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Manulife Financial Corp MFC

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Morningstar’s Analysis

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Economic Moat


Capital Allocation


Market Appreciation Benefiting Manulife’s Asset Management Business; U.S. Business Soft

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

No-moat rated Manulife reported decent results amid a challenging low interest rate environment. Core earnings of $0.74 were roughly flat from the year-ago period but beat out the FactSet consensus estimate of $0.56. Core earnings growth was flat due to lower corporate and other segment earnings due to the absence of core investment gains. Canada, Asia, and Global Wealth and Asset Management saw double-digit core earnings growth, while U.S. core earnings declined 1%. After updating our model, we are increasing our fair value estimate to CAD 25 from CAD 23 due to time value of money and a slightly higher investment yield versus our previous model. 

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Company Profile

Business Description

Manulife provides life insurance and wealth management products and services to individuals and group customers in Canada, the United States, and Asia. Manulife is one of Canada’s Big Three Life Insurance companies (the other two are Sun Life and Great West Life). As of Dec. 31, 2020, Manulife reported assets under management or administration of about CAD $1.3 trillion.

200 Bloor Street East
Toronto, ON, M4W 1E5, Canada
T +1 888 790-4387
Sector Financial Services
Industry Insurance - Life
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type
Employees 37,000