Strong First Quarter Performance: Manulife reported a robust first quarter in 2025 with significant growth across its insurance segments, particularly in Asia, where Annualized Premium (AP) sales surged 50% year-over-year. Core EPS rose by 3%, and after normalizing for charges related to California wildfires and an increase in expected credit loss (ECL), core EPS would have increased by 9%. The strong momentum reflects a solid execution strategy and market demand.

Sustained Growth Outlook in Asia: The company maintained a positive outlook for growth in Asia, highlighting strong demand for saving solutions and protection products driven by megatrends such as the growth of the middle class and aging populations. Despite some macroeconomic uncertainties potentially impacting consumer sentiment, Manulife expects to see a normalization of sales growth rates in the latter part of 2025.

Challenges in U.S. Operations: The U.S. segment faced challenges with a 25% year-over-year decline in core earnings due to unfavorable net claims experience, lower investment spreads, and an increase in the ECL provision. However, there is confidence in the segment's capacity for steady earnings growth through profitable new business accumulation, although a cautious approach is warranted due to recent performance downturns.