Manulife Financial’s net income for Q2 2024 fell slightly by 1% to $1.0 billion, impacted by a $300 million loss from debt sales linked to the RGA reinsurance deal. Despite this, the company saw significant gains in market performance and core earnings.
Year-over-year, APE sales rose by 17%, new business CSM increased by 6%, and NBV grew by 23%. Notably, Asia’s net income surged by 289% to $424 million, driven by higher core earnings.
The company reported strong regional performance with increases in APE sales, new business CSM, and NBV, largely due to higher sales in Japan and Hong Kong. Patrick Graham, CEO of Manulife Hong Kong and Macau, expressed optimism for continued growth, citing record APE sales and NBV.
The NBV margin improved by 3.4 percentage points year-over-year, reflecting effective pricing and business mix adjustments.