Manulife Financial Corp (MFC) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 11, 2023 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, and welcome to the Manulife Financial First Quarter 2023 Financial Results Conference Call. Your host for today will be Mr. Hung Ko. Please go ahead, sir.

Hung Ko

Thank you. Welcome to Manulife's earnings conference call to discuss our 2022 comparative results under IFRS 17 and IFRS 9, as well as our first quarter 2023 financial and operating results. As this marks the first quarter of reporting under the new accounting standards, we have extended the call to two hours. Our earnings materials, including the webcast slides for today's call and IFRS 17 related reference materials are available on the Investor Relations section of our website at manulife.com.

We will begin today's presentation with an overview of our 2022 2022 comparative results under IFRS 17 and 9 by Rory Gori, our President and Chief Executive Officer. This will be followed by Phil Witherington, our Chief Financial Officer, will discuss our 2022 restated results including the new DOE analysis, CSM movement analysis, and our updated sensitivity disclosure.

Please note that we are providing the 2022 comparative to results for users to better understand and interpret our results under IFRS 17 and 9. This presentation will mainly focus on full-year 2022 results, not period over period variance or comparing the results between the two accounting bases.

Following our 2022 comparative presentation, we will turn our attention to the first quarter of 2023. And Roy will provide an overview of our results and a strategic update. Phil will then discuss the company's financial and operating results in the first quarter under the new accounting regime.

After the two sets of prepared remarks, we will move to the live Q&A portion of the call. We ask each participant to adhere to a limit of two questions, including follow-up questions. If you have additional questions, please re-queue and we will do our best to respond to everyone.

Before we start, please refer to the slide containing the caution on forward-looking statements and non-GAAP and other financial measures within each of the respective presentations. Note that certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from what was already stated.

I also encourage you to take note of factors mentioned in our notes to either side when interpreting our 2022, restated and 2023 financial results.

With that, I'd like to turn the call over to Roy Gori, our President and Chief Executive Officer. Roy?