<Results first take> 2Q22 results missed consensus with VNB down 9% y-o-y
Manulife announced 2Q22 results with net profit down 63% y-o-y, in line with our estimates but missed consensus, due to a significant decline in investment income. 1H22 net profit posted +18% y-o-y
2Q22 VNB was down 9% y-o-y and missed expectation, mainly due to lower sales in Asia with impact from unfavourable product mix, despite a double digit VNB growth in the US and Canada
Consistently good discipline demonstrated in efficiency improvement with expense efficiency ratio down 0.8% q-o-q
LICAT total ratio remains healthy at 137%, at the same level compared to 2Q21
More to follow after the earnings call this evening
