Staff reporter
Manulife Financial (0945) said its core earnings for 2024 increased by 8 percent to C$7.2 billion (HK$39.39 billion), hitting a new high, thanks to strong global wealth and asset management business and sales in Asia.
The Canadian insurer said the strong performance of its businesses offset the impacts of global minimum taxes and reinsurance transactions that were closed earlier in 2024.
It posted a net profit of around C$5.39 billion in 2024, rising 5 percent from the previous year.
For the fourth quarter, the company recorded core earnings of C$1.91 billion, up by 6 percent from one year prior, while its net profit declined by 3 percent to C$1.64 billion.
The insurer's Asian business has contributed the most in 2024, with net profit of C$1.72 billion, up 71 percent and core earnings of C$1.89 billion, up 27 percent.
Manulife raised its quarterly dividend per common share by 10 percent to C$0.44.
Meanwhile, Manulife Hong Kong and Macau posted 43 percent growth year-on-year in new business value to HK$6 billion in 2024, as well as core earnings surging by 36 percent year-on-year.
The company has continued to invest resources and launched a series of initiatives in Hong Kong and Macau to further enhance its customer program, said Patrick Graham, the chief executive of Manulife Hong Kong and Macau.
In December, Manulife Hong Kong announced a partnership with New Frontier Group, a China healthcare service provider, to introduce cashless hospitalization services.
New business value in Hong Kong and Macau grew 43 percent to HK$6 billion. BLOOMBERG
