Annual Report 2024
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$5.4B Net Income Attributed to Shareholders
Net income attributed to shareholders is up$0.3 billion from 2023, and up $1.9 billion from 2022 transitional net income
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$7.2B Core Earnings
Core earnings of $7.2 billion up 8% on a constant exchange rate basis from 2023
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$3.1B New Business Value
New business value increased 32% compared with 2023
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$1.60 Common Share Dividend
Common share dividend increase of 10% from 2023
Letters to our Shareholders
Letter from our CEO
Letter from our Chair
Raising the bar
We held our first in person Investor Day since 2017 in Hong Kong and Jakarta from June 25 to 27, 2024. Throughout the event, our leadership team shared progress against our transformation journey and announced new financial targets, including increasing our core ROE target to 18%+ by 2027, raising the cumulative remittances we expect to generate to more than $22 billion by end of 2027, and further improving our expense efficiency to <45% in the medium term.
From starting 2024 with great momentum to closing it out by raising the bar with another historic reinsurance transaction, our President and CEO Roy Gori reflects on a banner year for Manulife.
2024 was an incredible year for our Wealth and Asset Management business, and we’ve truly raised the bar in our performance. We saw great results on margins, flows and core earnings. Our accomplishments and key investments have set us up well for our next phase of growth.
We made tremendous impact in our U.S. segment in 2024 and our accomplishments set us up for a strong year ahead in 2025. We aim to bring our solutions to more people and their families, continue to be a leader in our industry, and help more customers live longer, healthier, and better lives.
In 2024, Manulife Canada made significant progress towards becoming the undisputed, leading insurer in Canada. Our Health First approach and innovative offerings continue to redefine our industry, improving the physical, mental, and financial health of the one in four Canadians who depend on us.
Manulife Asia continues to deliver high quality, sustainable growth, while striving to be the number one choice for customers. Our 2024 results are a testament to our strong strategy, high performing team, and operations across 12 markets in Asia.
25th anniversary of our IPO
To mark the 25th anniversary of our initial public offering, Manulife hosted a bell-ringing event at the Toronto Stock Exchange (TSX) and a grand closing gong ceremony at the Hong Kong Stock Exchange in October to celebrate a quarter century of growth and success.
President and CEO Roy Gori gives remarks at the 25th anniversary of our IPO at the TSX in 2024.
Phil Witherington, Manulife Asia CEO, speaks at the 25th anniversary of our IPO at the TSX in 2024.
Better is at the heart of who we are. It is what drives us and gives us purpose. In 2024, thousands of colleagues participated in our Global Colleague Forums in North America and Asia, where we heard from colleagues, a customer, and a customer on what Better means to them and how it inspires them to deliver on our mission every day. Thousands of colleagues participated in our Global Colleague Forums in North America and Asia, where Manulife colleagues, a customer, and an agent shared what Better means to them and how it inspires them to deliver on our mission every day.
From June 25 to 27, 2024, Manulife hosted Investor Day in Hong Kong and Jakarta. During this three-day event, senior management showcased Manulife’s record of successful execution of our strategy, highlighted our transformation and spoke to our right to win. Discussions showed how Manulife is uniquely positioned to achieve our financial targets and reinforced the attractive opportunities and strong momentum across our global businesses.
