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Segmented Information | 12 Months Ended
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Dec. 31, 2024
Segmented Information [Abstract] |
Segmented Information | 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 segment – 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. Reporting segments The following tables present results by reporting segments.
For the year ended December 31, 2024 | Asia | Canada | U.S. | Global WAM | Corporate and Other | Total
Insurance service result |  |  |  |  |  |
Life, health and property and casualty insurance | $2,228 | $1,081 | $241 | $- | $164 | $3,714
Annuities and pensions | (68) | 239 | 116 | - | - | 287
Total insurance service result | 2,160 | 1,320 | 357 | - | 164 | 4,001
Net investment income (loss) | 7,987 | 5,169 | 4,962 | (655) | 1,648 | 19,111
Insurance finance income (expenses) |  |  |  |  |  |
Life, health and property and casualty insurance | (5,495) | (3,846) | (5,450) | - | 43 | (14,748)
Annuities and pensions | (1,839) | 196 | 172 | - | - | (1,471)
Total insurance finance income (expenses) | (7,334) | (3,650) | (5,278) | - | 43 | (16,219)
Reinsurance finance income (expenses) |  |  |  |  |  |
Life, health and property and casualty insurance | (65) | 347 | 705 | - | (2) | 985
Annuities and pensions | 669 | (1) | (520) | - | - | 148
Total reinsurance finance income (expenses) | 604 | 346 | 185 | - | (2) | 1,133
Decrease (increase) in investment contract liabilities | (9) | (76) | (87) | (327) | (5) | (504)
Net segregated fund investment result | - | - | - | - | - | -
Total investment result | 1,248 | 1,789 | (218) | (982) | 1,684 | 3,521
Other revenue | 155 | 294 | 137 | 7,439 | (437) | 7,588
Other expenses | (338) | (677) | (131) | (4,703) | (490) | (6,339)
Interest expenses | (28) | (1,047) | (13) | (7) | (586) | (1,681)
Net income (loss) before income taxes | 3,197 | 1,679 | 132 | 1,747 | 335 | 7,090
Income tax (expenses) recoveries | (460) | (353) | 3 | (148) | (254) | (1,212)
Net income (loss) | 2,737 | 1,326 | 135 | 1,599 | 81 | 5,878
Less net income (loss) attributed to: |  |  |  |  |  |
Non-controlling interests | 241 | - | - | 2 | 4 | 247
Participating policyholders | 141 | 105 | - | - | - | 246
Net income (loss) attributed to shareholders and other equity holders | $2,355 | $1,221 | $135 | $1,597 | $77 | $5,385
Total assets | $209,623 | $158,803 | $263,736 | $305,968 | $40,688 | $978,818
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 (expenses) recoveries | (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
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, 2024 | Asia | Canada | U.S. | Other | Total
Insurance service result |  |  |  |  |
Life, health and property and casualty insurance | $2,230 | $1,075 | $235 | $174 | $3,714
Annuities and pensions | (68) | 239 | 116 | - | 287
Total insurance service result | 2,162 | 1,314 | 351 | 174 | 4,001
Net investment income (loss) | 8,052 | 5,882 | 5,118 | 59 | 19,111
Insurance finance income (expenses) |  |  |  |  |
Life, health and property and casualty insurance | (5,495) | (3,844) | (5,409) | - | (14,748)
Annuities and pensions | (1,839) | 196 | 172 | - | (1,471)
Total insurance finance income (expenses) | (7,334) | (3,648) | (5,237) | - | (16,219)
Reinsurance finance income (expenses) |  |  |  |  |
Life, health and property and casualty insurance | (65) | 344 | 706 | - | 985
Annuities and pensions | 669 | (1) | (520) | - | 148
Total reinsurance finance income (expenses) | 604 | 343 | 186 | - | 1,133
Decrease (increase) in investment contract liabilities | (187) | (163) | (149) | (5) | (504)
Net segregated fund investment result | - | - | - | - | -
Total investment result | $1,135 | $2,414 | $(82) | $54 | $3,521
Other revenue | $1,790 | $2,325 | $3,616 | $(143) | $7,588
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

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