Manulife Financial Full Year 2023 Earnings: Revenues Disappoint

editorial-team@simplywallst.com (Simply Wall St)
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Manulife Financial (TSE:MFC) Full Year 2023 Results

Key Financial Results

  • Revenue: CA$27.2b (up 61% from FY 2022).

  • Net income: CA$4.80b (up from CA$2.19b loss in FY 2022).

  • Profit margin: 18% (up from net loss in FY 2022). The move to profitability was driven by higher revenue.

  • EPS: CA$2.62 (up from CA$1.15 loss in FY 2022).

revenue-and-expenses-breakdown
TSX:MFC Revenue and Expenses Breakdown April 5th 2024

All figures shown in the chart above are for the trailing 12 month (TTM) period

Manulife Financial Revenues Disappoint

Revenue missed analyst estimates by 27%. Earnings per share (EPS) was mostly in line with analyst estimates.

The primary driver behind last 12 months revenue was the Global WAM (Wealth and Asset Management) segment contributing a total revenue of CA$5.76b (21% of total revenue). The largest operating expense was General & Administrative costs, amounting to CA$4.28b (48% of total expenses). Explore how MFC's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Insurance industry in Canada.

Performance of the Canadian Insurance industry.

The company's shares are down 2.7% from a week ago.

Balance Sheet Analysis

While earnings are important, another area to consider is the balance sheet. We have a graphic representation of Manulife Financial's balance sheet and an in-depth analysis of the company's financial position.

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Simply Wall St analyst Simply Wall St and Simply Wall St have no position in any of the companies mentioned. This article is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.