Q1 2025 Manulife Financial Corporation Earnings Call Transcript
Key Points
- Manulife Financial Corp (MFC) reported strong growth in Asia with APE sales increasing by 50%, driven by high demand in markets like Hong Kong, Singapore, and Mainland China.
- The company maintained a robust balance sheet with a LICAT ratio of 137% and a leverage ratio of 23.9%, indicating strong financial resilience.
- Global WAM continued to deliver positive net flows of $0.5 billion despite market volatility, showcasing the resilience of its diversified business model.
- Core EPS increased by 3%, supported by share buybacks and strong performance in Asia and Global WAM businesses.
- Manulife Financial Corp (MFC) successfully executed de-risking strategies, including reinsurance transactions, reducing its book value sensitivity to interest rate and equity market movements.
- The company faced a $35 million pretax charge in its P&C reinsurance business due to the California wildfires.
- A $46 million pretax ECL charge was recorded, driven by updates to reflect the deteriorating economic environment, impacting core earnings growth.
- The U.S. segment experienced a 25% decrease in core earnings due to unfavorable net claims experience, lower investment spreads, and increased ECL provisions.
- Manulife Financial Corp (MFC) reported a non-core charge of $781 million from realized losses, mostly from fixed income asset disposals related to its LTC reinsurance transaction.
- The ALDA portfolio experienced negative returns, particularly in real estate and private equity, disrupting the trend of sequential improvement in ALDA experience.
Good morning, ladies and gentlemen. Welcome to the Manulife Financial first-quarter 2025 financial results conference call. I would now like to turn the meeting over to Mr. Hung Ko. Please go ahead, sir.
Thank you. Welcome to Manulife's earnings conference call to discuss our first quarter 2025 financial and operating results. Our earnings materials, including webcast slides 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 for notes on non-GAAP and other financial measures used in this presentation. Please note that certain material factors, assumptions are applied in making these forward-looking statements, and actual results may differ materially from what is stated.
Turning to slide 4. We'll be in today's presentation with Roy Gori, our President and Chief Executive Officer, who will provide a highlight of our first quarter
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