Manulife Financial Corporation (NYSE:MFC) Q2 2023 Earnings Conference Call August 10, 2023 8:00 AM ET

Company Participants

Hung Ko - VP, Group IR

Roy Gori - President, CEO & Director

Colin Simpson - CFO

Philip Witherington - President & CEO, Manulife Asia

Paul Lorentz - President and CEO, Global Wealth & Asset Management

Scott Hartz - CIO

Steven Finch - Chief Actuary

Conference Call Participants

Meny Grauman - Scotiabank

Paul Holden - CIBC

Tom MacKinnon - BMO Capital Markets

Mario Mendonca - TD Securities

Lemar Persaud - Cormark Securities

Joo Ho Kim - Crédit Suisse

Gabriel Dechaine - National Bank Financial

Doug Young - Desjardins Securities

Nigel D'Souza - Veritas Investment Research

Darko Mihelic - RBC Capital Markets

Operator

Please be advised that this conference call is being recorded. Good morning, and welcome to the Manulife Financial Second Quarter 2020 Financial Results Conference Call. Your host for today will be Mr. Hung Ko. Please go ahead, Mr. Ko.

Hung Ko

Thank you. Welcome to Manulife's earnings conference call to discuss our second quarter and year-to-date 2023 financial operating results. Our press materials, including the webcast slides for today's call are available on the Investor Relations section of our website at manulife.com.

Turning to Slide 4. We will begin today's presentation with an overview of our second quarter results and strategically by Roy Gori, our President and Chief Executive Officer. Following Roy's remarks, Colin Simpson, our Chief Financial Officer, will discuss the company's financial and operating results. After the prepared remarks, we'll move to the live Q&A portion of the call. [Operator Instructions].

Before we start, please refer to Slide 2 for a caution on forward-looking statements. No statement of material factors or assumptions applied in making forward-looking statements, and actual results may differ materially from what is stated. I would also refer you to Slide 38 for notes on the non-GAAP and other financial measures used in this presentation, which includes an explanation of transitional results for 2022 comparison.

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

Roy Gori

Thanks, Hung, and thank you, everyone, for joining us today. Yesterday, we announced our second quarter 2023 financial results. In our second quarterly reporting under IFRS 17, we delivered strong operating results, including core earnings of $1.6 billion, net income of $1 billion, strong growth in EPS and core EPS, and core ROE of 15.5%. I'm encouraged by the strong top line momentum that we're building across our new business metrics, with double-digit growth in APE sales, NBV and new business CSM compared with 2022.