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Manulife Financial Corp MFC

Rating as of

Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Wealth and Asset Management Drive Manulife’s Profit Growth as Results Mixed Elsewhere

Rajiv Bhatia, CFA Equity Analyst

Analyst Note

| Rajiv Bhatia, CFA |

Manulife second quarter was mostly consistent with expectations. Core earnings per share of CAD 0.83 were a touch about the FactSet consensus estimate of CAD 0.79. Core earnings grew 18% with most of the growth driven by the firm’s wealth and asset management, or WAM, business. Given the amount of market appreciation, WAM faced easy comps, in our view. Overall, there was little in the firm’s release of financial results that would alter our long-term view of the firm and we will maintain our no-moat rating and CAD 26 fair value estimate on the firm’s shares.

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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.

Contact
200 Bloor Street East
Toronto, ON, M4W 1E5, Canada
T +1 888 790-4387
Sector Financial Services
Industry Insurance - Life
Most Recent Earnings Jun 30, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 37,000

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