Canada's Manulife Q2 adjusted EPS beats, partly on Asia strength
MFC•Outlook
- Company did not provide specific financial guidance for upcoming quarters or the full year in the press release
Overview
- Canada life insurer's Q2 adjusted EPS rose 16%, beating analyst expectations
- Q2 core earnings grew 12% yr/yr, beating analyst estimates
- Company saw double-digit growth in all insurance new business metrics
Result drivers
- Asia growth - Core earnings in Asia rose 21%, driven by business growth and actuarial updates, partially offset by less favorable insurance experience
- Global WAM contributions - Global WAM core earnings grew 9%, helped by higher net fee income from market impacts and contributions from Manulife | Comvest, offset by eMPF transition and higher expenses
- U.S. claims improvement - U.S. core earnings rose 55%, reflecting improved claims experience in life and long-term care and lower expected credit loss provision, partially offset by lower investment spreads
Key details and analyst coverage
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Adjusted EPS |
