Manulife Financial Corporation: Is The Growth In Core Earnings Here To Stay?

Manulife Financial reported a robust financial performance for the full year 2024, marked by several significant achievements while also facing certain challenges. The company’s core earnings exceeded $7 billion for the first time, reflecting a 10% year-over-year increase. This growth was primarily driven by Manulife’s highest potential businesses in Asia and Global Wealth and Asset Management (Global WAM), which together accounted for 70% of core earnings. The operational momentum was underpinned by record Annual Premium Equivalent (APE) sales, new business Contractual Service Margin (CSM), and new business value in Asia. Additionally, Global WAM contributed $13.3 billion in net inflows.