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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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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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.

Indexes for US equity real estate investment trusts fell further alongside the broader stock market during the week ended March 13. The Dow Jones Equity All REIT index closed the recent week down 1.52%, while the S&P 500 and Dow Jones Industrial Average fell 1.60% and 1.99%, respectively. The healthcare REIT index was the only property sector index to rise and was up 1.17%.

NEWTON, Mass.--(BUSINESS WIRE)--Diversified Healthcare Trust (Nasdaq: DHC) today announced that it will issue a press release containing its first quarter 2026 financial results after the Nasdaq closes on Monday, May 4, 2026. On Tuesday, May 5, 2026 at 10:00 a.m. Eastern Time, President and Chief Executive Officer Christopher Bilotto, Chief Financial Officer and Treasurer Matthew Brown and Vice President Anthony Paula will host a conference call to discuss these results. The conference call tel.

-

NEWTON, Mass.--(BUSINESS WIRE)--Diversified Healthcare Trust (Nasdaq: DHC) today announced its financial results for the quarter ended March 31, 2026, which can be found at the Quarterly Reports section of DHC's website at https://www.dhcreit.com/investors/financial-information/quarterly/default.aspx.

A conference call to discuss DHC's first quarter 2026 financial results will be held on Tuesday, May 5, 2026 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 329-4297 or (412) 317-5435 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (855) 669-9658; the replay pass code is 1482489. A live audio webcast of the conference call will also be available in a listen-only mode on DHC's website, at www.dhcreit.com. The archived webcast will be available for replay on DHC's website after the call. The transcription, recording and retransmission in any way of DHC's first quarter conference call are strictly prohibited without the prior written consent of DHC.

About Diversified Healthcare Trust:

DHC is a real estate investment trust focused on owning high-quality healthcare properties located throughout the United States. DHC seeks diversification across the health services spectrum by care delivery and practice type, by scientific research disciplines and by property type and location. As of March 31, 2026, DHC’s approximately $6.2 billion portfolio included 285 properties in 33 states and Washington, D.C., with 23,901 senior living units, approximately 5.6 million square feet of medical office and life science properties and occupied by approximately 250 tenants. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $37 billion in assets under management as of March 31, 2026 and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. DHC is headquartered in Newton, MA. For more information, visit www.dhcreit.com.

A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.

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Diversified Healthcare Trust (DHC) Q1 2026 Earnings Call Transcript

May 25, 2026 08:44 ET  | Source: Canadian Commercial Corporation

OTTAWA, May 25, 2026 (GLOBE NEWSWIRE) -- CCC is pleased to announce that De Havilland Canada (DHC) is on track to deliver the world’s most advanced, purpose‑built waterbomber to European partners. In 2024, CCC signed government-to-government (G2G) contracts with six European countries for the first twenty (22) Canadair 515. The G2G contract is the largest purchase order in DHC’s history, generating thousands of direct and indirect jobs across Canada.

DHC's Canadair 515 program continues to advance, marking an important milestone in Canada’s contribution to global aerial firefighting capabilities. Designed and manufactured in Canada, the 515 builds on the proven Canadair aerial firefighter lineage while incorporating modern avionics, enhanced safety features and updated production standards. The aircraft is purpose‑built to respond to the growing operational demands faced by firefighting agencies, as climate‑driven wildfire risks continue to escalate globally.

CCC’s G2G contracting approach helped secure six individual government contracts, providing the certainty and scale necessary for DHC to establish the new Canadair 515 production line in Canada. As Prime Contractor, CCC is proud to work alongside DHC to ensure timely, reliable delivery of these next‑generation aircraft. Through this collaboration, CCC is helping align international requirements with Canadian industrial capacity, strengthening global wildfire response while supporting skilled jobs and advanced manufacturing at home.

The Canadair 515 program reinforces the Canada’s leadership in specialized aircraft manufacturing. As production progresses, CCC and DHC remain focused on meeting customer requirements, while upholding the highest standards of quality, safety and performance.

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CCC celebrates production launch of De Havilland Canadair 515
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CCC is Canada’s government to government contracting agency. We help build successful commercial relationships between Canadian businesses and governments around the world through our government-to-government contracting approach. We are also the U.S. Department of Defense designated contracting authority for procurements from Canada. To learn more about how we have facilitated billions in trade between Canadian businesses and governments around the world, visit ccc.ca.

Diversified Healthcare Trust Announces Increase to 2026 Guidance as Cost Savings from Recent Operator Transitions Accelerate Diversified Healthcare Trust (Nasdaq: DHC) today announced that it has increased its full year 2026 guidance, driven by disciplined expense management, procurement efficiencies and cost savings from recent operator transitions, as well as continued improvements across its senior housing operating portfolio (“SHOP”).

DHC now expects full year 2026 SHOP net operating income (“NOI”) to be in the range of $185 million to $195 million, an increase from its prior guidance range, issued on February 23, 2026 and confirmed most recently on May 4, 2026, of $175 million to $185 million. As a result, DHC now expects 2026 total NOI to be in the range of $307 million to $323 million, compared to its prior guidance range of $297 million to $313 million, and Adjusted EBITDAre is now expected to be between $300 million and $315 million, a $10 million increase at the midpoint. Normalized funds from operations (“Normalized FFO”) per share is now expected to be in the range of $0.56 to $0.62, a $0.04 increase at the midpoint.

Chris Bilotto, President and Chief Executive Officer of DHC, made the following statement:

“Our increased 2026 NOI guidance reflects strong execution across our SHOP portfolio, including disciplined expense management and the early benefits of our recent operator transitions. We are realizing meaningful cost efficiencies, particularly within food and beverage and labor, while continuing to drive revenue growth through occupancy gains and rate increases. We expect these operational improvements to continue throughout 2026, supported by active asset management and favorable industry fundamentals, including sustained demand and limited new supply. We believe this positions us to deliver continued margin expansion and achieve our revised NOI guidance for the remainder of 2026.”

DHC’s updated SHOP NOI guidance assumes approximately 300 basis points of year-over-year occupancy growth, revenue growth of approximately 8.0%, and average monthly rate increases of approximately 5.3%, partially offset by operating expense growth of approximately 4.5%. An updated investor presentation reflecting DHC’s revised guidance and assumptions can be accessed on the Investors section of DHC’s website at www.dhcreit.com. DHC does not provide a reconciliation of non-generally accepted accounting principles (“GAAP”) measures that it discloses as part of its annual guidance or long term outlook because certain significant information required for such reconciliation is not available without unreasonable efforts, or at all, including, most notably, impairment of assets, gain (loss) on sale of properties, loss on modification or early extinguishment of debt and equity in net earnings of investees. These items that would be contained in the comparable GAAP measures are not indicative of DHC’s ongoing operations, are uncertain, depend on various factors, and could have a material impact on DHC’s GAAP results for the guidance period.

About Diversified Healthcare Trust

DHC is a real estate investment trust focused on owning high-quality healthcare properties located throughout the United States. DHC seeks diversification across the health services spectrum by care delivery and practice type, by scientific research disciplines and by property type and location. As of March 31, 2026, DHC’s approximately $6.2 billion portfolio included 285 properties in 33 states and Washington, D.C., with 23,901 senior living units, approximately 5.6 million square feet of medical office and life science properties and occupied by approximately 250 tenants. DHC is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $37 billion in assets under management as of March 31, 2026 and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. DHC is headquartered in Newton, MA. For more information, visit www.dhcreit.com.

WARNING CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever DHC uses words such as “believe”, “expect”, “anticipate”, “seek”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, DHC is making forward-looking statements. These forward-looking statements are based upon DHC’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. For example:

This press release includes DHC’s full year 2026 guidance, including with respect to NOI, Adjusted EBITDAre and Normalized FFO. However, DHC’s guidance is based on certain assumptions, which may not occur. As a result, DHC may not achieve the expected results provided in its guidance. Mr. Bilotto made statements in this press release regarding strong execution across DHC’s SHOP portfolio and expected operational improvements, active asset management and favorable industry fundamentals. However, DHC may not be able to continue to realize cost efficiencies and drive revenue growth through occupancy gains and rate increases as and/or when expected. Further, DHC cannot be sure that industry fundamentals will remain favorable. As result, DHC may not be able to deliver continued margin expansion in the SHOP portfolio and achieve its revised guidance for the remainder of 2026. Actual results may differ materially from those contained in or implied by DHC’s forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond DHC’s control.

The information contained in DHC’s filings with the Securities and Exchange Commission (the “SEC”), including under “Risk Factors” in DHC’s periodic reports, or incorporated therein, identifies other important factors that could cause DHC’s actual results to differ materially from those stated in or implied by DHC’s forward-looking statements. DHC’s filings with the SEC are available on the SEC’s website at www.sec.gov.

You should not place undue reliance upon forward-looking statements.

Except as required by law, DHC does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.‎

A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.

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Diversified Healthcare (DHC) saw its shares surge in the last session with trading volume being higher than average. The latest trend in FFO estimate revisions may not translate into further price increase in the near term.

BlackSky Technology Inc. (BKSY - Free Report) came out with a quarterly loss of $0.82 per share versus the Zacks Consensus Estimate of a loss of $0.37. This compares to a loss of $0.42 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -120.13%. A quarter ago, it was expected that this company would post a loss of $0.25 per share when it actually produced a loss of $0.19, delivering a surprise of +24%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

BlackSky Technology, which belongs to the Zacks Technology Services industry, posted revenues of $20.77 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 26.66%. This compares to year-ago revenues of $29.54 million. The company has not been able to beat consensus revenue estimates over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

BlackSky Technology shares have added about 116.1% since the beginning of the year versus the S&P 500's gain of 7.6%.

What's Next for BlackSky Technology?While BlackSky Technology has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for BlackSky Technology was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.38 on $30.65 million in revenues for the coming quarter and -$1.33 on $133.86 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Technology Services is currently in the bottom 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, QXO, Inc. (QXO - Free Report) , has yet to report results for the quarter ended March 2026.

This company is expected to post quarterly loss of $0.09 per share in its upcoming report, which represents a year-over-year change of -200%. The consensus EPS estimate for the quarter has been revised 14.7% higher over the last 30 days to the current level.

QXO, Inc.'s revenues are expected to be $1.72 billion, up 12622.1% from the year-ago quarter.

Dallas, Texas--(Newsfile Corp. - May 7, 2026) - BlackSky Technology, Inc. (NYSE: BKSY): Stonegate Capital Partners Updates Coverage on BlackSky Technology, Inc. (NYSE: BKSY). BKSY's 1Q26 marked a clearer Gen-3 commercialization inflection, with accelerating sovereign contract adoption, improving in-year revenue visibility, and management raising FY26 revenue and adj.

Space stocks were in focus this week as earnings reports highlighted surging defense demand, growing satellite and launch backlogs,and continued investment in next-generation space infrastructure. 

While several companies posted record revenue or raised guidance, losses remained a theme across the sector as firms scale production and chase defense and national security opportunities.

RKLB stock is soaring. See the chart and price action here.  Voyager TechnologiesCEO Dylan Taylor called 2025 "a transformational year," saying demand across "defense, national security and space continues to accelerate." 

He added that Voyager is entering 2026 "from a position of strength," focused on converting demand into "sustained revenue growth and long-term shareholder value."

CEO Jason Kim said "momentum defined Firefly's first quarter," citing Golden Dome work, Blue Ghost milestones, Alpha Flight 7 and a U.S. Space Force demonstration. 

Kim said the company remains focused on scaling production for "frequent landings on the Moon, a regular launch cadence, and critical national security missions."

RedwireCEO Peter Cannito said "very strong demand" and wins including the $1.8 billion Andromeda IDIQ show Redwire has "many pathways to success." 

CFO Chris Edmunds pointed to gross margin improvement to 26.6% and said Redwire is reaffirming 2026 revenue guidance of $450 million to $500 million.

Rocket LabRocket Lab Corp. (NASDAQ:RKLB) delivered record Q1 revenue of $200.3 million, up 63.5% year over year, and backlog of more than $2.2 billion. 

Founder and CEO Peter Beck said, "With revenue, we topped $200 million in the quarter for the first time," and called gross margins "excellent" at 38.2% GAAP and 43% non-GAAP.  Rocket Lab guided Q2 revenue to $225 million to $240 million.

RKLB shares were up 25% on Friday, according to Benzinga Pro data. 

BlackSkyBlackSky Technology Inc. (NYSE:BKSY) reported Q1 revenue of $20.8 million. That’s down from $29.5 million a year earlier. However, the company raised full-year revenue guidance to $130 million to $150 million. 

CEO Brian O'Toole said BlackSky is "rapidly growing revenues driven by the demand for Gen-3 space-based intelligence and AI services" after winning up to $160 million in new contracts. 

He said the company is raising guidance on "strong year-to-date sales performance" and "accelerated demand" in its pipeline.

Coming Next WeekPhoto: Shutterstock

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RH (NYSE:RH) Announces Earnings ResultsRH (NYSE:RH - Get Free Report) released its quarterly earnings results on Thursday. The company reported ($1.97) earnings per share for the quarter, beating analysts' consensus estimates of ($2.07) by $0.10. The company had revenue of $800.33 million for the quarter, compared to analysts' expectations of $792.55 million. RH had a negative return on equity of 567.82% and a net margin of 3.63%.

NYSE:RH

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2 hours ago

Stock Traders Purchase High Volume of Sirius XM Call Options (NASDAQ:SIRI)MarketBeat

Sirius XM Holdings Inc. (NASDAQ:SIRI - Get Free Report) was the recipient of some unusual options trading on Thursday. Stock investors bought 58,116 call options on the stock. This represents an increase of approximately 203% compared to the average daily volume of 19,167 call options.

NASDAQ:SIRI

Read Stock Traders Purchase High Volume of Sirius XM Call Options (NASDAQ:SIRI)

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After suffering a significant drop in late 2021 and spending years without a breakout, the stock of the geospatial intelligence services and Earth observation satellite company BlackSky Technology (NYSE: BKSY) saw significant success in the last 12 months.

Specifically, after spending multiple years below the $10 mark, the shares of the ‘UFO company’ broke out and rallied 253% between May 12, 2025, and the same date in 2026. A deluge of contracts secured year-to-date (YTD) reinforced the surge, and BlackSky stock is up 117% to $40.68 since January 2: the first regular trading session of the year.

BlackSky stock price 12-month chart. Source: Finbold The shift in the equity market fortunes also translated into strong business results, with the satellite company revealing particularly strong results in its most recent quarterly filing – covering the first quarter (Q1) of 2026 – and led to significant guidance upgrades.

Here’s why BlackSky stock soared 117% in 2026 Indeed, BlackSky revealed approximately $160 million in various contracts and a likely $90 million contract with the U.S. Air Force (USAF), while reporting $20.8 millon in revenue for Q1. 

Furthermore, Chief Executive Officer (CEO) Brian O’Toole explained that the company is ‘off to a strong start to 2026,’ before adding that ‘demand for our Gen-3 capabilities has never been stronger.’

BlackSky also revised its whole-year 2026 revenue guidance to a range of $130 million to $150 – up from the previous $120-145 million – implying an overall 12-month growth of 30%. 

The company’s integration of artificial intelligence (AI) technology and the deployment of its third-generation satellites were particularly highlighted as related services enjoyed both a 14% rise compared to the previous quarter and are expected to grow 50% in 2026.

BlackSky’s capability to deploy Gen3 satellites was also increased in 2026 with a partnership with Rocket Lab (NASDAQ: RKLB) announced late in February.

What is next for the BlackSky ‘UFO stock’ Looking ahead, BKSY stock appears to benefit from a particularly strong setup for a continued rally.

Along with the contracts and optimistic guidance, BlackSky equity remains substantially below the psychological barrier presented by its all-time highs (ATH), as, in 2021, it was changing hands above $90.

Technical analysis (TA) also paints a bullish picture with both the moving averages (MA) and oscillators showing BKSY as a ‘Buy,’ for an overall rating of ‘Strong Buy,’ on the stock analysis platform TradingView.

BlackSky stock technical analysis. Source: TradingView Lastly, the ‘UFO stock’ boasts confidence from Wall Street, though the mismatch between the overall ‘Strong Buy’ rating, underscored by a complete absence of ‘Sell’ recommendations, and the average price target $36.61 – 11.52% below the press time price – demonstrates there have been few recent revisions issued by institutional analysts.

Featured image via Shutterstock

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Key Takeaways Planet Labs logged $900M backlog in fiscal 2026, up 79% Y/Y, and hit adjusted EBITDA profitability.PL guides fiscal 2027 revenue of $415M-$440M, with gross margin of 50%-52%, despite losses.BKSY's Gen-3 satellites deliver 35-cm imagery; pilot programs are converting into recurring subscriptions. Artificial Intelligence (AI) is reshaping the software landscape, redefining categories and competitive dynamics. Per The Business Research Company, the AI software market is projected to grow to $995.45 billion by 2030 at a compound annual growth rate (CAGR) of 26.7%. With increased adoption and integration of AI into core operations to control costs and improve customer experience, the market is expected to grow exponentially. Per Global Market Insights, the Satellite Imaging market is estimated to grow 11% between 2024 and 2032, driven by increasing use of satellite imaging in defense and security applications, rising demand for environmental monitoring and developments in satellite technology.

In this context, Planet Labs (PL - Free Report) and BlackSky Technology (BKSY - Free Report) are worth mentioning as both deploy AI into their core functions. Planet Labs is a leading provider of Earth-imaging data and geospatial analytics, operating the largest fleet of Earth-observation satellites globally.  BlackSky Technology is a space-based technology company that delivers real-time imagery, analytics and high-frequency monitoring of the world’s most critical and strategic locations, economic assets and events. Let's discuss in detail.

The Case for Planet LabsPlanet Labs generates most of its revenue through fixed-price subscription agreements and usage-based contracts, delivering satellite imagery and geospatial analytics via its cloud-based platform to governments and large enterprises. Growth has been supported by the expansion of its subscription model, rising demand from government customers and a strategic move toward higher-value satellite services and AI-driven analytics solutions.

In recent years, the company has prioritized large-scale government and defense contracts, which offer stronger revenue visibility and long-term stability. While government business remains the primary growth driver, management continues to view the commercial market as a significant long-term opportunity. Advancements in AI-powered analytics, initially developed for defense applications, are expected to broaden adoption across industries, including supply chain management, insurance, agriculture, energy, financial services and operational monitoring.

As of fiscal 2026, Planet Labs reported a backlog of approximately $900 million, representing 79% year-over-year growth and supporting expectations for accelerating revenue expansion. The company also achieved adjusted EBITDA profitability for the first time during the year.
For fiscal 2027, management projects revenues between $415 million and $440 million, implying roughly 39% annual growth at the midpoint, with gross margins expected to be between 50% and 52%.

Despite improving fundamentals, Planet Labs remains unprofitable and is not expected to achieve a near-term earnings turnaround. Significant ongoing investments in satellite development, deployment and replacement, combined with elevated R&D and operating expenses, continue to pressure margins. After multiple years of losses, the company is expected to remain in the red through fiscal 2027, while returns on equity and invested capital remain below industry averages.

The company is still in the red, and a rebound is not expected soon.

PL shares have gained 116.3% year to date.

The Case for BlackSkyBlackSky operates a real-time Earth observation platform that integrates its proprietary low-Earth-orbit satellite constellation with AI-powered analytics software, giving the company a differentiated position within the fast-growing defense and intelligence market. The business is well-positioned to benefit from rising global defense spending, scalable subscription-based economics and improving operating leverage.

The company is benefiting from a structural increase in demand for tactical intelligence and persistent monitoring capabilities. Governments and defense agencies increasingly require high-frequency, low-latency satellite imagery for applications such as military surveillance, border security, maritime tracking and battlefield intelligence. BlackSky’s Gen-3 satellites deliver 35-centimeter-resolution imagery with rapid revisit capabilities and AI-enabled analytics, supporting near real-time operational decision-making. Recent contract wins totaling up to $160 million — including a $99 million award from the U.S. Air Force Research Laboratory and a $25 million international defense agreement — reinforce the growing demand for its platform and capabilities.

At the same time, BlackSky is shifting toward a higher-margin recurring revenue model. Management indicated that several Gen-3 pilot programs have already converted into recurring subscription renewals across Asia, Europe and the Americas. This transition is expected to enhance revenue visibility, strengthen customer retention and support continued expansion in gross margins. The company’s increasing mix of high-margin subscription revenue is also driving meaningful improvement in adjusted EBITDA margins.

While BlackSky has not yet reached profitability, management expects revenue growth in excess of 50% in 2026, supported by strong contract momentum and improving demand visibility. The company also anticipates surpassing a $100 million annual revenue run rate while maintaining gross margins of approximately 80%, reflecting the scalability of its software-enabled intelligence platform.

BKSY shares have rallied 143.1% year to date.

Estimates for PL and BKSYThe Zacks Consensus Estimate for PL’s fiscal 2027 revenues implies a year-over-year increase of 39.4%, while the same for earnings per share (EPS) suggests no change year over year. EPS estimates have witnessed no movement in the past 30 days.  

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for BKSY’s 2026 revenues implies a year-over-year rise of 30.6%, and the same for EPS implies a year-over-year increase of 21.3%.  EPS estimates witnessed southbound movement in the past 30 days.

Image Source: Zacks Investment Research

Are PL and BKSY Shares Expensive?PL is trading at a forward sales multiple of 31.38, above its median of 3.66 over the last three years. BKSY’s forward sales multiple sits at 10.55, higher than its median of 2.16 over the last three years.

Image Source: Zacks Investment Research

ConclusionPlanet Labs, a data-driven company focused on Earth-observation imagery and analytics, is poised to grow, given the rising global demand for commercial satellites.

BlackSky’s growing strategic relevance could help it evolve from a niche satellite operator into a critical real-time geospatial intelligence platform. 
Given BKSY’s less expensive valuation and price appreciation, it has an edge over PL.  BKSY carries a Zacks Rank #3 (Hold), while PL carries a Zacks Rank #5 (Strong Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

HERNDON, Va.--(BUSINESS WIRE)---- $BKSY #AI--BlackSky awarded seven-figure, multi-year contract renewal to accelerate the automation of future non-Earth imagery (NEI) services.

The Nasdaq Composite (IXIC) is enjoying a modest gain alongside the S&P 500 Index (SPX) this afternoon, while the Dow Jones Industrial Average (DJI) trades 404 points higher as investors look to close out the week and month on a high note. Each of the indexes have already tapped intraday records, aided by a pullback in crude prices and surge in Big Tech. U.S.-Iran tensions remain intact and investors are looking forward to Trump's decision on another ceasefire extension. Should today's gains hold, the S&P will mark its ninth-straight weekly gain, its longest such win streak since December 2023.

Continue reading for more on today's market, including:

Dell stock breaks out after earnings triple play. Retail favorite slipping despite reporting record revenue. Plus, three more software stocks making plenty of noise this afternoon.

Aerospace name MongoDB Inc (NASDAQ:MDB) was last seen off 4.8% to trade at $310, bucking the software sector surge and brushing off a quarterly beat-and-raise. Analysts and options traders have swarmed MDB in response, with 53,000 contracts across the tape so far, five times the average daily rate. Most popular is the June 330 call, with the expiring weekly 5/29 300-strike put seeing buy-to-open activity. MDB has shed almost 27% in 2026.

ServiceNow Inc (NYSE:NOW), up 14.1% at $124.06 at last check, one of the top names on the New York Stock Exchange (NYSE) as it enjoys a halo lift from hardware peer Dell Technologies (DELL). Now up 17% for the quarter, ServiceNow stock is eyeing its best day since April 2025. 

BlackSky Technology Inc (NYSE:BKSY) is near the bottom of the NYSE, last seen down 9.9% to trade at $46.50, pulling back from its recent run to five-year highs. The ascending 20-day moving average is just below, however, should these losses persist. BKSY has added 140% in 2026 so far.

BlackSky Hits $50: Is Tracking Satellites The Next Big Catalyst?

SpaceX is set to make its public market debut in June and is likely to be the largest initial public offering (IPO) on record. As the company gears up to go public, investors are beginning to pay more attention to space stocks, and for good reason. According to McKinsey, the global space economy could reach $1.8 trillion by 2035.

Space is becoming an increasingly important element of national security, and the U.S. is investing heavily in its development, procuring satellites, autonomous systems, spacecraft, sensors, and other key space components. Redwire (RDW +14.90%) is one space company that provides crucial infrastructure and technology to help make this possible. Is the stock a buy ahead of the SpaceX IPO?

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Redwire plays a key role in defense and the growing space industry Redwire operates two distinct segments: a space segment and a defense technology segment. In its space segment, Redwire develops hardware and technology for space infrastructure, including building blocks for spacecraft, like solar panels, robotic arms, and other parts, along with parts that support massive satellite constellations. When NASA's Artemis II mission took flight earlier this year, Redwire's optical imaging and sun sensor technologies were tools utilized on the Orion spacecraft.

In its defense technology segment, Redwire builds highly advanced military drones (uncrewed aerial systems) that can fly autonomously, have been combat-tested, and can operate in highly contested, GPS-denied environments. For example, Redwire has delivered hundreds of its Penguin drones directly to the Ukrainian military for use in real-world combat operations.

Image source: Getty Images.

The company is a major provider and has customers that include the U.S. government, including NASA, the U.S. Army, the Marine Corps, and the Department of Homeland Security. But it also provides components for top aerospace and defense companies, including Lockheed Martin, Boeing, Airbus, and Blue Origin.

In April, the U.S. Space Force's Space Systems Command selected Redwire as one of 14 companies to compete under this $1.8 billion contract program to design and build advanced space surveillance and reconnaissance satellites. Earlier this year, it was awarded a multi-award contract for the Missile Defense Agency's Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) IDIQ.

Redwire's backlog is up to $498 million, and analysts expect 40% revenue growth in 2026 and another 20% in 2027. That said, the business is currently losing money, and analysts don't forecast profitability within the next three years.

RDW Revenue (TTM) data by YCharts

Redwire is an early-stage company that has secured several key government contract wins, and as a result, the stock has surged 198% year to date. Given the stock's recent surge and lack of near-term profitability, Redwire is best left for aggressive investors with a long-term outlook and willing to stomach sizable price swings.

Redwire (RDW +14.90%) stock, the space stock that turned itself into a drones stock too when it purchased Edge Autonomy last year, tumbled 15.7% through 12:55 P.M. Monday.

You can probably blame Jefferies & Co. for that.

Image source: Getty Images.

What Jefferies says about Redwire In a note covered on StreetInsider.com this morning, Jefferies analyst Greg Konrad downgraded Redwire from buy to hold at the same time as he raised his price target to account for Redwire's astoundingly successful stock price -- which more than doubled in May.

Redwire has actually been fortunate all year long, notes the analyst, more than tripling in share price year to date, primarily on "multiple expansion" -- meaning that investors seem suddenly willing to pay much more for Redwire's sales (and lack of profits) this year than they used to.

How to explain this?

Jefferies points out the obvious: "general excitement around space has driven the stock price move" in the wake of SpaceX announcing first that it will IPO, then setting a date for the IPO, and finally revealing its prospectus for investors to read.

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What's next for Redwire? So that's the good news: Investors have caught space fever, and thanks almost entirely to SpaceX finally going public, they've decided to buy everything but SpaceX before it does.

That doesn't make a whole lot of sense to me, honestly. More worryingly -- to me and apparently to Jefferies, too -- it has made Redwire stock frighteningly expensive. As a result, the analyst warns: "We see limited ... upside from here" after the strong price surge, and in the absence of profits despite revenue gains.

My thoughts exactly. If you want to own SpaceX, it makes sense to sell Redwire and buy SpaceX in a couple weeks instead! In fact... that may be exactly what is happening today.

Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Redwire. The Motley Fool has a disclosure policy.