Manulife Revenue & Financials

Manulife Financial Corporation demonstrated robust financial health and disciplined capital execution in fiscal year 2024, reporting total consolidated revenue of C$33.50 billion, a 9.65% increase over C$30.55 billion in FY2023. Net income attributable to shareholders reached C$5.10 billion in FY2024, yielding a strong net margin of 15.22%, compared to C$4.26 billion in FY2023 (13.94% net margin). Over the past decade, Manulife navigated major financial transitions, including the adoption of IFRS 17 and IFRS 9 accounting frameworks in 2023, which redesigned insurance contract measurement and revenue recognition without impairing underlying cash generation. The company's total equity stood at C$58.0 billion at year-end 2024, up from C$54.2 billion in 2023 and C$51.1 billion in 2022. Total assets under management and administration (AUMA) reached approximately C$1.4 trillion, supported by strong segregated fund and wealth asset performance. Manulife maintains exceptional balance sheet resilience, highlighted by a Life Insurance Capital Adequacy Test (LICAT) ratio consistently above 135%, well in excess of the Canadian federal supervisory target of 100%. In 2024, Manulife executed transformative reinsurance agreements with Global Atlantic (C$10 billion) and Reinsurance Group of America (C$5.8 billion and C$5.4 billion), releasing over C$1.2 billion in regulatory capital. This capital efficiency enabled Manulife to return substantial value to shareholders through progressive dividend increases and an active Normal Course Issuer Bid (NCIB) share repurchase program, repurchasing dozens of millions of common shares.