宏利金融+2023年2季度业绩演示资料-英-41页_1mb

. Key Financial Highlights:

• Revenue Growth: APE sales reached 1.6B CAD, up 12% year-over-year, driven by border reopenings and consumer recovery.
• New Business Value (NBV): Increased 10% YoY to $585M, while New Business CSM rose 15% YoY to $592M.
• Earnings: Core earnings improved 4% YoY from $1.5B to $1.6B, supported by higher investment yields and business growth.

. Strategic Updates:

• Focus on Asia as a high-potential market, particularly following border reopenings in Hong Kong and China.
• Digital and customer experience initiatives are prioritized, including expanded healthcare coverage in Hong Kong and behavioral insurance in Canada.
• Phil Witherington appointed as President & CEO for Manulife Asia, while Colin Simpson became Group CFO.

. Growth by Region:

• Asia: Strong sales growth in Hong Kong (+26% YoQ), Japan (+3%), and China outperforming the U.S.
• Canada: Behavioral insurance expansions, improved group benefits contact center performance, and selection as a Best Corporate Citizen.
• U.S.: Steady performance with adjusted growth in insurance and annuities segments.

. Operational Performance:

• Global Wealth & Asset Management (Global WAM) saw strong net inflows ($2.2B), positive CSM growth, and higher fee income yields despite interest rate impacts.
• Core EBITDA margin declined due to cost increases, though net fee income yield improved due to pricing actions.

. Capital & Shareholder Returns:

• Capital deployment includes share buybacks and dividends, increasing returns by 11% in dividends and 9% in share buybacks.
• LICAT ratio remains at 136%, maintaining regulatory targets.

. Underlying Risks & Sensitivities:

• Interest rate, credit, and equity sensitivities remain within risk appetite, though impacts could be significant.
• Insurance experience variances and foreign exchange influenced CSM and shareholder returns.

. Non-GAAP Measures:

• Non-GAAP metrics, including core ROE (15.5% YoY), core EPS (up 6% YoY), and core earnings growth, provide deeper financial transparency beyond GAAP.