Income Statement Manulife Financial Corporation

Equities

MFC

CA56501R1064

Life & Health Insurance

Market Closed - Toronto S.E. Other stock markets 04:19:52 2025-12-16 pm EST			5-day change	1st Jan Change
49.44 ^CAD	+0.43%		+2.02%	+11.96%

Dec. 16	Manulife Financial Corporation - Special Call
Dec. 15	Wild currency swings put emerging markets in the spotlight	RE

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Published financial data: MANULIFE FINANCIAL CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Premiums and Annuity Revenues	32.92B	39.06B	37.85B	17.54B	18.88B
Total Interest And Dividend Income	15.35B	13.63B	13.5B	559M	1.71B
Gain (Loss) on Sale of Assets, Total (Rev)	1M	696M	-471M	-1.29B	-592M
Gain (Loss) on Sale of Investments, Total (Rev)	11.7B	996M	-34.27B	3.15B	3.92B
Other Revenues, Total	17.15B	5.45B	-1.32B	7.28B	6.07B
Total Revenues	77.12B	59.84B	15.28B	27.25B	29.99B
Policy Benefits	60.5B	35.07B	-8.63B	11.9B	12.22B
Policy Acquisition / Underwriting Costs, Total	6.04B	6.64B	6.26B	1.65B	2.15B
Selling General & Admin Expenses, Total	7.51B	7.68B	7.76B	4.28B	4.71B
Provision For Loan Losses - (Ins. / REIT / Utility Templates)	-	-	-	-	-
Other Operating Expenses	381M	417M	444M	1.36B	1.99B
Reinsurance Income Or Expense	5.26B	-754M	673M	-	-
Total Operating Expenses	69.17B	50.56B	5.16B	19.19B	21.07B
Operating Income	7.95B	9.29B	10.12B	8.06B	8.92B
Interest Expense, Total	-1.18B	-1.01B	-1.35B	-1.55B	-1.68B
EBT, Excl. Unusual Items	6.77B	8.28B	8.77B	6.51B	7.24B
Restructuring Charges	-	-150M	-	-46M	-92M
Total Merger & Related Restructuring Charges	-	-	-26M	-8M	-57M
EBT, Incl. Unusual Items	6.77B	8.12B	8.75B	6.45B	7.09B
Income Tax Expense	1.2B	1.21B	1.56B	845M	1.21B
Earnings From Continuing Operations	5.58B	6.91B	7.18B	5.61B	5.88B
Net Income to Company	5.58B	6.91B	7.18B	5.61B	5.88B
Minority Interest	-250M	-255M	1M	-144M	-247M
Net Income - (IS)	5.33B	6.66B	7.18B	5.46B	5.63B
Preferred Dividend and Other Adjustments	-374M	-233M	149M	663M	557M
Net Income to Common Incl Extra Items	5.7B	6.89B	7.03B	4.8B	5.07B
Net Income to Common Excl. Extra Items	5.7B	6.89B	7.03B	4.8B	5.07B
Per Share Items
Net EPS - Basic	2.94	3.55	3.68	2.62	2.85
Basic EPS - Continuing Operations	2.94	3.55	3.68	2.62	2.85
Basic Weighted Average Shares Outstanding	1.94B	1.94B	1.91B	1.83B	1.78B
Net EPS - Diluted	2.93	3.54	3.68	2.61	2.84
Diluted EPS - Continuing Operations	2.93	3.54	3.68	2.61	2.84
Diluted Weighted Average Shares Outstanding	1.94B	1.95B	1.91B	1.84B	1.78B
Normalized Basic EPS	2.05	2.53	2.87	2.14	2.4
Normalized Diluted EPS	2.05	2.53	2.87	2.13	2.4
Dividend Per Share	1.12	1.12	1.32	1.46	1.6
Payout Ratio	43.94	37.36	38.6	54.4	56.1
Supplemental Items
EBITDA	8.42B	9.67B	10.43B	8.42B	9.53B
EBITA	8.05B	9.38B	10.23B	8.17B	9.04B
EBIT	7.95B	9.29B	10.12B	8.06B	8.92B
Total Revenues (As Reported)	78.91B	61.82B	17.15B	-	-
Effective Tax Rate - (Ratio)	17.65	14.93	17.89	13.1	17.09
Total Current Taxes	915M	1.34B	834M	375M	901M
Total Deferred Taxes	280M	-127M	731M	470M	311M
Normalized Net Income	3.98B	4.92B	5.48B	3.92B	4.28B
Non-Cash Pension Expense	17M	15M	7M	15M	12M
Supplemental Operating Expense Items
General and Administrative Expenses	7.51B	7.68B	7.76B	4.28B	4.71B
Stock-Based Comp., Other (Total)	174M	181M	193M	263M	321M
Total Stock-Based Compensation	174M	181M	193M	263M	321M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Investment In Debt Securities	219B	224B	204B	212B	211B
Investment In Equity and Preferred Securities, Total	40.15B	48.48B	48.09B	44.44B	64.82B
Trading Asset Securities, Total	22B	14.97B	5.92B	5.81B	5.19B
Real Estate Owned	10.98B	11.42B	11.39B	10.46B	10.59B
Mortgage Loans	50.21B	52.01B	54.64B	52.42B	54.45B
Policy Loans	6.4B	6.4B	6.89B	-	-
Total Other Investments	54.52B	57.73B	65.27B	72.38B	71.24B
Total investments	403B	415B	396B	398B	417B
Cash And Equivalents	26.17B	22.59B	19.15B	20.34B	25.79B
Reinsurance Recoverable - (IS)	45.84B	44.58B	47.71B	42.65B	59.02B
Other Receivables - (Insurance Template)	5.94B	6.44B	8.18B	6.32B	6.45B
Separate Account Assets	367B	400B	349B	378B	436B
Gross Property Plant And Equipment	2.23B	2.22B	2.29B	2.65B	2.74B
Accumulated Depreciation	-376M	-407M	-411M	-57M	-65M
Net Property Plant And Equipment	1.85B	1.81B	1.88B	2.59B	2.67B
Goodwill	5.71B	5.65B	6.01B	5.92B	6.28B
Other Intangibles, Total	4.22B	4.26B	4.5B	4.39B	4.78B
Other Current Assets, Total	5.8B	2.53B	2.67B	2.73B	3.47B
Deferred Tax Assets Long-Term (Collected)	4.84B	5.25B	5.42B	6.74B	5.88B
Other Long-Term Assets, Total	9.57B	9.57B	8.74B	8.7B	11.57B
Total Assets	880B	918B	849B	876B	979B
Liabilities
Insurance And Annuity Liabilities	389B	395B	375B	368B	396B
Reinsurance Payable - (BS)	-	-	-	2.83B	2.67B
Current Portion of Long-Term Debt	350M	-	-	-	-
Current Portion of Leases	116M	89M	112M	100M	105M
Long-Term Debt	26.3B	19.69B	24.38B	21.91B	25.12B
Long-Term Leases	237M	236M	308M	250M	250M
Separate Account Liability	367B	400B	349B	378B	436B
Current Income Taxes Payable	-	-	195M	147M	453M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	16.78B	16.09B	16.88B	16.81B	15.7B
Deferred Tax Liability Non-Current	2.61B	2.77B	2.77B	1.7B	1.89B
Other Non Current Liabilities	24.67B	24.72B	24.69B	37.55B	47.29B
Total Liabilities	827B	859B	793B	827B	926B
Preferred Stock Convertible	3.82B	3.21B	2.5B	2.5B	2.5B
Total Preferred Equity	3.82B	3.21B	2.5B	2.5B	2.5B
Common Stock, Total	23.04B	23.09B	22.18B	21.53B	20.68B
Additional Paid In Capital	261M	262M	238M	222M	204M
Retained Earnings	18.89B	23.49B	27.01B	4.82B	4.76B
Comprehensive Income and Other	5.54B	7.12B	2.79B	18.23B	23.39B
Total Common Equity	47.73B	53.96B	52.22B	44.8B	49.04B
Minority Interest	1.46B	1.69B	1.66B	1.43B	1.42B
Total Equity	53.01B	58.87B	56.38B	48.73B	52.96B
Total Liabilities And Equity	880B	918B	849B	876B	979B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.94B	1.94B	1.86B	1.81B	1.72B
ECS Total Common Shares Outstanding	1.94B	1.94B	1.86B	1.81B	1.73B
Book Value / Share	24.6	27.78	28.1	24.8	28.37
Tangible Book Value	37.8B	44.05B	41.7B	34.49B	37.99B
Tangible Book Value Per Share	19.48	22.68	22.44	19.1	21.97
Total Debt	27B	20.02B	24.8B	22.26B	25.47B
Net Debt	831M	-2.58B	5.65B	1.93B	-319M
Debt Equivalent of Unfunded Proj. Benefit Obligation	306M	50M	72M	83M	6M
Minority Interest, Total (Incl. Fin. Div)	1.46B	1.69B	1.66B	1.43B	1.42B
Equity Method Investments, Total	8.47B	8.82B	10.29B	3.46B	12.76B
Account Code - Inventory Valuation	3	3	-	3	3
Full Time Employees	37K	38K	40K	38K	37K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	5.33B	6.66B	7.18B	5.61B	5.63B
Depreciation, Depletion & Amortization	367M	283M	194M	253M	495M
Amortization of Goodwill and Intangible Assets - (CF)	100M	98M	109M	111M	117M
Total Depreciation, Depletion & Amortization	467M	381M	303M	364M	612M
Amortization of Deferred Charges, Total	189M	148M	235M	217M	257M
(Gain) Loss On Sale of Asset - (CF)	-22.52B	4.82B	47.27B	-2.84B	-860M
(Gain) Loss on Sale of Investments - (CF)	154M	181M	-127M	-141M	-290M
Restructuring Activities	-	-	-	-	-
Stock-Based Compensation (CF)	14M	9M	5M	2M	-
Change in Accounts Receivable	1.1B	-690M	-2.2B	6.64B	13.56B
Reinsurance Recoverable - (CF)	-	-	-1.38B	-	-
Reinsurance Payable - (CF)	-	-	-	-	-
Other Operating Activities	35.32B	11.64B	-33.55B	10.58B	7.58B
Cash from Operations	20.05B	23.16B	17.74B	20.42B	26.49B
Cash Acquisitions	-	-19M	-182M	-1M	-297M
Divestitures	-	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-13.13B	-24.24B	-18.36B	-13.74B	-18.45B
Other Investing Activities, Total	-1.02B	-186M	-67M	21M	290M
Cash from Investing	-14.15B	-24.44B	-18.61B	-13.72B	-18.46B
Long-Term Debt Issued, Total	5.84B	212M	1.38B	1.73B	3.72B
Total Debt Issued	5.84B	212M	1.38B	1.73B	3.72B
Long-Term Debt Repaid, Total	-2.04B	-2.19B	-1.67B	-1.39B	-2B
Total Debt Repaid	-2.04B	-2.19B	-1.67B	-1.39B	-2B
Issuance of Common Stock	36M	51M	23M	94M	144M
Repurchase of Common Stock	-253M	-	-1.88B	-1.6B	-3.27B
Issuance of Preferred Stock	-	3.17B	990M	-	-
Repurchase of Preferred Stock	-	-625M	-725M	-	-
Common Dividends Paid	-2.17B	-2.27B	-2.51B	-2.67B	-2.85B
Preferred Dividends Paid	-171M	-215M	-260M	-303M	-311M
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-2.34B	-2.49B	-2.77B	-2.97B	-3.16B
Other Financing Activities, Total	-589M	-177M	1.65B	-909M	399M
Cash from Financing	663M	-2.05B	-3B	-5.04B	-4.17B
Foreign Exchange Rate Adjustments	-528M	-319M	585M	-412M	1.2B
Net Change in Cash	6.04B	-3.65B	-3.3B	1.25B	5.06B
Supplemental Items
Cash Interest Paid	1.19B	981M	1.25B	1.55B	1.57B
Cash Income Tax Paid (Refund)	1.36B	571M	1.24B	436M	755M
Net Debt Issued / Repaid	3.81B	-1.98B	-288M	340M	1.71B
Levered Free Cash Flow	8.94B	-	27.92B	25.94B	4.76B
Unlevered Free Cash Flow	9.68B	-	28.76B	26.91B	5.81B
Change In Net Working Capital	-3.88B	-	-21.7B	-21.03B	951M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	0.59	0.65	0.72	0.59	0.6
Return on Total Capital	6.62	7.32	7.92	7.02	7.48
Return On Equity %	10.82	12.36	12.46	11.57	11.56
Return on Common Equity	12.28	13.55	13.25	10.77	10.81
Margin Analysis
Gross Profit Margin %	13.72	30.31	115.48	50.26	52.08
SG&A Margin	9.74	12.83	50.75	15.69	15.7
EBITDA Margin %	10.92	16.15	68.22	30.92	31.78
EBITA Margin %	10.44	15.68	66.95	29.99	30.13
EBIT Margin %	10.31	15.52	66.23	29.58	29.74
Income From Continuing Operations Margin %	7.23	11.55	46.99	20.58	19.6
Net Income Margin %	6.91	11.12	47	20.05	18.78
Net Avail. For Common Margin %	7.39	11.51	46.02	17.62	16.92
Normalized Net Income Margin	5.16	8.22	35.88	14.4	14.26
Levered Free Cash Flow Margin	11.6	-	182.66	95.21	15.88
Unlevered Free Cash Flow Margin	12.56	-	188.18	98.78	19.39
Asset Turnover
Asset Turnover	0.09	0.07	0.02	0.03	0.03
Fixed Assets Turnover	40.85	32.68	8.28	10.01	11.39
Receivables Turnover (Average Receivables)	34.12	38.49	37.45	44.26	166.71
Short Term Liquidity
Current Ratio	6.02	5.48	4.7	3.79	5.16
Quick Ratio	2.88	2.4	1.61	1.38	1.7
Operating Cash Flow to Current Liabilities	1.16	1.43	1.03	1.03	1.4
Days Sales Outstanding (Average Receivables)	10.73	9.48	9.75	8.25	2.2
Average Days Payable Outstanding	-	-	-	70.32	70.03
Long Term Solvency
Total Debt/Equity	50.93	34	43.99	45.69	48.09
Total Debt / Total Capital	33.75	25.37	30.55	31.36	32.47
LT Debt/Equity	50.05	33.85	43.79	45.49	47.89
Long-Term Debt / Total Capital	33.16	25.26	30.41	31.22	32.34
Total Liabilities / Total Assets	93.98	93.58	93.36	94.43	94.59
EBIT / Interest Expense	6.73	9.18	7.5	5.19	5.31
EBITDA / Interest Expense	7.13	9.56	7.72	5.42	5.67
(EBITDA - Capex) / Interest Expense	7.13	9.56	7.72	5.42	5.67
Total Debt / EBITDA	3.21	2.07	2.38	2.64	2.67
Net Debt / EBITDA	0.1	-0.27	0.54	0.23	-0.03
Total Debt / (EBITDA - Capex)	3.21	2.07	2.38	2.64	2.67
Net Debt / (EBITDA - Capex)	0.1	-0.27	0.54	0.23	-0.03
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-0.9	-22.41	-74.46	61.11	10.08
Gross Profit, 1 Yr. Growth %	-26.25	71.41	-2.67	281.77	14.06
EBITDA, 1 Yr. Growth %	5.28	14.82	7.85	-574.06	13.15
EBITA, 1 Yr. Growth %	5.36	16.54	9.04	-518.6	10.6
EBIT, 1 Yr. Growth %	5.48	16.78	9.01	-491.07	10.67
Earnings From Cont. Operations, 1 Yr. Growth %	1.34	23.96	3.91	-383.32	4.83
Net Income, 1 Yr. Growth %	1.08	24.99	7.9	-360.14	3.08
Normalized Net Income, 1 Yr. Growth %	8.96	23.48	11.54	-289.85	9.05
Diluted EPS Before Extra, 1 Yr. Growth %	5.78	20.82	3.95	-326.96	8.81
Net Property, Plant and Equip., 1 Yr. Growth %	-3.95	-2.05	3.64	-9.15	3.2
Accounts Receivable, 1 Yr. Growth %	4.26	-10.39	11.9	-78.45	-29.66
Total Assets, 1 Yr. Growth %	8.8	4.24	-7.49	5.02	11.79
Common Equity, 1 Yr. Growth %	5.89	13.07	-3.24	1.12	9.47
Tangible Book Value, 1 Yr. Growth %	7.7	16.53	-5.34	2.09	10.15
Cash From Operations, 1 Yr. Growth %	-2.4	15.5	-23.41	22.82	29.73
Levered Free Cash Flow, 1 Yr. Growth %	-	-	-	195.77	-48.06
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-	-	185.47	-42.68
Dividend Per Share, 1 Yr. Growth %	12	0	17.86	10.61	9.59
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	43.86	-12.31	-55.48	-32.52	33.17
Gross Profit, 2 Yr. CAGR %	39.66	12.44	29.16	-13.1	108.68
EBITDA, 2 Yr. CAGR %	6.71	9.95	11.28	-6.65	131.61
EBITA, 2 Yr. CAGR %	8.01	10.81	12.73	-6.69	115.17
EBIT, 2 Yr. CAGR %	8.19	10.98	12.83	-6.83	108.04
Earnings From Cont. Operations, 2 Yr. CAGR %	6.82	12.08	13.49	-9.93	72.34
Net Income, 2 Yr. CAGR %	6.76	12.4	16.13	-9.41	63.75
Normalized Net Income, 2 Yr. CAGR %	10.94	15.99	17.36	-10.69	43.89
Diluted EPS Before Extra, 2 Yr. CAGR %	12.14	13.05	12.07	-14.13	57.15
Net Property, Plant and Equip., 2 Yr. CAGR %	-4.21	-3	0.75	19.58	-3.17
Accounts Receivable, 2 Yr. CAGR %	2.7	-3.34	0.14	-66.53	-61.07
Total Assets, 2 Yr. CAGR %	8.32	6.49	-1.8	-2.32	8.36
Common Equity, 2 Yr. CAGR %	6.3	9.42	4.59	-8.89	5.21
Tangible Book Value, 2 Yr. CAGR %	8.45	12.03	5.03	-11.52	6.04
Cash From Operations, 2 Yr. CAGR %	2.22	6.17	-5.95	-6.08	26.23
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	-	-	-26.31
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	-	-	-21.47
Dividend Per Share, 2 Yr. CAGR %	10.94	5.83	8.56	14.17	10.1
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	10.78	17.1	-41.87	-29.31	-20.57
Gross Profit, 3 Yr. CAGR %	-7.81	49.53	7.16	8.98	-4.85
EBITDA, 3 Yr. CAGR %	27.32	9.35	9.24	0.02	-0.47
EBITA, 3 Yr. CAGR %	29.03	10.78	10.22	0.49	-1.25
EBIT, 3 Yr. CAGR %	29.76	10.98	10.32	0.45	-1.33
Earnings From Cont. Operations, 3 Yr. CAGR %	35.09	12.25	9.29	0.18	-5.26
Net Income, 3 Yr. CAGR %	37.07	12.52	10.88	0.85	-5.43
Normalized Net Income, 3 Yr. CAGR %	42.74	14.97	14.49	-0.5	-4.54
Diluted EPS Before Extra, 3 Yr. CAGR %	44.06	14.96	9.93	-3.78	-7.08
Net Property, Plant and Equip., 3 Yr. CAGR %	13.03	-3.49	-0.84	11.88	13.85
Accounts Receivable, 3 Yr. CAGR %	7.95	-1.86	1.49	-53.52	-57.12
Total Assets, 3 Yr. CAGR %	6.46	6.94	1.61	-0.18	2.17
Common Equity, 3 Yr. CAGR %	8.22	8.51	5.03	-2.09	-3.14
Tangible Book Value, 3 Yr. CAGR %	10.76	11.08	5.91	-3.01	-4.82
Cash From Operations, 3 Yr. CAGR %	4.06	6.46	-4.78	0.62	4.59
Levered Free Cash Flow, 3 Yr. CAGR %	-14.64	-	-	-	-
Unlevered Free Cash Flow, 3 Yr. CAGR %	-13.75	-	-	-	-
Dividend Per Share, 3 Yr. CAGR %	10.95	7.17	9.7	9.24	12.62
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	18.18	2.89	-23.07	-6.07	-17.36
Gross Profit, 5 Yr. CAGR %	24.85	10.72	5.5	20.35	1.72
EBITDA, 5 Yr. CAGR %	15.26	14.51	20.65	2.64	3.57
EBITA, 5 Yr. CAGR %	16.11	16.09	22.25	3.43	3.41
EBIT, 5 Yr. CAGR %	16.42	16.42	22.7	3.48	3.42
Earnings From Cont. Operations, 5 Yr. CAGR %	19.48	17.15	25.99	2.79	1.33
Net Income, 5 Yr. CAGR %	19.12	17.36	28.28	3.17	1.34
Normalized Net Income, 5 Yr. CAGR %	20.5	20.47	31.99	3.93	3.2
Diluted EPS Before Extra, 5 Yr. CAGR %	22.78	20.21	30.29	2.3	0.5
Net Property, Plant and Equip., 5 Yr. CAGR %	6.05	5.66	7.95	5.15	6.78
Accounts Receivable, 5 Yr. CAGR %	10.46	8.9	4.75	-36.17	-40.65
Total Assets, 5 Yr. CAGR %	4.61	4.95	3.08	3.14	3.88
Common Equity, 5 Yr. CAGR %	4.31	6.99	6.76	1.18	1.7
Tangible Book Value, 5 Yr. CAGR %	5.25	9.18	8.43	1.42	1.6
Cash From Operations, 5 Yr. CAGR %	14.08	6.35	-0.06	1.26	5.22
Levered Free Cash Flow, 5 Yr. CAGR %	-16.55	-	14.19	-	-
Unlevered Free Cash Flow, 5 Yr. CAGR %	-14.68	-	13.76	-	-
Dividend Per Share, 5 Yr. CAGR %	10.99	8.64	9.99	9.92	9.86