Track market-moving stories before they get noisy

Key Takeaways MFC is expanding in Asia, with new business growth supporting insurance and investment earnings. MFC is investing in Wealth and Asset Management and deploying capital into less capital-intensive businesses. Strong free cash flow, dividend growth and share buybacks reflect financial strength. Manulife Financial Corporation (MFC - Free Report) hit a 52-week high of $41.74 on July 13. Shares closed at $41.29 after gaining 36.5% in the past year, outperforming the industry’s growth of 25.1%, the sector's return of 15% and the Zacks S&P 500 composite's appreciation of 24.6%.

Manulife Financial has outperformed its peers, including Primerica, Inc. (PRI - Free Report) , Sun Life Financial Inc. (SLF - Free Report) and Reinsurance Group of America, Incorporated (RGA - Free Report) . Shares of PRI, SLF and RGA have rallied 19.2%, 26.6% and 23.8%, respectively, in the past year.

Image Source: Zacks Investment Research

With a capitalization of $68.77 billion, the average number of shares traded in the last three months was 2.1 million.

The life insurer has a solid track record of beating earnings estimates in two of the past four quarters and missing in the other two, with an average surprise of 3.36%.

MFC Trading Above 50-Day and 200-Day Moving AveragesShares of Manulife Financial are trading above the 50-day and 200-day simple moving averages (SMA) of $39.54 and $36.21, indicating solid upward momentum. SMA is a widely used technical analysis tool to predict future price trends by analyzing historical price data.

MFC’s Growth Projection EncouragesThe Zacks Consensus Estimate for Manulife Financial’s 2026 earnings per share indicates a year-over-year increase of 6.3%. The estimate for 2027 earnings per share indicates an increase of 11.1% from the corresponding 2026 estimates.

Manulife Financial’s Higher Return on CapitalReturn on equity in the trailing 12 months was 16.6%, better than the industry average of 15.9%. This highlights the company’s efficiency in utilizing shareholders’ funds.

Key Points to Note for MFCManulife Financial is aggressively developing its business in Asia, which, in turn, is reaping solid operational results. Asia is a major contributor to the company’s earnings. New business growth in Asia has been aiding the company’s operational results. Thus, the insurer is continually scaling up its business across Asia. We believe MFC is well-positioned to benefit from continued business growth momentum, higher expected earnings on insurance contracts and higher expected investment earnings, with notable growth from the largest in-force business, Hong Kong and an expanding distribution network.

Manulife Financial is expanding its Wealth and Asset Management business and has identified Europe (and the wider EMEA market) as a significant growth area. It is making long-term investments in this region.

MFC has been accelerating growth in the highest-potential businesses. Its inorganic growth is impressive, as this life insurer prudently deploys capital in high-growth, less capital-intensive and higher-return businesses.

Banking on its sturdy capital position, MFC distributes wealth to shareholders through higher dividends and share buybacks. The company has increased its dividend at a seven-year CAGR of 10% and targets a 35-45% dividend payout over the medium term.

MFC is strengthening its balance sheet and thus targets a leverage ratio of 25%. Its free cash flow conversion has remained more than 100% over the last few quarters, reflecting its solid earnings.

End NotesManulife Financial is set to grow on solid Asia business, growing Wealth and Asset Management business, strong free cash flow conversion ratio and a solid capital position. A medium-term expense efficiency ratio target of less than 45%, banking on diligent expense management, should drive growth.

Consistent wealth distribution makes it an attractive pick for yield-seeking investors, and favorable ROE also poises it. The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The insurer withdrew a highly leveraged Hong Kong product offering over 10% projected returns. Summary

Manulife halted leverage on a high-net-worth insurance product in Hong Kong.

Manulife Financial MFC has pulled leverage from a Hong Kong insurance product aimed at wealthy clients after the offering drew scrutiny from regulators and competitors. The product allowed clients to buy a policy with $80 million in nominal value using almost four times leverage, according to marketing materials seen by Bloomberg. Clients needed to put down $14.4 million, while another $56 million was borrowed at a fixed 3.39% interest rate for five years. That stood out because market lending rates on other policy loans available to retail customers are currently around 7%.

Premium financing is common among high-net-worth clients, but this structure appeared more aggressive because of its leverage and unusually low financing costs. Manulife said it regularly reviews policy services and makes adjustments as part of routine operations, while adding that it remains committed to customer needs. Hong Kong Insurance Authority CEO Clement Cheung said the regulator does not comment on individual cases, but noted that the watchdog has seen “creative financial arrangements” in the industry and remains focused on policyholder protection. The regulator has also warned that projected returns can fall short, while early surrender or unexpected interest costs could create heavy losses.

The move comes as Hong Kong and mainland Chinese authorities tighten oversight of cross-border wealth channels. In 2024, mainland visitors generated HK$62.8 billion, or $8.1 billion, in new premiums, making up nearly 29% of Hong Kong's insurance market. The regulator later stopped publishing sales statistics for mainland Chinese visitors while reviewing how non-local policyholder data is collected. Still, demand for large policies could remain strong. Earlier this year, Manulife's Singapore unit sold a $300 million life insurance policy, exceeding the Guinness World Records threshold for the most valuable single life insurance policy ever issued.

'Shaping Canada's Longevity Advantage' challenge will invite innovators to deliver solutions that strengthen health, financial resilience and social connection across longer lives

The challenge is an initiative of Manulife's Longevity Institute, driving Canadian solutions for a longer‑living society

, /PRNewswire/ - Manulife, in partnership with UpLink, the World Economic Forum's early-stage innovation initiative, and the Forum's Centre for Financial and Monetary Systems today announced the launch of a new innovation challenge, 'Shaping Canada's Longevity Advantage,' focused on enabling lifelong health, wealth and purpose across multistage lives.

Canadians are living longer, more complex lives, often balancing their own health and financial needs while supporting ageing parents or caregiving for others. Insights from the National Institute on Ageing's Ageing in Canada Survey, conducted by the NIA with support from Manulife, highlight the urgency of this challenge: 43 per cent of older Canadians are at high risk of social isolation, while only 29 per cent feel they can afford to retire. These realities underscore the need for practical, near-term solutions that help people live not just longer, but better, supported by stronger financial resilience, meaningful connections, and confidence across life stages. The 'Shaping Canada's Longevity Advantage' challenge invites innovators to deliver integrated solutions that create measurable improvements in critical areas impacting longevity in Canada.

The challenge will focus on innovations across three opportunity areas:

Financial resilience across life stages, including budgeting and saving tools designed for longer lifespans, AI-enabled financial planning solutions, modern retirement and care planning platforms, and financing solutions that support caregivers balancing work, family and care responsibilities. Healthy aging for all, including digitally enabled health navigation solutions, preventative health and wellness innovations that help delay or manage chronic illness, and tools and platforms that directly support caregivers in coordinating care and maintaining their own wellbeing. Purpose and connection, including digital, physical and nature-based spaces that foster social engagement, AI-supported platforms that reduce isolation, and intergenerational initiatives that strengthen community ties, belonging and shared purpose. Through this Canada-focused challenge, Manulife, UpLink and the Forum's Centre for Financial and Monetary Systems aim to surface and support solutions that respond to the realities of longer lives, helping individuals build resilience, stay connected, and maintain a sense of purpose at every stage.

This initiative is aligned to the Manulife Longevity Institute, a recently launched global research, thought leadership, innovation, advocacy, and community investment platform that will help people thrive at every age.

A call to strengthen Canada's approach to longevity

"Living longer should also mean living healthier—and Canadians need the right support to make that possible. As lifespans increase, people need help navigating care, preventing illness, and managing chronic conditions. Shaping Canada's Longevity Advantage reflects our commitment to giving Canadians the tools and confidence they need to live healthier lives at every stage."

-     Naveed Irshad, President and CEO, Manulife Canada

"As Canadians live longer, financial planning is no longer about a single life stage, but a multi-decade journey with growing complexity. Financial resilience is becoming central to healthy longevity. Investing in innovators developing AI-enabled modern savings and planning tools, and caregiver support reinforces our commitment to offering advisors and plan sponsors the resources they need to help individuals secure their financial futures and live longer lives with confidence." 

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

"The longevity economy is emerging as a defining force shaping future growth and resilience. With Canada officially becoming a 'super-aged' country in 2026, the time to turn challenges into opportunities is now. Through our partnership with Manulife and the Forum's Centre for Financial and Monetary Systems, the Global Longevity Innovation Initiative strengthens the conditions needed to scale early-stage innovation and drive real-world impact that promotes healthy ageing, purpose, and financial resilience across generations."

-     John Dutton, Head of UpLink, World Economic Forum

Challenge details

Full details and entry information can be found here.

The challenge is part of Manulife's broader, multiyear partnership with the World Economic Forum's UpLink initiative, reflecting a shared commitment to accelerating innovation in the longevity economy and supporting solutions that improve quality of life as people live longer. It also supports the World Economic Forum's broader efforts to address the demographic and financial realities of global ageing.

Shaping Canada's Longevity Advantage marks the third challenge in this partnership, building on successful challenges previously delivered in the United States and Asia. Together, the Manulife-powered UpLink challenges support a global ecosystem of innovators accelerating solutions across health, financial resilience and well-being, reflecting the company's commitment to driving global change through locally relevant, place-based solutions.

For more information on the Manulife Longevity Institute, visit Manulife.com/Longevity. 

About Manulife

Manulife Financial Corporation is a leading international financial services provider, headquartered in Toronto, Canada. Anchored in our ambition to be the number one choice for customers, we operate as Manulife across Canada and Asia, and primarily as John Hancock in the United States, providing financial advice, insurance and health solutions for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment solutions, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2025, we had more than 37,000 employees, over 106,000 agents, and thousands of distribution partners, serving over 37 million customers with operations across 25 markets globally. We trade as 'MFC' on the Toronto, New York, and Philippine stock exchanges, and under '945' on the Hong Kong stock exchange. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.

About Manulife Longevity Institute

The Manulife Longevity Institute is a global research, thought leadership, innovation, advocacy, and community investment platform to drive action that can help people live longer, healthier, and more financially secure lives. Underpinned by a $350 million signature commitment, its focus is on helping people extend their healthy years, promoting greater financial resilience for all. As a global insurer, retirement plan provider, and asset manager, Manulife is uniquely placed to help lead this change. The Institute's work will support Manulife's Impact Agenda strategy by investing in organizations that are growing the longevity economy, convening research collaborations with leading academic institutions and think tanks, and producing thought leadership to advance awareness and action on the issues impacting populations as they age. The Institute will be known as the John Hancock Longevity Institute in the United States. The actions of the Institute will be guided by a Steering Committee of members of Manulife's Executive and Global Leadership Teams and in partnership with a robust ecosystem of partners and experts who champion longevity across Canada, Asia, and the US. Canada, Asia, and the US.

For more information, please visit Manulife.com/Longevity.  

About UpLink

UpLink, the World Economic Forum's early-stage innovation engine, connects purpose-driven innovators with the partnerships, resources and capital they need to scale solutions for the markets and economies critical to a resilient, sustainable and prosperous world. UpLink envisions a future where profit and purpose go hand in hand — where innovation drives competitiveness, inclusion, and long-term value, where economic growth uplifts people while restoring the planet, and where resilience is the foundation of thriving, future-proof economies. For further information, click here.

Media contact

Manulife:

Emily English
[email protected]
647-544-2800

SOURCE Manulife Financial Corporation

At first, Intact Financial, Great-West Lifeco, Manulife, and Sun Life look like they belong in the same bucket. But when digging deeper, there are differences to consider. These four insurers don't grow the same way, they don't take the same risks, and they won't appeal to the same type of investor. These four all offer respectable income, but the better question is this: which business do you want to own for the next decade?

Toronto, Ontario--(Newsfile Corp. - May 1, 2026) - Jordy Chilcott, Head of Retail Intermediary Distribution, Canada, Co-President and Co-Chief Executive Officer, Manulife Investment Management Limited ("Manulife" or the "Company") and his team, joined Keith Wu, Head, Exchange Traded Products, Toronto Stock Exchange ("TSX"), to close the market and celebrate the launch of the their Manulife All-in-One ETFs:

Manulife Conservative ETF Portfolio (TSX: MCAP)Manulife Balanced ETF Portfolio (TSX: MBAP)Manulife Growth ETF Portfolio (TSX: MGAP)Cannot view this video? Visit:
https://www.youtube.com/watch?v=saxBSSYfKIg

The Manulife All-in-One ETFs feature actively managed asset allocation with exposure across 15 equity and fixed income asset classes.

As part of Manulife Financial Corporation, Manulife Wealth & Asset Management's mission is to make decisions easier and lives better by helping people invest confidently to pursue a more secure financial future. Their strength comes from the diversity of their global asset management expertise and distribution capabilities. Their global investment teams span equities, fixed income, alternative credit, private markets, and multi-asset solutions. They provide investment, financial advice, and retirement plan services to millions of individuals, institutions, and retirement plan members worldwide. At the heart of their approach are three cultural pillars: Partner for Progress, Trust through Transparency, and Intellectual Curiosity. These values shape how they build long-term relationships, develop differentiated investment strategies, and empower advisors and clients to seek meaningful financial outcomes. Whether through cutting-edge technology, AI innovation, personalized advice, or sustainable stewardship, Manulife Wealth & Asset Management is a trusted partner helping clients navigate complexity and invest with confidence.

For additional information, please visit manulifeim.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295560

Source: Toronto Stock Exchange

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Manulife's inaugural global Impact Week brings longevity commitment to life through social connection and purpose-driven community action

Thousands of colleagues mobilized in support of local charities, exemplifying Manulife's strong winning team and culture

, /PRNewswire/ - Manulife hosted its inaugural Impact Week, a volunteer initiative designed to strengthen well-being, build social connection, and unite teams through purpose-driven community action.

Pragashini Fox, Manulife's Chief People Officer, and colleagues volunteering at Anishnabeg Outreach in Kitchener, On. (CNW Group/Manulife Financial Corporation)

Naveed Irshad, President and CEO, Manulife Canada, and colleagues at Toronto’s Yonge Street Mission (YSM). (CNW Group/Manulife Financial Corporation)

Colleague volunteering at a local food bank in Toronto. (CNW Group/Manulife Financial Corporation)

Manulife’s President and CEO Phil Witherington joins Toronto middle school students for a conversation about financial literacy. (CNW Group/Manulife Financial Corporation)

Manulife’s President and CEO Phil Witherington joins Toronto middle school students for a conversation about financial literacy. (CNW Group/Manulife Financial Corporation)

Manulife colleagues in Japan take part in a river clean-up effort. (CNW Group/Manulife Financial Corporation)

Colleagues volunteering at the Nova Scotia SPCA in Dartmouth. (CNW Group/Manulife Financial Corporation)

John Hancock colleagues supporting Cradles for Crayons in Boston. (CNW Group/Manulife Financial Corporation)

From April 27 to May 1 in North America, and April 27 to May 8 across Asia, colleagues mobilized to support community partners focused on health and well-being, financial resilience, food security, education and additional causes linked to longevity. Manulife offers its 37,000 colleagues an annual paid Volunteer Day benefit, and Impact Week provided a globally-aligned opportunity for colleagues to use that benefit and volunteer together.

"We have a long history of community stewardship at Manulife, and Impact Week reflects our continued commitment to our communities around the world," said Phil Witherington, President and CEO, Manulife. "Strengthening our winning team and culture and empowering health, wealth, and longevity are two of our strategic priorities, and volunteering is a powerful way to advance both, by deepening connection, building belonging, and turning our values into action. I'm proud of Team Manulife this week for getting outside with one another and capturing the scale of our global footprint to make a real difference."

Results and Highlights from Impact Week 2026

During Impact Week:

21,724 volunteer hours were logged globally, with community impact continuing beyond the week 234 volunteer activities were completed across 22 communities Volunteering: A Longevity Driver

Impact Week reflects Manulife's commitment to longevity, translating insights on connection and purpose into real‑world impact while reinforcing the role volunteering plays in well-being and quality of life. Research shows positive effects of volunteering include:

Longer, healthier lives, including lower blood pressure, improved physical health and reduced mortalityi. Better mental health, with increased purpose and connection and reduced stress, anxiety and depressionii. Stronger cognitive health, including slower cognitive decline and improved social connectioniii. "Longevity isn't only influenced by physical and financial well-being — it's shaped by how we live and connect," said Karen Leggett, Global Chief Marketing Officer, Manulife. "Volunteering builds purpose, social connection, and resilience — factors linked to longer, healthier lives. Impact Week gives our colleagues the opportunity to serve our communities while also investing in their own longevity."

Manulife Colleagues Driving Global Impact Through Local Action

A hallmark of Impact Week was its flexibility, which helped strengthen connection across teams, bringing colleagues together around shared purpose and reinforcing a culture of inclusion. Alongside curated volunteer opportunities, teams designed their own initiatives through Team Grants, which enabled groups of 10 or more to support non-profit partners with funding and hands‑on effort.  

"Impact Week created space for colleagues to have dedicated time to come together and make a difference in their communities," said Pragashini Fox, Chief People Officer, Manulife. "By offering a global Volunteer Day and empowering teams to lead local initiatives, we're strengthening connection, belonging, and a shared sense of purpose across Manulife. When colleagues come together in service, it builds the connections that underpin strong, inclusive teams."

Manulife's Legacy of Community Stewardship

Impact Week continues a long tradition of community involvement at Manulife. Since 1888, when the company donated its first ambulance to help improve community health, Manulife has continued to evolve how it contributes to stronger communities, recognizing that wellbeing includes not only physical health, but also the purpose and connection that come from showing up for others.

Impact Week aligns closely with the work of the Manulife Longevity Institute, a global research, thought leadership, innovation, advocacy, and community investment platform that will help people thrive at every age. Learn more about Manulife's Longevity research and insights at: Manulife.com/longevity. 

About Manulife

Manulife Financial Corporation is a leading international financial services provider, headquartered in Toronto, Canada. Anchored in our ambition to be the number one choice for customers, we operate as Manulife across Canada and Asia, and primarily as John Hancock in the United States, providing financial advice, insurance and health solutions for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment solutions, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2025, we had more than 37,000 employees, over 106,000 agents, and thousands of distribution partners, serving over 37 million customers with operations across 25 markets globally. We trade as 'MFC' on the Toronto, New York, and Philippine stock exchanges, and under '945' on the Hong Kong stock exchange. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.

About Manulife Longevity Institute

The Manulife Longevity Institute is a global research, thought leadership, innovation, advocacy, and community investment platform to drive action that can help people live longer, healthier, and more financially secure lives. Underpinned by a $350 million signature commitment, its focus is on helping people extend their healthy years, promoting greater financial resilience for all. As a global insurer, retirement plan provider, and asset manager, Manulife is uniquely placed to help lead this change. The Institute's work will support Manulife's Impact Agenda strategy by investing in organizations that are growing the longevity economy, convening research collaborations with leading academic institutions and think tanks, and producing thought leadership to advance awareness and action on the issues impacting populations as they age. The Institute will be known as the John Hancock Longevity Institute in the United States. The actions of the Institute will be guided by a Steering Committee of members of Manulife's Executive and Global Leadership Teams and in partnership with a robust ecosystem of partners and experts who champion longevity across Canada, Asia, and the US. Canada, Asia, and the US.
For more information, please visit Manulife.com/Longevity. 

Media contact
Manulife:
Emily English
[email protected]
647-544-2800

SOURCE Manulife Financial Corporation

TSX/NYSE/PSE: MFC    SEHK: 945                                                                            C$ unless otherwise stated                                                                

, /PRNewswire/ - Manulife Financial Corporation ("Manulife" or the "Company") reported its first quarter results for the period ended March 31, 2026, delivering double-digit core EPS and new business CSM growth year over year.

Key highlights for the first quarter of 2026 ("1Q26") include:

Core earnings1 of $1.8 billion, up 8% on a CER basis2 compared with the first quarter of 2025 ("1Q25") Net income attributed to shareholders of $1.1 billion, up $0.7 billion from 1Q25 Core EPS3 of $1.06, up 11%2 from 1Q25. EPS of $0.65, up 178%2 from 1Q25 Core ROE3 of 16.5% and ROE of 10.1% LICAT ratio4 of 136% APE sales up 7%5, new business CSM up 16%2 and new business value ("NBV") up 7%5 from 1Q25 Global Wealth and Asset Management ("Global WAM") net outflows5 of $4.4 billion, compared with $0.5 billion of net inflows in 1Q25 "We delivered a solid first quarter, executing our strategy and demonstrating the strength of our diversified portfolio. We generated double-digit growth in core EPS, and new business momentum continued to build, driving double-digit growth in new business CSM across all three insurance segments, despite macroeconomic uncertainty.

"Asia achieved another strong quarter, with 22% growth in core earnings and 15% growth in new business value, reflecting robust contributions from key markets in the region. In Global WAM, core EBITDA margin3 improved year over year, notwithstanding the impact of the eMPF transition, and Manulife | Comvest contributed positively to margin, core earnings and net inflows.

"We made sustained progress against our strategic priorities — expanding our health proposition with new partnerships in Asia and Canada, advancing Global WAM through our partnership with L&G6, and further differentiating our U.S. product offerings. We scaled AI delivery across our global footprint to enhance distributor experience and improve productivity and efficiency. We remain well positioned to deliver our targets and capture growth, generating sustainable value for shareholders."7

— Phil Witherington, Manulife President & Chief Executive Officer

"Our balance sheet and financial performance demonstrated resilience during a volatile quarter. Excess capital remained strong, our financial leverage ratio improved, and book value per common share increased to an all-time high8. We continued to deploy capital in a disciplined manner, returning $1.2 billion to shareholders through dividends and share buybacks, and on the acquisition of Schroders Indonesia. Core ROE was 16.5% for the quarter, an increase of 90 basis points compared with 1Q25, and our expense efficiency ratio of 46%3 remained in-line year over year, while continuing strategic investments in AI and reflecting the impact of the Comvest acquisition in Global WAM."

— Colin Simpson, Manulife Chief Financial Officer

Results at a Glance

($ millions, unless otherwise stated)

Quarterly Results

1Q26

1Q25

Change2,5

Net income attributed to shareholders

$  1,147

$     485

149 %

Core earnings

$  1,836

$  1,767

8 %

EPS ($)

$    0.65

$    0.25

178 %

Core EPS ($)

$    1.06

$    0.99

11 %

ROE

10.1 %

3.9 %

6.2 pps

Core ROE

16.5 %

15.6 %

0.9 pps

Book value per common share ($)

$  26.30

$  25.88

2 %

Adjusted BV per common share ($)3

$  39.01

$  36.66

6 %

Financial leverage ratio (%)3

22.5 %

23.9 %

(1.4) pps

APE sales

$  2,821

$  2,689

7 %

New business CSM

$  1,019

$     907

16 %

NBV

$    944

$     907

7 %

Global WAM net flows ($ billions)

$    (4.4)

$      0.5

- %

Results by Segment

($ millions, unless otherwise stated)

Quarterly Results

1Q26

1Q25

Change5

Asia (US$)

Net income attributed to shareholders

$   433

$   435

2 %

Core earnings

598

492

22 %

APE sales

1,599

1,412

11 %

New business CSM

585

498

15 %

NBV

533

457

15 %

Canada

Net income attributed to shareholders

$   238

$   222

7 %

Core earnings

352

374

(6) %

APE sales

416

491

(15) %

New business CSM

103

91

13 %

NBV

152

180

(16) %

U.S. (US$)

Net income attributed to shareholders

$   101

$  (397)

- %

Core earnings

241

251

(4) %

APE sales

155

120

29 %

New business CSM

83

70

19 %

NBV

44

48

(8) %

Global WAM

Net income attributed to shareholders

$   403

$   443

(5) %

Core earnings

448

454

2 %

Gross flows ($ billions)5

56.0

50.3

15 %

Average AUMA ($ billions)5

1,118

1,041

11 %

Core EBITDA margin (%)

29.0 %

28.4 %

60 bps

Strategic Highlights

We are executing to expand our diversified portfolio and further strengthen distribution capabilities and product leadership

In Asia, we received recognition as Asia's Best Insurance Provider for Wealth Management at the 2026 Euromoney Private Banking Awards, a leading benchmark in the private banking and wealth management industry. This acknowledgement reflects our strong growth momentum, innovative product suite for high-net-worth ("HNW") customer segments, value-added service, international capabilities, and trusted relationships with our distribution partners across all HNW channels.

In Global WAM, we completed the acquisition of PT Schroder Investment Management Indonesia ("Schroders Indonesia") with $3.5 billion of assets under management ("AUM") as of March 31, 2026. The acquisition strengthens our position as the largest asset manager in Indonesia9 and enables us to deliver enhanced value to our clients and stakeholders by leveraging the firm's local expertise and client relationships.

In addition, we entered into a strategic partnership with L&G6 to enhance our distribution, investment management, and product development capabilities. The partnership is intended to combine our global asset management expertise and distribution platform with L&G's strengths as a global asset manager and distribution capabilities, especially across Europe, bringing together complementary capabilities to expand access to differentiated investment solutions across institutional, retirement, and retail channels.

In the U.S., we further differentiated our product portfolio through enhancements to our indexed and hybrid indexed universal life offerings, better positioning us to address evolving income-protection and wealth-accumulation needs and supporting our growth strategy. Furthermore, we reinforced our industry-leading large-case underwriting capabilities by increasing auto-bind limits through reinsurer support, simplifying underwriting and reducing friction for complex submissions.

We are deploying AI globally to enhance distributor experience, drive efficiency, and deliver value

We accelerated our momentum across our enterprise AI platform, establishing production‑ready environments and enabling initial scalable use cases, while leveraging new strategic partnerships with Akka10 and Adaptive ML11. In addition, our developers across the organization continued to adopt assisted and autonomous AI capabilities, increasing their productivity by 30% while enabling reinvestment to support business growth and develop new capabilities to serve our customers. Together, we expect these advancements will enhance our ability to deploy AI at scale with speed, consistency, and in alignment with our Responsible AI Principles.

Building on the roll out of agent and advisor AI tools in a number of our Asia markets in 2025, we launched our distributor AI tool in Vietnam to support faster access to product information, premium calculations and simplified illustrations for customers. In Japan, we also enhanced our AI tool to provide a unified, always-available entry point to information about our independent agents, including their affiliations, branch details, and product license eligibility, enabling us to provide better and faster support to these agents.

In Global WAM, we introduced an AI‑powered sales platform in U.S. Retail to better integrate data, enabling more personalized advisor conversations and smarter sales deployment. This platform allows sales teams to prioritize the most promising opportunities, driving an approximately 40% increase in meaningful advisor interactions and supporting higher flows.

In the U.S., we continued to realize benefits from scaling GenAI investments in underwriting through the expansion of our Quick Quote support tool, enabling us to automate nearly half of preliminary assessments, which accelerated average turnaround time from days to minutes and enabled underwriters to focus on more complex cases.

In Canada, we enhanced online claims processing for our Affinity health & dental business through AI-driven document processing for the majority of manually processed claims, which improved processing speed and accelerated payments to customers.

We are advancing our health, wealth and longevity strategy while establishing new strategic partnerships 

In Asia, we established an exclusive partnership with Guardant Health to offer the Shield™ Multi‑Cancer Detection test ("Shield MCD test")12 to eligible customers in Hong Kong, Singapore, and the Philippines. The collaboration makes us the first insurer in Asia to offer the Shield MCD test, broadening access to early cancer detection and advancing our commitment to improving customer health outcomes and longevity.

In Canada, we partnered with Osara Health®, a global provider of evidence-based cancer support programs to pilot the Cancer Coach™ program and offer eligible Group Benefits members structured and personalized support for navigating the daily challenges that accompany a cancer diagnosis, treatment, and recovery.

We also advanced Manulife's commitment to longevity through a partnership with the National Institute on Ageing, supporting the release of the Ageing in Canada Survey, one of Canada's most comprehensive annual snapshots of aging, and building on our commitment to health, wealth and financial wellbeing.

In the U.S., we launched John Hancock Vitality PRO, a distributor-facing engagement platform designed to support the promotion of John Hancock Vitality and to enhance producer loyalty. Early adoption continues to build, reinforcing engagement in John Hancock Vitality and our mission to help customers live longer, healthier, better lives.

Continued business growth drove core earnings higher13

Core earnings of $1.8 billion in 1Q26, up 8% from 1Q25

The increase in core earnings reflected strong business growth in Asia and Global WAM, the net positive impact of 2025 updates to actuarial methods and assumptions, and a net improvement in insurance experience, partially offset by lower investment spreads in the U.S. and the impact of the eMPF transition in Hong Kong.

Asia core earnings increased 22%, reflecting continued business growth and the net positive impact of 2025 updates to actuarial methods and assumptions, partially offset by less favourable insurance experience. Global WAM core earnings increased 2%, driven by higher net fee income from favourable market impacts over the past 12 months, contribution from the Manulife | Comvest business, and continued expense discipline, partially offset by the impact of the eMPF transition in Hong Kong and lower performance fees. Canada core earnings decreased 6%, reflecting unfavourable insurance experience in Group Insurance in 1Q26, compared with favourable experience in 1Q25. The variance in insurance experience was largely driven by higher long-term disability claims, along with higher expenses to support the growing business and transformational investment to elevate customer experience in Group Insurance. This was partially offset by business growth in the segment, the net positive impact of 2025 updates to actuarial methods and assumptions, and a lower charge in the expected credit loss provision. U.S. core earnings decreased 4%, primarily driven by lower investment spreads, partially offset by favourable net insurance experience in 1Q26 compared with unfavourable experience in 1Q25. Corporate and Other core earnings improved by $12 million, reflecting the non-recurrence of the 1Q25 provision for the California wildfires in our P&C reinsurance business, partially offset by lower investment income and higher expenses from continued strategic investments in transformational efforts, including AI-focused initiatives. Net Income attributed to shareholders of $1.1 billion in 1Q26, $0.7 billion higher compared with 1Q25

The $0.7 billion increase in net income was primarily driven by a smaller net charge related to market experience and core earnings growth. The net charge from market experience in 1Q26 reflected lower-than-expected returns on public equity and lower-than-expected returns on alternative long-duration assets, mainly related to real estate, timber, and private equity investments. The market experience in 1Q25 included a $0.7 billion realized loss related to the RGA U.S. Reinsurance Transaction from the sale of debt instruments, which was offset by an associated change in Other Comprehensive Income with a net neutral impact to book value.14

Insurance new business growth momentum continued, with a double-digit increase in new business CSM across all segments

APE sales, new business CSM and NBV increased 7%, 16%, and 7%, respectively, reflecting the strength of our diversified business portfolio

Asia delivered strong growth in APE sales, new business CSM and NBV, with a year-over-year increase of 11%, 15% and 15%, respectively, driven by higher sales volumes and a more favourable business mix, reflecting growth in Hong Kong, Japan and Singapore across all three new business metrics. NBV margin improved modestly to 38.2%.5 Canada APE sales and NBV decreased 15% and 16%, respectively, driven by lower Group Insurance sales, partially offset by higher Individual Insurance sales. New business CSM increased 13%, reflecting the growth in Individual Insurance from higher participating life insurance sales. In the U.S., APE sales and new business CSM increased 29% and 19%, respectively, reflecting increased demand for our accumulation insurance products supported by recent product enhancements. NBV decreased 8%, primarily driven by product mix, partially offset by higher sales volumes. Global WAM net outflows of $4.4 billion in 1Q26, compared with net inflows of $0.5 billion in 1Q25

Retirement net outflows were $2.8 billion in 1Q26 compared with net outflows of $2.6 billion in 1Q25, driven by higher member withdrawals reflecting higher account balances from market growth and higher retirement plan redemptions in the U.S., partially offset by lower retirement plan redemptions in Canada. Retail net outflows were $5.8 billion in 1Q26 compared with net inflows of $0.5 billion in 1Q25, primarily driven by higher net outflows in active mutual funds through third-party intermediaries in North America, including a few large model redemptions in the U.S. Institutional Asset Management net inflows were $4.2 billion in 1Q26 compared with net inflows of $2.6 billion in 1Q25, driven by net flows from the Manulife | Comvest business, and higher net sales from money market mandates in mainland China and from Manulife | CQS products, partially offset by lower net flows in equity mandates and lower deployments in private equity mandates. New business growth continued to drive higher organic CSM and CSM balance

CSM15 was $25,589 million as at March 31, 2026

CSM increased $620 million compared with December 31, 2025. Organic CSM movement contributed $650 million of the increase, representing an 11% annualized growth in our CSM net of NCI balance16, primarily driven by the impact of new business, interest accretion and net favourable insurance experience, partially offset by amortization recognized in core earnings. Inorganic CSM movement was a decrease of $30 million, primarily driven by the unfavourable impacts of equity market performance and interest rate movements, partially offset by the impacts of changes in foreign currency exchange rates. Post-tax CSM net of NCI1 was $21,255 million as at March 31, 2026.

___________________________

(1)

Core earnings and post-tax contractual service margin net of NCI ("post-tax CSM net of NCI") are non-GAAP financial measures. For more information on non-GAAP and other financial measures, see "Non-GAAP and other financial measures" below and in our 1Q26 Management's Discussion and Analysis ("1Q26 MD&A").

(2)

Percentage growth/declines in core earnings, diluted core earnings per common share ("core EPS"), diluted earnings (loss) per share ("EPS"), new business contractual service margin net of NCI ("new business CSM"), and net income attributed to shareholders are stated on a constant exchange rate ("CER") basis and are non-GAAP ratios.

(3)

Core EPS, core ROE, core EBITDA margin, expense efficiency ratio, adjusted book value per common share ("adjusted BV per common share"), and financial leverage ratio are non-GAAP ratios.

(4)

Life Insurance Capital Adequacy Test ("LICAT") ratio of The Manufacturers Life Insurance Company ("MLI") as at March 31, 2026. LICAT ratio is disclosed under the Office of the Superintendent of Financial Institutions ("OSFI's") Life Insurance Capital Adequacy Test Public Disclosure Requirements guideline.

(5)

For more information on annualized premium equivalent ("APE") sales, new business value ("NBV"), net flows, gross flows, average asset under management and administration ("average AUMA") and new business value margin ("NBV margin"), see "Non-GAAP and other financial measures" below. In this news release, percentage growth/decline in APE sales, NBV, net flows, gross flows, and average AUMA are stated on a constant exchange rate basis.

(6)

Legal & General Investment Management Limited and Legal and General Assurance Society, collectively referred to as "L&G".

(7)

See "Caution regarding forward-looking statements" below.

(8)

Under IFRS 17.

(9)

Based on AUM as of February 2026.

(10)

Akka provides a secure and scalable software foundation to build trusted AI-powered business applications.

(11)

Adaptive ML provides a reinforcement-learning-powered engine to fine-tune, evaluate, and deploy open-source small language models (SLMs) for enterprise applications.

(12)

The Shield MCD test is intended to detect 10 cancers with a single blood draw, and is for export use only outside of the United States.

(13)

See section A1 "Profitability" in our 1Q26 MD&A for more information on notable items attributable to core earnings and net income attributed to shareholders.

(14)

The reinsurance transaction with the Reinsurance Group of America, Incorporated ("RGA U.S. Reinsurance Transaction") closed January 1, 2025.

(15)

Net of non-controlling interests ("NCI").

(16)

Percentage growth / decline in our CSM net of NCI balance from organic CSM movement is stated on a constant exchange rate basis and is a non-GAAP ratio. This percentage is calculated as the annualized year-to-date change in organic CSM net of NCI divided by the December 31, 2025 CSM net of NCI balance.

Earnings Results Conference Call

Manulife will host a conference call and live webcast on its First Quarter 2026 results on May 14, 2026, at 8:00 a.m. (ET). To access the conference call, dial 1-888-317-6003 or 1-647-846-2809 (Passcode: 7290517#). Please call in 15 minutes before the scheduled start time. You will be required to provide your name and organization to the operator. You may access the webcast at https://www.manulife.com/en/investors/results-and-reports. 

The archived webcast will be available following the call at the same URL as above. A replay of the call will also be available until August 14, 2026, by dialing 1-855-669-9658 or 1-412-317-0088 (Passcode: 1809675#).

The First Quarter 2026 Statistical Information Package is also available on the Manulife website at https://www.manulife.com/en/investors/results-and-reports. 

This earnings news release should be read in conjunction with the Company's First Quarter 2026 Report to Shareholders, including our unaudited interim Consolidated Financial Statements for the three months ended March 31, 2026, prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, which is available on our website at https://www.manulife.com/en/investors/results-and-reports. The Company's 1Q26 MD&A and additional information relating to the Company is available on the SEDAR+ website at https://www.sedarplus.ca and on the U.S. Securities and Exchange Commission's ("SEC") website at https://www.sec.gov. 

Any information contained in, or otherwise accessible through, websites mentioned in this news release does not form a part of this document unless it is expressly incorporated by reference.

Media Inquiries

Investor Relations

Fiona McLean

Derek Theobalds

(437) 441-7491

(416) 254-1774

[email protected] 

[email protected] 

Earnings

The following table presents net income attributed to shareholders, consisting of core earnings and details of the items excluded from core earnings:

Quarterly Results

($ millions)

1Q26

4Q25

1Q25

Core earnings

Asia

$        820

$        785

$        705

Canada

352

413

374

U.S.

331

319

361

Global Wealth and Asset Management

448

490

454

Corporate and Other

(115)

(14)

(127)

Total core earnings

$      1,836

$      1,993

$      1,767

Items excluded from core earnings

Market experience gains (losses)

(666)

(441)

(1,332)

Change in actuarial methods and assumptions that flow directly through income

-

-

-

Restructuring charge

-

(12)

-

Amortization of acquisition-related intangible assets(1)

(18)

(12)

-

Reinsurance transactions, tax-related items and other

(5)

(29)

50

Net income attributed to shareholders

$      1,147

$      1,499

$        485

(1)

Includes the amortization of intangible assets acquired in a business combination, except for amortization of software and distribution agreements. This item is excluded from core earnings commencing in 3Q25. Prior periods have not been restated as these amounts are not considered material, and use the definition of core earnings in effect for those periods. See our definition of core earnings in section E3 "Non-GAAP and Other Financial Measures" of the 1Q26 MD&A.

Non-GAAP and other financial measures

The Company prepares its Consolidated Financial Statements in accordance with IFRS as issued by the International Accounting Standards Board. We use a number of non-GAAP and other financial measures to evaluate overall performance and to assess each of our businesses. This section includes information required by National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure in respect of "specified financial measures" (as defined therein).

Non-GAAP financial measures include core earnings (loss); core earnings available to common shareholders; core earnings before interest, taxes, depreciation and amortization ("core EBITDA"); core expenses; adjusted book value; post-tax contractual service margin; post-tax contractual service margin net of NCI ("post-tax CSM net of NCI"); CSM net of NCI; assets under management ("AUM"); and core revenue. In addition, non-GAAP financial measures include the following stated on a constant exchange rate ("CER") basis: any of the foregoing non-GAAP financial measures; net income attributed to shareholders; and common shareholders' net income.

Non-GAAP ratios include core return on common shareholders' equity ("core ROE"); diluted core earnings per common share ("core EPS"); expense efficiency ratio; adjusted book value per common share; financial leverage ratio; core EBITDA margin; growth in the CSM net of NCI from organic CSM movement; and percentage growth/decline on a constant exchange rate basis in any of the above non-GAAP financial measures and non-GAAP ratios; net income attributed to shareholders; diluted earnings per common share ("EPS"), CSM, and new business CSM.

Other specified financial measures include NBV; APE sales; gross flows; net flows; average assets under management and administration ("average AUMA"); NBV margin; and percentage growth/decline in these foregoing specified financial measures. In addition, explanations of the components of the CSM movement, other than  new business CSM are provided in our 1Q26 MD&A.

Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under GAAP and, therefore, might not be comparable to similar financial measures disclosed by other issuers. Therefore, they should not be considered in isolation or as a substitute for any other financial information prepared in accordance with GAAP. For more information on non-GAAP financial measures, including those referred to above, see the section "Non-GAAP and other financial measures" in our 1Q26 MD&A, which is incorporated by reference.

Reconciliation of core earnings to net income attributed to shareholders – 1Q26
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

1Q26

Asia

Canada

U.S.

Global WAM

Corporate

 and Other

Total

Income (loss) before income taxes

$        776

$        325

$        159

$        489

$       (283)

$      1,466

Income tax (expenses) recoveries

Core earnings

(100)

(88)

(78)

(88)

42

(312)

Items excluded from core earnings

(27)

26

57

12

14

82

Income tax (expenses) recoveries

(127)

(62)

(21)

(76)

56

(230)

Net income (post-tax)

649

263

138

413

(227)

1,236

Less: Net income (post-tax) attributed to

Non-controlling interests

33

-

-

10

-

43

Participating policyholders

21

25

-

-

-

46

Net income (loss) attributed to shareholders (post-tax)

595

238

138

403

(227)

1,147

Less: Items excluded from core earnings (post-tax)

Market experience gains (losses)

(225)

(114)

(193)

(22)

(112)

(666)

Changes in actuarial methods and assumptions that flow directly through income

-

-

-

-

-

-

Restructuring charge

-

-

-

-

-

-

Amortization of acquisition-related intangible assets

-

-

-

(18)

-

(18)

Reinsurance transactions, tax related items and other

-

-

-

(5)

-

(5)

Core earnings (post-tax)

$        820

$        352

$        331

$        448

$       (115)

$      1,836

Income tax on core earnings (see above)

100

88

78

88

(42)

312

Core earnings (pre-tax)

$        920

$        440

$        409

$        536

$       (157)

$      2,148

Core earnings, CER basis and U.S. dollars – 1Q26
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

1Q26

Asia

Canada

U.S.

Global WAM

Corporate

 and Other

Total

Core earnings (post-tax)

$        820

$        352

$        331

$        448

$       (115)

$      1,836

CER adjustment(1)

-

-

-

-

-

-

Core earnings, CER basis (post-tax)

$        820

$        352

$        331

$        448

$       (115)

$      1,836

Income tax on core earnings, CER basis(2)

100

88

78

88

(42)

312

Core earnings, CER basis (pre-tax)

$        920

$        440

$        409

$        536

$       (157)

$      2,148

Core earnings (U.S. dollars) – Asia and U.S. segments

Core earnings (post-tax)(3), US $

$        598

$        241

CER adjustment US $(1)

-

-

Core earnings, CER basis (post-tax), US $

$        598

$        241

(1)

The impact of updating foreign exchange rates to that which was used in 1Q26.

(2)

Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q26.

(3)

Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 1Q26.

Reconciliation of core earnings to net income attributed to shareholders – 4Q25
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

4Q25

Asia

Canada

U.S.

Global WAM

Corporate

 and Other

Total

Income (loss) before income taxes

$        899

$        354

$        101

$        542

$          9

$      1,905

Income tax (expenses) recoveries

Core earnings

(101)

(111)

(75)

(93)

52

(328)

Items excluded from core earnings

(102)

25

55

10

30

18

Income tax (expenses) recoveries

(203)

(86)

(20)

(83)

82

(310)

Net income (post-tax)

696

268

81

459

91

1,595

Less: Net income (post-tax) attributed to

Non-controlling interests

26

-

-

7

-

33

Participating policyholders

47

16

-

-

-

63

Net income (loss) attributed to shareholders (post-tax)

623

252

81

452

91

1,499

Less: Items excluded from core earnings (post-tax)

Market experience gains (losses)

(121)

(158)

(238)

(1)

77

(441)

Changes in actuarial methods and assumptions that flow directly through income

-

-

-

-

-

-

Restructuring charge

-

(3)

-

(9)

-

(12)

Amortization of acquisition-related intangible assets

-

-

-

(12)

-

(12)

Reinsurance transactions, tax related items and other

(41)

-

-

(16)

28

(29)

Core earnings (post-tax)

$        785

$        413

$        319

$        490

$        (14)

$      1,993

Income tax on core earnings (see above)

101

111

75

93

(52)

328

Core earnings (pre-tax)

$        886

$        524

$        394

$        583

$        (66)

$      2,321

Core earnings, CER basis and U.S. dollars – 4Q25
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

4Q25

Asia

Canada

U.S.

Global WAM

Corporate and Other

Total

Core earnings (post-tax)

$       785

$       413

$       319

$       490

$        (14)

$     1,993

CER adjustment(1)

(14)

-

(6)

(6)

(1)

(27)

Core earnings, CER basis (post-tax)

$       771

$       413

$       313

$       484

$        (15)

$     1,966

Income tax on core earnings, CER basis(2)

99

111

74

92

(52)

324

Core earnings, CER basis (pre-tax)

$       870

$       524

$       387

$       576

$        (67)

$     2,290

Core earnings (U.S. dollars) – Asia and U.S. segments

Core earnings (post-tax)(3), US $

$       564

$       229

CER adjustment US $(1)

(1)

(1)

Core earnings, CER basis (post-tax), US $

$       563

$       228

(1)

The impact of updating foreign exchange rates to that which was used in 1Q26.

(2)

Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q26.

(3)

Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 4Q25.

Reconciliation of core earnings to net income attributed to shareholders – 1Q25
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

1Q25

Asia

Canada

U.S.

Global WAM

Corporate and Other

Total

Income (loss) before income taxes

$       870

$       305

$      (731)

$       528

$      (273)

$       699

Income tax (expenses) recoveries

Core earnings

(101)

(89)

(84)

(86)

29

(331)

Items excluded from core earnings

(30)

30

246

2

7

255

Income tax (expenses) recoveries

(131)

(59)

162

(84)

36

(76)

Net income (post-tax)

739

246

(569)

444

(237)

623

Less: Net income (post-tax) attributed to

Non-controlling interests

67

-

-

1

(2)

66

Participating policyholders

48

24

-

-

-

72

Net income (loss) attributed to shareholders (post-tax)

624

222

(569)

443

(235)

485

Less: Items excluded from core earnings (post-tax)

Market experience gains (losses)

(77)

(152)

(930)

(11)

(162)

(1,332)

Changes in actuarial methods and assumptions that flow directly through income

-

-

-

-

-

-

Restructuring charge

-

-

-

-

-

-

Amortization of acquisition-related intangible assets

-

-

-

-

-

-

Reinsurance transactions, tax related items and other

(4)

-

-

-

54

50

Core earnings (post-tax)

$       705

$       374

$       361

$       454

$      (127)

$     1,767

Income tax on core earnings (see above)

101

89

84

86

(29)

331

Core earnings (pre-tax)

$       806

$       463

$       445

$       540

$      (156)

$     2,098

Core earnings, CER basis and U.S. dollars – 1Q25
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

1Q25

Asia

Canada

U.S.

Global WAM

Corporate and Other

Total

Core earnings (post-tax)

$       705

$       374

$       361

$       454

$      (127)

$     1,767

CER adjustment(1)

(31)

-

(16)

(15)

-

(62)

Core earnings, CER basis (post-tax)

$       674

$       374

$       345

$       439

$      (127)

$     1,705

Income tax on core earnings, CER basis(2)

96

89

80

84

(28)

321

Core earnings, CER basis (pre-tax)

$       770

$       463

$       425

$       523

$      (155)

$     2,026

Core earnings (U.S. dollars) – Asia and U.S. segments

Core earnings (post-tax)(3), US $

$       492

$       251

CER adjustment US $(1)

-

1

Core earnings, CER basis (post-tax), US $

$       492

$       252

(1)

The impact of updating foreign exchange rates to that which was used in 1Q26.

(2)

Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q26.

(3)

Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 1Q25.

Core earnings available to common shareholders
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Quarterly Results

Full Year Results

1Q26

4Q25

3Q25

2Q25

1Q25

2025

Core earnings

$  1,836

$  1,993

$  2,035

$  1,726

$  1,767

$  7,521

Less: Preferred share dividends and other equity distributions

58

103

58

103

57

321

Core earnings available to common shareholders

1,778

1,890

1,977

1,623

1,710

7,200

CER adjustment(1)

-

(27)

(16)

(21)

(62)

(126)

Core earnings available to common shareholders, CER basis

$  1,778

$  1,863

$  1,961

$  1,602

$  1,648

$  7,074

(1)

The impact of updating foreign exchange rates to which was used in 1Q26.

Core ROE
($ millions, unless otherwise stated)

Quarterly Results

Full Year Results

1Q26

4Q25

3Q25

2Q25

1Q25

2025

Core earnings available to common shareholders

$  1,778

$  1,890

$  1,977

$  1,623

$  1,710

$  7,200

Annualized core earnings available to common shareholders (post-tax)

$  7,211

$  7,498

$  7,844

$  6,510

$  6,935

$  7,200

Average common shareholders' equity (see below)

$ 43,717

$ 43,759

$ 43,238

$ 43,448

$ 44,394

$ 43,709

Core ROE (annualized) (%)

16.5 %

17.1 %

18.1 %

15.0 %

15.6 %

16.5 %

Average common shareholders' equity

Total shareholders' and other equity

$ 50,632

$ 50,121

$ 50,716

$ 49,080

$ 51,135

$ 50,121

Less: Preferred shares and other equity

6,660

6,660

6,660

6,660

6,660

6,660

Common shareholders' equity

$ 43,972

$ 43,461

$ 44,056

$ 42,420

$ 44,475

$ 43,461

Average common shareholders' equity

$ 43,717

$ 43,759

$ 43,238

$ 43,448

$ 44,394

$ 43,709

CSM and post-tax CSM information
($ millions pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

As at

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

CSM

$    27,325

$    26,568

$    26,283

$    23,722

$    23,713

Less: CSM for NCI

1,736

1,599

1,565

1,406

1,417

CSM, net of NCI

$    25,589

$    24,969

$    24,718

$    22,316

$    22,296

CER adjustment(1)

-

332

(66)

197

(556)

CSM, net of NCI, CER basis

$    25,589

$    25,301

$    24,652

$    22,513

$    21,740

CSM by segment

Asia

$    18,228

$    17,750

$    17,580

$    15,786

$    15,904

Asia NCI

1,736

1,599

1,565

1,406

1,417

Canada

4,432

4,459

4,490

4,133

4,052

U.S.

2,927

2,760

2,649

2,386

2,329

Corporate and Other

2

-

(1)

11

11

CSM

$    27,325

$    26,568

$    26,283

$    23,722

$    23,713

CSM, CER adjustment(1)

Asia

$          -

$       282

$        (74)

$       143

$      (486)

Asia NCI

-

46

50

80

23

Canada

-

-

-

-

-

U.S.

-

50

8

54

(70)

Corporate and Other

-

-

-

1

-

Total

$          -

$       378

$        (16)

$       278

$      (533)

CSM, CER basis

Asia

$    18,228

$    18,032

$    17,506

$    15,929

$    15,418

Asia NCI

1,736

1,645

1,615

1,486

1,440

Canada

4,432

4,459

4,490

4,133

4,052

U.S.

2,927

2,810

2,657

2,440

2,259

Corporate and Other

2

-

(1)

12

11

Total CSM, CER basis

$    27,325

$    26,946

$    26,267

$    24,000

$    23,180

Post-tax CSM

CSM

$    27,325

$    26,568

$    26,283

$    23,722

$    23,713

Marginal tax rate on CSM

(4,510)

(4,403)

(4,347)

(3,940)

(3,929)

Post-tax CSM

$    22,815

$    22,165

$    21,936

$    19,782

$    19,784

CSM, net of NCI

$    25,589

$    24,969

$    24,718

$    22,316

$    22,296

Marginal tax rate on CSM net of NCI

(4,334)

(4,236)

(4,181)

(3,789)

(3,772)

Post-tax CSM net of NCI

$    21,255

$    20,733

$    20,537

$    18,527

$    18,524

(1)

The impact of reflecting CSM and CSM net of NCI using the foreign exchange rates for the Statement of Financial Position in effect for 1Q26.

New business CSM(1) detail, CER basis
($ millions pre-tax, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Quarterly Results

Full Year Results

1Q26

4Q25

3Q25

2Q25

1Q25

2025

New business CSM

Hong Kong

$      316

$      244

$      287

$      286

$      316

$    1,133

Japan

167

159

76

74

81

390

Mainland China

114

55

112

63

126

356

Singapore

165

159

182

140

138

619

Other(2)

40

80

55

100

54

289

Asia

802

697

712

663

715

2,787

Canada

103

135

109

100

91

435

U.S.

114

188

145

119

101

553

Total new business CSM

$    1,019

$    1,020

$      966

$      882

$      907

$    3,775

New business CSM, CER adjustment(3)

Hong Kong

$         -

$       (4)

$       (1)

$       (2)

$      (13)

$      (20)

Japan

-

(6)

(5)

(6)

(6)

(23)

Mainland China

-

1

3

2

-

6

Singapore

-

(1)

1

1

1

2

Other(2)

-

(1)

(1)

(1)

(2)

(5)

Asia

-

(11)

(3)

(6)

(20)

(40)

Canada

-

-

-

-

-

-

U.S.

-

(4)

(1)

(1)

(4)

(10)

Total new business CSM

$         -

$      (15)

$       (4)

$       (7)

$      (24)

$      (50)

New business CSM, CER basis

Hong Kong

$      316

$      240

$      286

$      284

$      303

$    1,113

Japan

167

153

71

68

75

367

Mainland China

114

56

115

65

126

362

Singapore

165

158

183

141

139

621

Other(2)

40

79

54

99

52

284

Asia

802

686

709

657

695

2,747

Canada

103

135

109

100

91

435

U.S.

114

184

144

118

97

543

Total new business CSM, CER basis

$    1,019

$    1,005

$      962

$      875

$      883

$    3,725

(1)

New business CSM is net of NCI.

(2)

Other includes Cambodia, Indonesia, International High Net Worth, Malaysia, Myanmar, the Philippines and Vietnam.

(3)

The impact of updating foreign exchange rates to that which was used in 1Q26.

Net income financial measures on a CER basis
($ Canadian millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Quarterly Results

Full Year Results

1Q26

4Q25

3Q25

2Q25

1Q25

2025

Net income (loss) attributed to shareholders:

Asia

$    595

$    623

$    895

$    830

$    624

$  2,972

Canada

238

252

449

390

222

1,313

U.S.

138

81

(75)

36

(569)

(527)

Global WAM

403

452

523

482

443

1,900

Corporate and Other

(227)

91

7

51

(235)

(86)

Total net income (loss) attributed to shareholders

1,147

1,499

1,799

1,789

485

5,572

Preferred share dividends and other equity distributions

(58)

(103)

(58)

(103)

(57)

(321)

Common shareholders' net income (loss)

$  1,089

$  1,396

$  1,741

$  1,686

$    428

$  5,251

CER adjustment(1)

Asia

$       -

$     (6)

$      9

$     (8)

$    (40)

$    (45)

Canada

-

(1)

2

(1)

2

2

U.S.

-

(1)

(2)

-

24

21

Global WAM

-

(8)

(1)

(5)

(20)

(34)

Corporate and Other

-

(3)

(2)

3

9

7

Total net income (loss) attributed to shareholders

-

(19)

6

(11)

(25)

(49)

Preferred share dividends and other equity distributions

-

-

-

-

-

-

Common shareholders' net income (loss)

$       -

$    (19)

$      6

$    (11)

$    (25)

$    (49)

Net income (loss) attributed to shareholders, CER basis

Asia

$    595

$    617

$    904

$    822

$    584

$  2,927

Canada

238

251

451

389

224

1,315

U.S.

138

80

(77)

36

(545)

(506)

Global WAM

403

444

522

477

423

1,866

Corporate and Other

(227)

88

5

54

(226)

(79)

Total net income (loss) attributed to shareholders, CER basis

1,147

1,480

1,805

1,778

460

5,523

Preferred share dividends and other equity distributions, CER basis

(58)

(103)

(58)

(103)

(57)

(321)

Common shareholders' net income (loss), CER basis

$  1,089

$  1,377

$  1,747

$  1,675

$    403

$  5,202

Asia net income attributed to shareholders, U.S. dollars

Asia net income (loss) attributed to shareholders, US $(2)

$    433

$    447

$    649

$    600

$    435

$  2,131

CER adjustment, US $(1)

-

3

10

(1)

(9)

3

Asia net income (loss) attributed to shareholders, U.S. $, CER basis(1)

$    433

$    450

$    659

$    599

$    426

$  2,134

Net income (loss) attributed to shareholders (pre-tax)

Net income (loss) attributed to shareholders (post-tax)

$  1,147

$  1,499

$  1,799

$  1,789

$    485

$  5,572

Tax on net income attributed to shareholders

215

292

283

307

47

929

Net income (loss) attributed to shareholders (pre-tax)

1,362

1,791

2,082

2,096

532

6,501

CER adjustment(1)

-

(17)

(20)

(23)

(18)

(78)

Net income (loss) attributed to shareholders (pre-tax), CER basis

$  1,362

$  1,774

$  2,062

$  2,073

$    514

$  6,423

(1)

The impact of updating foreign exchange rates to that which was used in 1Q26.

(2)

Asia net income attributed to shareholders (post-tax) in Canadian dollars is translated to U.S. dollars using the U.S. dollar Statement of Income rate for the reporting period.

Adjusted book value
($ millions)

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

As at

Common shareholders' equity

$    43,972

$    43,461

$    44,056

$    42,420

$    44,475

Post-tax CSM, net of NCI

21,255

20,733

20,537

18,527

18,524

Adjusted book value

$    65,227

$    64,194

$    64,593

$    60,947

$    62,999

Reconciliation of Global WAM core earnings to core EBITDA
($ millions, pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Quarterly Results

Full Year Results

1Q26

4Q25

3Q25

2Q25

1Q25

2025

Global WAM core earnings (post-tax)

$    448

$    490

$    525

$    463

$    454

$  1,932

Add back taxes, acquisition costs, other expenses and deferred sales commissions

Core income tax (expenses) recoveries (see above)

88

93

82

89

86

350

Amortization of deferred acquisition costs and other depreciation

63

61

44

51

46

202

Amortization of deferred sales commissions

24

24

21

20

22

87

Core EBITDA

$    623

$    668

$    672

$    623

$    608

$  2,571

CER adjustment(1)

-

(9)

(2)

(5)

(20)

(36)

Core EBITDA, CER basis

$    623

$    659

$    670

$    618

$    588

$  2,535

(1)

The impact of updating foreign exchange rates to that which was used in 1Q26.

Core EBITDA margin and core revenue
($ millions, unless otherwise stated)

Quarterly Results

Full Year Results

1Q26

4Q25

3Q25

2Q25

1Q25

2025

Core EBITDA margin

Core EBITDA

$     623

$     668

$     672

$     623

$    608

$   2,571

Core revenue

$  2,146

$  2,285

$  2,175

$  2,069

$  2,140

$   8,669

Core EBITDA margin

29.0 %

29.2 %

30.9 %

30.1 %

28.4 %

29.7 %

Global WAM core revenue

Other revenue per financial statements

$  1,930

$  2,147

$  2,145

$  1,851

$  1,986

$   8,129

Less: Other revenue in segments other than Global WAM

(56)

28

121

(53)

11

107

Other revenue in Global WAM (fee income)

$  1,986

$  2,119

$  2,024

$  1,904

$  1,975

$   8,022

Investment income per financial statements

$  4,536

$  5,358

$  4,682

$  4,740

$  4,234

$ 19,014

Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities per financial statements

(1,384)

1,106

3,784

2,377

(992)

6,275

Total investment income

3,152

6,464

8,466

7,117

3,242

25,289

Less: Investment income in segments other than Global WAM

3,015

6,300

8,275

6,924

3,089

24,588

Investment income in Global WAM

$     137

$     164

$     191

$     193

$    153

$      701

Total other revenue and investment income in Global WAM

$  2,123

$  2,283

$  2,215

$  2,097

$  2,128

$   8,723

Less: Total revenue reported in items excluded from core earnings

Market experience gains (losses)

(28)

(1)

24

20

(14)

29

Revenue related to integration and acquisitions

5

(1)

16

8

2

25

Global WAM core revenue

$  2,146

$  2,285

$  2,175

$  2,069

$  2,140

$   8,669

Core expenses
($ millions, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Quarterly Results

Full Year Results

1Q26

4Q25

3Q25

2Q25

1Q25

2025

Core expenses

General expenses – Statements of Income

$  1,251

$  1,327

$  1,232

$  1,140

$  1,202

$  4,901

Directly attributable acquisition expense for contracts measured using the PAA method and products without a CSM(1)

48

48

42

40

42

172

Directly attributable maintenance expense(1)

552

542

524

514

532

2,112

Total expenses

1,851

1,917

1,798

1,694

1,776

7,185

Less: General expenses included in items excluded from core earnings

Restructuring charge

-

16

-

-

-

16

Amortization of acquisition-related intangible assets

23

16

8

-

-

24

Integration and acquisition

-

7

22

-

-

29

Legal provisions and Other expenses

1

5

10

5

-

20

Total

24

44

40

5

-

89

Core expenses

$  1,827

$  1,873

$  1,758

$  1,689

$  1,776

$  7,096

CER adjustment(2)

-

(18)

(5)

(12)

(39)

(74)

Core expenses, CER basis

$  1,827

$  1,855

$  1,753

$  1,677

$  1,737

$  7,022

Total expenses

$  1,851

$  1,917

$  1,798

$  1,694

$  1,776

$  7,185

CER adjustment(2)

-

(18)

(5)

(11)

(40)

(74)

Total expenses, CER basis

$  1,851

$  1,899

$  1,793

$  1,683

$  1,736

$  7,111

(1)

Expenses are components of insurance service expenses on the Statements of Income that flow directly through income.

(2)

The impact of updating foreign exchange rates to that which was used in 1Q26.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

From time to time, Manulife makes written and/or oral forward-looking statements, including in this document. In addition, our representatives may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbour" provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of 1995.

The forward-looking statements in this document include, but are not limited to, statements with respect to our ability to achieve our medium-term financial and operating targets, the anticipated benefits of the acquisition of Schroders Indonesia and the partnership between Global WAM and L&G, the expected benefits and value derived from the use of AI and also relate to, among other things, our objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "suspect", "outlook", "expect", "intend", "estimate", "anticipate", "believe", "plan", "forecast", "objective", "seek", "aim", "continue", "goal", "restore", "embark" and "endeavour" (or the negative thereof) and words and expressions of similar import, and include statements concerning possible or assumed future results. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements and they should not be interpreted as confirming market or analysts' expectations in any way.

Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements.

Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to the performance, volatility and correlation of equity markets, interest rates, credit and swap spreads, inflation rates, currency rates, investment losses and defaults, market liquidity and creditworthiness of guarantors, reinsurers and counterparties); changes in laws and regulations; changes in accounting standards applicable in any of the territories in which we operate; changes in regulatory capital requirements; our ability to obtain premium rate increases on in-force policies; our ability to execute strategic plans and changes to strategic plans; downgrades in our financial strength or credit ratings; our ability to maintain our reputation; impairments of goodwill or intangible assets or the establishment of provisions against future tax assets; the accuracy of estimates relating to morbidity, mortality and policyholder behaviour; the accuracy of other estimates used in applying accounting policies and actuarial methods and embedded value methods; our ability to implement effective hedging strategies and unforeseen consequences arising from such strategies; our ability to source appropriate assets to back our long-dated liabilities; level of competition and consolidation; our ability to market and distribute products through current and future distribution channels; unforeseen liabilities or asset impairments arising from acquisitions and dispositions of businesses; the realization of losses arising from the sale of investments classified fair value through other comprehensive income; our liquidity, including the availability of financing to satisfy existing financial liabilities on expected maturity dates when required; obligations to pledge additional collateral; the availability of letters of credit to provide capital management flexibility; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; the availability, affordability and adequacy of reinsurance; legal and regulatory proceedings, including tax audits, tax litigation or similar proceedings; our ability to adapt products and services to the changing market; our ability to attract and retain key executives, employees and agents; the appropriate use and interpretation of complex models or deficiencies in models used; political, legal, operational and other risks associated with our operations; geopolitical uncertainty, including international conflicts and trade disputes; acquisitions and our ability to complete acquisitions including the availability of equity and debt financing for this purpose; the disruption of or changes to key elements of the Company's or public infrastructure systems; environmental concerns, including climate change; our ability to protect our intellectual property and exposure to claims of infringement; our ability to execute our digital plans and to deploy future digital use cases, including with respect to AI, the anticipated benefits from the Schroders Indonesia acquisition and the partnership between Global WAM and L&G, and our inability to withdraw cash from subsidiaries.

Additional information about material risk factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found under "Risk Management and Risk Factors" and "Critical Actuarial and Accounting Policies" in the Management's Discussion and Analysis in our most recent annual report, under "Risk Management and Risk Factors Update" and "Critical Actuarial and Accounting Policies" in the Management's Discussion and Analysis in our most recent interim report, and in the "Risk Management" note to the Consolidated Financial Statements in our most recent annual and interim reports, as well as elsewhere in our filings with Canadian and U.S. securities regulators.

The forward-looking statements in this document are, unless otherwise indicated, stated as of the date hereof and are presented for the purpose of assisting investors and others in understanding our financial position and results of operations, our future operations, as well as our objectives and strategic priorities, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statements, except as required by law.  

SOURCE Manulife Financial Corporation

C$ unless otherwise stated                                 TSX/NYSE/PSE: MFC          SEHK: 945

, /PRNewswire/ - Manulife's Board of Directors today announced quarterly shareholders' dividends on the following non-cumulative preferred shares of Manulife Financial Corporation, payable on or after June 19, 2026 to shareholders of record at the close of business on May 29, 2026:

Class A Shares Series 2 - $0.29063 per share Class A Shares Series 3 - $0.28125 per share Class 1 Shares Series 3 - $0.14675 per share Class 1 Shares Series 4 - $0.226850 per share Class 1 Shares Series 9 - $0.373625 per share Class 1 Shares Series 11 - $0.384938 per share Class 1 Shares Series 13 - $0.396875 per share Class 1 Shares Series 15 - $0.360938 per share Class 1 Shares Series 17 - $0.346375 per share Class 1 Shares Series 19 - $0.323063 per share Class 1 Shares Series 25 - $0.371375 per share About Manulife

Manulife Financial Corporation is a leading international financial services provider, headquartered in Toronto, Canada. Anchored in our ambition to be the number one choice for customers, we operate as Manulife across Canada and Asia, and primarily as John Hancock in the United States, providing financial advice, insurance and health solutions for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment solutions, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2025, we had more than 37,000 employees, over 106,000 agents, and thousands of distribution partners, serving over 37 million customers with operations across 25 markets globally. We trade as 'MFC' on the Toronto, New York, and Philippine stock exchanges, and under '945' on the Hong Kong stock exchange.

Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.   

Media Contact:
Fiona McLean
Manulife
437-441-7491
[email protected]

Investor Relations:
Derek Theobalds
Manulife
416-254-1774
[email protected] 

SOURCE Manulife Financial Corporation

Manulife Financial Corporation (MFC:CA) Shareholder/Analyst Call Transcript

5 Undervalued Stocks To Secure Your High Yield PortfolioManulife Financial NYSE: MFC reported what executives described as solid first-quarter 2026 results, with growth in insurance sales and earnings in Asia helping offset pressure in Global Wealth and Asset Management and unfavorable insurance experience in Canada.

President and Chief Executive Officer Phil Witherington said the company built on its 2025 momentum despite “heightened macro uncertainty,” pointing to double-digit growth in new business contractual service margin, or CSM, across each insurance segment. Manulife’s CSM balance rose 18%, while new business CSM increased 16% from the prior year.

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3 High Short Interest Stocks that Investors are Getting WrongCore earnings per share rose 11% year over year, which Witherington said was in line with the company’s medium-term target. Core return on equity was 16.5%, up 90 basis points from a year earlier, as management reiterated its goal of reaching 18% or higher by 2027.

Chief Financial Officer Colin Simpson said net income for the quarter was $1.1 billion, reflecting a market experience charge driven primarily by public equity performance. He added that most equity markets had “largely reversed their first quarter underperformance” by the time of the call. The company also recorded a $242 million charge in its ALDA portfolio, primarily tied to lower-than-expected returns in real estate, timber and private equity investments.

Asia Drives Growth as Japan, Hong Kong and Singapore Post Gains Asia remained a key contributor to Manulife’s results. Witherington said the region generated strong sales, with meaningful growth in Hong Kong, Japan and Singapore. Simpson said Asia annualized premium equivalent, or APE, sales rose 11% year over year, supported by double-digit growth in those three markets. Hong Kong delivered record quarterly sales after a softer fourth quarter, with APE sales up 18% from a year earlier.

Asia core earnings increased 22% year over year, reflecting business growth and the favorable net impact of last year’s basis change, partly offset by less favorable insurance experience.

During the question-and-answer session, Steve Finch, President and CEO of Manulife Asia, said Japan’s performance reflected continued momentum from 2025 and the company’s effort to broaden its product lineup across distribution channels. Finch said Manulife had introduced whole life and investment-linked products that “hit the mark” with customer needs. He said the environment in Japan remained supportive for insurance, aided by customer demand for retirement savings and an interest rate backdrop that improved product attractiveness.

Asked whether first-quarter Asia earnings were a good baseline, Finch said the quarter was “a good base” for future growth, subject to normal variability.

Global WAM Sees Outflows Despite Record Gross Flows Global Wealth and Asset Management recorded net outflows of $4.4 billion in the quarter, despite record gross flows. Simpson said outflows were driven by active mutual fund redemptions in North America retail and, to a lesser extent, U.S. retirement plan redemptions. These pressures were partially offset by institutional inflows, including contributions from the recently acquired Comvest business and CQS.

Paul Lorentz, President and CEO of Global Wealth and Asset Management, said gross flows reached $56 billion, up 13% from the prior quarter and 15% from the prior year. He said two model redemptions late in the quarter accounted for $3.4 billion of the $4.4 billion in net outflows and were related to partners reallocating asset mix rather than performance.

Global WAM core EBITDA margin expanded 60 basis points from the prior year, helped by AUMA growth, the Comvest acquisition and expense discipline, partly offset by the Hong Kong eMPF transition and lower performance fees. Core earnings grew 2%.

Lorentz said the eMPF impact was consistent with prior guidance at about CAD 33 million in the quarter, and that some one-time transition costs would not recur in the second quarter. He said the second-quarter earnings run rate should approach the $500 million mark, assuming current market levels.

Canada Pressured by Group Insurance Experience Manulife Canada reported a 15% decline in APE sales, reflecting lower group insurance sales, partially offset by higher individual insurance sales. New business CSM rose 13%, driven by growth in individual insurance.

Canada core earnings declined 6% year over year, mainly due to unfavorable group insurance experience compared with favorable experience in the prior year. Simpson said the pressure reflected higher incidence and lower recoveries in long-term disability, as well as higher expenses tied to business growth and transformation investments.

Naveed Irshad, President and CEO of Manulife Canada and Global Head of Inforce Management and Group Reinsurance, said the company saw modestly higher long-term disability incidence and lower recoveries. He also cited experience losses in travel insurance due to recent global disruptions, which management does not expect to persist. Irshad said Manulife began hiring additional case managers in 2025 after disability caseloads exceeded target levels following business growth, and expects Canada segment total insurance experience to improve toward more normal levels by year-end.

Witherington noted that group sales can be lumpy and said persistency is a better metric for that business. He said persistency remains strong.

U.S. Sales Rise on Adjustable Products and Expanded Distribution In the U.S., APE sales increased 29% year over year, driven by demand for insurance accumulation products. New business CSM also grew strongly. Core earnings declined modestly, mainly due to lower investment spreads, partly offset by favorable insurance experience.

Brooks Tingle, President and CEO of John Hancock, said the quarter marked the seventh consecutive period of strong new business growth. He pointed to a more than 50% increase in the wholesaling team from a year earlier, and said Manulife continues to benefit from differentiated offerings tied to wellness and longevity through its Vitality platform.

Tingle said the company’s U.S. business has largely moved away from long-duration guarantees since 2010, and that its current block is “virtually entirely adjustable.” Witherington said that shift should change the composition of U.S. earnings over time, with net investment income declining and insurance service results increasing as CSM is generated and amortized.

Capital Position Remains Strong as Management Reaffirms Targets Manulife ended the quarter with a LICAT ratio of 136%, which Simpson said was $25 billion above its supervisory target ratio. The financial leverage ratio was 22.5%, below the company’s medium-term target of 25%.

Adjusted book value per share rose 6% from a year earlier to $39.01, even as the company returned $5.3 billion of capital to shareholders over the past year. During the quarter, Manulife returned $1.2 billion through dividends and buybacks. Its new buyback program, announced previously, allows the company to repurchase up to 2.5% of common shares outstanding.

Simpson said Manulife continues to expect 60% to 70% of earnings to convert into remittances, supported by a shift toward capital-generative products and strong subsidiary capital positions.

Management also highlighted strategic initiatives, including the acquisition of Schroders Indonesia, a partnership with L&G, expanded U.S. distribution and new AI tools across the enterprise. Witherington said developer productivity rose 30% in the quarter from AI tools, while an AI-powered U.S. retail sales platform in Global WAM increased meaningful advisor interactions by 40%.

Witherington said Manulife remains focused on executing its refreshed strategy and reaffirmed the company’s 18%+ core ROE target by the end of 2027. “We stand by the 18%+ Investor Day target,” he said, adding that he expects improvements through 2026.

About Manulife Financial NYSE: MFCManulife Financial Corporation is a multinational insurance and financial services company headquartered in Toronto, Ontario. Founded in the late 19th century as The Manufacturers Life Insurance Company, Manulife provides a broad range of financial products and services to individual and institutional clients. Its core businesses include life and health insurance, retirement and pension solutions, wealth and asset management, and group benefits.

In wealth and asset management, Manulife operates through Manulife Investment Management and offers mutual funds, segregated funds, institutional asset management, and retirement plan solutions.

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Changes Include Canada Segment, Hong Kong, AI and Data, and Technology and Operations New Team Structure Enables Execution Against Strategic Priorities for Long-term Growth TORONTO, May 21, 2026 /PRNewswire/ - Manulife has announced changes to its executive and senior leadership teams across Canada, Hong Kong, AI and Data, and Technology and Operations to enable sustainable, long-term growth as the company executes its refreshed enterprise strategy. "These important leadership changes ensure we have the right capabilities, both at the enterprise level and in our key markets of Canada and Hong Kong, to achieve our bold ambition and deliver against our new strategic priorities," said Phil Witherington, President and CEO of Manulife.

Manulife stock sold off almost 6% after Q1 2026 earnings on a single line item, while its Asia core earnings grew 22% and NBV 15%. The residual income valuation model anchored on Damodaran's industry beta puts intrinsic value at C$76 vs. C$52; on per-name beta, roughly fair. MFC's reported P/B of 2.0x ignores C$25.6B of net CSM. On adjusted book value, MFC trades at 1.3x.