Manulife Financial Announces Record Earnings for 2021 and Record Year for Retail Wealth Management Business

By Maria Armental

Canadian insurer Manulife Financial Corp. reported better-than-expected fourth-quarter earnings and a record profit for the year, helped by a record year for its retail wealth management business.

Fourth-quarter profits reached C$2.08 billion (US$1.64 billion), up from C$1.78 billion a year earlier. Per share, earnings were C$1.03.

Basic earnings increased to 84 cents Canadian per share from 74 cents Canadian per share a year earlier.

Analysts polled by FactSet had expected 96 cents Canadian per share profit, or 82 cents Canadian per share base profit.

In Asia, new business value, a key measure of insurer profitability, increased 27% to C$1.7 billion, driven by higher sales volumes in several markets, including Hong Kong, Singapore , mainland China and Vietnam, the company said. Overall, the value of new business increased by 31% to C$2.2 billion.

Manulife reported global wealth and asset management net inflows of C$8.1 billion in the fourth quarter and C$27.9 billion for the year, compared with net inflows of C$8.9 billion. Canadian dollars in 2020.

It ended the year with a record profit of C$7.11 billion, compared to C$5.87 billion in 2020.

Write to Maria Armental at [email protected]

Marianne R. Winn