Manulife Financial-S (00945) announces first quarter results, core profit of 1,767 billion Canadian dollars decreased 1% year over year

According to the Zhitong Finance App, Manulife Finance-S (00945) announced results for the three months ended March 31, 2025, with core profit of 1,767 million Canadian dollars, a decrease of 1% year on year; net income attributable to shareholders of 485 million Canadian dollars, a decrease of 47% year on year; net inflow of 500 million Canadian dollars from the global wealth and asset management business was 500 million Canadian dollars, lower than the net inflow of 6.7 billion Canadian dollars achieved in the first quarter of 2024.

“The company began the new year with a continued strong momentum, and the performance of the new manufacturing business in the insurance sector this quarter reached a record high. All business units operating in the insurance business experienced double-digit growth in value, with Asia growing 43% year-on-year, reflecting the company's broad strength in terms of revenue performance. The core profit of the global wealth and asset management business increased by 24%, increased the core EBITDA margin by 290 basis points, and achieved net inflows. The company also completed the second long-term care reinsurance transaction, which fully demonstrates the company's dedicated execution and commitment to creating sustainable value for shareholders. Overall, I am proud of the company's performance in an increasingly volatile operating environment this quarter, which fully reflects the strength of the company's brand.” — Gao Ruihong, President and CEO of Manulife

“The company's core business growth remains resilient, while core EPS growth is affected by increased provisions related to anticipated credit losses and California wildfire provisions. The book value per common share continued to grow steadily in the first quarter of 2025, with a year-on-year increase of 12%. The company's LICAT ratio remains strong at 137%, and the financial leverage ratio is 23.9%, which is within the mid-term target of 25%. Based on the company's strategic priorities and strong balance and liability situation, the company is confident that it can cope with the current economic environment and seize growth opportunities. ” — Colin Simpson, Manulife CFO