Manulife reveals strong Q4 2021 results

Manulife Monetary Company liked sturdy effectivity for the yr 2021, along with all through the fourth quarter – and the insurer is poised to extra scale its enterprise in Asia, in response to its earnings launch.

For 2021, Manulife posted a file web income of CA$7.1 billion (about US$5.60 billion) – an increase of CA$1.2 billion from the similar interval closing yr. In This fall 2021, web income attributed to shareholders jumped to CA$2.1 billion from CA$304 million in This fall 2020.

The agency moreover reported core earnings of CA$6.5 billion for the yr 2021, which Manulife well-known is up 26% on a relentless alternate cost basis from 2020. In phrases of the fourth quarter of 2021, the company’s core earnings hit CA$1.7 billion, a 20% enhance from the quarter yr prior.

Manulife talked about that in 2021 its annualized premium equal product sales hit CA$6.1 billion in 2021, a 13% enhance from 2020. For the fourth quarter of 2021, the company reported APE product sales of $1.4 billion, up 5% from the fourth quarter of 2020. Manulife moreover revealed that its world wealth and asset administration (WAM) web inflows tripled to CA$27.9 billion in 2021 from 2020.

“Our means to adapt and serve shoppers throughout the globe who’re navigating a really unsure atmosphere continues to drive our working outcomes with document web revenue of $7.1 billion and core earnings of $6.5 billion in 2021 pushed by our insurance coverage companies delivering double-digit development in APE gross sales and NBV and international WAM delivering robust web inflows of $27.9 billion,” commented Manulife president and CEO Roy Gori.

Gori added that Manulife is presently scaling its enterprise to develop all through the assorted markets in Asia, noting that closing yr the company had entered proper right into a 16-year bancassurance partnership with VietinBank – certainly one of many largest financial institutions in Vietnam.

Manulife ranked tenth on AM Greatest’s excessive largest insurance coverage protection firms by 2020 non-banking belongings. On that exact same document, Allianz, AXA, and Prudential Monetary had been the first, second, and third placers.

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