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6-K 1 a3q25form6-kxreporttoshare.htm 6-K 3Q25 Form 6-K - Report to Shareholders - 12Nov2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2025

Commission File Number: 1-14942

MANULIFE FINANCIAL CORPORATION

(Translation of registrant's name into English)

200 Bloor Street East

North Tower 10

Toronto, Ontario, Canada M4W 1E5

(416) 926-3000

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-

F or Form 40-F.


Form 20-F	¨	Form 40-F	☒

The registrant’s Management’s Discussion and Analysis and Unaudited Interim Consolidated Financial Statements for the

quarter ended September 30, 2025 included in the registrant’s 2025 Third Quarter Report to Shareholders filed with this

Form 6-K as Exhibit 99.1, are incorporated by reference in the registration statements filed with the Securities and

Exchange Commission by the registrant on Form S-8 (Registration Nos. 333-12610, 333-13072, 333-114951, 333-129430,

333‑157326, 333-211366, 333-272672, 333-277446 ), on Form F‑3 (Registration No. 333-159176) and on Form F-10

(Registration No. 333-290499). Except for the foregoing, no other document or portion of a document filed with this Form

6-K is incorporated by reference in the above registration statements.

DOCUMENTS FILED AS PART OF THIS FORM 6-K

The following documents, filed as exhibits to this Form 6-K, are incorporated by reference as

part of this Form 6-K:


Exhibit	Description of Exhibit

99.1	Third Quarter Report to Shareholders

99.2	Certificate Chief Executive Officer

99.3	Certificate Chief Financial Officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly

caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	MANULIFE FINANCIAL CORPORATION

	By:	/s/ Eddy Mezzetta
	Name:	Eddy Mezzetta
	Title:	Vice President and Chief Counsel, Corporate Law
Date: November 12, 2025

EX-99.1 2 q32025reporttoshareholders.htm EX-99.1 Q3 2025 Report to Shareholders

Third Quarter

Report to

Shareholders

Three and nine months ended

September 30, 2025

Manulife Financial Corporation

1 Core earnings and core earnings excluding the impact of the change in ECL are non-GAAP financial measures. For more information on non-GAAP and other

financial measures, see “Non-GAAP and other financial measures” in our 3Q25 Management’s Discussion and Analysis (“3Q25 MD&A”).

2 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 and new business contractual service margin net of NCI (“new

business CSM”) are stated on a constant exchange rate (“CER”) basis and are non-GAAP ratios.

3 Core EPS, core EPS excluding the impact of the change in ECL, core ROE, core EBITDA margin 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 September 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.

5 For more information on APE sales, new business value (“NBV”) and net flows, see “Non-GAAP and other financial measures” in our 3Q25 MD&A. In this news

release, percentage growth/decline in APE sales, NBV and net flows are stated on a constant exchange rate basis.

6 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 3Q25 MD&A for more information.

7 Refers to “Results at a Glance” for 3Q25 and 3Q24 results.

8 PT Schroder Investment Management Indonesia.

9 See “Caution regarding forward-looking statements”.


Manulife Financial Corporation – Third Quarter 2025	1

Manulife Financial Corporation (“Manulife” or the “Company”) reported its third quarter results for the

period ended September 30, 2025, delivering record core earnings and double-digit growth in core EPS.

Key highlights for the third quarter of 2025 (“3Q25”) include:

•Core earnings1 of $2.0 billion, up 10% on a CER basis2 compared with the third quarter of 2024 (“3Q24”)

•Excluding the impact of the change in expected credit loss (“ECL”), core earnings was $2.0 billion, up 6% from

3Q241,2

•Net income attributed to shareholders of $1.8 billion, in line with 3Q24

•Core EPS3 of $1.16, up 16%2 from 3Q24. EPS of $1.02, up 2%2 from 3Q24

•Excluding the impact of the change in ECL, core EPS was $1.14, up 11% from 3Q242,3

•Core ROE3 of 18.1% and ROE of 16.0%

•LICAT ratio4 of 138%

•APE sales up 8%5, new business CSM up 25%2 and new business value (“NBV”) up 11%5 from 3Q246,7

•Global Wealth and Asset Management (“Global WAM”) net outflows5 of $6.2 billion, compared with $5.2 billion of net

inflows in 3Q24

“We delivered another quarter of strong financial and operating performance, driven by focused execution and the strength

and diversity of our global franchise. Core earnings in Asia, Global WAM and Canada reached record levels, and new business

momentum continued, with all three insurance segments growing new business CSM by 15% or greater. While our Global

WAM business saw net outflows, core EBITDA margin3 continued to expand, highlighting our positive operating leverage. And

our acquisition of Comvest Credit Partners and the agreement to acquire Schroders Indonesia8 reinforce our disciplined,

strategic approach to capital deployment, adding capabilities and expanding the solutions we offer customers, to drive growth.

“Our refreshed strategy, with clear priorities, strengthens our confidence in the delivery of our 2027 targets, and positions

Manulife for long-term success as a globally diversified financial services leader, headquartered in Canada.9”

— Phil Witherington, Manulife President & Chief Executive Officer

“Core ROE and book value per common share improved meaningfully year over year, highlighting the strength of our

underlying business performance and quality of our portfolio. Our annual review of actuarial methods and assumptions, which

included our U.S. long-term care business, resulted in a net favourable impact of a $605 million decrease in overall pre-tax

fulfillment cash flows. With a LICAT ratio of 138% and a financial leverage ratio of 22.7%3, our robust capital position and

strong balance sheet position us well for the future.”

— Colin Simpson, Manulife Chief Financial Officer

1 Percentage growth/decline in net income attributed to shareholders is stated on a constant exchange rate basis and is a non-GAAP ratio.

2 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 3Q25 MD&A for more information.

3 Adjusted book value per common share is a non-GAAP ratio.

4 For more information on gross flows and average asset under management and administration (“average AUMA”), see “Non-GAAP and other financial

measures” in our 3Q25 MD&A. In this news release, percentage growth/declines in gross flows and average AUMA are stated on a constant exchange rate

basis.


Manulife Financial Corporation – Third Quarter 2025	2

Results at a Glance


($ millions, unless otherwise stated)	Quarterly Results			YTD Results
($ millions, unless otherwise stated)	3Q25	3Q24	Change	2025	2024	Change
Net income attributed to shareholders1	$1,799	$1,839	(3)%	$4,073	$3,747	7%
Core earnings2	$2,035	$1,828	10%	$5,528	$5,275	3%
EPS ($)	$1.02	$1.00	2%	$2.25	$1.97	12%
Core EPS ($)2	$1.16	$1.00	16%	$3.10	$2.82	7%
ROE	16.0%	16.6%	(0.6) pps	11.8%	11.3%	0.5 pps
Core ROE2	18.1%	16.6%	1.5 pps	16.2%	16.2%	0.1 pps
Book value per common share ($)	$26.07	$24.40	7%	$26.07	$24.40	7%
Adjusted BV per common share ($)2,3	$38.22	$34.27	12%	$38.22	$34.27	12%
Financial leverage ratio (%)2	22.7%	23.9%	(1.2) pps	22.7%	23.9%	(1.2) pps
APE sales	$2,576	$2,347	8%	$7,495	$6,137	19%
New business CSM	$966	$759	25%	$2,755	$2,045	31%
NBV2	$906	$806	11%	$2,659	$2,138	21%
Global WAM net flows ($ billions)	$(6.2)	$5.2	-%	$(4.8)	$12.0	-%

Results by Segment


($ millions, unless otherwise stated)	Quarterly Results			YTD Results
($ millions, unless otherwise stated)	3Q25	3Q24	Change	2025	2024	Change
Asia (US$)
Net income attributed to shareholders	$649	$606	7%	$1,684	$1,300	29%
Core earnings	550	428	29%	1,562	1,342	16%
APE sales	1,452	1,372	5%	4,097	3,242	26%
New business CSM	516	435	18%	1,494	1,148	29%
NBV	490	453	7%	1,398	1,122	24%
Canada
Net income attributed to shareholders	$449	$430	4%	$1,061	$782	36%
Core earnings	428	412	4%	1,221	1,178	4%
APE sales	374	343	9%	1,210	1,313	(8)%
New business CSM	109	95	15%	300	241	24%
NBV	159	143	11%	500	459	9%
U.S. (US$)
Net income attributed to shareholders	$(54)	$5	-%	$(425)	$23	-%
Core earnings	241	302	(20)%	633	940	(33)%
APE sales	146	97	51%	396	303	31%
New business CSM	106	52	104%	262	178	47%
NBV	52	34	53%	146	112	30%
Global WAM
Net income attributed to shareholders	$523	$498	5%	$1,448	$1,213	17%
Core earnings	525	479	9%	1,442	1,214	17%
Gross flows ($ billions)4	47.3	41.3	14%	141.4	128.2	8%
Average AUMA ($ billions)4	1,066	963	10%	1,038	924	10%
Core EBITDA margin (%)	30.9%	27.8%	310 bps	29.8%	26.6%	320 bps

1 Includes AUM of US$11 billion and committed capital of US$3.7 billion as of June 30, 2025.

2 Subject to the receipt of regulatory approvals. See “Caution Regarding Forward-looking Statements”.


Manulife Financial Corporation – Third Quarter 2025	3

Strategic Highlights

For the first time, Manulife was included in the TIME World’s Best Companies (2025) List, which encompassed 1,000 global

organizations. The assessment focused on three key dimensions: employee satisfaction, revenue growth, and sustainability

transparency.

Furthermore, Manulife has been upgraded by MSCI from AA to AAA in its ESG rating, the highest possible rating, recognizing

our strong governance and proactive management of sustainability-related risks.

We are strategically deploying capital to enhance capabilities and drive growth

In Global WAM, we entered an agreement to acquire 75% of Comvest Credit Partners (“Comvest”), a U.S. private credit

manager with US$14.7 billion1 on its platform. The acquisition, which was completed on November 3, 2025, will enhance our

private credit capabilities and create a comprehensive platform, by aligning Comvest with Manulife’s existing senior credit

team. By leveraging Comvest’s investment philosophy and expertise, we will be able to offer clients expanded access to

differentiated private credit strategies.

In addition, we entered an agreement to acquire PT Schroder Investment Management Indonesia (“Schroders Indonesia”),

strengthening our position as the largest asset manager in Indonesia, and enabling us to deliver enhanced value to our clients

and stakeholders by leveraging their local expertise and client relationships. The transaction is subject to customary closing

conditions and regulatory approvals.

In November, we entered into an agreement to establish a 50:50 life insurance joint venture with Mahindra & Mahindra Ltd., an

existing partner through our asset management joint venture, to enter the India insurance market2. This partnership will expand

our global footprint and position us to grow across one of the world’s largest economies, delivering long-term value.

We are delivering differentiated customer experience and digital solutions with AI-powered innovations

In Hong Kong, we launched the Manulife AI Assistant, a leading GenAI-powered customer chatbot designed to handle

payment, claims, and policy-related inquiries on our websites. It provides 24/7 availability and contextual understanding for

accurate and instant responses to complex, multilingual customer queries in Chinese and English. Together with our e-claims

solutions, the Manulife AI Assistant has earned us two accolades in the Hong Kong Business Technology Excellence Awards

2025.

In Canada, we introduced an enhanced life and health insurance online application form that reduces complexity, accelerates

medical data collection, and shortens processing times through adaptive questioning and streamlined workflows, transforming

the digital experience for advisors. These efficiencies strengthen our competitiveness in the mass market segment and support

Manulife’s ambition of delivering scalable digital offerings.

Furthermore, we launched a GenAI-powered coaching tool for Licensed Insurance Advisor (“LIA”) supervisors in our Affinity

business that evaluates customer service calls, generating insights that allow supervisors to provide LIAs with more effective,

timely, and targeted feedback to enhance customer service and sales outcomes.

In the U.S., we partnered with Munich Re Life US to enhance underwriting efficiency through alitheia, its AI-driven risk

assessment platform, raising instant underwriting decision eligibility from US$3 million to US$5 million, enabling more

customers to experience a streamlined life insurance application process.

In Global WAM, we launched FutureChoiceTM, an open-architecture retirement plan solution in the U.S. FutureChoiceTM

expands our product offerings and strengthens our digital capabilities through the integration of AI to improve user experience,

by streamlining processes for client onboarding and participant access.

We are empowering our customers to focus on health, wealth and longevity across our global footprint

In Asia, we launched the enhanced ManulifeMOVE, our flagship lifestyle program, with initial rollout in Singapore in

September, followed by the Philippines in October. ManulifeMOVE empowers customers to take charge of their health and

well-being, with key enhancements including differentiated and expanded benefits across preventive health services, medical

and assistive care, cancer care support, health and well-being coaching, fitness and wellness experiences, alongside

community engagement.

In addition, we hosted Asia’s inaugural Manulife Longevity Symposium in Singapore in September, followed by the Philippines

in October, reinforcing our commitment to advancing Asia’s longevity movement. The symposium brought together over 1,000

healthcare experts, industry leaders, financial consultants, customers and partners to address the challenge of living not just

longer, but better, covering topics such as health and longevity innovations, and financial well-being.

In the U.S., we expanded our suite of insurance solutions by introducing an accumulation survivorship indexed universal life

product, John Hancock’s first offering in this product category. We also became the first life insurer to offer annual and

recurring access to GRAIL’s Galleri® multi-cancer test to eligible John Hancock Vitality members, expanding access to early

detection technology and reinforcing our commitment to helping customers live longer, healthier, and better lives.

1 See section A1 “Profitability” in our 3Q25 MD&A for more information on notable items attributable to core earnings and net income attributed to shareholders.

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

3 Asia Other excludes Hong Kong and Japan.

4 For more information on new business value margin ("NBV margin"), see "Non-GAAP and other financial measures" in our 3Q25 MD&A. In this news release,

percentage growth/decline in organic CSM is stated on a constant exchange rate basis.

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


Manulife Financial Corporation – Third Quarter 2025	4

Strong business growth contributing to record core earnings1

Core earnings of $2.0 billion in 3Q25, up 10% from 3Q24

The increase in core earnings reflected strong business growth in Global WAM, Asia and Canada, a release in the expected

credit loss (“ECL”) provision compared with an increase in 3Q24, and the net impact of the annual review of actuarial methods

and assumptions in 3Q25, partially offset by unfavourable life insurance claims experience in the U.S.

•Asia core earnings increased 29%, reflecting continued business growth, the net impact of the annual review of actuarial

methods and assumptions, improved insurance experience, and a release in the ECL provision compared with an

increase in 3Q24.

•Global WAM core earnings increased 9%, driven by higher net fee income from favourable market impacts over the past

12 months, higher performance fees and continued expense discipline, partially offset by lower favourable tax true-ups

and tax benefits.

•Canada core earnings were up 4%, driven by higher investment spreads, business growth in Group Insurance, favourable

insurance experience in Individual Insurance, and the net impact of the annual review of actuarial methods and

assumptions, partially offset by less favourable insurance experience in Group Insurance.

•U.S. core earnings decreased 20%, reflecting unfavourable life insurance claims experience, lower investment spreads

and the impact of the RGA U.S. Reinsurance Transaction2, partially offset by a release in the ECL provision compared

with an increase in 3Q24, and favourable lapse experience.

•Corporate and Other core earnings improved by $49 million, primarily driven by an adjustment to the year-to-date accrual

for withholding taxes following the announcement of the Comvest acquisition.

Net Income attributed to shareholders of $1.8 billion in 3Q25, in line with 3Q24

Net income was largely in line with 3Q24, reflecting core earnings growth offset by favourable market experience in 3Q24. The

net neutral market experience in 3Q25 reflects lower-than-expected returns on alternative long-duration assets, mainly related

to private equity, real estate and timber investments, offset by higher-than-expected returns on public equities.

Insurance new business growth highlighting the strength and diversity of our businesses

APE sales, new business CSM and NBV increased 8%, 25% and 11%, respectively, reflecting continued sales

momentum and broad-based strength across our insurance segments

•Asia continued to generate solid growth in APE sales, new business CSM and NBV, with a year-over-year increase of 5%,

18% and 7%, respectively, reflecting higher sales volumes in Asia Other3 and a more favourable business mix. NBV

margin improved to 39.0%.4

•Canada increased APE sales, new business CSM and NBV by 9%, 15% and 11%, respectively, driven by strong sales in

Individual Insurance.

•U.S. delivered very strong new business growth this quarter with an increase in APE sales, new business CSM and NBV

of 51%, 104% and 53%, respectively, reflecting broad-based demand for our suite of products.

Global WAM net outflows of $6.2 billion in 3Q25, compared with net inflows of $5.2 billion in 3Q24

•Retirement net outflows were $1.6 billion in 3Q25 compared with net inflows of $0.6 billion in 3Q24, driven by several

large plan sales in the U.S. in 3Q24, and higher net member withdrawals reflecting higher account balances from market

growth and cost of living pressures in North America.

•Retail net outflows were $3.9 billion in 3Q25 compared with net inflows of $3.9 billion in 3Q24, driven by lower net sales

through third-party intermediaries in North America and our Canada retail wealth platform.

•Institutional Asset Management net outflows were $0.7 billion in 3Q25 compared with net inflows of $0.7 billion in 3Q24,

driven by higher redemptions in equity mandates, as well as lower sales in private equity and real estate mandates. This

was partially offset by higher net sales in fixed income mandates.

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

CSM5 was $24,718 million as at September 30, 2025

CSM increased $2,591 million compared with December 31, 2024. Organic CSM movement contributed $1,714 million of the

increase for the same period, representing a 11%4 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 an increase of $877 million for the same period, primarily driven by the net impacts of

the annual review of actuarial methods and assumptions and equity market performance, partially offset by the impacts of

1 Post-tax contractual service margin net of NCI (“post-tax CSM net of NCI”) is a non-GAAP financial measure. For more information on non-GAAP and other

financial measures, see “Non-GAAP and other financial measures” in our 3Q25 MD&A.

2 This amount excludes the portion related to NCI.


Manulife Financial Corporation – Third Quarter 2025	5

changes in foreign currency exchange rates and reinsurance transactions. Post-tax CSM net of NCI1 was $20,537 million as at

September 30, 2025.

Annual review of actuarial methods and assumptions

We completed our annual review of actuarial methods and assumptions, which resulted in a net favourable impact of a

$605 million2 decrease in pre-tax fulfillment cash flows. Under International Financial Reporting Standards (“IFRS”) 17, the

impact of the annual review of actuarial methods and assumptions is reported in several places. The $605 million decrease in

pre-tax fulfillment cash flows was comprised of a decrease in pre-tax net income attributed to shareholders of $244 million

($216 million post-tax), a decrease in pre-tax net income attributed to participating policyholders of $88 million ($67 million

post-tax), an increase in CSM of $1,080 million, a decrease in pre-tax other comprehensive income attributed to shareholders

of $52 million ($73 million post-tax), and a decrease in pre-tax other comprehensive income attributed to participating

policyholders of $91 million ($70 million post-tax).

The review this year included a comprehensive study of our U.S. long-term care (“LTC”) experience, including all aspects of

claim assumptions, as well as the progress on future premium increases and approved premium increases in excess of prior

assumptions. The net favourable impact of the LTC review resulted in a decrease in pre-tax fulfillment cash flows of $77

million. Other actuarial methods and assumptions reviewed included a change in the IFRS 17 measurement model on certain

health insurance products in Hong Kong, annual updates to our valuation models for participating products in Asia and

Canada, lapse assumptions for certain products in Singapore, lapse review on term insurance products in Canada, morbidity

assumptions for group long-term disability benefits in Canada, as well as other valuation model updates.


Manulife Financial Corporation – Third Quarter 2025	6

MANAGEMENT’S DISCUSSION AND ANALYSIS

This Management’s Discussion and Analysis (“MD&A”) is current as of November 12, 2025, unless otherwise noted. This

MD&A should be read in conjunction with our unaudited Interim Consolidated Financial Statements for the three and nine

months ended September 30, 2025 and the MD&A and audited Consolidated Financial Statements contained in our 2024

Annual Report.

For further information relating to our risk management practices and risk factors affecting the Company, see “Risk

Management and Risk Factors” and “Critical Actuarial and Accounting Policies” in the MD&A in our 2024 Annual Report (“2024

MD&A”) and the “Risk Management” note to the Consolidated Financial Statements in our most recent annual and interim

reports.

In this MD&A, the terms “Company”, “Manulife”, “we” and “our” mean Manulife Financial Corporation (“MFC”) and its

subsidiaries. All amounts are reported in Canadian dollars, unless otherwise indicated. Any information contained in, or

otherwise accessible through, websites mentioned in this MD&A does not form a part of this document.

CONTENTS

A.TOTAL COMPANY PERFORMANCE

1.Profitability

2.Business Performance

3.Financial Strength

4.Assets under Management and Administration

5.Impact of Foreign Currency Exchange Rates

6.Business Highlights

7.Global Minimum Taxes (“GMT”)

8.Strategy Update

B.PERFORMANCE BY SEGMENT

1.Asia

2.Canada

3.U.S.

4.Global Wealth and Asset Management

5.Corporate and Other

C.RISK MANAGEMENT AND RISK

FACTORS UPDATE

1.Variable Annuity and Segregated Fund Guarantees

2.Caution Related to Sensitivities

3.Publicly Traded Equity Performance Risk Sensitivities and

Exposure Measures

4.Interest Rate and Spread Risk Sensitivities and Exposure

Measures

5.Alternative Long-duration Asset Performance Risk

Sensitivities and Exposure Measures

6.Risk Management and Risk Factors Update

D.CRITICAL ACTUARIAL AND

ACCOUNTING POLICIES

1.Critical Actuarial and Accounting Policies

2.Actuarial Methods and Assumptions

3.Sensitivity to Changes in Assumptions

4.Accounting and Reporting Changes

E.OTHER

1.Outstanding Common Shares – Selected Information

2.Legal and Regulatory Proceedings

3.Non-GAAP and Other Financial Measures

4.Caution Regarding Forward-looking Statements

5.Quarterly Financial Information

6.Revenue

7.Other

1 Percentage growth/declines in core earnings, pre-tax core earnings, core earnings excluding the impact of the change in ECL, core EPS excluding the impact of

the change in ECL, total expenses, core expenses, general expenses, contractual service margin (“CSM”) net of non-controlling interests (“NCI”), new business

contractual service margin (“new business CSM”), assets under management and administration (“AUMA”), assets under management (“AUM”), core earnings

before interest, taxes, depreciation and amortization (“core EBITDA”), and Manulife Bank average net lending assets are stated on a constant exchange rate

basis, a non-GAAP ratio. See “Non-GAAP and Other Financial Measures” below for more information.

2 The increase in Global WAM net fee income is due to higher average assets under management and administration (“average AUMA”) from the favourable

impact of markets over the past 12 months. For more information on average AUMA, see “Non-GAAP and Other Financial Measures” below.

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


Manulife Financial Corporation – Third Quarter 2025	7

ATOTAL COMPANY PERFORMANCE

A1Profitability


	Quarterly Results			YTD Results
($ millions, unless otherwise stated)	3Q25	2Q25	3Q24	2025	2024
Net income (loss) attributed to shareholders	$1,799	$1,789	$1,839	$4,073	$3,747
Core earnings(1),(2)	$2,035	$1,726	$1,828	$5,528	$5,275
Diluted earnings (loss) per common share ($)	$1.02	$0.98	$1.00	$2.25	$1.97
Diluted core earnings per common share (“Core EPS”) ($)(2),(3)	$1.16	$0.95	$1.00	$3.10	$2.82
ROE	16.0%	15.6%	16.6%	11.8%	11.3%
Core return on shareholders’ equity (“Core ROE”)(2),(3)	18.1%	15.0%	16.6%	16.2%	16.2%
Expense efficiency ratio(3)	43.1%	45.5%	44.4%	44.8%	45.0%
General expenses	$1,232	$1,140	$1,204	$3,574	$3,531
Core expenses(1)	$1,758	$1,689	$1,716	$5,223	$5,102

(1)This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below for more information.

(2)2024 year-to-date core earnings, core EPS and core ROE have been updated to align with the presentation of Global Minimum Taxes (“GMT”) in 2025. See

section A7 “Global Minimum Taxes (GMT)” for more information.

(3)This item is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures” below for more information.

Quarterly profitability

Manulife’s net income attributed to shareholders was $1,799 million in the third quarter of 2025 (“3Q25”) compared with $1,839

million in the third quarter of 2024 (“3Q24”). Net income attributed to shareholders is comprised of core earnings (consisting of

items we believe reflect the underlying earnings capacity of the business), which amounted to $2,035 million in 3Q25

compared with $1,828 million in 3Q24, and items excluded from core earnings, which amounted to a net charge of $236 million

in 3Q25 compared with a net gain of $11 million in 3Q24. The effective tax rate on net income (loss) attributed to shareholders

was 14% in 3Q25 compared with 11% in 3Q24 due to differences in the jurisdictional mix of earnings and the impact of tax

true-ups and tax benefits in both periods.

Net income attributed to shareholders in 3Q25 decreased $40 million compared with 3Q24, reflecting a net charge of $2 million

related to market experience in 3Q25 compared with a net gain of $186 million in 3Q24, and favourable tax-related benefits

and true-ups in items excluded from core earnings in 3Q24, partially offset by higher core earnings. The net charge from

market experience in 3Q25 primarily included lower-than-expected returns on alternative long-duration assets (“ALDA”), mainly

related to private equity, real estate and timber investments, partially offset by higher-than-expected returns on public equity.

Core earnings increased $207 million or 10% on a constant exchange rate basis1 compared with 3Q24. The increase was

driven by a net release in the provision for expected credit loss (“ECL”) in 3Q25 compared with a net increase in 3Q24, growth

in our insurance business, the impact of 3Q25 updates to actuarial methods and assumptions, and an adjustment to the year-

to-date accrual for withholding taxes following the announcement of the Comvest Credit Partners (“Comvest”) acquisition. In

addition, core earnings increased in Global Wealth and Asset Management (“Global WAM”), largely reflecting higher net fee

income2 and performance fees, and disciplined expense management, partially offset by lower favourable tax true-ups and tax

benefits. Improved insurance experience in Asia also increased core earnings in the quarter. The increase in core earnings

was partially offset by unfavourable insurance experience in our U.S. life insurance business, less favourable insurance

experience in Canada, and lower expected investment earnings. In addition, the RGA U.S. Reinsurance Transaction3 reduced

core earnings by $12 million in 3Q25 compared with 3Q24.

The annual review of actuarial methods and assumptions that flow directly through income is discussed in section D2

“Actuarial Methods and Assumptions” below.

Additional information on the change in ECL is presented in the table below.


($ millions, unaudited)	Quarterly Results			YTD Results
($ millions, unaudited)	3Q25	2Q25	3Q24	2025	2024
Change in ECL
Net new originations or purchases	$(3)	$(14)	$(18)	$(17)	$(18)
Changes to risk, parameters and models
Credit migration	5	(76)	(36)	(75)	(102)
Parameter and model updates, and other	42	(12)	(1)	(12)	95
Total (increase) recovery in ECL, pre-tax	$44	$(102)	$(55)	$(104)	$(25)
Total (increase) recovery in ECL, post-tax	$35	$(83)	$(45)	$(86)	$(20)

1 This is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures” below for more information.

2 2024 year-to-date items excluded from core earnings has been updated to align with the presentation of GMT in 2025. See section A7 “Global Minimum Taxes

(GMT)” for more information.

3 Includes impacts from reinsurance transactions reported in core earnings and items excluding from core earnings.

4 The reinsurance transaction with Global Atlantic (“GA Reinsurance Transaction”) closed February 22, 2024, with an effective date of January 1, 2024. The

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


Manulife Financial Corporation – Third Quarter 2025	8

The reduction in the ECL provision of $35 million post-tax in 3Q25 was primarily due to parameter and model updates,

reflecting the favourable macroeconomic impact of strong equity market growth. The increase in the ECL provision of $45

million post-tax in 3Q24 was in line with our expectations.

Excluding the impact of the change in ECL in both 3Q25 and 3Q24, core earnings and core EPS increased 6%1 and 11%1,

respectively, on a constant exchange rate basis.

Year-to-date profitability

Net income attributed to shareholders for the nine months ended September 30, 2025 was $4,073 million compared with

$3,747 million for the nine months ended September 30, 2024. Year-to-date core earnings amounted to $5,528 million in 2025

compared with $5,275 million in the same period of 2024, and items excluded from year-to-date core earnings amounted to a

net charge of $1,455 million in 2025 compared with a net charge of $1,528 million2 in the same period of 2024. The effective

tax rate on year-to-date net income (loss) attributed to shareholders was 14% in 2025 compared with 16% for the same period

in 2024 primarily due to differences in the jurisdictional mix of earnings.

Year-to-date net income attributed to shareholders in 2025 increased $326 million compared with the same period of 2024

primarily due to the impact of reinsurance transactions in 2025 compared with the same period of 2024 and growth in core

earnings. The RGA U.S. Reinsurance Transaction resulted in a year-to-date net loss attributed to shareholders of $746 million3

in 2025 compared with a year-to-date net loss attributed to shareholders from the Global Atlantic Reinsurance Transaction4

and the RGA Canadian Reinsurance Transaction4 of $786 million3 and $237 million3, respectively, in the same period of 2024.

The year-to-date net loss on all three transactions was primarily related to market experience from the sale of fair value

through other comprehensive income (“FVOCI”) debt instruments. There is an offsetting change in other comprehensive

income (“OCI”) attributed to shareholders resulting in a neutral impact to book value. Total year-to-date market experience was

a net charge of $1,221 million in 2025, reflecting the above-noted impacts from reinsurance transactions, as well as lower-

than-expected returns on ALDA, mainly related to real estate, private equity and timber investments, partially offset by higher-

than-expected returns in public equity.

Year-to-date core earnings in 2025 increased $253 million or 3% compared with the same period of 2024. The increase was

driven by higher year-to-date core earnings in Global WAM, largely reflecting an increase in net fee income as noted above for

the quarter, higher performance fees and disciplined expense management, partially offset by lower favourable tax true-ups

and tax benefits, and lower fee spreads. In addition, growth in our insurance business, the impact of 3Q25 updates to actuarial

methods and assumptions, an adjustment to the year-to-date accrual for withholding taxes following the announcement of the

Comvest acquisition, and favourable insurance experience in Asia also contributed to higher core earnings. These increases

were partially offset by unfavourable U.S. insurance experience, lower expected investment earnings, a larger increase in the

ECL provision in 2025 and a charge in 2025 for estimated losses from the California wildfires in our Property and Casualty

(“P&C”) Reinsurance business. The year-to-date impact of 2024 updates to actuarial methods and assumptions was net

neutral. In addition, the RGA U.S. Reinsurance Transaction, the RGA Canadian Reinsurance Transaction, and the GA

Reinsurance Transaction reduced year-to-date core earnings by $26 million, $17 million and $7 million, respectively, in 2025

compared with the same period of 2024.

The year-to-date increase in the ECL provision of $86 million post-tax in 2025 was primarily due to the second quarter of 2025

(“2Q25”) credit migration of certain below-investment grade loan investments in the U.S. The year-to-date increase in the

provision of $20 million post-tax in the same period of 2024 reflected credit migration, partially offset by positive parameter and

model updates from a positive macro environment, in particular improved equity markets. Refer to the above Change in ECL

table for details of the year-to-date change in ECL.

Core earnings by segment is presented in the table below.


	Quarterly Results			YTD Results
($ millions, unaudited)	3Q25	2Q25	3Q24	2025	2024
Core earnings by segment(1)
Asia	$759	$720	$584	$2,184	$1,826
Canada	428	419	412	1,221	1,178
U.S.	332	194	411	887	1,278
Global Wealth and Asset Management	525	463	479	1,442	1,214
Corporate and Other	(9)	(70)	(58)	(206)	(221)
Total core earnings	$2,035	$1,726	$1,828	$5,528	$5,275

(1)2024 quarterly and year-to-date core earnings by segment have been updated to align with the presentation of GMT in 2025. See section A7 “Global Minimum

Taxes (GMT)” for more information.

1 This is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below for more information.


Manulife Financial Corporation – Third Quarter 2025	9

The table below presents net income attributed to shareholders consisting of core earnings and items excluded from core

earnings.


	Quarterly Results			YTD Results
($ millions, unaudited)	3Q25	2Q25	3Q24	2025	2024
Core earnings	$2,035	$1,726	$1,828	$5,528	$5,275
Items excluded from core earnings:
Market experience gains (losses)(1)	(2)	113	186	(1,221)	(1,258)
Realized gains (losses) on debt instruments	6	(5)	101	(780)	(919)
Derivatives and hedge accounting ineffectiveness	(8)	74	(9)	(11)	92
Actual less expected long-term returns on public equity	291	217	198	300	425
Actual less expected long-term returns on ALDA	(289)	(172)	(167)	(736)	(872)
Other investment results	(2)	(1)	63	6	16
Changes in actuarial methods and assumptions that flow directly through income(2)	(216)	-	(199)	(216)	(199)
Restructuring charge(3)	-	-	(20)	-	(20)
Amortization of acquisition-related intangible assets(4)	(6)	-	-	(6)	-
Reinsurance transactions, tax-related items and other(5),(6)	(12)	(50)	44	(12)	(51)
Total items excluded from core earnings	(236)	63	11	(1,455)	(1,528)
Net income (loss) attributed to shareholders	$1,799	$1,789	$1,839	$4,073	$3,747

(1)Market experience was a net charge of $2 million in 3Q25, driven by lower-than-expected returns on ALDA mainly related to private equity, real estate and

timber investments, as well as modest losses from derivatives and hedge accounting ineffectiveness and other investment results. These were partially offset

by higher-than-expected returns on public equity and a modest net realized gain from the sale of debt instruments which are classified as FVOCI. Market

experience was a net gain of $186 million in 3Q24, driven by higher-than-expected returns on public equity, net realized gains from the sale of debt instruments

which are classified as FVOCI and favourable foreign exchange impacts. These were partially offset by lower-than-expected returns on ALDA, mainly related to

real estate investments, and a modest charge from derivatives and hedge accounting ineffectiveness.

(2)Refer to section D2 “Actuarial Methods and Assumptions” below for detail.

(3)In 3Q24, we reported a restructuring charge of $20 million post-tax ($25 million pre-tax) in Global WAM.

(4)This item is excluded from core earnings commencing in 3Q25. See “Non-GAAP and Other Financial Measures” below for more information.

(5)The 3Q25 net charge of $12 million was primarily driven by the Comvest acquisition related costs. The 3Q24 net gain of $44 million mainly included tax-related

benefits and true-ups of $69 million and a charge of $28 million related to GMT. See section A7 “Global Minimum Taxes (GMT)” for more information.

(6)2024 year-to-date comparative has been updated to align with the presentation of GMT in 2025. See section A7 “Global Minimum Taxes (GMT)” for more

information.

Net income attributed to shareholders by segment is presented in the following table.


	Quarterly Results			YTD Results
($ millions, unaudited)	3Q25	2Q25	3Q24	2025	2024
Net income (loss) attributed to shareholders by segment
Asia	$895	$830	$827	$2,349	$1,772
Canada	449	390	430	1,061	782
U.S.	(75)	36	5	(608)	32
Global Wealth and Asset Management	523	482	498	1,448	1,213
Corporate and Other	7	51	79	(177)	(52)
Total net income attributed to shareholders	$1,799	$1,789	$1,839	$4,073	$3,747

Expense efficiency ratio

The expense efficiency ratio is a financial measure which we use to measure progress on our strategic priority of expense

efficiency and reflects expenses that flow directly through core earnings (“core expenses”). Core expenses include core

general expenses, directly attributable maintenance expenses and directly attributable acquisition expenses for products

measured using the premium allocation approach (“PAA”) and for other products without a CSM. Core expenses exclude

certain expenses directly attributable to acquiring new business that are capitalized into the CSM instead of flowing directly

through core earnings.

Our focus on expense efficiency has enabled us to drive the benefits of scale across our businesses. We believe there are

further opportunities to leverage our global scale and operating environment, streamline processes and further digitize our

business. Our medium term target for the expense efficiency ratio is less than 45%.

Quarterly expense efficiency ratio

The expense efficiency ratio was 43.1% in 3Q25, compared with 44.4% in 3Q24. The decrease in the ratio compared with

3Q24 is attributed to a 7% increase in pre-tax core earnings1, partially offset by a 2% increase in core expenses. The increase

in core expenses was primarily a result of higher workforce related costs, partially offset by disciplined expense management

in Global WAM.


Manulife Financial Corporation – Third Quarter 2025	10

As noted above, core general expenses are a component of core expenses. Total 3Q25 general expenses increased 2% on an

actual exchange rate basis and 1% on a constant exchange rate basis compared with 3Q24, driven by the items noted above

related to the overall increase in core expenses and items excluded from core earnings. General expenses excluded from core

earnings in 3Q25 were mainly related to the acquisition of Comvest, and the amortization of acquisition-related intangible

assets. In 3Q24, general expenses excluded from core earnings primarily consisted of restructuring charges in Global WAM.

Year-to-date expense efficiency ratio

The year-to-date expense efficiency ratio was 44.8% in 2025, compared with 45.0% in the same period of 2024. The 0.2

percentage point decrease in the year-to-date ratio compared with the same period of 2024 reflects a 1% increase in both

year-to-date pre-tax core earnings and year-to-date core expenses. Year-to-date core expenses reflect higher workforce

related costs, and the inclusion of an extra quarter of ongoing operating expenses in 2025 related to our acquisition of CQS by

Global WAM in the second quarter of 2024 (“2Q24”), offset by disciplined expense management in Global WAM.

Core general expenses are a component of core expenses. Total year-to-date general expenses in 2025 increased 1% on an

actual exchange rate basis and remained unchanged on a constant exchange rate basis compared with the same period of

2024. This increase was driven by similar items noted above for year-to-date core expenses, as well as a reallocation of

amounts within core expenses from directly attributable maintenance to general expenses, partially offset by a reduction in

expenses excluded from core earnings. Year-to-date general expenses excluded from core earnings in 2025 were similar to

items noted above for 3Q25. In 2024, these expenses primarily related to the acquisition of CQS and a restructuring charge in

Global WAM.

1 Percentage growth/declines in APE sales and NBV are stated on a constant exchange rate basis.

2 Asia Other excludes Hong Kong and Japan.

3 For more information on this metric, see “Non-GAAP and Other Financial Measures” below. In addition, 2024 NBV margin was updated to include the impact of

GMT, consistent with 2025. See section A7 “Global Minimum Taxes (GMT)” for more information.


Manulife Financial Corporation – Third Quarter 2025	11

A2Business Performance


	Quarterly Results			YTD Results
($ millions, unless otherwise stated) (unaudited)	3Q25	2Q25	3Q24	2025	2024
Asia APE sales	$2,000	$1,705	$1,872	$5,732	$4,412
Canada APE sales	374	345	343	1,210	1,313
U.S. APE sales	202	180	132	553	412
Total APE sales(1)	2,576	2,230	2,347	7,495	6,137
Asia new business value(2)	675	622	618	1,954	1,527
Canada new business value	159	161	143	500	459
U.S. new business value	72	63	45	205	152
Total new business value(1),(2)	906	846	806	2,659	2,138
Asia new business CSM(3)	712	663	593	2,090	1,562
Canada new business CSM	109	100	95	300	241
U.S. new business CSM	145	119	71	365	242
Total new business CSM(3)	966	882	759	2,755	2,045
Asia CSM net of NCI	17,580	15,786	14,715	17,580	14,715
Canada CSM	4,490	4,133	4,036	4,490	4,036
U.S. CSM	2,649	2,386	2,171	2,649	2,171
Corporate and Other CSM	(1)	11	8	(1)	8
Total CSM net of NCI	24,718	22,316	20,930	24,718	20,930
Post-tax CSM net of NCI(2),(4)	20,537	18,527	17,364	20,537	17,364
Global WAM gross flows ($ billions)(1)	47.3	43.8	41.3	141.4	128.2
Global WAM net flows ($ billions)(1)	(6.2)	0.9	5.2	(4.8)	12.0
Global WAM assets under management and administration ($ billions)(4)	1,098.0	1,039.0	990.9	1,098.0	990.9
Global WAM total invested assets ($ billions)	11.0	10.4	9.5	11.0	9.5
Global WAM segregated funds net assets ($ billions)	314.3	295.5	282.0	314.3	282.0
Total assets under management and administration ($ billions)(4),(5)	1,694.6	1,608.2	1,551.5	1,694.6	1,551.5
Total invested assets ($ billions)(5)	459.0	438.5	429.2	459.0	429.2
Segregated funds net assets ($ billions)(5)	462.9	436.6	423.0	462.9	423.0

(1)For more information on this metric, see “Non-GAAP and Other Financial Measures” below.

(2)2024 quarterly and year-to-date new business value and post-tax CSM net of NCI have been updated to include the impact of GMT, consistent with 2025. See

section A7 “Global Minimum Taxes (GMT)” for more information.

(3)New business CSM is net of NCI.

(4)This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below for more information.

(5)See section A4 below for more information.

Annualized premium equivalent (“APE”) sales were $2.6 billion in 3Q25, an increase of 8%1 compared with 3Q24, new

business value (“NBV”) was $906 million in 3Q25, an increase of 11%1 compared with 3Q24 and new business CSM was

$966 million, an increase of 25% compared with 3Q24. New business results by segment were as follows:

•Asia continued to generate solid growth in APE sales, NBV and new business CSM in 3Q25, with an increase of 5%, 7%,

and 18%, respectively, compared with 3Q24, reflecting higher sales volumes in Asia Other2 and a more favourable

business mix. NBV margin3 improved to 39.0% in 3Q25 compared with 36.5% in 3Q24.

•Canada APE sales, NBV and new business CSM increased 9%, 11% and 15% in 3Q25, respectively, compared with

3Q24, driven by strong sales in Individual Insurance.

•U.S. delivered strong new business growth in 3Q25, increasing APE sales, NBV and new business CSM by 51%, 53%

and 104%, respectively, compared with 3Q24, reflecting broad-based demand for our suite of products.

Year-to-date APE sales were $7,495 million in 2025, an increase of 19% compared with the same period of 2024, year-to-

date NBV was $2,659 million in 2025, an increase of 21% compared with the same period of 2024 and year-to-date new

business CSM was $2,755 million in 2025, an increase of 31% compared with the same period of 2024. New business results

by segment were as follows:

•Asia year-to-date APE sales, NBV and new business CSM increased 26%, 24%, and 29%, respectively, in 2025

compared with the same period of 2024, reflecting higher sales volumes in Hong Kong and Asia Other. NBV margin was

39.0% in 2025 compared with 39.2% in the same period of 2024.

•Canada year-to-date APE sales decreased 8% in 2025 compared with the same period of 2024, 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 an 9% increase in year-to-date NBV. New business CSM

1 Percentage growth/declines in organic CSM is stated on a constant exchange rate basis.

2 This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below for more information. Post-tax CSM has been updated to

include the impact of GMT, consistent with 2025. See section A7 “Global Minimum Taxes (GMT)” for more information.


Manulife Financial Corporation – Third Quarter 2025	12

increased 24% compared with the same period of 2024, primarily reflecting the strong sales growth in Individual

Insurance.

•U.S. delivered strong new business growth in 2025, increasing year-to-date APE sales, NBV and new business CSM by

31%, 30% and 47%, respectively, compared with the same period of 2024, reflecting broad-based demand for our suite of

products.

CSM net of NCI was $24,718 million as at September 30, 2025, an increase of $2,591 million compared with December 31,

2024. Organic CSM movement was an increase of $1,714 million for the nine months ended September 30, 2025,

representing an 11% growth on an annualized basis1, 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 an increase of $877 million for the nine months ended September 30, 2025, driven by the net impacts of the annual

review of actuarial methods and assumptions that adjust the CSM and equity market performance, partially offset by the

impacts of changes in foreign currency exchange rates and reinsurance transactions.

Global WAM reported net outflows were $6.2 billion in 3Q25 compared with net inflows of $5.2 billion in 3Q24:

•Retirement net outflows were $1.6 billion in 3Q25 compared with net inflows of $0.6 billion in 3Q24, driven by several

large plan sales in the U.S. in 3Q24, and higher net member withdrawals reflecting higher account balances from market

growth and cost of living pressures in North America.

•Retail net outflows were $3.9 billion in 3Q25 compared with net inflows of $3.9 billion in 3Q24, driven by lower net sales

through third-party intermediaries in North America and our Canada retail wealth platform.

•Institutional Asset Management net outflows were $0.7 billion in 3Q25 compared with net inflows of $0.7 billion in 3Q24,

driven by higher redemptions in equity mandates, as well as lower sales in private equity and real estate mandates. This

was partially offset by higher net sales in fixed income mandates.

Year-to-date net outflows were $4.8 billion in 2025, compared with net inflows of $12.0 billion in the same period of 2024. The

decrease in year-to-date net flows was primarily driven by net outflows in Retail due to lower net sales as mentioned above, as

well as lower net flows in Retirement due to several large retirement plan redemptions in North America and higher net

member withdrawals. Institutional Asset Management net flows were in line with the prior year, as higher net sales in fixed

income mandates were offset by higher redemptions in equity mandates, as well as lower sales in real estate and private

credits mandates.

A3Financial Strength


	Quarterly Results			YTD Results
(unaudited)	3Q25	2Q25	3Q24	2025	2024
MLI’s LICAT ratio(1)	138%	136%	137%	138%	137%
Financial leverage ratio(2),(3)	22.7%	23.6%	23.9%	22.7%	23.9%
Consolidated capital ($ billions)(3),(4)	$81.9	$78.0	$77.1	$81.9	$77.1
Book value per common share ($)	$26.07	$24.90	$24.40	$26.07	$24.40
Adjusted book value per common share ($)(2),(3)	$38.22	$35.78	$34.27	$38.22	$34.27

(1)This item is disclosed under the Office of the Superintendent of Financial Institutions (“OSFI”) Life Insurance Capital Adequacy Test Public Disclosure

Requirements guideline.

(2)This item is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures” below for more information.

(3)2024 financial leverage ratio, consolidated capital and adjusted book value per common share have been updated to include the impact of GMT, consistent with

2025. See section A7 “Global Minimum Taxes (GMT)” for more information.

(4)This item is a capital management measure. For more information on this metric, see “Non-GAAP and Other Financial Measures” below.

The Life Insurance Capital Adequacy Test (“LICAT”) ratio for The Manufacturers Life Insurance Company (“MLI”) as at

September 30, 2025 was 138% compared with 136% as at June 30, 2025. The improvement was driven by earnings and

increases in the CSM, as well as the positive impact of the annual review of actuarial methods and assumptions, partially

offset by common share buybacks.

MFC’s LICAT ratio was 127% as at September 30, 2025 compared with 124% as at June 30, 2025, with the increase driven by

similar factors that impacted the movement in MLI’s LICAT ratio. The difference between the MLI and MFC ratios as at

September 30, 2025 was largely due to the $6.4 billion of MFC senior debt outstanding that does not qualify as available

capital at the MFC level but, based on the form it was down-streamed, qualifies as regulatory capital for MLI.

MFC’s financial leverage ratio as at September 30, 2025 was 22.7%, a decrease of 0.9 percentage points from 23.6% as at

June 30, 2025. The decrease was driven by higher post-tax CSM2 and an increase in total equity, partially offset by the impact

of a weaker Canadian dollar on foreign currency denominated debt. The increase in total equity was driven mainly by total

comprehensive income, which reflected the impacts of a weaker Canadian dollar against most other currencies and market

movements, partially offset by dividends and common share buybacks.

1 The net redemption of capital instruments consists of the redemption of $1.0 billion of subordinated debt and the issuance of $0.5 billion of subordinated debt in

2Q25.

2 Includes cash & cash equivalents, comprised of cash on deposit, Canadian and U.S. Treasury Bills and high quality short-term investments, and marketable

assets, comprised of investment grade government and agency bonds, investment grade corporate bonds, investment grade securitized instruments, publicly

traded common stocks and preferred shares. Included in this balance is $15.1 billion of encumbered cash and cash equivalents and marketable securities as at

September 30, 2025 (December 31, 2024 - $15.6 billion).

3 This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below for more information. Adjusted book value has been updated

to include the impact of GMT, consistent with 2025. See section A7 “Global Minimum Taxes (GMT)” for more information.

4 Includes MLI, John Hancock Life Insurance Company (U.S.A), John Hancock Life & Health Insurance Company and John Hancock Life Insurance Company of

New York.

5 Includes AUM of US$11 billion and committed capital of US$3.7 billion as of June 30, 2025.


Manulife Financial Corporation – Third Quarter 2025	13

MFC’s consolidated capital was $81.9 billion as at September 30, 2025, an increase of $2.0 billion compared with $79.9

billion as at December 31, 2024. The increase was primarily driven by higher post-tax CSM, partially offset by the net

redemption of capital instruments1. Total equity was consistent with December 31, 2024 as total comprehensive income was

offset by dividends and common share buybacks. Foreign exchange and market movements had a largely net neutral impact

on total comprehensive income.

Cash and cash equivalents and marketable securities2 was $275.6 billion as at September 30, 2025 compared with $263.3

billion as at December 31, 2024. The increase of $12.3 billion was primarily driven by the impact of lower interest rates and

growth in equity markets, partially offset by the impact of unfavourable changes in foreign exchange rates.

Book value per common share as at September 30, 2025 was $26.07, a 2% increase compared with $25.63 as at

December 31, 2024. The number of common shares outstanding was 1,690 million as at September 30, 2025, a net decrease

of 39 million shares from 1,729 million as at December 31, 2024, primarily driven by common share buybacks. On February

19, 2025, we announced a new Normal Course Issuer Bid to purchase for cancellation up to 51.5 million shares, representing

approximately 3% of outstanding common shares.

Adjusted book value per common share as at September 30, 2025 was $38.22, a 5% increase compared with $36.25 as at

December 31, 2024, driven by an increase in the adjusted book value3 and a lower number of common shares outstanding.

Adjusted book value increased $1.9 billion due to higher post-tax CSM, net of NCI, partially offset by a reduction in total

common shareholders’ equity. The reduction in total common shareholders’ equity reflected common share dividends and

common share buybacks partially offset by total comprehensive income attributed to common shareholders. Foreign exchange

and market movements had a largely net neutral impact on total comprehensive income.

Credit Ratings - On September 19, 2025, Moody’s upgraded the financial strength rating to Aa3 from A1 for Manulife’s

primary insurance operating companies4. As indicated in Moody’s press release, the upgrade reflects improved profitability,

strong capital, and reduced exposure to lower ROE and legacy businesses.

A4Assets under Management and Administration (“AUMA”)

AUMA as at September 30, 2025 was $1.7 trillion, an increase of 8% compared with December 31, 2024, primarily due to the

favourable impact of equity markets and interest rates, partially offset by the transfer of invested assets related to the RGA

U.S. Reinsurance Transaction and year-to-date net outflows. Total invested assets increased 4% on an actual exchange rate

basis, primarily due to the impact of interest rates on debt securities and the impact of equity markets, partially offset by the

above-noted transfer of invested assets related to the RGA U.S. Reinsurance Transaction. Segregated funds net assets

increased 6% on an actual exchange rate basis, primarily due to the impact of equity markets.

A5Impact of Foreign Currency Exchange Rates

Changes in foreign currency exchange rates from 3Q24 to 3Q25 increased core earnings by $16 million in 3Q25, primarily due

to a weaker Canadian dollar relative to the U.S. dollar. Changes in foreign currency exchange rates increased year-to-date

core earnings by $121 million in 2025 compared with the same period of 2024, primarily due to a weaker Canadian dollar

relative to the U.S. dollar. The impact of foreign currency exchange rates on items excluded from core earnings does not

provide relevant information given the nature of those items.

A6Business Highlights

For the first time, Manulife was included in the TIME World’s Best Companies (2025) List, which encompassed 1,000 global

organizations. The assessment focused on three key dimensions: employee satisfaction, revenue growth, and sustainability

transparency.

Furthermore, Manulife has been upgraded by MSCI from AA to AAA in its ESG rating, the highest possible rating, recognizing

our strong governance and proactive management of sustainability-related risks.

We are strategically deploying capital to enhance capabilities and drive growth

In Global WAM, we entered an agreement to acquire 75% of Comvest, a U.S. private credit manager with US$14.7 billion5 on

its platform. The acquisition, which was completed on November 3, 2025, will enhance our private credit capabilities and

create a comprehensive platform, by aligning Comvest with Manulife’s existing senior credit team. By leveraging Comvest’s

investment philosophy and expertise, we will be able to offer clients expanded access to differentiated private credit strategies.

1 Subject to the receipt of regulatory approvals. See “Caution Regarding Forward-looking Statements”.


Manulife Financial Corporation – Third Quarter 2025	14

In addition, we entered an agreement to acquire PT Schroder Investment Management Indonesia (“Schroders Indonesia”),

strengthening our position as the largest asset manager in Indonesia, and enabling us to deliver enhanced value to our clients

and stakeholders by leveraging their local expertise and client relationships. The transaction is subject to customary closing

conditions and regulatory approvals.

In November, we entered into an agreement to establish a 50:50 life insurance joint venture with Mahindra & Mahindra Ltd., an

existing partner through our asset management joint venture, to enter the India insurance market1. This partnership will expand