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TORONTO, ON – August 6, 2025 – Manulife Financial Corporation (“Manulife” or the “Company”) reported its

second quarter results for the period ended June 30, 2025, delivering continued strong momentum in new business

growth and strong earnings growth in our highest potential businesses.1

Key highlights for the second quarter of 2025 (“2Q25”) include:

•Core earnings2 of $1.7 billion, a 2% decrease on a constant exchange rate basis3 compared with the second

quarter of 2024 (“2Q24”)

•Excluding the impact of the change in expected credit loss (“ECL”), core earnings was $1.8 billion, up 2%

from 2Q242,3

•Net income attributed to shareholders of $1.8 billion, an increase of $0.7 billion compared with 2Q24

•Core EPS4 of $0.95, up 2%3 from 2Q24. EPS of $0.98, up 88%3 from 2Q24

•Excluding the impact of the change in ECL, core EPS was $0.99, up 7% from 2Q243,4

•Core ROE4 of 15.0% and ROE of 15.6%

•LICAT ratio5 of 136%

•APE sales up 15%6, new business CSM up 37%3 and new business value (“NBV”) up 20%6 from 2Q247,8

•Global Wealth and Asset Management (“Global WAM”) net inflows6 of $0.9 billion, up from $0.1 billion in 2Q24

•Announced today the agreement to acquire a 75% stake in Comvest Credit Partners, adding US$14.7 billion9 to

our Global WAM platform. The transaction is expected to close in the fourth quarter of 202510

to

 

Results at a Glance

Results by Segment

Strategic Highlights

We are embedding AI across our business, accelerating our journey to become a Digital, Customer Leader

and earning the top spot for AI maturity in our industry 

In Global WAM, we launched an AI-powered sales enablement solution in U.S. Retirement, delivering real-time

insights and personalized content to enhance our sales operation and productivity, improve our sales close ratio,

and drive revenue growth. This doubled the number of sales opportunities compared with 2Q24 and reduced the

time spent on information searches by over 50%.

In Asia, we rolled out VOICE in Singapore and Japan, a multi-signal dashboard that includes call trend analysis,

net sentiment scores, topic trends and deep dive insights from call center transcripts. VOICE utilizes GenAI to

categorize data, find correlations, and customize insights by analyzing near real-time trends from customer

interactions. These insights help us to better understand customer sentiment and key interests, enhance services,

improve training, and identify opportunities to better deliver value to our customers.

In the U.S., we launched a GenAI functionality in long-term care (“LTC”) to enhance automated claims processing

to strengthen the value of our LTC business and provide insights for future innovations.

In Canada, we launched an end-to-end digital travel insurance platform that modernizes the distributor experience

and simplifies the purchasing process for Canadians and their families.

We were ranked first in the life insurance sector for AI maturity in the inaugural Evident AI Index for Insurance11,

ranking in the top five across the insurance industry overall. Our strong performance, particularly around

Leadership and Transparency, is a testament to the multi-year investments in AI across the Company, reflecting

our capability in scaling AI effectively.

We continue to strengthen our distribution capabilities and expand product offerings to meet evolving

customer needs

In Asia, we demonstrated the strength of our agency force with a 23% year-over-year increase in the number of

Million Dollar Round Table (“MDRT”) members for Manulife Asia, positioning us as the third largest globally in 2025

MDRT membership.12

In addition, we became the first international life insurer to establish an office in the Dubai International Financial

Centre13 dedicated to advising on and offering life insurance contracts to high-net-worth (“HNW”) customers. This

strategic move deepens our presence in the Middle East and enhances our ability to address the growing wealth

and protection needs of HNW and ultra-HNW individuals in the region.

In Global WAM, we continued to deliver comprehensive investment solutions by expanding our Global Retail

product lineup with the launch of a diversified real assets strategy in Malaysia to help investors navigate market

volatility. In addition, we introduced four new actively managed ETF series in Canada, enhancing access to

diversified equity and fixed income exposures, to meet evolving investor needs.

Furthermore, we enhanced the Manulife iFUNDS platform, making it the first integrated digital wealth solution in

Singapore that offers advisors a unified view of clients’ Unit Trust and Investment-Linked Plan (“ILP”) holdings. By

integrating these into a single platform and incorporating AI-powered ILP analytics capabilities, the enhancements

streamline portfolio oversight, accelerate transaction execution, and empower advisors to deliver more

personalized and insightful financial guidance.

In Canada, we partnered with Maven Clinic, the world’s largest virtual clinic for women’s and family health14, to

offer eligible Group Benefits members 24/7 virtual access to personalized support during some of their most

important stages of life, including fertility, maternity, parenting, and menopause. This initiative addresses critical

care gaps that impact women’s health and workforce participation.

In the U.S., we expanded our wholesaling team to pursue more targeted growth strategies and accelerate our

penetration within the U.S. HNW and mass affluent markets.

Resilient earnings with strong contributions from Global WAM and Asia15

Core earnings of $1.7 billion in 2Q25, down 2% from 2Q24

Core earnings decreased as strong business growth in Global WAM, Asia and Canada was offset by unfavourable

life insurance claims experience in the U.S. and strengthened ECL provisions.

•Asia core earnings increased 13%, reflecting continued business growth, favourable claims experience and

improved impact of new business, partially offset by strengthened ECL provisions.

•Global WAM core earnings increased 19%, driven by higher net fee income from favourable market impacts

over the past 12 months and positive net flows, higher performance fees and continued expense discipline,

partially offset by the impact of lower fee spreads and higher taxes.

•Canada core earnings were up 4%, as business growth in Group Insurance and higher investment spreads

more than offset the impacts of a release in ECL provision in 2Q24 and the RGA Canadian universal life

reinsurance transaction.16

•U.S. core earnings decreased 53%, reflecting unfavourable life insurance claims experience, lower investment

spreads and strengthened ECL provisions.

•Corporate and Other core earnings improved by $12 million, primarily driven by lower long-term incentive

compensation.

Net Income attributed to shareholders of $1.8 billion in 2Q25, $0.7 billion higher compared with 2Q24

The $0.7 billion increase in net income was driven by improved market experience. The net gain from market

experience in 2Q25 reflects higher-than-expected returns on public equities and gains from derivatives and hedge

accounting ineffectiveness, partially offset by lower-than-expected returns on alternative long-duration assets,

mainly related to real estate and private equity investments.

Continued momentum in insurance new business results and positive net flows in Global WAM

APE sales, new business CSM and NBV increased 15%, 37% and 20%, respectively, reflecting continued

sales momentum and margin expansions

•Asia continued to generate strong growth in APE sales, new business CSM and NBV, with a year-over-year

increase of 31%, 34% and 28%, respectively, reflecting higher sales volumes in Hong Kong and Asia Other.17

NBV margin of 40.0% was approximately in line with the prior year quarter and increased sequentially.

•In Canada, APE sales decreased 34%, as strong participating life insurance sales were more than offset by

the non-recurrence of a large-case Group Insurance sale in 2Q24. These sales results, combined with a more

favourable product mix, drove a 1% increase in NBV. New business CSM increased 32%, reflecting the strong

sales growth in Individual Insurance.

•U.S. delivered strong new business growth this quarter, increasing APE sales, new business CSM and NBV by

40%, 59% and 12%, respectively, reflecting continued demand for our accumulation insurance products.

Global WAM net inflows of $0.9 billion in 2Q25, $0.8 billion higher compared with net inflows of $0.1 billion

in 2Q24

•Retirement net inflows of $2.0 billion in 2Q25 increased compared with net outflows of $1.3 billion in 2Q24,

reflecting higher retirement plan sales across all geographies and a large-case retirement plan redemption in

the U.S. in 2Q24.

•Retail net outflows of $3.2 billion in 2Q25 increased compared with net outflows of $0.1 billion in 2Q24, driven

by lower net sales through third-party intermediaries in North America and in money markets funds in mainland

China. This is partially offset by higher net sales through our retail wealth platform.

•Institutional Asset Management net inflows of $2.1 billion in 2Q25 increased compared with net inflows of $1.4

billion in 2Q24, driven by lower redemptions in fixed income mandates, partially offset by higher redemptions

in equity mandates.

New business growth continued to drive higher organic CSM and CSM balance

CSM18 was $22,316 million as at June 30, 2025

CSM increased $189 million compared with December 31, 2024. Organic CSM movement contributed $1,162

million of the increase for the first half of 2025, representing an 11%6 growth on an annualized basis, 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 $973 million for the

same period, primarily driven by the impacts of changes in foreign currency exchange rates. Post-tax CSM net of

NCI2 was $18,527 million as at June 30, 2025.

(1)Highest potential businesses include Asia segment, Global Wealth and Asset Management, Canada group benefits and North American behavioural insurance

products.

(2)Core earnings, core earnings excluding the impact of the change in ECL, core expenses 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 2Q25 Management’s Discussion and Analysis (“2Q25 MD&A”).

(3)Percentage growth/declines in core earnings, core earnings excluding the impact of the change in ECL, diluted core earnings per common share (“core EPS”),

diluted earnings (loss) per share (“EPS”), core EPS excluding the impact of the change in ECL, new business contractual service margin net of NCI (“new

business CSM”), and net income attributed to shareholders are stated on a constant exchange rate basis and are non-GAAP ratios.

(4)Core EPS, core EPS excluding the impact of the change in ECL, core ROE, core EBITDA margin, financial leverage ratio and adjusted book value per common

share (“adjusted BV per common share”) are non-GAAP ratios.

(5)Life Insurance Capital Adequacy Test (“LICAT”) ratio of The Manufacturers Life Insurance Company (“MLI”) as at June 30, 2025. 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.

(6)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, average AUMA and organic CSM are stated on a constant exchange rate basis.

(7)2024 quarterly and year-to-date core earnings, NBV, core EPS, core ROE, adjusted BV per common share, and financial leverage ratio have been updated to

align with the presentation of Global Minimum Taxes (“GMT”) in 2025. See section A7 “Global Minimum Taxes (GMT)” in our 2Q25 MD&A for more information.

(8)Refers to “Results at a Glance” for 2Q25 and 2Q24 results.

(9)Includes Comvest fee paying AUM of US$11 billion and Comvest committed capital of US$3.7 billion.

(10)Subject to customary closing conditions and approvals. See “Caution regarding forward-looking statements” below. See the press release announcing the

acquisition for further details on the transaction and Comvest Credit Partners.

(11)The Evident AI Index for Insurance assesses AI maturity across 30 of the most prominent insurance companies in North America and Europe, measuring

progress across four key categories: Talent, Innovation, Leadership, and Transparency.

(12)Announced in July 2025, based on 2024 new business sales.

(13)The Dubai International Financial Centre is a special economic zone in Dubai designed to facilitate financial and business activities in the Middle East, Africa and

South Asia region.

(14)Maven Clinic, Meet Maven, 2024.

(15)See section A1 “Profitability” in our 2Q25 MD&A for more information on notable items attributable to core earnings and net income attributed to shareholders.

(16)The reinsurance transaction with RGA Life Reinsurance Company of Canada (“RGA Canadian Reinsurance Transaction”) closed April 1, 2024.

(17)Asia Other excludes Hong Kong and Japan.

(18)Net of non-controlling interests (“NCI”).

Earnings Results Conference Call

Manulife will host a conference call and live webcast on its Second Quarter 2025 results on August 7, 2025, at

8:00 a.m. (ET). To access the conference call, dial 1-800-806-5484 or 1-416-340-2217 (Passcode: 8528599#).

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 September 6, 2025, by dialing 1-800-408-3053 or 1-905-694-9451 (Passcode: 1098664#).

The Second Quarter 2025 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 Second Quarter 2025 Report to

Shareholders, including our unaudited interim Consolidated Financial Statements for the three and six months

ended June 30, 2025, 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.html. The Company’s 2Q25 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.

Earnings

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

items excluded from core earnings:

(1)2024 quarterly and year-to-date core earnings by segment, and 1Q24 total core earnings have been updated to align with the presentation of GMT in 2025, with

a corresponding offset in items excluded from core earnings. See section A7 “Global Minimum Tax (GMT)” in our 2Q25 MD&A for more information.

Global Minimum Taxes (“GMT”)

On June 20, 2024, the Canadian government passed the Global Minimum Tax Act into law. Canada’s GMT is

applied retroactively to fiscal periods commencing on or after December 31, 2023. As additional local jurisdictions

are expected to enact the GMT in 2025, GMT is now recognized in net income in the reporting segments whose

earnings are subject to this tax. GMT is reported in both core earnings and items excluded from core earnings in

line with our definition of core earnings in section E3 “Non-GAAP and Other Financial Measures” of the 2Q25

MD&A.

To improve the comparability of results between 2025 and 2024, we have updated certain 2024 non-GAAP and

other financial measures to reflect the impact of GMT, including quarterly core earnings, core ROE, core EPS,

financial leverage ratio, adjusted book value per common share, new business value, and post-tax CSM net of

NCI. For further information and a complete list of the impacted financial measures, please see section A7 “Global

Minimum Taxes (GMT)” of the 2Q25 MD&A, which is incorporated by reference.

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 excluding the impact of the change in

ECL; core earnings available to common shareholders excluding the impact of the change in ECL; 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”); 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”); diluted core earnings per common share excluding the impact of the change in ECL

(“core EPS excluding the impact of the change in ECL”); 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 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 2Q25 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 2Q25 MD&A, which is incorporated by reference.

Reconciliation of core earnings to net income attributed to shareholders – 2Q25

Core earnings, CER basis and U.S. dollars – 2Q25

(1)The impact of updating foreign exchange rates to that which was used in 2Q25.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q25.

(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 2Q25.

Reconciliation of core earnings to net income attributed to shareholders – 1Q25

Core earnings, CER basis and U.S. dollars – 1Q25

(1)The impact of updating foreign exchange rates to that which was used in 2Q25.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q25.

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

Reconciliation of core earnings to net income attributed to shareholders – 2Q24(1)

(1)This reconciliation and related core earnings reconciliations below have been updated to align with the presentation of GMT in 2025. See section A7 “Global

Core earnings, CER basis and U.S. dollars – 2Q24

(1)The impact of updating foreign exchange rates to that which was used in 2Q25.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q25.

(3)Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for 2Q24.

Reconciliation of core earnings to net income attributed to shareholders – YTD 2025

Core earnings, CER basis and U.S. dollars – YTD 2025

(1)The impact of updating foreign exchange rates to that which was used in 2Q25.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q25.

(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for the respective quarters that make up 2025

Reconciliation of core earnings to net income attributed to shareholders – YTD 2024(1)

(1)This reconciliation and related core earnings reconciliations below have been updated to align with the presentation of GMT in 2025. See section A7 “Global

Core earnings, CER basis and U.S. dollars – YTD 2024

(1)The impact of updating foreign exchange rates to that which was used in 2Q25.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q25.

(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for the respective quarters that make up 2024

Core earnings available to common shareholders(1)

(1)2024 reconciliations have been updated to align with the presentation of GMT in 2025.

(2)The impact of updating foreign exchange rates to which was used in 2Q25.

Core ROE(1)

(1)2024 reconciliations have been updated to align with the presentation of GMT in 2025. See section A7 “Global Minimum Taxes (GMT)” in our 2Q25 MD&A for

CSM and post-tax CSM information(1)

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

(1)2024 reconciliations have been updated to align with the presentation of GMT in 2025. See section A7 “Global Minimum Taxes (GMT)” in our 2Q25 MD&A for

(2)The impact of reflecting CSM and CSM net of NCI using the foreign exchange rates for the Statement of Financial Position in effect for 2Q25.

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)