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TORONTO, ON – February 19, 2025 – Manulife Financial Corporation (“Manulife” or the “Company”) reported

banner full year and fourth quarter results for the period ended December 31, 2024, with record core earnings,

30%+ increases across top-line business metrics1, double-digit core EPS2 growth for the full year, as well as

declaring a common share dividend increase of 10%.

Key highlights for full year 2024 and the fourth quarter (“4Q24”) include:

•Core earnings3 of $7.2 billion in 2024, up 8% on a constant exchange rate basis4 from 2023. Core earnings

of $1.9 billion in 4Q24, up 6% from the fourth quarter of 2023 (“4Q23”)

•Net income attributed to shareholders of $5.4 billion in 2024, up $0.3 billion from 2023, and $1.6 billion in

4Q24, in line with 4Q23

•Core EPS of $3.87 in 2024, up 11%4 from 2023, and $1.03 in 4Q24, up 9% from 4Q23

◦Excluding the impact of Global Minimum Taxes (“GMT”)5, core EPS2 was $3.97 in 2024, up 14%4 from

2023, and $1.06 in 4Q24, up 13% from 4Q23

•EPS of $2.84 in 2024, up 8%4 from 2023, and $0.88 in 4Q24, in line with 4Q23

•Core ROE2 of 16.4% in 2024 and 16.5% in 4Q24, and ROE of 12.0% in 2024 and 14.0% in 4Q24

•Entered into an agreement with RGA to reinsure two blocks of legacy business, including a younger block of

long-term care (“LTC”), our second LTC reinsurance transaction in less than 12 months. The transaction was

completed in the first quarter of 2025 with an effective date of January 1, 2025

•LICAT ratio6 of 137% in 4Q24, in line with prior quarter

•Remittances7 of $7.0 billion in 2024 compared with $5.5 billion in 2023

•Purchased and cancelled 4.6% of common shares outstanding, or more than 82 million common shares, for

$3.2 billion in 2024

•Also announced today:

◦A 10% increase in the quarterly dividend per common share, and

◦A Normal Course Issuer Bid (“NCIB”) that permits repurchase of up to 3% of outstanding common

shares, commencing in late February 20258

Results at a Glance

Results by Segment

Strategic Highlights

We continued to transform our portfolio and accelerate new business growth through expanded market

offerings and enhanced distribution capabilities

During 2024, we closed the largest LTC reinsurance transaction in the industry and the largest universal life

reinsurance transaction in Canada. We also entered into an agreement in 4Q24 for a second LTC reinsurance

transaction in less than 12 months on a younger LTC block, further validating the prudence of our reserves and

assumptions. These transactions also further transformed our business profile to higher return and lower risk.

In Asia, we expanded Manulife Pro, our proprietary proposition for top-tier agents, to Indonesia, Japan and Hong

Kong. The proposition provides select agents with differentiated resources and tools, including dedicated

underwriting support and enhanced customer engagement services with access to customer leads. This initiative

contributed to improved agent productivity, demonstrated by our 23% year-over-year growth in agency APE sales

in 2024. With this expansion, Manulife Pro is now available in five of our markets10.

In addition, we further addressed the complex and evolving financial needs of high-net-worth individuals through a

focus on innovative customer solutions. This includes the launch of two new products that cater to the protection,

legacy planning and wealth management needs of high-net-worth customers.

In Global WAM, we completed the acquisition of CQS, a U.K.-based multi-sector alternative credit manager, which

positively contributed to Global WAM net flows and core earnings in 2024. We have leveraged these expanded

investment capabilities to launch the John Hancock Multi Asset Credit Fund in U.S. Retail. This fund is a strong

addition to our growing lineup of liquid and semi-liquid alternative offerings which are part of our larger credit

franchise.

In Canada, we introduced a guaranteed issue life product, designed to provide accessible life insurance coverage

with guaranteed fixed premiums for a wide range of individuals seeking straightforward and reliable life insurance

coverage. Also, we refreshed our suite of segregated fund options with a new product that features a simplified,

all-inclusive fee structure and offers Canadians an investment solution to help with their estate planning needs.

In the U.S., we entered into a strategic distribution collaboration with Annexus — one of the nation's leading

independent retirement planning product design and distribution companies — to expand our portfolio of indexed

account offerings and reach a wider market with our Protection Indexed Universal Life solution.

We have made significant progress on our ambition to be the most digital, customer-centric company in

our industry

We are driving value from generative AI by rapidly scaling use cases across our organization. We had 27 use

cases in production, with another 32 in development at the end of 2024. Our continued investment in foundational

capabilities has put us in a strong position, and enabled faster and easier execution in deploying AI-based

solutions. We are able to quickly scale use cases, enhancing value for our customers and our business.

In Asia, we strengthened agent-customer interactions through the launch of an innovative generative AI sales tool

in both Singapore and Japan. It enables our agents to automatically create personalized engagement strategies to

offer customers the right solutions at the right time based on their needs, preferences, demographic data and

transaction histories.

In Global WAM, we advanced and broadened our wealth planning and advice business with the implementation of

a new advisor retail wealth platform and an AI-powered planning tool in Canada, and a new AI-powered sales

enablement app in Asia. These tools improve productivity for advisors and agents and deliver an enhanced digital

experience for investors.

In Canada, we entered into a multi-year loyalty rewards partnership agreement with Aeroplan. We launched the

Aeroplan Rewards and Challenges program in the Manulife mobile app that enables eligible group benefits plan

members to earn reward points by completing programs and benefits-related activities to encourage health and

well-being.

In the U.S., we continued to modernize the end-to-end purchase and delivery process by introducing a term

solution with digital policy delivery, payment capabilities, and easy registration process to the Life Customer

Storefront as well as Vitality’s website.

Record core earnings for full year and 4Q24 reflecting strong growth in our highest potential businesses11

Core earnings of $7.2 billion in 2024, up 8% from 2023, and $1.9 billion in 4Q24, up 6% from 4Q23

The increase in 2024 reflected strong business growth led by Global WAM and Asia, and a lower net charge in the

provision for Expected Credit Loss, which more than offset the impacts of GMT and reinsurance transactions that

were closed earlier in 2024. Excluding the impact of GMT, full year 2024 core earnings increased 10% from the

prior year4.

In 4Q24, strong momentum continued in Global WAM, Asia and Canada where we generated double-digit growth

compared with 4Q23.

•Asia core earnings were up 16% in 4Q24, reflecting continued business growth momentum and impacts

from the annual updates to actuarial methods and assumptions.

•Global WAM core earnings increased 34% primarily driven by higher net fee income from favourable

market impacts and positive net flows. In addition, 4Q24 core earnings benefited from certain non-

recurring tax true-ups and tax benefits, performance fees from CQS, and continued expense discipline.

•In Canada, more favourable insurance experience overall, and business growth in Group Insurance drove

an 11% increase in 4Q24 core earnings.

•U.S. core earnings decreased 16%, reflecting lower investment spreads, impacts from the previously

completed reinsurance transaction and the annual review of actuarial methods and assumptions.

•In Corporate and Other, core earnings decreased $72 million, mainly due to the impact of GMT and higher

interest on capital allocated to operating segments.

Net Income attributed to shareholders of $5.4 billion in 2024, $0.3 billion higher compared with 2023, and

$1.6 billion in 4Q24, in line with 4Q23

The $0.3 billion increase in 2024 net income was driven by core earnings growth and improved market experience,

partially offset by a higher net charge related to the updates to actuarial methods and assumptions and lower tax-

related benefits. The net charge from market experience in 2024 was primarily related to lower-than-expected

returns on alternative long-duration assets (“ALDA”), driven by real estate and private equity investments, as well

as realized loss due to the sale of debt instruments related to the reinsurance transactions that were closed in

2024. This realized loss due to the sale of debt instruments was broadly offset by an associated change in Other

Comprehensive Income, resulting in a neutral impact to book value.

4Q24 net income was in line with prior year, as core earnings growth offset the non-recurrence of the impact from

updates to actuarial methods and assumptions in 4Q23. The net charge from market experience in 4Q24 was

primarily related to lower-than-expected returns on public equity and lower-than-expected returns on ALDA, driven

by real estate investments.

30%+ increases in insurance new business results and $13.3 billion of net inflows in Global WAM

APE sales, new business CSM and NBV hit record levels in 2024 and increased 30%, 32% and 32%,

respectively, year-over-year. We achieved our four best quarters ever in 2024 for all three metrics

•Asia led with continued momentum throughout 2024 and achieved substantial top-line growth, generating

36%, 38% and 35% increases in APE sales, new business CSM and NBV, respectively, driven by broad-

based growth across Asia, led by Hong Kong. NBV margin7 remained resilient at 40.7%.

•In Canada, APE sales and NBV increased 20% and 28%, respectively, driven by higher sales volumes in

Group Insurance across all group benefits markets, in participating life insurance and in segregated fund

products. New business CSM increased 59%, benefiting from higher sales volumes and higher margins

from Individual Insurance and Annuities.

•In the U.S., APE sales and NBV increased 9% and 14%, respectively, mainly related to increased demand

Our 4Q24 new business results demonstrated strong momentum with year-over-year growth of 42%, 32%

and 31% in APE sales, new business CSM and NBV, respectively

•Asia continued to generate positive momentum in 4Q24 and grew APE sales, new business CSM and

NBV by 63%, 38% and 37%, respectively, driven by broad-based growth across Asia.

•Canada increased APE sales, new business CSM and NBV by 4%, 66% and 21%, respectively, reflecting

strong sales growth in participating life insurance and segregated fund products. Lower Group Insurance

sales modestly impacted the overall growth in APE sales and NBV.

•In the U.S., 4Q24 APE sales and NBV increased 7% and 17%, respectively, driven by increased demand

Global WAM net inflows of $13.3 billion in 2024, $8.8 billion higher compared with net inflows of $4.5

billion in 2023, reflecting strong retail net flows and improved net flows in retirement. This contributes to

Global WAM’s track record of generating positive net flows in 14 out of the past 15 years

•Retirement net inflows of $0.7 billion in 2024 increased from net outflows of $4.0 billion in 2023, primarily

driven by the non-recurrence of large-case retirement plan redemptions by a single sponsor in the U.S.

and higher new retirement plan sales, partially offset by higher member withdrawals.

•Retail net inflows of $6.8 billion in 2024 increased from net outflows of $0.5 billion in 2023, driven by

sentiment.

•Institutional Asset Management net inflows of $5.7 billion in 2024 decreased compared with net inflows of

$9.0 billion in 2023, reflecting lower net flows from fixed income and equity mandates.

Global WAM net inflows of $1.2 billion in 4Q24, increased $2.5 billion compared with net outflows of $1.3

billion in 4Q23, driven by continued strong retail net flows across all geographies

•Retirement net outflows of $1.9 billion in 4Q24 improved from net outflows of $2.5 billion in 4Q23, primarily

driven by the non-recurrence of a large-case retirement plan redemption in the U.S. and higher member

contributions, partially offset by higher withdrawals.

•Retail net inflows of $1.3 billion in 4Q24 improved from net outflows of $1.0 billion in 4Q23, driven by

sentiment.

•Institutional Asset Management net inflows of $1.8 billion in 4Q24 decreased compared with net inflows of

$2.1 billion in 4Q23, as higher net flows from fixed income mandates were more than offset by lower net

flows in equity mandates.

CSM balance increased 3% with contribution from organic CSM movement of 6%4,7

CSM was $22,127 million as at December 31, 2024

CSM increased $1,687 million compared with December 31, 2023. Organic CSM movement contributed $1,231

million of the increase in 2024, driven by the impact of new business and interest accretion, partially offset by

amortization recognized in core earnings and unfavourable insurance experience. Inorganic CSM movement was

an increase of $456 million in 2024, primarily driven by the favourable impacts of changes in foreign currency

exchange rates, partially offset by the impacts of reinsurance transactions and the annual review of actuarial

methods and assumptions. Post-tax CSM net of NCI3 was $19,682 million as at December 31, 2024.

(1)Comprised of annualized premium equivalent (“APE”)  sales, new business contractual service margin net of NCI (“new business CSM”), new business value

(“NBV”), and Global Wealth and Asset Management (“Global WAM”) net flows.

(2)Diluted core earnings per common share (“core EPS”), core EPS excluding the impact of GMT, 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.

(3)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 2024 Management’s Discussion and Analysis (“2024

MD&A”).

(4)Percentage growth / declines in core earnings, core EPS, core EPS excluding the impact of GMT, diluted earnings (loss) per share (“EPS”), net income

attributed to shareholders, new business CSM, core earnings excluding the impact of GMT and contractual service margin net of NCI (“CSM”) are stated on a

constant exchange rate basis and are non-GAAP ratios.

(5)On June 20, 2024, Canada enacted the Global Minimum Tax Act. The impact was reflected in Corporate & Other in situations where GMT was not substantively

enacted in local jurisdictions where we operated as of December 31, 2024.

(6)Life Insurance Capital Adequacy Test (“LICAT”) ratio of The Manufacturers Life Insurance Company (“MLI”) as at December 31, 2024. LICAT ratio is disclosed

under the Office of the Superintendent of Financial Institutions Canada’s (“OSFI’s”) Life Insurance Capital Adequacy Test Public Disclosure Requirements

guideline.

(7)For more information on remittances, APE sales, NBV, net flows, gross flows, average assets 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 / declines in APE sales,

NBV, net flows, gross flows, average AUMA and organic CSM are stated on a constant exchange rate basis.

(8)See “Caution regarding forward-looking statements” below.

(9)The benefits from our global digital, customer leadership initiatives include expense saves, growth absorption, revenue benefits (margin businesses) and new

business CSM growth (insurance).

(10)Manulife Pro is available in Singapore, Vietnam, Indonesia, Japan and Hong Kong.

(11)See “Profitability” in section 1 “Manulife Financial Corporation” and section 8 “Fourth Quarter Financial Highlights” in our 2024 MD&A for more information on

notable items attributable to core earnings and net income attributed to shareholders.

Earnings Results Conference Call

Manulife will host a conference call and live webcast on its fourth quarter and full year 2024 results on February

20, 2025, at 8:00 a.m. (ET). To access the conference call, dial 1-800-806-5484 or 1-416-340-2217 (Passcode:

8414068#). Please call in 15 minutes before the start time. You will be required to provide your name and

organization to the operator. You may access the webcast at 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 March 22, 2025, by dialing 1-800-408-3053 or 1-905-694-9451 (Passcode: 7315507#).

The Fourth Quarter 2024 Statistical Information Package is also available on the Manulife website at:

www.manulife.com/en/investors/results-and-reports.

This earnings news release should be read in conjunction with the Company’s 2024 MD&A and Consolidated

Financial Statements for the year and the quarter ended December 31, 2024, prepared in accordance with

International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board,

which is available on our website at www.manulife.com/en/investors/results-and-reports. The Company’s 2024

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 InquiriesInvestor Relations

Anne HammerHung Ko

(201) 925-1213(416) 806-9921

ahammer@manulife.com            hung_ko@manulife.com

Earnings

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

items excluded from core earnings:

Non-GAAP and other financial measures

The Company prepares its Consolidated Financial Statements in accordance with International Financial

Reporting Standards (“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, core

earnings available to common shareholders excluding the impact of GMT; adjusted book value; post-tax

contractual service margin; post-tax contractual service margin net of NCI (“post-tax CSM net of NCI”); 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”); core EPS excluding the impact of GMT; expense efficiency ratio; adjusted book

value per common share; financial leverage ratio; core EBITDA margin; 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 remittances; 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 the new business CSM were provided in the 2024 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 2024 MD&A, which is incorporated by reference.

Reconciliation of core earnings to net income attributed to shareholders — 2024

Core earnings, CER basis and U.S. dollars — 2024

(1)The impact of updating foreign exchange rates to that which was used in 4Q24.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 4Q24.

(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for the four respective quarters that make up

2024 core earnings.

Reconciliation of core earnings to net income attributed to shareholders — 2023

Core earnings, CER basis and U.S. dollar — 2023

(1)The impact of updating foreign exchange rates to that which was used in 4Q24.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 4Q24.

(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for the four respective quarters that make up

2023 core earnings.

Reconciliation of core earnings to net income attributed to shareholders — 4Q24

Core earnings, CER basis and U.S. dollars — 4Q24

(1)The impact of updating foreign exchange rates to that which was used in 4Q24.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 4Q24.

(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 4Q24.

Reconciliation of core earnings to net income attributed to shareholders — 3Q24

Core earnings, CER basis and U.S. dollars — 3Q24

(1)The impact of updating foreign exchange rates to that which was used in 4Q24.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for  4Q24.

(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 3Q24.

Reconciliation of core earnings to net income attributed to shareholders — 4Q23

Core earnings, CER basis and U.S. dollars — 4Q23

(1)The impact of updating foreign exchange rates to that which was used in 4Q24.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 4Q24.

(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 4Q23.

Core earnings available to common shareholders

(1)The impact of updating foreign exchange rates to that which was used in 4Q24.

Core ROE

CSM and post-tax CSM information

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

   

(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 4Q24.

 

Adjusted book value

($ millions)

New Business CSM detail, CER Basis

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