Manulife reported a banner full year and fourth quarter results for the period ended 31 December 2024, with record core earnings, 30%+ increases across top-line business metrics, double-digit core EPS growth for the full year, as well as declaring a common share dividend increase of 10%.
Its Asia segment delivered a strong quarter in 4Q24 with annualized premium equivalent (APE) sales growth of +63% year-on-year, driven by continued commercial momentum across the region, with y-o-y growth in nine out of 12 markets. The segment delivered strong double-digit growth in main value metrics, with new business value (NBV) up 37% y-o-y and new business contractual service margin (CSM) up 38% y-o-y. Core earnings grew 16% y-o-y.
For the full year 2024, Asia segment achieved record core earnings with growth of 27% y-o-y. Asia also delivered continued momentum in 2024 and achieved substantial top-line growth, generating 36%, 38% and 35% increases in APE sales, new business CSM and NBV, respectively, driven by broad-based growth across Asia, led by Hong Kong.
4Q24 and FY24 Asia Segment financial highlights include:
Core earnings
- 4Q24 core earnings were $477m, up 16% YoY
- FY24 core earnings were $1.89bn, up 27% YoY
APE sales
- 4Q24 APE sales were $1.18bn, up 63% YoY
- FY24 APE sales were $4.42bn, up 36% YoY
NBV
- 4Q24 NBV was $418m, up 37% YoY
- FY24 NBV was $1.61bn, up 35% YoY
New business CSM
- 4Q24 new business CSM was $419m, up 38% YoY
- FY24 new business CSM was $1.56bn, also up 38% YoY
“2024 was a milestone year for Manulife and our Asia business. Our robust full-year results in Asia highlight the significant strides we've made in driving new business and core earnings growth. We are advancing toward becoming the number one choice for our customers by launching innovative health initiatives and high-net-worth solutions, alongside deploying generative AI solutions to enhance agent-customer interactions,” said Manulife Asia president and CEO Phil Witherington.