Zhitong Finance App News, Manulife Finance-S (00945) announced that the core profit for the first quarter of 2024 was 1.8 billion Canadian dollars, up 16% from the first quarter of 2023 on a fixed exchange rate basis; net revenue attributable to shareholders was 900 million Canadian dollars, a decrease of 500 million Canadian dollars from the first quarter of 2023; core profit per share was 0.94 Canadian dollars; the return on shareholders' core capital was 16.7%, and the return on shareholder capital was 8.0%; compared to the first quarter of 2023, Annualized premium equivalent (APE) sales increased by 21%, the new manufacturing business CSM increased by 52%, and the value of the new manufacturing business increased by 34%.

Manulife President and CEO Gao Ruihong said, “After an extraordinary year, Manulife continued to maintain strong momentum and achieved outstanding results in the first quarter of 2024, including a 20% increase in core earnings per share, an 11% increase in adjusted book value per common share, APE sales reached a record high, and all of its insurance divisions achieved double-digit growth. We completed the largest LTC business reinsurance transaction in history in the first quarter and signed the largest universal life reinsurance agreement ever in Canada, once again confirming our rigor and focus on executing transactions. I am encouraged by our momentum in the first quarter and the business opportunities that will continue to create value for shareholders in the future.”

Manulife Chief Financial Officer Colin Simpson said, “We had a strong start in 2024. The value of our new CSM and new manufacturing businesses all hit new highs, growing by 52% and 34% respectively. The global wealth and asset management business achieved a strong net inflow of 6.7 billion Canadian dollars, while our capital position remained stable, with a LICAT ratio of 138%. Looking ahead, we will continue to work to further enhance shareholders' return on capital through strict capital allocation and continuous business performance improvements.”