It was a record year for Manulife’s retail property business, with net inflows of $29.2 billion.
Average assets under management and administration grew 20% in 2021.
Highlights of the global WAM business in 2021 were: the expansion of the firm’s sustainable investment products with new offerings in Asia; obtaining a license to operate as an alternative investment fund manager to offer private market funds in the European Union; and new ETFs in Canada and the US, expanding their retail offerings beyond traditional mutual funds.
“I am incredibly proud of the way our associates around the world continue to make decisions and lead better lives for our customers. We are working on our strategic priorities, our organizational culture and ESG capabilities. and achieving the top quartile employee engagement scores,” said Roy Gorey, President and CEO, Manulife. “We are scaling our business to grow in diverse markets in Asia and in 2021 launched a 16-year bancassurance partnership with VietinBank, one of Vietnam’s largest financial institutions, to provide a full range of insurance, funding and retirement solutions. Enables the suite. Made available to clients in Vietnam. We also continued to make significant progress on our portfolio optimization commitments, as evidenced by the announcement of our US variable annuity reinsurance transaction with Venerable Holdings Inc., which took place in February. Initially closed.
Manulife reported core earnings of $6.5 billion in 2021, up 26% on a constant exchange rate basis from 2020, and $1.7 billion in 4Q21, up 20% on a constant exchange rate basis from 4Q202.