Manulife Financial Corp

MFC: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 69.00	Lyn	Qxvvwgm

Decent Finish to 2021 for Manulife

Rajiv Bhatia

Feb 10, 2022

No-moat-rated Manulife reported decent fourth-quarter financial results. Core EPS of CAD 0.84 came in a touch above the FactSet consensus of CAD 0.82. Core earnings grew thanks to increases in the wealth- and asset-management unit, lower corporate expenses, and higher core investment gains. Overall, there was little that would alter our long-term view of the firm, and we will maintain our fair value estimate of CAD 28 per share.

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