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Manulife's 5 divisions are expected to make $60.5 billion for full-year 2019
(1) Investment of Insurance Premiums $28.3 billion (47%),
(2) Asia Insurance $16 billion (26%)
(3) Canada Insurance $7.9 billion (13%)
(4) Global Wealth & Asset Management $4.3 billion (7%), and
(5) U.S Insurance $4.1 billion (7%)
Note: All Revenues are in USD

Total Revenues

Manulife's Business Model

What Need Does It Serve?

Manulife offers a wide array of financial products and services, including insurance products, annuities, retirement-related services, mutual funds and investment management services

Its end users include:

Retail CustomersSmall to medium businesses,Institutional InvestorsCorporates

What Are The Alternatives?

Manulife business model faces stiff challenges and competition from offerings by its global competitors such as:

AIGMetLifeNew York LifePrudential FinancialWells Fargo

Has 5 operating segments?

Asia Insurance: It provides life insurance, group life and health, and hospital coverage, along with wealth management products like mutual funds, pensions, variable annuities etc. in Hong Kong, Singapore, Indonesia, Taiwan, China, Japan, Vietnam, Malaysia, Thailand and the Philippines.

Canada Insurance: It offers individual life and living benefits insurance, Group life, health, disability, retirement and specialty products. It also provides Manulife’s wealth management products which include mutual funds, fixed & variable annuities, high interest savings accounts etc.

U.S Insurance: offers life insurance products, retirement plans, Mutual Funds, annuities and other wealth management products and services focused on individuals and businesses.

Global Wealth & Asset Management: provides fee-based wealth solutions to retail, retirement and institutional customers around the world.

Investment of Insurance Premiums: This segment represents the income generated by investing premiums in fixed maturity securities, equities, Mortgage loans and other financial instruments.

Manulife's Total Revenue have fluctuated over the last 2 years. It increased from $39.8 billion in 2016 to $45.1 billion in 2017, before reducing to $30.3 billion in 2018.
We expect it to grow 100% and cross $60.5 billion by 2019, before coming down to $49.2 billion over 2019-20.

Total Revenues

YOY change in Total Revenues

Comparing trends in Manulife's Total Revenues with that of its Peers - MetLife, Prudential Financial and AIG
Manulife revenues have reduced 24% from $39.8 billion in 2016 to $30.3 billion in 2018, however its peers MetLife and Prudential Financial have grown at an average annual rate of 6% and 4% respectively.. On the other hand, AIG's revenues have reduced 10% from $52.4 billion in 2016 to $47.4 billion in 2018.Prudential Financial and MetLife are more geographically diverse and offer more products than AIG and Manulife, enabling them to record higher revenues.

Revenues Manulife

Revenue MetLife

Revenue Prudential Financial

Revenue AIG

**[B] Asia Insurance Revenues are expected to grow 7% from $15 billion in 2018 to $16.1 billion by 2020.**

Asia Insurance [=F+G]

Premium Revenues Asia [F]

Policy Charges and Asset Management Fees [G]

Asia Insurance premiums would drive the growth over 2019-20 and increase from $14 billion in 2018 to $15.1 billion by 2020. This growth would be driven by increased penetration in emerging markets.On the other hand, Policy Charges & Asset Management Fees are expected to remain around the $1 billion figure reported in 2018.

**[C] Canada Insurance revenues are expected to drop 6% from $8.4 billion in 2018 to $7.9 billion by 2019, before improving to $8 billion by 2020.**

Canada Insurance [=H+I]

Premium Revenues canada [H]

Policy Charges and Asset Management Fees [I]

**[E] U.S Insurance revenues are expected to increase $4.9 billion, from -$0.8 billion in 2018 to $4.1 billion in 2019.**

U.S. Insurance [=K+L+M]

Life & Health Insurance Premiums [K]

Annuities and Pensions [L]

Policy Charges and Asset Management Fees [M]

The segment revenues have decreased from $9.5 billion in 2016 to -$0.8 billion in 2018. This exceptionally low figure of -$0.8 billion was due to ceded insurance premiums.However, we expect the figure to bounce back in 2019 driven by a $5 billion increase in Annuities & Pensions revenue from -$7.7 billion in 2018 to $2.7 billion by 2019. Thereafter, the segment revenues are expected to see a slight decrease of 2% y-o-y and cross $4 billion by 2020.Life & Health insurance premiums are expected to remain around the 2018 figure of $4.9 billion over 2019-2020.Policy charges & Asset management fees is on a negative trajectory, it dropped 15% from $4.2 billion in 2016 to $2 billion in 2018. We expect the trend to continue and reduce the fee revenue by 1% over 2019-2020.

Related Analysis

Manulife Stock (NYSE:MFC)MetLife Revenues: How Does MetLife Makes Money?Prudential Financial Revenues: How Does PRU Makes Money?AIG Revenues: How Does AIG Makes Money?More Trefis Insurance Industry Data

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