesalers and advisors have improved, contributing to an 11% year-over-year increase in the number of advisors placing business with us in 1Q25.
We are helping our customers live longer, healthier, better lives
In the U.S., we became the first life insurer to offer eligible John Hancock Vitality members access to Function Health's technology and screening tools. Function Health includes access to over 100 lab tests -- spanning heart, hormone, thyroid, and autoimmunity, among others. This addition builds on our growing portfolio of offerings that help our customers take proactive steps to better understand their health.
In Canada, we further enhanced the Manulife Vitality program with offerings to assist members in meeting their health and wellness goals, including additional resources and incentives for managing and preventing diabetes, the extension of travel rewards to all members, and the addition of URA as our newest Vitality rewards partner.
Strong Global WAM and Asia results contributed to resilient earnings(11)
Core earnings of $1.8 billion in 1Q25, down 1% from 1Q24
Core earnings decreased modestly on a constant exchange rate basis, as continued business growth in Global WAM and Asia was offset by strengthened provisions related to expected credit loss ("ECL") of $45 million post-tax in 1Q25(12) , compared with a net release of $8 million post-tax in 1Q24(12) , and a provision for the California wildfires of $43 million post-tax in 1Q25.
-- Asia core earnings were up 7%, reflecting continued business growth,
improved impact of new business, and favourable claims experience,
partially offset by strengthened ECL provisions.
-- Global WAM core earnings grew 24%, primarily driven by higher net fee
income from favourable market impacts over the past 12 months and
positive net flows, higher performance fees, and continued expense
discipline.
-- Canada core earnings increased 3%, primarily driven by overall favourable
net insurance experience, and business growth in Group Insurance,
partially offset by strengthened ECL provisions and lower Manulife Bank
earnings.
-- U.S. core earnings decreased 25%, reflecting lower investment spreads,
strengthened ECL provisions, and the net unfavourable impact of the
annual review of actuarial methods and assumptions in 2024.
-- Corporate and Other core earnings decreased $46 million, mainly related
to a provision for the California wildfires in our Property and Casualty
reinsurance business.
Net Income attributed to shareholders of $0.5 billion in 1Q25, $0.4 billion lower compared with 1Q24
The $0.4 billion decrease in net income was driven by a larger net charge from market experience. The net charge from market experience in 1Q25 was primarily related to a $0.7 billion realized loss due to the sale of debt instruments related to the RGA U.S. Reinsurance Transaction, lower-than-expected returns on alternative long-duration assets, mainly related to real estate and private equities, and lower-than-expected returns on public equities. The realized loss due to the sale of debt instruments was offset by an associated change in Other Comprehensive Income, resulting in a neutral impact to book value.
Record levels across all three insurance new business metrics and positive net flows in Global WAM
Continued momentum in our 1Q25 top-line insurance results, as evidenced by the year-over-year growth of 37%, 31% and 36% in APE sales, new business CSM and NBV, respectively
-- Asia delivered another strong quarter with record levels of APE sales,
new business CSM and NBV, with year-over-year growth of 50%, 38% and 43%,
respectively, reflecting higher sales volumes in Hong Kong, Asia Other13
and Japan. NBV margin7 of 38.1% demonstrated resilience.
-- Canada APE sales increased 9% bolstered by higher sales volumes across
all business lines. Coupled with higher margins in Group Insurance, NBV
grew 15% compared with 1Q24. New business CSM also increased 30%, driven
by higher sales volumes in Individual Insurance and segregated fund
products.
-- In the U.S., APE sales and NBV increased 6% and 30%, respectively,
reflecting continued demand from affluent customers for accumulation
insurance products. New business CSM decreased 3%, primarily driven by
product mix, partially offset by higher sales volumes.
Global WAM net inflows of $0.5 billion in 1Q25, compared with net inflows of $6.7 billion in 1Q24
-- Retirement net outflows of $2.6 billion in 1Q25 decreased from net
inflows of $3.2 billion in 1Q24, reflecting higher retirement plan
redemptions and higher net member withdrawals in North America.
-- Retail net inflows of $0.5 billion in 1Q25 decreased from net inflows of
$1.7 billion in 1Q24, reflecting higher redemptions due to lower investor
demand amid market volatility. This was partially offset by higher money
market fund sales and new fund launches in mainland China, as well as
higher net sales through our retail wealth platform in Canada.
-- Institutional Asset Management net inflows of $2.6 billion in 1Q25
increased compared with net inflows of $1.8 billion in 1Q24, driven by
lower redemptions in fixed income mandates.
Growth in new business continues to drive higher organic CSM and CSM balance
CSM(14) was $22,296 million as at March 31, 2025
CSM increased $169 million compared with December 31, 2024. Organic CSM movement contributed $598 million of the increase for the first quarter of 2025, representing an 11%(7) growth on an annualized basis, primarily driven by the impact of new business, interest accretion and net favourable insurance experience, partially offset by amortization recognized in core earnings. Inorganic CSM movement was a decrease of $429 million for the same period, primarily driven by the unfavourable impacts of equity market performance and the impact of the RGA U.S. Reinsurance Transaction, partially offset by the favourable impacts of changes in foreign currency exchange rates. Post-tax CSM net of NCI(2) was $18,524 million as at March 31, 2025.
________________________________________________ (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 1Q25 Management's Discussion and Analysis
("1Q25 MD&A").
(3) Percentage growth/declines in core earnings, diluted core earnings per
common share ("core EPS"), diluted earnings (loss) per share ("EPS"), 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) 1Q24 core earnings (total and by segment), core EPS, NBV (total and Asia
segment), core ROE, adjusted book value per common share ("adjusted BV per
common share"), and financial leverage ratio have been updated to align with
the presentation of Global Minimum Taxes ("GMT") in 2025. See section A7
"Global Minimum Taxes $(GMT.NZ)$" in our 1Q25 MD&A for more information.
(5) Core EPS, core ROE, core EBITDA margin, financial leverage ratio and
adjusted book value per common share are non-GAAP ratios.
(6) Life Insurance Capital Adequacy Test ("LICAT") ratio of The Manufacturers
Life Insurance Company ("MLI") as at March 31, 2025. 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 APE sales, NBV, 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, average AUMA and organic CSM are stated on a constant
exchange rate basis.
(8) Refers to "Results at a Glance" for 1Q25 and 1Q24 results.
(9) Also referred to as the "RGA U.S. Reinsurance Transaction".
(10) See "Caution regarding forward-looking statements" below.
(11) See section A1 "Profitability" in our 1Q25 MD&A for more information on
notable items attributable to core earnings and net income attributed to
shareholders.
(12) The net change in ECL excluded the impact from the RGA U.S. Reinsurance
Transaction and the GA Reinsurance Transaction in 1Q25 and 1Q24,
respectively.
(13) Asia Other excludes Hong Kong and Japan.
(14) Net of non-controlling interests ("NCI").
Earnings Results Conference Call
Manulife will host a conference call and live webcast on its First Quarter 2025 results on May 8, 2025, at 8:00 a.m. $(ET)$. To access the conference call, dial 1-800-806-5484 or 1-416-340-2217 (Passcode: 3499479#). 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 https://www.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 June 7, 2025, by dialing 1-800-408-3053 or 1-905-694-9451 (Passcode: 9456881#).
The First Quarter 2025 Statistical Information Package and 2024 New Business Value Report are also available on the Manulife website at https://www.manulife.com/en/investors/results-and-reports.
This earnings news release should be read in conjunction with the Company's First Quarter 2025 Report to Shareholders, including our unaudited interim Consolidated Financial Statements for the three months ended March 31, 2025, 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 1Q25 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 Inquiries
Fiona McLean
(437) 441-7491
fiona_mclean@manulife.com
Investor Relations
Hung Ko
(416) 806-9921
hung_ko@manulife.com
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
-------------------------------------------------------------------------
($ millions) 1Q25 4Q24 1Q24
-------------- ----------------------- ----------------------- -----------------------
Core
earnings(1)
Asia $ 705 $ 640 $ 626
Canada 374 390 364
U.S. 361 412 452
Global Wealth
and Asset
Management 454 459 349
Corporate and
Other (127) 6 (81)
-------------- ----------------------- ----------------------- -----------------------
Total core
earnings $ 1,767 $ 1,907 $ 1,710
Items excluded
from core
earnings
Market
experience
gains
(losses) (1,332) (192) (779)
Restructuring
charge - (52) -
Reinsurance
transactions,
tax-related
items and
other(1) 50 (25) (65)
-------------- ----------------------- ----------------------- -----------------------
Net income
attributed to
shareholders $ 485 $ 1,638 $ 866
-------------- ----------------------- ----------------------- -----------------------
(1) 2024 quarterly core earnings by segment, and 1Q24 total core earnings
have been updated to align with the presentation of GMT in 2025, with a
corresponding offset in items excluded from core earnings. See section A7
"Global Minimum Tax (GMT)" in our 1Q25 MD&A for more information.
Global Minimum Taxes ("GMT")
On June 20, 2024, the Canadian government passed the Global Minimum Tax Act into law. Canada's GMT is applied retroactively to fiscal periods commencing on or after December 31, 2023. As additional local jurisdictions are expected to enact the GMT in 2025, GMT is now recognized in net income in the reporting segments whose earnings are subject to this tax. GMT is reported in both core earnings and items excluded from core earnings in line with our definition of core earnings in section E3 Non-GAAP and Other Financial Measures of the 1Q25 MD&A.
To improve the comparability of results between 2025 and 2024, we have updated certain 2024 non-GAAP and other financial measures to reflect the impact of GMT, including quarterly core earnings, core ROE, core EPS, financial leverage ratio, adjusted book value per common share, new business value, and post-tax CSM net of NCI. For further information and a complete list of the impacted financial measures, please see section A7 "Global Minimum Taxes (GMT)" of the 1Q25 MD&A, which is incorporated by reference.
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 interest, taxes, depreciation and amortization ("core EBITDA"); core expenses; adjusted book value; post-tax contractual service margin; post-tax contractual service margin net of NCI ("post-tax CSM net of NCI"); and core revenue. 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"); 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"), CSM, and new business CSM.
Other specified financial measures include NBV; APE sales; gross flows; net flows; average assets under management and administration ("average AUMA"); 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 1Q25 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 1Q25 MD&A, which is incorporated by reference.
Reconciliation of core earnings to net income attributed to shareholders -- 1Q25
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
1Q25
-----------------------------------------------------------------------------------------------
Corporate and
Asia Canada U.S. Global WAM Other Total
----------------- ---------- --------------- --------------- --------------- --------------- ---------------
Income (loss)
before income
taxes $ 870 $ 305 $ (731) $ 528 $ (273) $ 699
Income tax
(expenses)
recoveries
Core earnings (101) (89) (84) (86) 29 (331)
Items excluded
from core
earnings (30) 30 246 2 7 255
----------------- ---------- --------------- --------------- --------------- --------------- ---------------
Income tax
(expenses)
recoveries (131) (59) 162 (84) 36 (76)
----------------- ---------- --------------- --------------- --------------- --------------- ---------------
Net income
(post-tax) 739 246 $(569.SI)$ 444 (237) 623
Less: Net income
(post-tax)
attributed to
Non-controlling
interests 67 - - 1 (2) 66
Participating
policyholders 48 24 - - - 72
----------------- ---------- --------------- --------------- --------------- --------------- ---------------
Net income (loss)
attributed to
shareholders
(post-tax) 624 222 (569) 443 (235) 485
Less: Items
excluded from
core earnings
(post-tax)
Market
experience
gains (losses) (77) (152) (930) (11) (162) (1,332)
Changes in
actuarial
methods and
assumptions
that flow
directly through
income - - - - - -
Restructuring
charge - - - - - -
Reinsurance
transactions,
tax related
items and
other (4) - - - 54 50 ----------------- ---------- --------------- --------------- --------------- --------------- --------------- Core earnings (post-tax) $ 705 $ 374 $ 361 $ 454 $ (127) $ 1,767 Income tax on core earnings (see above) 101 89 84 86 (29) 331 ----------------- ---------- --------------- --------------- --------------- --------------- --------------- Core earnings (pre-tax) $ 806 $ 463 $ 445 $ 540 $ (156) $ 2,098 ----------------- ---------- --------------- --------------- --------------- --------------- ---------------
Core earnings, CER basis and U.S. dollars -- 1Q25
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
1Q25
---------------------------------------------------------------------------------------------------
Corporate and
Asia Canada U.S. Global WAM Other Total
-------------- --------------- --------------- --------------- --------------- --------------- --------------
Core earnings
(post-tax) $ 705 $ 374 $ 361 $ 454 $ (127) $ 1,767
CER
adjustment(1) - - - - - -
-------------- --------------- --------------- --------------- --------------- --------------- --------------
Core earnings,
CER basis
(post-tax) $ 705 $ 374 $ 361 $ 454 $ (127) $ 1,767
Income tax on
core
earnings, CER
basis(2) 101 89 84 86 (29) 331
-------------- --------------- --------------- --------------- --------------- --------------- --------------
Core earnings,
CER basis
(pre-tax) $ 806 $ 463 $ 445 $ 540 $ (156) $ 2,098
-------------- --------------- --------------- --------------- --------------- --------------- --------------
Core earnings (U.S. dollars) --
Asia and U.S. segments
Core earnings
(post-tax)(3)
, US $ $ 492 $ 251
CER adjustment
US $(1) - -
-------------- --------------- --------------- ---------------
Core earnings,
CER basis
(post-tax),
US $ $ 492 $ 251
-------------- --------------- --------------- ---------------
(1) The impact of updating foreign exchange rates to that which was used in
1Q25.
(2) Income tax on core earnings adjusted to reflect the foreign exchange rates
for the Statement of Income in effect for 1Q25.
(3) Core earnings (post-tax) in Canadian $ is translated to US $ using the US
$ Statement of Income exchange rate for 1Q25.
Reconciliation of core earnings to net income attributed to shareholders -- 4Q24(1) ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
4Q24
-----------------------------------------------------------------------------------------------------
Corporate and
Asia Canada U.S. Global WAM Other Total
----------------- --------------- --------------- --------------- --------------- ----------------- --------------
Income (loss)
before income
taxes $ 781 $ 579 $ 112 $ 419 $ 222 $ 2,113
Income tax
(expenses)
recoveries
Core earnings (97) (97) (98) (83) 30 (345)
Items excluded
from core
earnings (59) (20) 89 48 (119) (61)
----------------- --------------- --------------- --------------- --------------- ----------------- --------------
Income tax
(expenses)
recoveries (156) (117) (9) (35) (89) (406)
----------------- --------------- --------------- --------------- --------------- ----------------- --------------
Net income
(post-tax) 625 462 103 384 133 1,707
Less: Net income
(post-tax)
attributed to
Non-controlling
interests 18 - - - 4 22
Participating
policyholders 24 23 - - - 47
----------------- --------------- --------------- --------------- --------------- ----------------- --------------
Net income (loss)
attributed to
shareholders
(post-tax) 583 439 103 384 129 1,638
Less: Items
excluded from
core earnings
(post-tax)
Market
experience
gains (losses) (83) 55 (309) (23) 168 (192)
Changes in
actuarial
methods and
assumptions that
flow directly
through income - - - - - -
Restructuring
charge - (6) - (46) - (52)
Reinsurance
transactions,
tax related
items and
other 26 - - (6) (45) (25)
----------------- --------------- --------------- --------------- --------------- ----------------- --------------
Core earnings
(post-tax) $ 640 $ 390 $ 412 $ 459 $ 6 $ 1,907
Income tax on
core earnings
(see above) 97 97 98 83 (30) 345
----------------- --------------- --------------- --------------- --------------- ----------------- --------------
Core earnings
(pre-tax) $ 737 $ 487 $ 510 $ 542 $ (24) $ 2,252
----------------- --------------- --------------- --------------- --------------- ----------------- --------------
(1) This reconciliation and related core earnings reconciliations below have
been updated to align with the presentation of GMT in 2025. See section
A7 "Global Minimum Taxes (GMT)" in our 1Q25 MD&A for more information.
Core earnings, CER basis and U.S. dollars -- 4Q24
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
4Q24
-----------------------------------------------------------------------------------------------
Corporate and
Asia Canada U.S. Global WAM Other Total
-------------- -------------- -------------- -------------- -------------- ---------------- -------------
Core earnings
(post-tax) $ 640 $ 390 $ 412 $ 459 $ 6 $ 1,907
CER
adjustment(1) 14 - 11 8 2 35
-------------- -------------- -------------- -------------- -------------- ---------------- -------------
Core earnings,
CER basis
(post-tax) $ 654 $ 390 $ 423 $ 467 $ 8 $ 1,942
Income tax on
core
earnings, CER
basis(2) 100 97 99 85 (30) 351
-------------- -------------- -------------- -------------- -------------- ---------------- -------------
Core earnings,
CER basis
(pre-tax) $ 754 $ 487 $ 522 $ 552 $ (22) $ 2,293
-------------- -------------- -------------- -------------- -------------- ---------------- -------------
Core earnings (U.S. dollars)
-- Asia and U.S. segments
Core earnings
(post-tax)(3)
, US $ $ 457 $ 294
CER adjustment
US $(1) (2) -
-------------- -------------- -------------- --------------
Core earnings,
CER basis
(post-tax),
US $ $ 455 $ 294
-------------- -------------- -------------- --------------
(1) The impact of updating foreign exchange rates to that which was used in
1Q25.
(2) Income tax on core earnings adjusted to reflect the foreign exchange rates
for the Statement of Income in effect for 1Q25.
(3) Core earnings (post-tax) in Canadian $ are translated to US $ using the US
$ Statement of Income exchange rate for 4Q24.
Reconciliation of core earnings to net income attributed to shareholders -- 1Q24(1) ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
1Q24
------------------------------------------------------------------------------------------------
Corporate and
Asia Canada U.S. Global WAM Other Total
----------------- -------------- -------------- --------------- -------------- ---------------- -------------
Income (loss)
before income
taxes $ 594 $ 381 $ (154) $ 426 $ 5 $ 1,252
Income tax
(expenses)
recoveries
Core earnings (98) (91) (103) (66) 28 (330)
Items excluded
from core
earnings (52) 8 149 5 (60) 50
----------------- -------------- -------------- --------------- -------------- ---------------- -------------
Income tax
(expenses)
recoveries (150) (83) 46 (61) (32) (280)
----------------- -------------- -------------- --------------- -------------- ---------------- -------------
Net income
(post-tax) 444 298 (108) 365 (27) 972
Less: Net income
(post-tax)
attributed to
Non-controlling
interests 55 - - - - 55
Participating
policyholders 26 25 - - - 51
----------------- -------------- -------------- --------------- -------------- ---------------- -------------
Net income (loss)
attributed to
shareholders
(post-tax) 363 273 (108) 365 (27) 866
Less: Items
excluded from
core earnings
(post-tax)
Market
experience
gains (losses) (250) (91) (534) 6 90 (779)
Changes in
actuarial
methods and
assumptions that
flow directly
through income - - - - - -
Restructuring
charge - - - - - -
Reinsurance
transactions,
tax related
items and
other (13) - (26) 10 (36) (65)
----------------- -------------- -------------- --------------- -------------- ---------------- -------------
Core earnings
(post-tax) $ 626 $ 364 $ 452 $ 349 $ (81) $ 1,710
Income tax on
core earnings
(see above) 98 91 103 66 (28) 330
----------------- -------------- -------------- --------------- -------------- ---------------- -------------
Core earnings
(pre-tax) $ 724 $ 455 $ 555 $ 415 $ (109) $ 2,040
----------------- -------------- -------------- --------------- -------------- ---------------- -------------
(1) This reconciliation and related core earnings reconciliations below have
been updated to align with the presentation of GMT in 2025. See section
A7 "Global Minimum Taxes (GMT)" in our 1Q25 MD&A for more information.
Core earnings, CER basis and U.S. dollars -- 1Q24
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
1Q24
-----------------------------------------------------------------------------------------------
Corporate and
Asia Canada U.S. Global WAM Other Total
-------------- -------------- -------------- -------------- -------------- ---------------- -------------
Core earnings
(post-tax) $ 626 $ 364 $ 452 $ 349 $ (81) $ 1,710
CER
adjustment(1) 33 - 29 16 2 80
-------------- -------------- -------------- -------------- -------------- ---------------- -------------
Core earnings,
CER basis
(post-tax) $ 659 $ 364 $ 481 $ 365 $ (79) $ 1,790
Income tax on
core
earnings, CER
basis(2) 104 91 109 68 (28) 344
-------------- -------------- -------------- -------------- -------------- ---------------- -------------
Core earnings,
CER basis
(pre-tax) $ 763 $ 455 $ 590 $ 433 $ (107) $ 2,134
-------------- -------------- -------------- -------------- -------------- ---------------- -------------
Core earnings (U.S. dollars)
-- Asia and U.S. segments
Core earnings
(post-tax)(3)
, US $ $ 465 $ 335
CER adjustment
US $(1) (6) -
-------------- -------------- -------------- --------------
Core earnings,
CER basis
(post-tax),
US $ $ 459 $ 335
-------------- -------------- -------------- --------------
(1) The impact of updating foreign exchange rates to that which was used in
1Q25.
(2) Income tax on core earnings adjusted to reflect the foreign exchange rates
for the Statement of Income in effect for 1Q25.
(3) Core earnings (post-tax) in Canadian $ are translated to US $ using the US
$ Statement of Income exchange rate for 1Q24.
Core earnings available to common shareholders(1) ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
Full Year
Quarterly Results Results
-------------- ------------------------------------------------------------------------- -------------
1Q25 4Q24 3Q24 2Q24 1Q24 2024
-------------- ------------- ------------- ------------- ------------- ------------- -------------
Core earnings $ 1,767 $ 1,907 $ 1,828 $ 1,737 $ 1,710 $ 7,182
Less:
Preferred
share
dividends and
other equity
distributions 57 101 56 99 55 311
-------------- ------------- ------------- ------------- ------------- ------------- -------------
Core earnings
available to
common
shareholders 1,710 1,806 1,772 1,638 1,655 6,871
CER
adjustment(2) - 35 68 68 80 251
-------------- ------------- ------------- ------------- ------------- ------------- -------------
Core earnings
available to
common
shareholders,
CER basis $ 1,710 $ 1,841 $ 1,840 $ 1,706 $ 1,735 $ 7,122
-------------- ------------- ------------- ------------- ------------- ------------- -------------
(1) 2024 reconciliations have been updated to align with the presentation of
GMT in 2025
(2) The impact of updating foreign exchange rates to which was used in 1Q25.
Core ROE(1) ($ millions, unless otherwise stated)
Full Year
Quarterly Results Results
-------------- ------------------------------------------------------------------------- -------------
1Q25 4Q24 3Q24 2Q24 1Q24 2024
-------------- ------------- ------------- ------------- ------------- ------------- -------------
Core earnings
available to
common
shareholders $ 1,710 $ 1,806 $ 1,772 $ 1,638 $ 1,655 $ 6,871
-------------- ------------- ------------- ------------- ------------- ------------- -------------
Annualized
core earnings
available to
common
shareholders
(post-tax) $ 6,935 $ 7,185 $ 7,049 $ 6,588 $ 6,656 $ 6,871
-------------- ------------- ------------- ------------- ------------- ------------- -------------
Average common
shareholders'
equity (see
below) $ 44,394 $ 43,613 $ 42,609 $ 41,947 $ 40,984 $ 42,288
-------------- ------------- ------------- ------------- ------------- ------------- -------------
Core ROE
(annualized)
(%) 15.6 % 16.5 % 16.6 % 15.7 % 16.2 % 16.2 %
-------------- ------------- ------------- ------------- ------------- ------------- -------------
Average common
shareholders'
equity
Total
shareholders'
and other
equity $ 51,135 $ 50,972 $ 49,573 $ 48,965 $ 48,250 $ 50,972
Less:
Preferred
shares and
other equity 6,660 6,660 6,660 6,660 6,660 6,660
-------------- ------------- ------------- ------------- ------------- ------------- -------------
Common
shareholders'
equity $ 44,475 $ 44,312 $ 42,913 $ 42,305 $ 41,590 $ 44,312
-------------- ------------- ------------- ------------- ------------- ------------- -------------
Average common
shareholders'
equity $ 44,394 $ 43,613 $ 42,609 $ 41,947 $ 40,984 $ 42,288
-------------- ------------- ------------- ------------- ------------- ------------- -------------
(1) 2024 reconciliations have been updated to align with the presentation of
GMT in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 1Q25 MD&A
for more information.
CSM and post-tax CSM information(1) ($ millions pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
As at Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024
-------------- --------------- -------------- -------------- -------------- --------------
CSM $ 23,713 $ 23,425 $ 22,213 $ 21,760 $ 22,075
Less: CSM for
NCI 1,417 1,298 1,283 1,002 986
-------------- --------------- -------------- -------------- -------------- --------------
CSM, net of
NCI $ 22,296 $ 22,127 $ 20,930 $ 20,758 $ 21,089
-------------- --------------- -------------- -------------- -------------- --------------
CER
adjustment(2) - 157 770 1,034 1,027
-------------- --------------- -------------- -------------- -------------- --------------
CSM, net of
NCI, CER
basis $ 22,296 $ 22,284 $ 21,700 $ 21,792 $ 22,116
-------------- --------------- -------------- -------------- -------------- --------------
CSM by segment
Asia $ 15,904 $ 15,540 $ 14,715 $ 13,456 $ 13,208
Asia NCI 1,417 1,298 1,283 1,002 986
Canada 4,052 4,109 4,036 3,769 4,205
U.S. 2,329 2,468 2,171 3,522 3,649
Corporate and
Other 11 10 8 11 27
-------------- --------------- -------------- -------------- -------------- --------------
CSM $ 23,713 $ 23,425 $ 22,213 $ 21,760 $ 22,075
-------------- --------------- -------------- -------------- -------------- --------------
CSM, CER
adjustment(2)
Asia $ - $ 158 $ 630 $ 854 $ 804
Asia NCI - 10 37 58 62
Canada - - - - -
U.S. - - 140 181 224
Corporate and
Other - - - - -
-------------- --------------- -------------- -------------- -------------- --------------
Total $ - $ 168 $ 807 $ 1,093 $ 1,090
-------------- --------------- -------------- -------------- -------------- --------------
CSM, CER basis
Asia $ 15,904 $ 15,698 $ 15,345 $ 14,310 $ 14,012
Asia NCI 1,417 1,308 1,320 1,060 1,048
Canada 4,052 4,109 4,036 3,769 4,205
U.S. 2,329 2,468 2,311 3,703 3,873
Corporate and
Other 11 10 8 11 27
-------------- --------------- -------------- -------------- -------------- --------------
Total CSM, CER
basis $ 23,713 $ 23,593 $ 23,020 $ 22,853 $ 23,165
-------------- --------------- -------------- -------------- -------------- --------------
Post-tax CSM
CSM $ 23,713 $ 23,425 $ 22,213 $ 21,760 $ 22,075
Marginal tax
rate on CSM (3,929) (3,928) (3,719) (3,718) (3,820)
-------------- --------------- -------------- -------------- -------------- --------------
Post-tax CSM $ 19,784 $ 19,497 $ 18,494 $ 18,042 $ 18,255
-------------- --------------- -------------- -------------- -------------- --------------
CSM, net of
NCI $ 22,296 $ 22,127 $ 20,930 $ 20,758 $ 21,089
Marginal tax
rate on CSM
net of NCI (3,772) (3,774) (3,566) (3,608) (3,712)
-------------- --------------- -------------- -------------- -------------- --------------
Post-tax CSM
net of NCI $ 18,524 $ 18,353 $ 17,364 $ 17,150 $ 17,377
-------------- --------------- -------------- -------------- -------------- --------------
(1) 2024 reconciliations have been updated to align with the presentation of
GMT in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 1Q25 MD&A
for more information.
(2) The impact of reflecting CSM and CSM net of NCI using the foreign
exchange rates for the Statement of Financial Position in effect for
1Q25.
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)
Full Year
Quarterly Results Results
--------------------------------------------------------------------------------------- ---------------
1Q25 4Q24 3Q24 2Q24 1Q24 2024
--------------- ----------------- ---------------- --------------- --------------- ---------------- ---------------
New business
CSM
Hong Kong $ 316 $ 299 $ 254 $ 200 $ 168 $ 921
Japan 81 66 86 90 48 290
Asia Other(2) 318 221 253 188 275 937
International
High Net
Worth 187
Mainland China 270
Singapore 391
Vietnam 17
Other Emerging
Markets 72
--------------- ----------------- ---------------- --------------- --------------- ---------------- ---------------
Asia 715 586 593 478 491 2,148
Canada 91 116 95 76 70 357
U.S. 101 140 71 74 97 382
--------------- ----------------- ---------------- --------------- --------------- ---------------- ---------------
Total new
business CSM $ 907 $ 842 $ 759 $ 628 $ 658 $ 2,887
--------------- ----------------- ---------------- --------------- --------------- ---------------- ---------------
New business
CSM, CER
adjustment(3)
Hong Kong - $ 8 $ 13 $ 10 $ 9 $ 40
Japan - 1 3 6 3 13
Asia Other(2) - 4 9 9 16 38
International
High Net
Worth 9
Mainland China 11
Singapore 14
Vietnam -
Other Emerging
Markets 4
--------------- ----------------- ---------------- --------------- --------------- ---------------- ---------------
Asia - 13 25 25 28 91
Canada - - - - - -
U.S. - 4 3 3 7 17
--------------- ----------------- ---------------- --------------- --------------- ---------------- ---------------
Total new
business CSM $ - $ 17 $ 28 $ 28 $ 35 $ 108
--------------- ----------------- ---------------- --------------- --------------- ---------------- ---------------
New business
CSM, CER basis
Hong Kong $ 316 $ 307 $ 267 $ 210 $ 177 $ 961
Japan 81 67 89 96 51 303
Asia Other(2) 318 225 262 197 291 975
International
High Net
Worth 196
Mainland China 281
Singapore 405
Vietnam 17
Other Emerging
Markets 76
--------------- ----------------- ---------------- --------------- --------------- ---------------- ---------------
Asia 715 599 618 503 519 2,239
Canada 91 116 95 76 70 357
U.S. 101 144 74 77 104 399
--------------- ----------------- ---------------- --------------- --------------- ---------------- ---------------
Total new
business CSM,
CER basis $ 907 $ 859 $ 787 $ 656 $ 693 $ 2,995
--------------- ----------------- ---------------- --------------- --------------- ---------------- ---------------
(1) New business CSM is net of NCI.
(2) 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 Philippines, Malaysia, Thailand, Cambodia and Myanmar.
(3) The impact of updating foreign exchange rates to that which was used in
1Q25.
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)
Full Year
Quarterly Results Results
------------------------------------------------------------------------------------- --------------
1Q25 4Q24 3Q24 2Q24 1Q24 2024
--------------- ----------------- --------------- --------------- --------------- --------------- --------------
Net income
(loss)
attributed to
shareholders:
Asia $ 624 $ 583 $ 827 $ 582 $ 363 $ 2,355
Canada 222 439 430 79 273 1,221
U.S. (569) 103 5 135 (108) 135
Global WAM 443 384 498 350 365 1,597
Corporate and
Other (235) 129 79 (104) (27) 77
--------------- ----------------- --------------- --------------- --------------- --------------- --------------
Total net
income (loss)
attributed to
shareholders 485 1,638 1,839 1,042 866 5,385
Preferred share
dividends and
other equity
distributions (57) (101) (56) (99) (55) (311)
--------------- ----------------- --------------- --------------- --------------- --------------- --------------
Common
shareholders'
net income
(loss) $ 428 $ 1,537 $ 1,783 $ 943 $ 811 $ 5,074
--------------- ----------------- --------------- --------------- --------------- --------------- --------------
CER
adjustment(1)
Asia $ - $ 10 $ 48 $ 25 $ 35 $ 118
Canada - (8) - - 6 (2)
U.S. - 4 10 7 (7) 14
Global WAM - 9 23 17 21 70
Corporate and
Other - 6 2 (4) (2) 2
--------------- ----------------- --------------- --------------- --------------- --------------- --------------
Total net
income (loss)
attributed to
shareholders - 21 83 45 53 202
Preferred share
dividends and
other equity
distributions - - - - - -
--------------- ----------------- --------------- --------------- --------------- --------------- --------------
Common
shareholders'
net income
(loss) $ - $ 21 $ 83 $ 45 $ 53 $ 202
--------------- ----------------- --------------- --------------- --------------- --------------- --------------
Net income
(loss)
attributed to
shareholders,
CER basis
Asia $ 624 $ 593 $ 875 $ 607 $ 398 $ 2,473
Canada 222 431 430 79 279 1,219
U.S. (569) 107 15 142 (115) 149
Global WAM 443 393 521 367 386 1,667
Corporate and
Other (235) 135 81 (108) (29) 79
--------------- ----------------- --------------- --------------- --------------- --------------- --------------
Total net
income (loss)
attributed to
shareholders,
CER basis 485 1,659 1,922 1,087 919 5,587
Preferred share
dividends and
other equity
distributions,
CER basis (57) (101) (56) (99) (55) (311)
--------------- ----------------- --------------- --------------- --------------- --------------- --------------
Common
shareholders'
net income
(loss), CER
basis $ 428 $ 1,558 $ 1,866 $ 988 $ 864 $ 5,276
--------------- ----------------- --------------- --------------- --------------- --------------- --------------
Asia net income
attributed to
shareholders,
U.S. dollars
Asia net income
(loss)
attributed to
shareholders,
US $(2) $ 435 $ 417 $ 606 $ 424 $ 270 $ 1,717
CER adjustment,
US $(1) - (4) 4 (1) 7 6
--------------- ----------------- --------------- --------------- --------------- --------------- --------------
Asia net income
(loss)
attributed to
shareholders,
U.S. $, CER
basis(1) $ 435 $ 413 $ 610 $ 423 $ 277 $ 1,723
--------------- ----------------- --------------- --------------- --------------- --------------- --------------
Net income
(loss)
attributed to
shareholders
(pre-tax)
Net income
(loss)
attributed to
shareholders
(post-tax) $ 485 $ 1,638 $ 1,839 $ 1,042 $ 866 $ 5,385
Tax on net
income
attributed to
shareholders 47 388 229 238 247 1,102
--------------- ----------------- --------------- --------------- --------------- --------------- --------------
Net income
(loss)
attributed to
shareholders
(pre-tax) 532 2,026 2,068 1,280 1,113 6,487
CER
adjustment(1) - 36 60 60 42 198
--------------- ----------------- --------------- --------------- --------------- --------------- --------------
Net income
(loss)
attributed to
shareholders
(pre-tax), CER
basis $ 532 $ 2,062 $ 2,128 $ 1,340 $ 1,155 $ 6,685
--------------- ----------------- --------------- --------------- --------------- --------------- --------------
(1) The impact of updating foreign exchange rates to that which was used in
1Q25.
(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 reporting period.
Adjusted book value(1) ($ millions)
As at
------------- ------------- ------------- ------------- -------------
($ millions) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024
-------------- ------------- ------------- ------------- ------------- -------------
Common
shareholders'
equity $ 44,475 $ 44,312 $ 42,913 $ 42,305 $ 41,590
Post-tax CSM,
net of NCI 18,524 18,353 17,364 17,150 17,377
-------------- ------------- ------------- ------------- ------------- -------------
Adjusted book
value $ 62,999 $ 62,665 $ 60,277 $ 59,455 $ 58,967
-------------- ------------- ------------- ------------- ------------- -------------
(1) 2024 reconciliations have been updated to align with the presentation of
GMT in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 1Q25 MD&A
for more information.
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)
Full Year
Quarterly Results Results
------------------------------------------------------------------------------ -------------
1Q25 4Q24 3Q24 2Q24 1Q24 2024
-------------- -------------- -------------- -------------- -------------- -------------- -------------
Global WAM
core earnings
(post-tax) $ 454 $ 459 $ 479 $ 386 $ 349 $ 1,673
Add back
taxes,
acquisition
costs, other
expenses and
deferred sales
commissions
Core income
tax
(expenses)
recoveries
(see above) 86 83 26 59 66 234
Amortization
of deferred
acquisition
costs and
other
depreciation 46 49 48 49 42 188
Amortization
of deferred
sales
commissions 22 20 19 19 20 78
-------------- -------------- -------------- -------------- -------------- -------------- -------------
Core EBITDA $ 608 $ 611 $ 572 $ 513 $ 477 $ 2,173
CER
adjustment(1) - 11 21 18 21 71
-------------- -------------- -------------- -------------- -------------- -------------- -------------
Core EBITDA,
CER basis $ 608 $ 622 $ 593 $ 531 $ 498 $ 2,244
-------------- -------------- -------------- -------------- -------------- -------------- -------------
(1) The impact of updating foreign exchange rates to that which was used in
1Q25.
Core EBITDA margin and core revenue
($ millions, unless otherwise stated)
Full Year
Quarterly Results Results
-------------------------------------------------------------------------------- --------------
1Q25 4Q24 3Q24 2Q24 1Q24 2024
-------------- -------------- --------------- -------------- -------------- --------------- --------------
Core EBITDA
margin
Core EBITDA $ 608 $ 611 $ 572 $ 513 $ 477 $ 2,173
Core revenue $ 2,140 $ 2,140 $ 2,055 $ 1,948 $ 1,873 $ 8,016
Core EBITDA
margin 28.4 % 28.6 % 27.8 % 26.3 % 25.5 % 27.1 %
-------------- -------------- --------------- -------------- -------------- --------------- --------------
Global WAM
core revenue
Other revenue
per financial
statements $ 1,986 $ 2,003 $ 1,928 $ 1,849 $ 1,808 $ 7,588
Less: Other
revenue in
segments
other than
Global WAM 11 (2) 53 40 58 149
-------------- -------------- --------------- -------------- -------------- --------------- --------------
Other revenue
in Global WAM
(fee income) $ 1,975 $ 2,005 $ 1,875 $ 1,809 $ 1,750 $ 7,439
-------------- -------------- --------------- -------------- -------------- --------------- --------------
Investment
income per
financial
statements $ 4,234 $ 5,250 $ 4,487 $ 4,261 $ 4,251 $ 18,249
Realized and
unrealized
gains
(losses) on
assets
supporting
insurance and
investment
contract
liabilities
per financial
statements (992) (622) 1,730 564 538 2,210
-------------- -------------- --------------- -------------- -------------- --------------- --------------
Total
investment
income 3,242 4,628 6,217 4,825 4,789 20,459
Less:
Investment
income in
segments
other than
Global WAM 3,089 4,550 5,991 4,687 4,649 19,877
-------------- -------------- --------------- -------------- -------------- --------------- --------------
Investment
income in
Global WAM $ 153 $ 78 $ 226 $ 138 $ 140 $ 582
-------------- -------------- --------------- -------------- -------------- --------------- --------------
Total other
revenue and
investment
income in
Global WAM $ 2,128 $ 2,083 $ 2,101 $ 1,947 $ 1,890 $ 8,021
Less: Total
revenue
reported in
items excluded
from core
earnings
Market
experience
gains
(losses) (14) (28) 33 (9) 8 4
Revenue
related to
integration
and
acquisitions 2 (29) 13 8 9 1
-------------- -------------- --------------- -------------- -------------- --------------- --------------
Global WAM
core revenue $ 2,140 $ 2,140 $ 2,055 $ 1,948 $ 1,873 $ 8,016
-------------- -------------- --------------- -------------- -------------- --------------- --------------
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 plans for the return of capital released from reinsurance transactions through share buybacks 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); 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 and 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 operations; geopolitical uncertainty, including international conflicts and trade disputes; 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; our inability to withdraw cash from subsidiaries; and the fact that the amount and timing of any future common share repurchases will depend on the earnings, cash requirements and financial condition of Manulife, market conditions, capital requirements (including under LICAT capital standards), common share issuance requirements, applicable law and regulations (including Canadian and U.S. securities laws and Canadian insurance company regulations), and other factors deemed relevant by Manulife, and may be subject to regulatory approval or conditions.
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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/manulife-reports-first-quarter-2025-results-302449200.html
SOURCE Manulife Financial Corporation
(END) Dow Jones Newswires
May 07, 2025 17:01 ET (21:01 GMT)
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。