Manulife Financial Corporation


SKU: MFC-1 Category:


Manulife Financial Corporation produced a fair result with decent momentum in its top-line KPIs, with APE sales, new business value, and new business CSM all up by double digits. Core EPS climbed in the quarter. They also produced $2.2 billion in favorable global WAM net flows. With an increase in adjusted book value per share, their balance sheet is still robust. Besides, they achieved APE sales of $1.6 billion, a new business value of $585 million, and a new business CSM of $592 million, an increase of 15% from the preceding year and in line with their medium-term plan. This growth rate is a step up from the first quarter of 2023. Additionally, they introduced improved healthcare coverage in Hong Kong to meet the rising demand for health and protection services. They have now added Manulife Vitality to new Manulife Par individual insurance policies in Canada, considerably broadening their behavioral insurance program. The company also enhanced its objective to cut total scope 1 and 2 emissions by 2035, strengthening its commitment to lowering emissions. We give the company a ‘Buy’ rating with a revised target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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