In 2024, Manulife Financial Corporation (NYSE:MFC) reached unprecedented financial heights, marking a significant milestone in its history. The company's core earnings surpassed $7 billion for the first time, representing a 10% increase from the previous year. This remarkable achievement was bolstered by robust performance across various business segments and strategic initiatives. The Global WAM business generated net inflows of $13.3 billion, while reinsurance transactions are expected to release $2.8 billion in capital. These accomplishments underscored the company's commitment to sustainable growth and efficient capital management.

Manulife's operational efficiency also saw notable improvements. The company achieved an efficiency ratio of 44.8%, aligning with its medium-term target of maintaining this metric below 45%. Additionally, the core return on equity expanded to 16.4% for the full year, reflecting enhanced profitability. Book value experienced a 15% increase, both in adjusted terms and per share, demonstrating strong asset appreciation. Moreover, the LICAT ratio stood at a robust 137%, and the leverage ratio remained comfortably below the 25% medium-term target at 23.7%. These figures highlight the company's solid financial foundation and prudent risk management practices.

The future looks promising for Manulife as it continues to prioritize shareholder returns. A 10% increase in the common share dividend was approved, and a new share buyback program aims to repurchase up to 3% of outstanding common shares. The company also reported record cash remittances of $7 billion in 2024, driven by strong cash generation and capital optimization efforts. Despite challenges in certain segments, such as lower investment spreads in the US market, Manulife remains focused on delivering long-term value. The introduction of 27 generative AI use cases into production has already generated over $600 million in benefits, underscoring the transformative power of digital innovation.

Manulife's success is not just about numbers; it reflects a commitment to excellence and innovation. By leveraging technology, optimizing operations, and maintaining a disciplined approach to capital allocation, the company is well-positioned to navigate future challenges and seize new opportunities. As Manulife continues to grow, it sets an example of resilience and adaptability in the ever-evolving financial landscape. The company's achievements serve as a testament to its unwavering dedication to creating value for shareholders and stakeholders alike.