Manulife Financial-S(00945)announced its 2024 second quarter earnings, net income attributable to shareholders was C$1.042bn, down 1% YoY; core earnings C$1.737bn, up 6% YoY; earnings per share C$0.52. Global Wealth & Management had net inflows of C$100mn, down from C$2.2bn in the 2023 second quarter.
Amongst, Asian business core earnings grew 40%, driven by sustained business growth momentum and updates to actuarial methods and assumptions in the second half of 2023. Global Wealth & Management core earnings grew 23%, driven by higher fee income from favorable market impact, positive net inflows and favorable tax adjustments. In Canada, group business grew strongly and favorable net insurance experience drove core earnings growth of 7% in the 2024 second quarter. In the US, unfavorable net insurance experience and core earnings decrease due to LTC reinsurance exchange announced in December 2023 led to core earnings decline of 11% in the 2024 second quarter. In other businesses and other, core earnings decreased C$138mn, reflecting the impact of GMT, increased capital interest allocated to the operating segment and increased expenses related to employees.
The Company announced that net income was flat YoY in the 2023 second quarter, driven by improved market experience and core earnings growth, but offset by realized losses of C$300mn on the sale of debt instruments related to the RGA reinsurance transaction. The realized losses were largely offset by other comprehensive income related changes, with a neutral impact to book value. In addition, another subdued return on alternative long assets, mostly private equity and real estate investments, led to net provisions in the 2024 second quarter.
In insurance, the Company again delivered strong new business growth in the 2024 second quarter, with APE sales and new business value both reaching record highs, reflecting the Company's diversified combination of strength and advantages. Overall, APE sales, new business CSMs and new business value grew YoY by 17%, 6% and 23%, respectively.
In the 2024 first quarter, net income attributable to shareholders was C$1.908bn, down 22% YoY; core earnings C$3.491bn, up 11% YoY; earnings per share C$0.97.
As of July 31, 2024, the Company repurchased 31mn shares, totaling C$1.1bn, and plans to repurchase no more than 90mn shares under the current NCIB, resulting in capital returns of over C$3bn.