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Manulife Financial Corp. Q3-2021 Earnings, Price Target Update

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Manulife Financial Corp.(MFC) is an insurance and wealth management company with principal operations in Asia, Canada and the United States. Manulife's international network of employees, agents and distribution partners offers insurance and wealth management products and services to personal and business clients as well as asset management services to institutional customers. They operate as Manulife in Canada and Asia and as John Hancock in the U.S. Asian markets contribute 31% of earnings, US-28%, Canada – 17%, Global Wealth Asset Management – 19% and portfolio investments -5%. Assets as Sept-30-2021 were $898.3B (Dec-31-2020: $880B, Dec-31-2019: $809). Total assets under management are $1.4T compared to $1.3T as at Dec-31-2020. Segregated funds comprise 43% of total assets. Asian operations are located in Japan, Hong Kong, Macau, Singapore, mainland China, Vietnam, Indonesia, the Philippines, Malaysia and Cambodia, Myanmar.

Investments are comprised of cash, bonds, shares, mortgages and investments in private companies. They manage a number of segregated funds on behalf of policyholders. Policyholders are provided with the opportunity to invest in different categories of segregated funds that respectively hold a range of underlying investments. Manulife retains legal title to the underlying investments; however, returns from these investments belong to the policyholders. Accordingly, they do not bear the risk associated with these assets outside of guarantees offered on certain variable life and annuity products. Liabilities totaled $876B largely comprised of reserves for future insurance claims and segregated funds liabilities.

Revenues include; premiums received on life and health insurance policies and fixed annuity products, investment income earned on assets, fee and other income received for services provided; and realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities. Revenues also include investment management fees from administrative services only (ASO). Deposits received on investment contracts such as segregated funds, mutual funds and managed funds are not included in revenue; however fee income from these products, is included in revenue.

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