Q3 2024 Manulife Financial Corp Earnings Call Transcript
Key Points
- Manulife Financial Corp (MFC) delivered record financial and operating results in the third quarter of 2024, including significant growth in core earnings, APE sales, and new business value.
- The company achieved 40% growth in APE sales, driven by strong performance in Asia, particularly in Hong Kong, and positive contributions from North America.
- Global Wealth and Asset Management (WAM) reported over $5 billion in net flows, marking positive net flows in 13 of the past 14 calendar years.
- Manulife Financial Corp (MFC) maintained a strong balance sheet with a LICAT ratio of 137% and a leverage ratio of 23.5%, providing ample financial flexibility.
- The company is leveraging advanced GenAI capabilities to enhance customer experience and operational efficiency, with successful implementations in Singapore and North America.
- The impact of global minimum taxes (GMT) reduced core earnings growth by approximately 3 percentage points in the quarter.
- Core earnings in the US segment decreased by 8% due to lower investment spreads and the impact of reinsurance transactions.
- The company's Asia segment experienced a decline in new business value margins, attributed to a shift in sales mix towards savings solutions.
- Manulife Financial Corp (MFC) faced challenges in its US long-term care insurance business, with negative experience driven by low mortality rates.
- The reinsurance transactions with Global Atlantic and RGA resulted in a $23 million reduction in core earnings across multiple lines.
Please stand by. Your meeting is about to begin. Please be advised that this conference call is being recorded.
Good morning, ladies and gentlemen, and welcome to the Manulife Financial third-quarter 2024 financial results conference call. I would now like to turn the meeting over to Mr. Ko. Please go ahead, sir.
Thank you. Welcome to Manulife's earnings conference call to discuss our third-quarter and year-to-date 2024 financial and operating results. Our earnings materials, including the webcast live for today's call, are available on 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 34 where notes on the non-GAAP and other financial measures used in this presentation. Note that certain material factors or assumptions apply in making forward-looking statements, and actual results may differ materially from what is stated.
Turning to Slide 4, Roy Gori,
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