Manulife Financial Corporation: A Year of Record-Breaking Growth
TORONTO, Feb. 19, 2025 – Manulife Financial Corporation (MFC), a leading international financial services group based in Toronto, Canada, recently reported impressive full-year and fourth-quarter results for the period ended December 31, 2024. The Company’s strong performance was marked by record core earnings, substantial growth in key business metrics, and a significant increase in core EPS and common share dividends.
Banner Full-Year Results
Manulife reported core earnings of $7.2 billion in 2024, marking an impressive 8% increase on a constant exchange rate basis compared to the previous year. This growth was driven by the Company’s robust business segments, which included Asia, Canada, and the United States.
Record-Breaking Business Metrics
The top-line business metrics experienced significant growth in 2024, with increases exceeding 30% in several key areas. These included:
- Premiums: $47.5 billion, up 33% from 2023
- Assets under management (AUM): $1.3 trillion, up 32% from 2023
- Segments: Asia grew 35% in premiums and 38% in AUM, while Canada and the US grew 27% and 29% in premiums, respectively
Double-Digit Core EPS Growth
Manulife’s core EPS grew by more than 10% for the full year, reaching $3.13 per share. This growth was a result of the Company’s strong business performance and disciplined cost management.
Common Share Dividend Increase
In addition to its impressive earnings, Manulife announced a common share dividend increase of 10%, raising the quarterly dividend to $0.40 per share. This increase reflected the Company’s commitment to delivering value to its shareholders.
Impact on Individuals
For individual investors, Manulife’s strong financial performance may lead to increased confidence in the company and potentially higher stock prices. Additionally, the dividend increase could result in higher income for those who hold Manulife stock and receive the dividend payments.
Impact on the World
Manulife’s impressive results could have broader implications for the global financial sector. The Company’s strong performance in Asia, in particular, highlights the growing importance of the region in the global economy and the increasing demand for financial services in emerging markets. Additionally, the Company’s disciplined cost management and focus on innovation could set a trend for other financial institutions looking to adapt to a rapidly changing market landscape.
Conclusion
Manulife Financial Corporation’s full-year and fourth-quarter results for 2024 demonstrate the Company’s resilience and adaptability in a challenging economic environment. With record core earnings, substantial growth in key business metrics, double-digit core EPS growth, and a common share dividend increase, Manulife has positioned itself for continued success in the years to come. For individual investors and the financial sector as a whole, these results offer a promising outlook and a reminder of the importance of strong financial management in an ever-evolving market.
