Manulife Asia unit net income leaps to $2b in FY 2024

EPS ended at $2.84.

Manulife’s full-year (FY 2024) net income attributable to shareholders increased by 5% year-on-year (YoY) to $5.4b, whilst it’s Asia segment also surged 71% YoY to $1.7b.

The group’s earnings per share (EPS) for the year ended at $2.84, up 8% YoY.

Additionally, the region’s core earnings also surged 27% YoY to $2b. APE sales, new business CSM, and NVB all jumped by 36% YoY, 38% YoY, and 35% YoY, respectively. This was “driven by broad-based growth across Asia, led by Hong Kong.”

“2024 was a banner year for Manulife on many fronts and we finished the year with very strong results. We delivered record insurance new business results for the full year, including 30%+ increases year-over-year across APE sales,” Roy Gori, Manulife President & Chief Executive Officer, said in a statement.