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Manulife Financial’s Q4 Net Income Drops 9% To $1.89 Billion

Manulife Financial Corp. (MFC) has reported that its fourth-quarter 2022 net income declined 9% to $1.89 billion from $2.08 billion in the same period of 2021.

The Q4 net income narrowly beat analysts’ expectations for $1.86 billion, according to Refinitiv data.

For all of 2022, Manulife said its net earnings totaled $7.3 billion, up 3% from $7.1 billion a year ago.

The Canadian insurance company said that the higher earnings for the year were due to annuity transactions in the U.S. and benefits from changes to Canada’s corporate tax rates.

Investment-related gains in 2022 were driven largely by favourable fixed-income reinvestment as well as higher-than-expected returns from long-duration assets such as private equity and timberland.

Manulife’s stock is down 5% over the last 12 months and trading at $26.13 per share.