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<Results>MANULIFE-S (00945.HK) 1H24 Core Earnings Rise 10.2% to CAD3.49B; Interim DPS CAD40 Cents
MANULIFE-S (00945.HK) announced its interim results for the six months ended June this year, Net revenue was CAD1.908 billion, falling 21.5% YoY and down 22% in constant exchange r...
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<Results>MANULIFE-S (00945.HK) 1H24 Core Earnings Rise 10.2% to CAD3.49B; Interim DPS CAD40 Cents
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MANULIFE-S (00945.HK)  -1.000 (-0.414%)    Short selling $24.10K; Ratio 1.171%   announced its interim results for the six months ended June this year, Net revenue was CAD1.908 billion, falling 21.5% YoY and down 22% in constant exchange rate (CER) terms. Core earnings reached CAD3.491 billion, rising 10.2% YoY and up 11% in CER terms. EPS was CAD97 cents. An interim dividend of CAD40 cents was declared, compared to CAD36.5 cents in the same period last year.

Dividend History
Announce DateEventParticular
2024/05/091st QuarterlyD:CAD 0.4000 (Equivalent to approximately HKD 2.2868)
2024/02/15FinalD:CAD 0.4000 (Equivalent to approximately HKD 2.30684)
2023/11/093rd QuarterlyD:CAD 0.3650 (Equivalent to approximately HKD 2.071849)
2023/08/10InterimD:CAD 0.3650 (Equivalent to approximately HKD 2.113314)

During 1H24, the return on shareholders' equity was 8.5%, a YoY decrease of 2.9 ppts, while the core return on shareholders' equity was 16.2%, a YoY increase of 1 ppt. New business value (NBV) totalled CAD1.392 billion, inclining 27.2% YoY. Annualised Premium Equivalent (APE) sales reached CAD3.79 billion, elevating 17.2% YoY. Contractual service margin (CSM) for new business was CAD1.286 billion, hiking 24.4% YoY.

For 2Q24 alone, MANULIFE reported net revenue of CAD1.042 billion, inclining 1.7% YoY but down 1% in CER terms. Core earnings were CAD1.737 billion, lifting 6.1% YoY and up 6% in CER terms. Quarterly EPS was CAD52 cents.

Return on shareholders' equity during 2Q24 was 9%, dropping 0.3 ppts YoY, while the core return on shareholders' equity was 15.7%, inclining 0.2 ppts YoY. NBV totalled CAD723 million in the quarter, up 23.6% YoY. APE sales amounted to CAD1.907 billion, growing 16.8% YoY. CSM of new business mounted 6.1% to CAD628 million. The Life Insurance Capital Adequacy Test (LICAT) ratio was 139%.

MANULIFE has repurchased 31 million ordinary shares valued at CAD1.1 billion in total up to the end of July this year, and plans to repurchase up to 90 million ordinary shares through the current r Normal Course Issuer Bid (NCIB) programme, resulting in a return of capital of over CAD3 billion.




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