Manulife Financial reported second-quarter core earnings per share rose 16% year over year, driven by record Asia earnings and strong wealth management inflows, while also announcing a new long-term care reinsurance agreement with Munich Re. Core earnings increased 12% and core return on equity reached 16.3%, up 130 basis points. Asia core earnings grew 21% to a record, with APE sales up 21% led by Hong Kong, Singapore and Japan. Global Wealth and Asset Management recorded CAD 4 billion of net inflows, though Canadian core earnings fell 10% due to unfavorable disability and group insurance claims. The Munich Re deal transfers biometric risk on CAD 3.2 billion of reserves via an 80% quota share, bringing total long-term care morbidity risk reduction to 24%. Manulife ended the quarter with a 136% LICAT ratio and returned CAD 1.4 billion to shareholders through dividends and buybacks.
Manulife Financial CorpCore EPS rose 16%, core ROE up 130bps, and announced a long-term care reinsurance deal with Munich Re.
Münchener Rück AGManulife announced a long-term care reinsurance agreement with Munich Re, transferring biometric risk on CAD 3.2 billion of reserves.
