Manulife reports whopping C$7.1b net income in 2021

Surge in profits mainly driven by global wealth and asset management growth

Canadian insurer Manulife reported a net income of C$7.1b ($5.60b) for all its business in 2021 with core earnings of C$6.5b ($5.12b), benefiting from strong growth from its global wealth and asset management.

Manulife saw a  27% increase in its global wealth and asset management earnings that helped offset declines in profit in its Asia, Canada and U.S. units. 

Core earnings reach C$1.7b ($1.34b) in Q4 2021, an increase of 20% compared to the same quarter in 2020.

“Our ability to adapt and serve clients across the globe who are navigating a very uncertain environment continues to drive our operating results with record net income of C$7.1b ($5.60b) and core earnings of C$6.5b ($5.12b) in 2021 driven by our insurance businesses delivering double-digit growth in APE sales and NBV and Global WAM delivering strong net inflows of C$27.9b ($21.99b),” said Manulife President & Chief Executive Officer Roy Gori.

Core return on common shareholders’ equity (Core ROE) increased by 13% in 2021 whilst ROE increased by 14.2%

New business value (NBV) rose by 31% to C$2.2b ($1.73b) in 2021 whilst annualized premium equivalent sales reached C$6.1b ($4.81b) in 2021, up from 13% in 2020

Manulife also said it has plans to buy back shares this year to further increase shareholder value

“We take pride in our products and services, such as insurance protection, well-being offerings, and retirement and wealth management solutions, which positions us well to continue helping our customers live better, happier and healthier lives,” said Gori