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Segmented Information
 12 Months Ended
Dec. 31, 2023
Text block [abstract]  
Segmented Information
Note 20 Segmented Information
The Company’s reporting segments are Asia, Canada, U.S., Global WAM and Corporate and Other. Each reporting segment is responsible for managing its operating results, developing products, defining strategies for services and distribution based on the profile and needs of its business and market. The Company’s significant product and service offerings by the reporting segments are mentioned below.
Wealth and asset management businesses (Global WAM)
– branded as Manulife Investment Management, provides investment advice and innovative solutions to retirement, retail, and institutional clients. Products and services are distributed through multiple distribution channels, including agents and brokers affiliated with the Company, independent securities brokerage firms and financial advisors pension plan consultants and banks.
Insurance and annuity products (Asia, Canada and U.S.)
– include a variety of individual life insurance, individual and group long-term care insurance and guaranteed and partially guaranteed annuity products. Products are distributed through multiple distribution channels, including insurance agents, brokers, banks, financial planners and direct marketing. Manulife Bank of Canada offers a variety of deposit and credit products to Canadian customers.
Corporate and Other
s
egment
– comprised of investment performance of assets backing capital, net of amounts allocated to operating segments; costs incurred by the corporate office related to shareholder activities (not allocated to the operating segments); financing costs; Property and Casualty Reinsurance Business; and run-off reinsurance operations including variable annuities and accident and health. In addition, consolidations and eliminations of transactions between operating segments are also included.
Effective January 1, 2023, the Company has made a number of changes to the composition of reporting segments to better align its financial reporting with its business strategy and operations. The Company’s International High Net Worth business was reclassified from the U.S. segment to the Asia segment to reflect the contributions of the Company’s Bermuda operations alongside the high net worth business that is reported in the Company’s Singapore and Hong Kong operations. The Company’s investment in the startup capital of segregated and mutual funds and investment-related revenue and expense were reclassified from the Corporate and Other segment to the Global WAM segment to more closely align with Global WAM’s management practices. Refinements were made to the allocations of corporate overhead and interest on surplus among segments. Prior period comparative information has been restated to reflect the changes in segment reporting.
(a) Reporting segments
The following tables present results by reporting segments.
 
For the year ended December 31, 2023
 
Asia
 
 
Canada
 
 
U.S.
 
 
Global WAM
 
 
Corporate
and Other
 
 
Total
 
Insurance service result
 
      
 
      
 
      
 
      
 
      
 
      
Life, health and property and casualty insurance
  
$
2,070
 
  
$
995
 
  
$
526
 
  
$
–
 
  
$
236
 
  
$
3,827
 
Annuities and pensions
  
 
(129
)
  
 
198
 
  
 
81
 
  
 
–
 
  
 
–
 
  
 
150
 
Total insurance service result
  
 
1,941
 
  
 
1,193
 
  
 
607
 
  
 
–
 
  
 
236
 
  
 
3,977
 
Net investment income (loss)
  
 
7,057
 
  
 
5,048
 
  
 
5,236
 
  
 
(771
)
  
 
1,451
 
  
 
18,021
 
Insurance finance income (expenses)
                                                
Life, health and property and casualty insurance
  
 
(4,970
)
  
 
(3,288
)
  
 
(4,815
)
  
 
–
 
  
 
723
 
  
 
(12,350
)
Annuities and pensions
  
 
(1,466
)
  
 
(27
)
  
 
(51
)
  
 
–
 
  
 
–
 
  
 
(1,544
)
Total insurance finance income (expenses)
  
 
(6,436
)
  
 
(3,315
)
  
 
(4,866
)
  
 
–
 
  
 
723
 
  
 
(13,894
)
Reinsurance finance income (expenses)
                                                
Life, health and property and casualty insurance
  
 
(106
)
  
 
58
 
  
 
385
 
  
 
–
 
  
 
(697
)
  
 
(360
)
Annuities and pensions
  
 
1
 
  
 
(1
)
  
 
(374
)
  
 
–
 
  
 
–
 
  
 
(374
)
Total reinsurance finance income (expenses)
  
 
(105
)
  
 
57
 
  
 
11
 
  
 
–
 
  
 
(697
)
  
 
(734
)
Decrease (increase) in investment contract liabilities
  
 
(38
)
  
 
(73
)
  
 
(148
)
  
 
(175
)
  
 
(1
)
    
(435
)
Net segregated fund investment result
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
Total investment result
  
 
478
 
  
 
1,717
 
  
 
233
 
  
 
(946
)
  
 
1,476
 
  
 
2,958
 
Other revenue
  
 
67
 
  
 
272
 
  
 
79
 
  
 
6,709
 
  
 
(381
)
  
 
6,746
 
Other expenses
  
 
(231
)
  
 
(569
)
  
 
(153
)
  
 
(4,252
)
  
 
(470
)
  
 
(5,675
)
Interest expenses
  
 
(11
)
  
 
(1,004
)
  
 
(15
)
  
 
(14
)
  
 
(510
)
  
 
(1,554
)
Net income (loss) before income taxes
  
 
2,244
 
  
 
1,609
 
  
 
751
 
  
 
1,497
 
  
 
351
 
  
 
6,452
 
Income tax reco
ve
ries (expenses)
  
 
(440
)
  
 
(373
)
  
 
(112
)
  
 
(198
)
  
 
278
 
  
 
(845
)
                                                 
Net income (loss)
    
1,804
 
    
1,236
 
    
639
 
    
1,299
 
    
629
 
    
5,607
 
Less net income (loss) attributed to:
                                                
Non-controlling interests
  
 
141
 
  
 
–
 
  
 
–
 
  
 
2
 
  
 
1
 
  
 
144
 
Participating policyholders
  
 
315
 
  
 
45
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
360
 
Net income (loss) attributed to shareholders and other equity holders
  
$
1,348
 
  
$
1,191
 
  
$
639
 
  
$
1,297
 
  
$
628
 
  
$
5,103
 
Total assets
  
$
  177,623
 
  
$
  157,111
 
  
$
  244,659
 
  
$
  257,764
 
  
$
  38,417
 
  
$
  875,574
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2022
 
Asia
 
 
Canada
 
 
U.S.
 
 
Global WAM
 
 
Corporate
and Other
 
 
Total
 
                                                 
Insurance service result
                                                
Life, health and property and casualty insurance
   $ 1,718     $ 928     $ 361     $ –     $ (117 )    $ 2,890  
Annuities and pensions
     (164 )      262       172       –       –       270  
Total insurance service result
     1,554       1,190       533       –       (117 )      3,160  
Net investment income (loss)
     1,417       (930 )      911       (1,082 )      21       337  
Insurance finance income (expenses)
                                                
Life, health and property and casualty insurance
     608       (723 )      (5,058 )      –       122       (5,051 ) 
Annuities and pensions
     (2,261 )      504       191       1       –       (1,565 ) 
Total insurance finance income (expenses)
     (1,653 )      (219 )      (4,867 )      1       122       (6,616 ) 
Reinsurance finance income (expenses)
                                                
Life, health and property and casualty insurance
     (61 )      (100 )      994       –       (167 )      666  
Annuities and pensions
     (3 )      (2 )      (352 )      –       –       (357 ) 
Total reinsurance finance income (expenses)
     (64 )      (102 )      642       –       (167 )      309  
Decrease (increase) in investment contract liabilities
     (70 )      (49 )      (179 )      (119 )      18       (399 ) 
Net segregated fund investment result
     –       –       –       –       –       –  
Total investment result
     (370 )     (1,300 )      (3,493 )     (1,200 )      (6 )      (6,369 ) 
Other revenue
     56       262       101       6,391       (624 )      6,186  
Other expenses
     (318 )      (573 )      (136 )      (3,893 )      (144 )      (5,064 ) 
Interest expenses
     (12 )      (548 )      (16 )      (7 )      (468 )      (1,051 ) 
Net income (loss) before income taxes
     910       (969 )      (3,011 )      1,291       (1,359 )      (3,138 ) 
Income tax recoveries (expenses)
     (318 )      510       695       (170 )      442       1,159  
Net income (loss)
     592       (459 )      (2,316 )     1,121       (917 )     (1,979 ) 
Less net income (loss) attributed to:
                                                
Non-controlling interests
     120       –       –       –       1       121  
Participating policyholders
     (211 )      44       –       –       –       (167 ) 
Net income (loss) attributed to shareholders and other equity holders
   $ 683     $ (503 )    $ (2,316 )   $ 1,121     $ (918 )   $ (1,933 ) 
Total assets
   $   164,605     $   151,761     $   244,904     $   231,433     $   40,986     $   833,689  
(b) Geographical location
The results of the Company’s reporting segments differ from its results by geographical location primarily due to the allocation of Global WAM and Corporate and Other segments into the geographical location to which its businesses relate.
The following tables present results by geographical location. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2023
 
Asia
 
 
Canada
 
 
U.S.
 
 
Other
 
 
Total
 
Insurance service result
                                        
Life, health and property and casualty insurance
  
$
2,087
 
  
$
981
 
  
$
511
 
  
$
248
 
  
$
3,827
 
Annuities and pensions
  
 
(128
)
  
 
198
 
  
 
80
 
  
 
–
 
  
 
150
 
Total insurance service result
  
 
1,959
 
  
 
1,179
 
  
 
591
 
  
 
248
 
  
 
3,977
 
Net investment income (loss)
  
 
7,259
 
  
 
5,724
 
  
 
4,975
 
  
 
63
 
  
 
18,021
 
Insurance finance income (expenses)
                                        
Life, health and property and casualty insurance
  
 
(4,971
)
  
 
(2,606
)
  
 
(4,793
)
  
 
20
 
  
 
(12,350
)
Annuities and pensions
  
 
(1,466
)
  
 
(27
)
  
 
(51
)
  
 
–
 
  
 
(1,544
)
Total insurance finance income (expenses)
  
 
(6,437
)
  
 
(2,633
)
  
 
(4,844
)
  
 
20
 
  
 
(13,894
)
Reinsurance finance income (expenses)
                                        
Life, health and property and casualty insurance
  
 
(121
)
  
 
(623
)
  
 
384
 
  
 
–
 
  
 
(360
)
Annuities and pensions
  
 
1
 
  
 
(1
)
  
 
(374
)
  
 
–
 
  
 
(374
)
Total reinsurance finance income (expenses)
  
 
(120
)
  
 
(624
)
  
 
10
 
  
 
–
 
  
 
(734
)
Decrease (increase) in investment contract liabilities
  
 
(220
)
  
 
(130
)
  
 
(79
)
  
 
(6
)
  
 
(435
)
Net segregated fund investment result
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
Total investment result
  
$
       482
 
  
$
2,337
 
  
$
62
 
  
$
77
 
  
$
2,958
 
Other revenue
  
$
1,332
 
  
$
    2,147
 
  
$
    3,239
 
  
$
     28
 
  
$
    6,746
 
For the year
ended
December 31, 2022
 
Asia
 
 
Canada
 
 
U.S.
 
 
Other
 
 
Total
 
Insurance service result
 
      
 
      
 
      
 
      
 
      
Life, health and property and casualty insurance
   $ 1,873     $ 909     $ 208     $   (100 )    $ 2,890  
Annuities and pensions
     (164 )      262       172       –       270  
Total insurance service result
     1,709       1,171       380       (100 )      3,160  
Net investment income (loss)
     1,264       (1,061 )      (189 )     323       337  
Insurance finance income (expenses)
                                        
Life, health and property and casualty insurance
     607       (578 )     (5,088 )     8       (5,051 ) 
Annuities and pensions
     (2,261 )      504       192       –       (1,565 ) 
Total insurance finance income (expenses)
       (1,654 )      (74 )       (4,896 )     8       (6,616 ) 
Reinsurance finance income (expenses)
                                        
Life, health and property and casualty insurance
     (74 )      (254 )      994       –       666  
Annuities and pensions
     (3 )      (2 )      (352 )      –       (357 ) 
Total reinsurance finance income (expenses)
     (77 )      (256 )      642       –       309  
Decrease (increase) in investment contract liabilities
     (126 )      (79 )      (194 )      –       (399 ) 
Net segregated fund investment result
     –       –       –       –       –  
Total investment result
   $ (593 )   $   (1,470 )   $ (4,637 )   $ 331     $ (6,369 ) 
Other revenue
   $   1,294     $   2,044     $   2,907     $ (59 )    $   6,186