"Performance" Manulife's core earnings in the third quarter rose by 11.3%, with a quarterly dividend of CAD 0.44

Manulife Financial (00945.HK) announced that the net income attributable to shareholders for the third quarter ended September was CAD 1.799 billion, a year-on-year decrease of 2.2%. Core earnings rose 11.3% to CAD 2.035 billion, a record high. Earnings per share were CAD 1.02; a dividend of CAD 0.44 per common share was declared.

During the period, ROE decreased by 0.6 percentage points year-on-year to 16%. Core ROE increased by 1.5 percentage points to 18.1%. APE sales rose 9.8% to CAD 2.576 billion. The value of new business increased by 12.4% to CAD 906 million.

The group's net income attributable to shareholders for the first nine months was CAD 4.073 billion, an increase of 8.7% year-on-year; core earnings rose 4.8% to CAD 5.528 billion. APE sales increased by 22.1% to CAD 7.495 billion. The value of new business rose 24.4% to CAD 2.659 billion.

Manulife's President and CEO, Roy Gori, stated that the group's core earnings in Asia, global wealth and asset management, and Canadian operations all reached new highs, with new business continuing to maintain strong momentum, and all three major insurance divisions recorded new business CSM growth of 15% or more. Despite net outflows in global wealth and asset management, the core EBITDA profit margin continued to expand, indicating good operational leverage. Additionally, the successful acquisition of Comvest Credit Partners and the agreement to acquire Schroders' Indonesian business further demonstrate the group's rigor in capital allocation and strategic deployment.

The group's Chief Financial Officer, Colin Simpson, pointed out that the annual review of actuarial methods and assumptions (covering U.S. long-term care business) had a net positive impact, resulting in a reduction of overall pre-tax cash flow by CAD 605 million. With a LICAT ratio of 138% and a financial leverage ratio of 22.7%, the robust financial condition and strong balance sheet lay a solid foundation for future development