Brompton Lifeco Split Corp T.LCS

Alternate Symbol(s): T.LCS.P.A

The Funds investment objectives are to provide holders of Preferred shares with fixed, cumulative, preferential quarterly cash distributions in the amount of 0.15625 per share and to return the original issue price of 10.00 per Preferred share to Preferred shareholders at maturity; and to provide holders of Class A shares with regular monthly cash distributions, targeted to be 0.075 per share, and the opportunity for growth in Net Asset Value per share. To achieve these objectives, the Fund invests in a common share portfolio of the following Canadian life insurance companies on an equally weighted basis at the time of investment and any subsequent rebalancing.

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Brompton Lifeco Split Corp > MFC increases common div 9.6%

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Post by mousermanon Feb 14, 2024 6:05pm

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Post# 35880814

MFC increases common div 9.6%

TORONTO, Feb. 14, 2024 /PRNewswire/ - Manulife Financial Corporation ("Manulife" or the "Company") reported its full year and fourth quarter results for the period ended December 31, 2023, during which we delivered double-digit growth in core EPS, and today declared a common share dividend increase of 9.6%.

Key highlights for full year 2023 and the fourth quarter ("4Q23") include:

Net income attributed to shareholders of $5.1 billion in 2023, up $1.6 billion from 2022 transitional net income attributed to shareholders ("Transitional Net Income")¹, and $1.7 billion in 4Q23, up $0.4 billion from Transitional Net Income in the fourth quarter of 2022 ("4Q22")
Net income attributed to shareholders of $5.1 billion in 2023, up $7.0 billion from 2022, and $1.7 billion in 4Q23, up $0.7 billion from 4Q22
Core earnings^¹ of $6.7 billion in 2023, up 13% on a constant exchange rate basis^² from 2022. Core earnings of $1.8 billion in 4Q23, up 15% from 4Q22
Core EPS^³ of $3.47 in 2023, up 17%² from $2.90 in 2022. Core EPS of $0.92 in 4Q23, up 20% from $0.77 in 4Q22
EPS of $2.61 in 2023, up 47%² compared with transitional EPS³ of $1.69 in 2022 and up $3.76 compared with EPS of -$1.15 in 2022. EPS of $0.86 in 4Q23, up 43% compared with transitional EPS of $0.60 in 4Q22 and up 97%² compared with EPS of $0.43 in 4Q22
Core ROE³ of 15.9% in 2023 and 16.4% in 4Q23, and ROE of 11.9% in 2023 and 15.3% in 4Q23
LICAT ratio^⁴ of 137%
Remittances^⁵ of $5.5 billion in 2023 compared with $6.9 billion in 2022
Entered into an agreement with Global Atlantic to reinsure four in-force blocks of legacy and low ROE business, including $6 billion of long-term care ("LTC") insurance contract net liabilities⁶, representing the largest ever LTC reinsurance transaction. The transaction is expected to close by the end of February 2024⁷
Purchased for cancellation 3.4% of common shares outstanding, or more than 62 million common shares, for $1.6 billion in 2023
Declared a 9.6% increase in the dividend per common share today

"2023 was a milestone year for Manulife as we continued to execute on our transformation journey. We
delivered strong business results of 17% and 13% growth year-over-year in core EPS and core earnings,
respectively, as well as core ROE of 15.9% in 2023. We generated core earnings growth across all insurance
segments, double-digit increases in all new business metrics^⁸, and $4.5 billion of net inflows⁵ in Global WAM^⁹.
We also announced a milestone reinsurance transaction, including the largest ever LTC risk transfer."