Manulife has unveiled its financial results for Q3 2022 – while figures were down for the quarter, the insurer is proud to still have managed to deliver “resilient” results amid challenges during the period.
For Q3 2022, Manulife posted net income attributed to shareholders of $1.3 billion in 3Q22, which is down $0.2 billion from the third quarter of 2021. Meanwhile, its Life Insurance Capital Adequacy Test (LICAT) ratio for the quarter was 136%, and the company’s core return on common shareholders’ equity and return on equity stood at 10.3% and 10.5%, respectively.
"We delivered resilient operating results in the third quarter amidst a challenging market and operating environment," said Manulife president and CEO Roy Gori. "We continued to deliver solid results in our Asia business and delivered in-force business growth of 8% and 12% in the third quarter and year-to-date, respectively.”
Gori added that the company also managed global wealth and asset management net inflows of $3.0 billion during the quarter, as well as attaining core earnings before interest, taxes, depreciation and amortization (EBITDA) margin of 32.7%.
The chief executive also said that Manulife will continue to serve its customers by focusing on providing them with resilience.
"We are focused on driving resilience for our people, customers and communities. Through our behavioural insurance offerings, we are committed to helping our customers lead longer, healthier, better lives, and we are rewarding them for making healthy lifestyle choices,” said Gori. “We are expanding our Manulife Vitality offerings in Canada across our core product suite.
“In the US, we have made a multi-cancer, early detection test available to a pilot group of existing customers through John Hancock Vitality, enabling customers to make more informed choices about their health. And, in Asia, we continue to roll out servicing features in our ManulifeMOVE app, furthering its position as a one-stop health and servicing gateway for our customers.”
"Expense efficiency continues to be a key strategic priority and important lever in the current operating environment. Our third quarter general expenses were held in line with the prior year, providing an offset to topline pressure," said Manulife chief financial officer Phil Witherington.
