Manulife’s Asia segment net income down 29% YoY in Q1’24

APE sales in Asia climbed 13% YoY to $950m.

Manulife Financial saw its net income sink 38% year-on-year (YoY) to $866m in the first quarter (Q1’24) of the year, whilst new business value (NBV) surged 34% YoY to $669m.

Its Asia segment, likewise, saw a weaker net income of $270m in Q1’24. This was down 29% YoY. 

The group’s earnings per share (EPS) stood at $0.45, down 38% YoY. Excluding the impact of the GA Reinsurance Transaction, EPS was $0.873, up 21% YoY.

ALSO READ: Manulife Singapore upgrades income-generating product

Annual Premium Equivalent (APE) sales were 21% YoY higher, with new business CSM increased by 52% YoY. Global Wealth and Asset Management (Global WAM) net inflows reached $6.7 billion, up from $4.4 billion in 1Q23.

APE sales in Asia climbed 13% YoY to $950m. Growths in new business CSM (68% YoY) and NBV (28% YoY) were also noted, which recorded $364m and $343m, respectively.