Q1 2026 Manulife Financial Corp Earnings Call Transcript
Key Points
- Manulife Financial Corp (MFC) delivered solid first-quarter results with an 18% growth in CSM balance, enhancing future earnings potential.
- Core EPS grew by 11%, driven by strong performance in Asia, where core earnings increased by 22% year over year.
- The company's LICAT ratio remains strong, and the leverage ratio is well below target, providing financial flexibility.
- Manulife Financial Corp (MFC) expanded its global reach with strategic acquisitions and partnerships, such as the acquisition of Schroders Indonesia and a partnership with L&G.
- The company is advancing its AI capabilities, resulting in a 30% increase in developer productivity and a 40% increase in meaningful advisor interactions in the US retail segment.
- Global WAM posted net outflows of $4.4 billion in the first quarter, primarily due to headwinds in active mutual funds in North America.
- Insurance experience in Canada was unfavorable, driven by higher incidents and lower recoveries in long-term disability business.
- Net income for the quarter was impacted by a $242 million charge related to lower-than-expected returns across real estate, timber, and private equity investments.
- The transition to EMPF moderated core earnings growth in Global WAM, affecting profitability.
- The US segment experienced lower investment spreads, impacting core earnings despite favorable insurance experience.
(Operator Instructions) I would now like to turn the conference over to Mr. Hung Ko, Global Head of Treasury and Investor Relations. Please go ahead.
Thank you. Welcome to Manulife's earnings conference call to discuss our first-quarter 2026 financial and operating results. Our earnings materials, including webcast live for today's call, are available in the Investor Relations section of our website at manulife.com.
Before we start, please refer to slide 2 for a caution on forward-looking statements and slide 33 for a note on non-GAAP and other financial measures used in this presentation. Please note that certain material factors assumptions apply in making forward-looking statements. Actual results may differ materially from what is stated.
Turning to slide 4, we'll begin today's presentation with Phil Witherington, our President and Chief Executive Officer, who will provide a highlight of our first-quarter 2026 results and a strategic update. Following Phil, Colin
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