TORONTO, Nov. 3, 2021 /PRNewswire/ - Today, Manulife announced its third quarter of 2021 ("3Q21") results. Key highlights include:
- Net income attributed to shareholders of $1.6 billion in 3Q21, down $476 million from the third quarter of 2020 ("3Q20"). 3Q21 results included strong investment gains that offset a $532 million charge from the previously announced Ultimate Reinvestment Rate ("URR") reduction.
- Core earnings1 of $1.5 billion in 3Q21, up 10% on a constant exchange rate basis2 from 3Q20
- Core ROE1 of 12.0% and ROE of 12.6% in 3Q21
- NBV1 of $539 million in 3Q21, up 22% from 3Q20
- APE sales1 of $1.4 billion in 3Q21, up 5% from 3Q20
- Global Wealth and Asset Management ("Global WAM") net inflows1 of $9.8 billion in 3Q21, compared with net outflows of $2.2 billion in 3Q20
"The diversity and resilience of our franchise was evident once again in the third quarter, as we continued to deliver against our medium-term targets," said Manulife President & Chief Executive Officer Roy Gori. "We delivered core earnings growth of 10% and solid net income of $1.6 billion in 3Q21, and on a year-to-date basis delivered core return on equity of 13.2%."
"The impact of the pandemic continues to vary across the globe with North American markets beginning to experience a recovery, while many markets in Asia implemented further restrictions in the third quarter," said Phil Witherington, Chief Financial Officer. "Despite the challenging environment, Asia generated double-digit NBV growth and Global WAM was supported by strong net inflows of $9.8 billion in the quarter and delivered an 18% increase in core earnings compared with the prior year quarter."
https://www.prnewswire.com/news-releases/manulife-reports-3q21-net-income-of-1-6-billion-and-core-earnings-of-1-5-billion-double-digit-new-business-value-growth-and-strong-net-flows-in-global-wealth-and-asset-management-with-contributions-across-all-business-lines-and-301415609.html