Canadian insurer Manulife returns to profit in 2023, nets CA$5.1B

MANULIFE Financial Corp. (Manulife) on Thursday said it was back in the black with a net income attributable to shareholders of CA$5.1 billion (around P210.9 billion) in 2023, a turnaround from the previous year’s loss of CA$1.9 billion (about P78.5 billion).

Roy Gori, president and chief executive officer of the Toronto-based multinational insurer and financial services firm, said that 2023 “was a milestone year for Manulife as we continued to execute on our transformation journey.”

“Our strategy is grounded in making decisions easier and lives better for our customers and driving greater value for our shareholders. The dedication and passion of our team to deliver has helped us excel in uncertain market conditions and achieve positive momentum as we begin 2024,” he said in a statement.

For the fourth quarter alone, Manulife’s net income attributable to shareholders surged by 81 percent to CA$1.7 billion (approximately P70.3 billion) from CA$915 million (approximately P37.8 billion) the year before.

Core earnings for the quarter grew 15 percent to CA$1.8 billion (about P74.4 billion), bringing core income for 2023 to CA$6.7 billion (around P276.9 billion).

Chief Financial Officer Colin Simpson said Manulife generated CA$5.5 billion (approximately P227.3 billion) in remittances last year, down 20.3 percent from CA$6.9 billion (approximately P285.1 billion) a year earlier, but added that “we enter 2024 well-positioned to deliver business growth and cash generation to our shareholders.”

Manulife is traded on the local bourse as well as in the Toronto, Hong Kong and New York stock exchanges. It also has business interests in Barbados, Cambodia, Indonesia, Japan, Mainland China, Malaysia, Singapore, Taiwan, the United Kingdom, Vietnam and the United States.

On the Philippine Stock Exchange, Manulife shares last traded on Wednesday at P1,200 each.