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Manulife Singapore (Photo courtesy of Manulife)

Manulife net income down to $1.1b in Q2

Core earnings also fell 9% year-on-year during the quarter.

Manulife reported a net income attributable to shareholders of $1.1b in Q2, 31.25% lower than the $1.6b reported in the same quarter in 2021, its latest bourse filing showed.

The insurer blamed the decrease in charges from the “direct impact of markets”, mainly due to unfavorable equity market performance, interest rate movements, foreign exchange movements, and losses from bonds and swap spreads.

The decrease was also due to smaller gains from investment-related experience, and lower core earnings.

Core earnings for the quarter also fell 9% year-on-year to $1.6b, due to exchange rates.

ALSO READ: Manulife Investment Management Singapore names new CEO

Annualized premium equivalent (APE) sales dipped 1% to $1.4b during the quarter.

New business value (NBV) was at $511m, a decrease of 9% compared with Q2 2021,  reflecting lower sales in Hong Kong, Japan corporate owned life insurance as well as unfavourable product mix in other Asian markets. This was partially offset by higher individual protection and other wealth sales in Japan.

Reported Global Wealth and Asset Management net inflows came at $1.7b in Q2, compared with net inflows of $8.6b in 2021, thanks to growth in member contributions and lower plan redemptions.

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