Manulife Financial Corporation announced a substantial 21 percent increase in its year-to-date attributed net income for the third quarter of 2023, reaching $3.4 billion compared to $2.8 billion in the same period last year.
The firm disclosed to the Philippine Stock Exchange (PSE) that its purely third-quarter attributed net income rose to $1 billion from $491 million, driven by core earnings growth and a one-time tax-related benefit of $290 million.
Manulife’s year-to-date core earnings stand at $4.9 billion, reflecting a 12 percent increase from $4.3 billion in 2022.
The core earnings per share (EPS) of $2.55 in 2023 is also notably higher, showing a 20 percent increase from the $2.13 observed last year on a constant exchange rate basis.
The core return on equity (ROE) has risen to 15.7 percent this year, surpassing the 13.9 percent recorded in 2022.
Additionally, the Life Insurance Capital Adequacy Test (LICAT) ratio is reported at 137 percent.
Annualized premium equivalent (APE) sales experienced a nine percent rise to $4.8 billion in 2023 from $4.3 billion last year.
Net book value (NBV) gained six percent, reaching $1.6 billion, and new business contractual service margins (CSM) increased by three percent to $1.5 billion from $1.4 billion.
The organic CSM movement saw an increase of $629 million for the first nine months of 2023, driven by the impact of new insurance business and expected movements related to finance income or expenses.
However, the inorganic CSM movement recorded a decrease of $457 million for the same period due to net unfavorable impacts of equity market experience, higher interest rates on certain contracts, and changes in foreign exchange rates.
Furthermore, Global Wealth and Asset Management (WAM) net inflows surged by 51 percent.
