Manulife Financial Corporation (MFC) 10-Year Financial Performance & Capital Metrics

MFC • • Insurance & Managed Care

Financial ServicesLife InsuranceDiversified Life & Health InsurersGlobal Diversified Insurers

AboutManulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; And Corporate and Other segments. The Wealth and Asset Management Businesses segment provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks. The Insurance and Annuity Products segment offers deposit and credit products; individual life, and individual and group long-term care insurance; and guaranteed and partially guaranteed annuity products through insurance agents, brokers, banks, financial planners, and direct marketing. The Corporate and Other segment is involved in property and casualty insurance and reinsurance businesses; and run-off reinsurance operations, including variable annuities, and accident and health. It also manages timberland and agricultural portfolios; and engages in insurance agency, portfolio and mutual fund management, mutual fund dealer, life, annuity, long-term care, and financial reinsurance; and fund management businesses. Additionally, the company holds and manages provides investment management, counseling, advisory, and dealer services. Manulife Financial Corporation was incorporated in 1887 and is headquartered in Toronto, Canada.Show more

Revenue -$7.29B -3.6%
Combined Ratio 197.28% +2.9%
Net Income $5.63B +3.1%
Return on Equity 11.08% -1.5%
Medical Cost Ratio 287.02% +14.0%
Operating Margin -97.28% -6.1%
Net Margin -77.26% +0.5%
ROA 0.61% -5.0%
Equity / Assets 5.41% -2.8%
Book Value per Share 29.67 +11.9%
Tangible BV/Share 23.48 +12.3%
Debt/Equity 0.27 +2.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 4.7%
✓Share count reduced 2.9% through buybacks
✓Trading near 52-week high
✓Trading at only 1.3x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y-

TTM55.36%

Profit (Net Income) CAGR

10Y4.8%

5Y1.34%

3Y-5.43%

TTM3.45%

EPS CAGR

10Y4.67%

5Y0.5%

3Y-7.08%

TTM9.89%

ROCE

10Y Avg0.56%

5Y Avg0.56%

3Y Avg0.35%

Latest0.76%

Peer Comparison

Global Diversified Insurers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PUKPrudential plc	40.3B	31.88	18.98	-32.01%	15.46%	21.22%	8.7%	0.25
PRUPrudential Financial, Inc.	40.74B	116.43	15.52	30.24%	4.51%	7.51%	20.87%	0.72
MFCManulife Financial Corporation	63.06B	37.60	13.24	-3.57%	8.24%	11.14%	42.01%	0.27
METMetLife, Inc.	51.33B	77.90	13.11	3.29%	5.43%	13.16%	29.45%	0.68
PRHPrudential Financial, Inc. 5.95		25.10	3.33	30.43%	4.69%	7.51%		0.96
PRSPrudential Financial, Inc. 5.62		24.30	3.24	30.43%	4.69%	7.51%		0.96

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	32.81B	51.69B	56.65B	37.26B	77.82B	77.12B	59.84B	24.16B	-7.04B	-7.29B
Revenue Growth %	-0.38%	0.58%	0.1%	-0.34%	1.09%	-0.01%	-0.22%	-0.6%	-1.29%	-0.04%
Medical Costs & Claims+	21.41B	38.84B	44.33B	20.3B	60.76B	59.87B	41.2B	22.52B	-17.72B	-20.92B
Medical Cost Ratio %	-	-	-	-	-	-	-	-	-	-
Gross Profit+	11.4B	12.85B	12.32B	16.97B	17.06B	17.25B	18.64B	1.64B	10.68B	13.63B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.01%	0.13%	-0.04%	0.38%	0.01%	0.01%	0.08%	-0.91%	5.5%	0.28%
Operating Expenses+	8.79B	9.52B	9.82B	11.45B	10.84B	10.48B	10.51B	4.78B	4.23B	6.54B
OpEx / Revenue %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization	580M	693M	560M	747M	626M	656M	529M	-1.47B	-1.42B	-1.51B
Combined Ratio %	-	-	-	-	-	-	-	-	-	-
Operating Income+	2.62B	3.33B	2.5B	5.52B	6.22B	6.77B	8.13B	-3.14B	6.45B	7.09B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.39%	0.27%	-0.25%	1.21%	0.13%	0.09%	0.2%	-1.39%	3.06%	0.1%
EBITDA+	3.2B	4.02B	3.06B	6.27B	6.85B	7.43B	8.65B	-4.61B	5.04B	5.58B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense	1.1B	1.02B	1.16B	1.27B	1.35B	1.18B	1.02B	1.04B	1.55B	1.68B
Non-Operating Income	-1.1B	-1.01B	-1.14B	-1.27B	-1.32B	-1.18B	-1.01B	-1.05B	-1.55B	-1.68B
Pretax Income+	2.62B	3.33B	2.5B	5.52B	6.22B	6.77B	8.13B	-3.14B	6.45B	7.09B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	328M	196M	239M	632M	718M	1.2B	1.21B	-1.16B	845M	1.21B
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	2.22B	2.99B	2.07B	4.67B	5.27B	5.33B	6.66B	-2.1B	5.46B	5.63B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.37%	0.35%	-0.31%	1.26%	0.13%	0.01%	0.25%	-1.32%	3.6%	0.03%
EPS (Diluted)+	1.05	1.41	0.98	2.35	2.77	2.93	3.54	-1.10	2.61	2.84
EPS Growth %	-0.42%	0.34%	-0.3%	1.4%	0.18%	0.06%	0.21%	-1.31%	3.37%	0.09%
EPS (Basic)	1.06	1.42	0.98	2.36	2.77	2.94	3.55	-1.10	2.62	2.85
Diluted Shares Outstanding	1.98B	1.98B	1.99B	1.99B	1.96B	1.94B	1.95B	1.91B	1.84B	1.78B

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	702.87B	720.68B	729.53B	750.27B	809.13B	880.35B	917.64B	833.69B	875.57B	978.82B
Asset Growth %	0.21%	0.03%	0.01%	0.03%	0.08%	0.09%	0.04%	-0.09%	0.05%	0.12%
Total Investment Assets+	174.81B	188.12B	195.54B	204.77B	220.97B	242.45B	252.21B	227.42B	402.83B	244.35B
Long-Term Investments	174.81B	188.12B	195.54B	204.77B	220.97B	242.45B	252.21B	227.42B	237.68B	244.35B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Total Current Assets+	40B	16B	17.11B	17.58B	21.68B	27.61B	23.89B	20.6B	0	25.79B
Cash & Equivalents	17.89B	15.15B	15.96B	16.21B	20.3B	26.17B	22.59B	19.15B	20.34B	25.79B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Current Assets	21.24B	18.7B	20.07B	21.72B	24.7B	31.13B	27.19B	68.33B	-20.34B	0
Goodwill & Intangibles+	9.38B	10.11B	9.84B	10.1B	9.97B	9.93B	9.91B	10.52B	10.31B	11.05B
Goodwill	5.68B	5.88B	5.71B	5.86B	5.74B	5.71B	5.65B	6.01B	5.92B	6.28B
Intangible Assets	3.7B	4.22B	4.13B	4.23B	4.23B	4.21B	4.26B	4.5B	4.39B	4.78B
PP&E (Net)	1.38B	1.38B	1.28B	2.02B	381M	1.85B	1.81B	1.88B	2.59B	2.67B
Other Assets	-5.45B	-5.82B	-5.85B	-6.33B	-4.96B	-6.69B	-7.07B	-8.59B	-250.58B	694.96B
Total Liabilities	660.93B	677.86B	687.37B	703.12B	759.02B	827.34B	881.33B	792.56B	826.85B	925.86B
Total Debt+	9.55B	12.88B	13.17B	13.5B	11.66B	13.99B	11.86B	12.36B	12.74B	14.16B
Net Debt	-8.34B	-2.27B	-2.79B	-2.71B	-8.64B	-12.17B	-10.73B	-6.8B	-7.6B	-11.63B
Long-Term Debt	9.4B	12.87B	13.17B	13.5B	11.66B	13.99B	11.86B	11.74B	12.14B	14.16B
Short-Term Debt	150M	7M	0	0	0	0	0	615M	594M	0
Total Current Liabilities+	10.22B	10.2B	9.82B	15.04B	11.02B	16.41B	17.74B	355.04B	0	0
Accounts Payable	9.01B	9.42B	9.46B	10.52B	10.78B	11.49B	12.13B	13.64B	0	0
Deferred Revenue	527M	387M	178M	0	121M	0	0	0	0	0
Other Current Liabilities	-10.22B	-10.2B	-9.82B	4.4B	-11.02B	4.84B	5.25B	340.79B	-594M	0
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	-10.63B	-14.23B	-14.45B	-15.31B	-13.63B	-16.61B	-14.63B	-14.52B	-13.84B	909.81B
Total Equity+	41.94B	42.82B	42.16B	47.15B	50.11B	53.01B	58.87B	48.46B	48.73B	52.96B
Equity Growth %	0.24%	0.02%	-0.02%	0.12%	0.06%	0.06%	0.11%	-0.18%	0.01%	0.09%
Shareholders Equity	41.35B	42.08B	41.23B	46.06B	48.9B	51.55B	57.17B	46.8B	47.3B	51.54B
Minority Interest	592M	743M	929M	1.09B	1.21B	1.46B	1.69B	1.66B	1.43B	1.42B
Retained Earnings	8.4B	9.76B	10.08B	12.7B	15.49B	18.89B	9.66B	3.95B	4.82B	4.76B
Common Stock	22.8B	22.86B	22.99B	22.96B	23.13B	23.04B	23.09B	22.18B	21.53B	20.68B
Accumulated OCI	6.99B	5.35B	4.09B	6.21B	6.45B	6.32B	5.18B	13.85B	13.81B	18.66B
Return on Equity (ROE)	0.06%	0.07%	0.05%	0.1%	0.11%	0.1%	0.12%	-0.04%	0.11%	0.11%
Return on Assets (ROA)	0%	0%	0%	0.01%	0.01%	0.01%	0.01%	-0%	0.01%	0.01%
Equity / Assets	-	-	-	-	-	-	-	-	-	-
Debt / Equity	0.23x	0.30x	0.31x	0.29x	0.23x	0.26x	0.20x	0.25x	0.26x	0.27x
Book Value per Share	21.22	21.66	21.23	23.72	25.54	27.28	30.25	25.33	26.51	29.67
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	10.33B	17.04B	17.79B	19.19B	20.54B	20.05B	23.16B	16.63B	20.42B	26.49B
Operating CF Growth %	-0.04%	0.65%	0.04%	0.08%	0.07%	-0.02%	0.15%	-0.28%	0.23%	0.3%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	2.29B	3.13B	2.26B	4.89B	5.5B	5.58B	6.91B	-1.98B	5.1B	5.88B
Depreciation & Amortization	580M	693M	560M	747M	626M	656M	529M	-1.47B	581M	-1.51B
Stock-Based Compensation	16M	19M	15M	10M	11M	14M	9M	5M	2M	0
Deferred Taxes	-343M	-235M	-331M	930M	-454M	280M	-127M	-1.99B	470M	311M
Other Non-Cash Items	1.55B	-2.73B	-6.96B	9.1B	-20.15B	-22.37B	5B	10.99B	-4.48B	-1.08B
Working Capital Changes	6.24B	16.15B	22.24B	3.52B	35.01B	35.89B	10.83B	11.08B	18.75B	22.89B
Cash from Investing+	-13.9B	-22.74B	-16.29B	-19B	-13.83B	-14.15B	-24.44B	-18.4B	-13.72B	-18.46B
Capital Expenditures	0	0	0	0	80.61B	0	24.25B	0	0	0
Acquisitions	-3.81B	-495M	-10M	187M	288M	0	-19M	-182M	-1M	-297M
Purchase of Investments	0	0	0	0	-80.61B	-111.98B	-120.98B	0	-84.03B	0
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	0	1000K	0	0	0
Other Investing	-77.05B	-104.25B	-87B	-101.3B	-79.45B	97.83B	-24.42B	-18.22B	70.32B	-18.16B
Cash from Financing+	-2.01B	3.29B	14M	-724M	-2.08B	663M	-2.05B	-2.11B	-5.04B	-4.17B
Dividends Paid	-1.43B	-1.59B	-1.78B	-1.79B	-1.4B	-2.34B	-2.5B	-2.79B	-2.97B	-3.16B
Share Repurchases	0	0	0	-478M	-1.34B	-253M	-612M	-1.88B	-1.59B	-3.27B
Stock Issued	37M	66M	124M	59M	104M	36M	51M	23M	94M	144M
Debt Issuance (Net)	-1000K	1000K	1000K	-1000K	-1000K	1000K	-1000K	1000K	-1000K	1000K
Other Financing	-548M	-189M	226M	1.43B	2.06B	-565M	9M	2B	187M	859M
Net Change in Cash+	-3.44B	-2.76B	860M	284M	4.17B	6.04B	-3.65B	-3.29B	1.25B	5.06B
Exchange Rate Effect	1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K	1000K	-1000K	1000K
Cash at Beginning	20.44B	17B	14.24B	15.1B	15.38B	19.55B	25.58B	21.93B	18.64B	19.88B
Cash at End	17B	14.24B	15.1B	15.38B	19.55B	25.58B	21.93B	18.64B	19.88B	24.94B
Free Cash Flow+	10.33B	17.04B	17.79B	19.19B	101.15B	20.05B	47.41B	16.63B	20.42B	26.49B
FCF Growth %	-0.04%	0.65%	0.04%	0.08%	4.27%	-0.8%	1.36%	-0.65%	0.23%	0.3%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF per Share	5.23	8.62	8.96	9.65	51.56	10.32	24.36	8.69	11.11	14.84

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Combined Ratio	92.02%	93.56%	95.59%	85.19%	92.01%	91.22%	86.42%	112.99%	191.69%	197.28%
Medical Cost Ratio	65.25%	75.14%	78.26%	54.47%	78.08%	77.63%	68.86%	93.2%	251.8%	287.02%
Return on Equity (ROE)	5.86%	7.06%	4.87%	10.46%	10.84%	10.33%	11.9%	-3.91%	11.24%	11.08%
Return on Assets (ROA)	0.35%	0.42%	0.29%	0.63%	0.68%	0.63%	0.74%	-0.24%	0.64%	0.61%
Equity / Assets	5.97%	5.94%	5.78%	6.28%	6.19%	6.02%	6.42%	5.81%	5.57%	5.41%
Book Value / Share	21.22	21.66	21.23	23.72	25.54	27.28	30.25	25.33	26.51	29.67
Debt / Equity	0.23x	0.30x	0.31x	0.29x	0.23x	0.26x	0.20x	0.25x	0.26x	0.27x
Revenue Growth	-38.17%	57.52%	9.59%	-34.22%	108.84%	-0.9%	-22.41%	-59.63%	-129.13%	-3.57%

Revenue by Segment

	2017	2018	2019	2020	2021	2022
Real estate management services	-	147M	137M	143M	128M	126M
Real estate management services Growth	-	-	-6.80%	4.38%	-10.49%	-1.56%

Revenue by Geography

	2017	2018	2019	2020	2021	2022
Asia	21.67B	20.67B	29.93B	29.95B	31.2B	15.81B
Asia Growth	-	-4.62%	44.78%	0.08%	4.18%	-49.35%
CANADA	12.17B	14.85B	21.2B	20.01B	13.87B	4.87B
CANADA Growth	-	22.06%	42.77%	-5.62%	-30.70%	-64.86%
UNITED STATES	23.94B	2.8B	27.84B	28.47B	16.16B	-4.35B
UNITED STATES Growth	-	-88.30%	893.65%	2.24%	-43.25%	-126.95%
Other Countries	542M	649M	599M	478M	-	-
Other Countries Growth	-	19.74%	-7.70%	-20.20%	-	-

Frequently Asked Questions

Valuation & Price

Manulife Financial Corporation (MFC) has a price-to-earnings (P/E) ratio of 13.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Manulife Financial Corporation (MFC) saw revenue decline by 3.6% over the past year.

Yes, Manulife Financial Corporation (MFC) is profitable, generating $5.91B in net income for fiscal year 2024 (-77.3% net margin).

Dividend & Returns

Yes, Manulife Financial Corporation (MFC) pays a dividend with a yield of 4.71%. This makes it attractive for income-focused investors.

Manulife Financial Corporation (MFC) has a return on equity (ROE) of 11.1%. This is reasonable for most industries.

Industry Metrics

Manulife Financial Corporation (MFC) has a combined ratio of 0.0%. A ratio below 100% indicates underwriting profitability.

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