Updates to Manulife's Statistical Information Package ("SIP") beginning 1Q24
April 29, 2024
Manulife ("we", "our") is updating our SIP in the first quarter of 2024 ("1Q24") to streamline the report and enhance the relevancy of our IFRS 17 disclosures. The following table outlines the updates to our SIP. There are no restatements to the 2023 results, except for the changes in the Contractual Service Margin ("CSM") tables as mentioned below. Note that further refinements may be made as we finalize our 1Q24 reporting.
Reporting | Details |
Updates | |
"Transitional" | Removed. As noted in our 2023 SIP and 2023 Management's Discussion & Analysis |
measures | ("MD&A"), with the adoption of IFRS 17 and IFRS 9, we introduced a number of transitional |
financial measures for our 2022 quarterly, year-to-date and full year results to improve | |
comparability. Beginning in 1Q24, given 2022 information is not included, the following | |
transitional financial measures will no longer be included in our SIP. | |
• Transitional net income (loss) attributed to shareholders, | |
• Transitional net income (loss) before income taxes, | |
• Transitional net income (loss), | |
• Transitional net income (loss) attributed to shareholders before income taxes, | |
• Transitional return on common shareholders' equity, | |
• Transitional basic earnings (loss) per common share; and | |
• Transitional diluted earnings (loss) per common share. | |
Expenditure | Removed. As discussed in our expenditure efficiency ratio and expense efficiency ratio |
Efficiency Ratio | reporting in our 2023 SIP and 2023 MD&A, the expenditure efficiency ratio and related |
core expenditures were temporary financial measures for 2022 and 2023, providing a | |
reference point to the expense efficiency ratio and core general expenses reported prior to | |
the adoption of IFRS 17. As of 1Q24, the expenditure efficiency ratio and related core | |
expenditures will no longer be included in our SIP. | |
Drivers of | Removed. A DOE presentation focused on the sources of net income (loss) attributed to |
Earnings ("DOE") | shareholders is the more meaningful presentation of our results. Our MD&A will continue to |
summary gross of | include a reconciliation of the DOE to our Statement of Income. |
participating | |
policyholders and | |
non-controlling | |
interests | |
Changes in | Updated. We are updating tables to show changes in the CSM net of non-controlling |
Contractual | interests for beginning balance, ending balance and all the movements. The updated |
Service Margin | disclosure will improve transparency and connection to potential future shareholder |
("CSM") | earnings and provide a better linkage to the information included in the DOE. |
Presentation | Updated. We updated the presentation sequence of metrics and tables to improve flow |
sequence | and enhance the overall effectiveness of the document by highlighting key results earlier. |
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Manulife Financial Corporation published this content on 29 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2024 18:24:09 UTC.