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TORONTO, ON – November 12, 2025 – 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

 

 

Results at a Glance

Results by Segment

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 billion10 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

market11. 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.

Strong business growth contributing to record core earnings12

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 Transaction13, 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 Other14 and a more

favourable business mix. NBV margin improved to 39.0%.5

•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

CSM15 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%5 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 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 million16 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.

(1)Core earnings, core earnings excluding the impact of the change in ECL, 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 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, new business contractual service margin net of NCI (“new

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

(3)Core EPS, core 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.

(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 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.

(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” below.

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

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

(12)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.

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

(14)Asia Other excludes Hong Kong and Japan.

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

(16)This amount excludes the portion related to NCI.

Earnings Results Conference Call

Manulife will host a conference call and live webcast on its Third Quarter 2025 results, including an update on its 

strategic refresh, on November 13, 2025, at 8:00 a.m. (ET). To access the conference call, dial 1-888-317-6003 or

1-412-902-6506 (Passcode: 0794352#). 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 January 13, 2026, by dialing 1-855-669-9658 or 1-412-317-0088 (Passcode: 9645853#).

The Third Quarter 2025 Statistical Information Package and additional information related to the strategic refresh

are 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 Third Quarter 2025 Report to

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

ended September 30, 2025, prepared in accordance with 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 3Q25 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 2024 YTD 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 3Q25 MD&A for more information.

(2)Includes the amortization of intangible assets acquired in a business combination, except for amortization of software and distribution agreements. This item is

excluded from core earnings commencing in 3Q25. Prior periods have not been restated as these amounts are not considered material, and use the definition of

core earnings in effect for those periods. See our definition of core earnings in section E3 “Non-GAAP and Other Financial Measures” of the 3Q25 MD&A.

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 3Q25

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 3Q25 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 3Q25 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 3Q25 MD&A, which is incorporated by reference.

Reconciliation of core earnings to net income attributed to shareholders – 3Q25

Core earnings, CER basis and U.S. dollars – 3Q25

(1)The impact of updating foreign exchange rates to that which was used in 3Q25.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q25.

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

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 3Q25.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q25.

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

Reconciliation of core earnings to net income attributed to shareholders – 3Q24(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 – 3Q24

(1)The impact of updating foreign exchange rates to that which was used in 3Q25.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q25.

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

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 3Q25.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q25.

(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 3Q25.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q25.

(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 3Q25.

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 3Q25 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 3Q25 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 3Q25.

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)