Income Statement Manulife Financial Corporation

Equities

MFC

CA56501R1064

Life & Health Insurance

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-12-12 pm EST			5-day change	1st Jan Change
43.85 ^CAD	-1.68%		-4.03%	+49.76%

Dec. 10	Manulife Financial Corporation - Special Call
Dec. 09	Manulife Cautions Investors on New York Stock and Bond LLC Offer for Shares	MT

8a58099cbc1b2e6a3cc8e5e.NowxlDqHq5vm0IuAwYS81RYXF8gLxuwskTch0wrTbsM.TPVg3Avf4tmAqNrPsPD0r3o6JaZuo9x0-FIQp2yBJ7N54nOtXMbS-aiW3g

Published financial data: MANULIFE FINANCIAL CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Premiums and Annuity Revenues	35.58B	32.92B	39.06B	37.85B	17.54B
Total Interest And Dividend Income	13.59B	15.35B	13.63B	13.5B	559M
Gain (Loss) on Sale of Assets, Total (Rev)	514M	1M	696M	-471M	-1.29B
Gain (Loss) on Sale of Investments, Total (Rev)	15.14B	11.7B	996M	-34.27B	3.15B
Other Revenues, Total	13B	17.15B	5.45B	-1.32B	7.28B
Total Revenues	77.82B	77.12B	59.84B	15.28B	27.25B
Policy Benefits	57.18B	60.5B	35.07B	-8.63B	11.9B
Policy Acquisition / Underwriting Costs, Total	6.29B	6.04B	6.64B	6.26B	1.65B
Selling General & Admin Expenses, Total	7.69B	7.51B	7.68B	7.76B	4.28B
Provision For Loan Losses - (Ins. / REIT / Utility Templates)	-	-	-	-	-
Other Operating Expenses	389M	381M	417M	444M	1.36B
Reinsurance Income Or Expense	1.27B	5.26B	-754M	673M	-
Total Operating Expenses	70.28B	69.17B	50.56B	5.16B	19.19B
Operating Income	7.54B	7.95B	9.29B	10.12B	8.06B
Interest Expense, Total	-1.32B	-1.18B	-1.01B	-1.35B	-1.55B
EBT, Excl. Unusual Items	6.22B	6.77B	8.28B	8.77B	6.51B
Restructuring Charges	-	-	-150M	-	-46M
Total Merger & Related Restructuring Charges	-	-	-	-26M	-8M
EBT, Incl. Unusual Items	6.22B	6.77B	8.12B	8.75B	6.45B
Income Tax Expense	718M	1.2B	1.21B	1.56B	845M
Earnings From Continuing Operations	5.5B	5.58B	6.91B	7.18B	5.61B
Net Income to Company	5.5B	5.58B	6.91B	7.18B	5.61B
Minority Interest	-233M	-250M	-255M	1M	-144M
Net Income - (IS)	5.27B	5.33B	6.66B	7.18B	5.46B
Preferred Dividend and Other Adjustments	-161M	-374M	-233M	149M	663M
Net Income to Common Incl Extra Items	5.43B	5.7B	6.89B	7.03B	4.8B
Net Income to Common Excl. Extra Items	5.43B	5.7B	6.89B	7.03B	4.8B
Per Share Items
Net EPS - Basic	2.77	2.94	3.55	3.68	2.62
Basic EPS - Continuing Operations	2.77	2.94	3.55	3.68	2.62
Basic Weighted Average Shares Outstanding	1.96B	1.94B	1.94B	1.91B	1.83B
Net EPS - Diluted	2.77	2.93	3.54	3.68	2.61
Diluted EPS - Continuing Operations	2.77	2.93	3.54	3.68	2.61
Diluted Weighted Average Shares Outstanding	1.96B	1.94B	1.95B	1.91B	1.84B
Normalized Basic EPS	1.87	2.05	2.53	2.87	2.14
Normalized Diluted EPS	1.86	2.05	2.53	2.87	2.13
Dividend Per Share	1	1.12	1.12	1.32	1.46
Payout Ratio	26.53	43.94	37.36	38.6	54.4
Supplemental Items
EBITDA	8B	8.42B	9.67B	10.43B	8.36B
EBITA	7.64B	8.05B	9.38B	10.23B	6.17B
EBIT	7.54B	7.95B	9.29B	10.12B	8.06B
Total Revenues (As Reported)	79.57B	78.91B	61.82B	17.15B	-
Effective Tax Rate - (Ratio)	11.54	17.65	14.93	17.89	13.1
Total Current Taxes	1.17B	915M	1.34B	834M	375M
Total Deferred Taxes	-454M	280M	-127M	731M	470M
Normalized Net Income	3.65B	3.98B	4.92B	5.48B	3.92B
Non-Cash Pension Expense	27M	17M	15M	7M	15M
Supplemental Operating Expense Items
General and Administrative Expenses	7.69B	7.51B	7.68B	7.76B	4.28B
Stock-Based Comp., Other (Total)	166M	174M	181M	193M	263M
Total Stock-Based Compensation	166M	174M	181M	193M	263M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Investment In Debt Securities	198B	219B	224B	204B	212B
Investment In Equity and Preferred Securities, Total	37.03B	40.15B	48.48B	48.09B	44.44B
Trading Asset Securities, Total	15.58B	22B	14.97B	5.92B	5.81B
Real Estate Owned	11B	10.98B	11.42B	11.39B	10.46B
Mortgage Loans	49.38B	50.21B	52.01B	54.64B	52.42B
Policy Loans	6.47B	6.4B	6.4B	6.89B	-
Total Other Investments	52.56B	54.52B	57.73B	65.27B	72.38B
Total investments	370B	403B	415B	396B	398B
Cash And Equivalents	20.3B	26.17B	22.59B	19.15B	20.34B
Reinsurance Recoverable - (IS)	41.45B	45.84B	44.58B	47.71B	42.65B
Other Receivables - (Insurance Template)	5.54B	5.94B	6.44B	8.18B	6.32B
Separate Account Assets	343B	367B	400B	349B	378B
Gross Property Plant And Equipment	2.34B	2.23B	2.22B	2.29B	2.65B
Accumulated Depreciation	-414M	-376M	-407M	-411M	-57M
Net Property Plant And Equipment	1.93B	1.85B	1.81B	1.88B	2.59B
Goodwill	5.74B	5.71B	5.65B	6.01B	5.92B
Other Intangibles, Total	4.23B	4.22B	4.26B	4.5B	4.39B
Other Current Assets, Total	3.87B	5.8B	2.53B	2.67B	2.73B
Deferred Tax Assets Long-Term (Collected)	4.57B	4.84B	5.25B	5.42B	6.74B
Other Long-Term Assets, Total	8.25B	9.57B	9.57B	8.74B	8.7B
Total Assets	809B	880B	918B	849B	876B
Liabilities
Insurance And Annuity Liabilities	354B	389B	395B	375B	368B
Reinsurance Payable - (BS)	-	-	-	-	2.83B
Current Portion of Long-Term Debt	649M	350M	-	-	-
Current Portion of Leases	107M	116M	89M	112M	100M
Long-Term Debt	19.41B	26.3B	19.69B	24.38B	21.91B
Long-Term Leases	267M	237M	236M	308M	250M
Separate Account Liability	343B	367B	400B	349B	378B
Current Income Taxes Payable	-	-	-	195M	147M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	16.87B	16.78B	16.09B	16.88B	16.81B
Deferred Tax Liability Non-Current	1.97B	2.61B	2.77B	2.77B	1.7B
Other Non Current Liabilities	22.37B	24.67B	24.72B	24.69B	37.55B
Total Liabilities	759B	827B	859B	793B	827B
Preferred Stock Convertible	3.82B	3.82B	3.21B	2.5B	2.5B
Total Preferred Equity	3.82B	3.82B	3.21B	2.5B	2.5B
Common Stock, Total	23.13B	23.04B	23.09B	22.18B	21.53B
Additional Paid In Capital	254M	261M	262M	238M	222M
Retained Earnings	15.49B	18.89B	23.49B	27.01B	4.82B
Comprehensive Income and Other	6.2B	5.54B	7.12B	2.79B	18.23B
Total Common Equity	45.07B	47.73B	53.96B	52.22B	44.8B
Minority Interest	1.21B	1.46B	1.69B	1.66B	1.43B
Total Equity	50.11B	53.01B	58.87B	56.38B	48.73B
Total Liabilities And Equity	809B	880B	918B	849B	876B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.94B	1.94B	1.94B	1.86B	1.81B
ECS Total Common Shares Outstanding	1.95B	1.94B	1.94B	1.86B	1.81B
Book Value / Share	23.13	24.6	27.78	28.1	24.8
Tangible Book Value	35.1B	37.8B	44.05B	41.7B	34.49B
Tangible Book Value Per Share	18.01	19.48	22.68	22.44	19.1
Total Debt	20.43B	27B	20.02B	24.8B	22.26B
Net Debt	134M	831M	-2.58B	5.65B	1.93B
Debt Equivalent of Unfunded Proj. Benefit Obligation	364M	306M	50M	72M	83M
Minority Interest, Total (Incl. Fin. Div)	1.21B	1.46B	1.69B	1.66B	1.43B
Equity Method Investments, Total	7.79B	8.47B	8.82B	10.29B	3.46B
Account Code - Inventory Valuation	3	3	3	-	3
Full Time Employees	35K	37K	38K	40K	38K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	5.27B	5.33B	6.66B	7.18B	5.61B
Depreciation, Depletion & Amortization	355M	367M	283M	194M	253M
Amortization of Goodwill and Intangible Assets - (CF)	103M	100M	98M	109M	-1.89B
Total Depreciation, Depletion & Amortization	458M	467M	381M	303M	-1.63B
Amortization of Deferred Charges, Total	168M	189M	148M	235M	217M
(Gain) Loss On Sale of Asset - (CF)	-20.26B	-22.52B	4.82B	47.27B	-2.84B
(Gain) Loss on Sale of Investments - (CF)	117M	154M	181M	-127M	-141M
Restructuring Activities	-	-	-	-	-
Stock-Based Compensation (CF)	11M	14M	9M	5M	2M
Change in Accounts Receivable	1.66B	1.1B	-690M	-2.2B	6.64B
Reinsurance Recoverable - (CF)	-	-	-	-1.38B	-
Reinsurance Payable - (CF)	-	-	-	-	-
Other Operating Activities	33.12B	35.32B	11.64B	-33.55B	12.58B
Cash from Operations	20.54B	20.05B	23.16B	17.74B	20.42B
Cash Acquisitions	-	-	-19M	-182M	-1M
Divestitures	288M	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-15.28B	-13.13B	-24.24B	-18.36B	-13.74B
Other Investing Activities, Total	1.16B	-1.02B	-186M	-67M	21M
Cash from Investing	-13.83B	-14.15B	-24.44B	-18.61B	-13.72B
Long-Term Debt Issued, Total	373M	5.84B	212M	1.38B	1.73B
Total Debt Issued	373M	5.84B	212M	1.38B	1.73B
Long-Term Debt Repaid, Total	-1.62B	-2.04B	-2.19B	-1.67B	-1.39B
Total Debt Repaid	-1.62B	-2.04B	-2.19B	-1.67B	-1.39B
Issuance of Common Stock	104M	36M	51M	23M	94M
Repurchase of Common Stock	-1.34B	-253M	-	-1.88B	-1.6B
Issuance of Preferred Stock	-	-	3.17B	990M	-
Repurchase of Preferred Stock	-	-	-625M	-725M	-
Common Dividends Paid	-1.23B	-2.17B	-2.27B	-2.51B	-2.67B
Preferred Dividends Paid	-172M	-171M	-215M	-260M	-303M
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-1.4B	-2.34B	-2.49B	-2.77B	-2.97B
Other Financing Activities, Total	1.8B	-589M	-177M	1.65B	-909M
Cash from Financing	-2.08B	663M	-2.05B	-3B	-5.04B
Foreign Exchange Rate Adjustments	-466M	-528M	-319M	585M	-412M
Net Change in Cash	4.17B	6.04B	-3.65B	-3.3B	1.25B
Supplemental Items
Cash Interest Paid	1.3B	1.19B	981M	1.25B	1.55B
Cash Income Tax Paid (Refund)	104M	1.36B	571M	1.24B	436M
Net Debt Issued / Repaid	-1.24B	3.81B	-1.98B	-288M	340M
Levered Free Cash Flow	-	8.94B	-	27.92B	23.94B
Unlevered Free Cash Flow	-	9.68B	-	28.76B	24.92B
Change In Net Working Capital	-	-3.88B	-	-21.7B	-21.03B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	0.6	0.59	0.65	0.72	0.59
Return on Total Capital	6.88	6.62	7.32	7.92	7.02
Return On Equity %	11.31	10.82	12.36	12.46	11.57
Return on Common Equity	12.44	12.28	13.55	13.25	10.77
Margin Analysis
Gross Profit Margin %	18.43	13.72	30.31	115.48	50.26
SG&A Margin	9.88	9.74	12.83	50.75	15.69
EBITDA Margin %	10.28	10.92	16.15	68.22	30.69
EBITA Margin %	9.82	10.44	15.68	66.95	22.66
EBIT Margin %	9.69	10.31	15.52	66.23	29.58
Income From Continuing Operations Margin %	7.07	7.23	11.55	46.99	20.58
Net Income Margin %	6.77	6.91	11.12	47	20.05
Net Avail. For Common Margin %	6.98	7.39	11.51	46.02	17.62
Normalized Net Income Margin	4.7	5.16	8.22	35.88	14.4
Levered Free Cash Flow Margin	-	11.6	-	182.66	87.88
Unlevered Free Cash Flow Margin	-	12.56	-	188.18	91.45
Asset Turnover
Asset Turnover	0.1	0.09	0.07	0.02	0.03
Fixed Assets Turnover	39.48	40.85	32.68	8.28	10.01
Receivables Turnover (Average Receivables)	35.71	34.12	38.49	37.45	44.26
Short Term Liquidity
Current Ratio	4.82	6.02	5.48	4.7	3.79
Quick Ratio	2.11	2.88	2.4	1.61	1.38
Operating Cash Flow to Current Liabilities	1.17	1.16	1.43	1.03	1.03
Days Sales Outstanding (Average Receivables)	10.22	10.73	9.48	9.75	8.25
Average Days Payable Outstanding	-	-	-	-	70.32
Long Term Solvency
Total Debt/Equity	40.78	50.93	34	43.99	45.69
Total Debt / Total Capital	28.97	33.75	25.37	30.55	31.36
LT Debt/Equity	39.27	50.05	33.85	43.79	45.49
Long-Term Debt / Total Capital	27.9	33.16	25.26	30.41	31.22
Total Liabilities / Total Assets	93.81	93.98	93.58	93.36	94.43
EBIT / Interest Expense	5.72	6.73	9.18	7.5	5.19
EBITDA / Interest Expense	6.06	7.13	9.56	7.72	5.38
(EBITDA - Capex) / Interest Expense	6.06	7.13	9.56	7.72	5.38
Total Debt / EBITDA	2.56	3.21	2.07	2.38	2.66
Net Debt / EBITDA	0.02	0.1	-0.27	0.54	0.23
Total Debt / (EBITDA - Capex)	2.56	3.21	2.07	2.38	2.66
Net Debt / (EBITDA - Capex)	0.02	0.1	-0.27	0.54	0.23
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	108.84	-0.9	-22.41	-74.46	61.11
Gross Profit, 1 Yr. Growth %	164.47	-26.25	71.41	-2.67	281.77
EBITDA, 1 Yr. Growth %	8.16	5.28	14.82	7.85	-575.71
EBITA, 1 Yr. Growth %	10.72	5.36	16.54	9.04	-256.48
EBIT, 1 Yr. Growth %	10.97	5.48	16.78	9.01	-491.07
Earnings From Cont. Operations, 1 Yr. Growth %	12.58	1.34	23.96	3.91	-383.32
Net Income, 1 Yr. Growth %	12.75	1.08	24.99	7.9	-360.14
Normalized Net Income, 1 Yr. Growth %	12.95	8.96	23.48	11.54	-289.85
Diluted EPS Before Extra, 1 Yr. Growth %	18.88	5.78	20.82	3.95	-326.96
Net Property, Plant and Equip., 1 Yr. Growth %	-4.46	-3.95	-2.05	3.64	-9.15
Accounts Receivable, 1 Yr. Growth %	1.17	4.26	-10.39	11.9	-78.45
Total Assets, 1 Yr. Growth %	7.84	8.8	4.24	-7.49	5.02
Common Equity, 1 Yr. Growth %	6.72	5.89	13.07	-3.24	1.12
Tangible Book Value, 1 Yr. Growth %	9.21	7.7	16.53	-5.34	2.09
Cash From Operations, 1 Yr. Growth %	7.06	-2.4	15.5	-23.41	22.82
Levered Free Cash Flow, 1 Yr. Growth %