Manulife Financial Corporation · TSX:MFC
Manulife Financial — Investor Presentation (2026)
45 slides from Manulife Financial's investor presentation, 2026
Slide 1: Manulife Investor Presentation 3Q26
Manulife Investor Presentation 3Q26
Slide 2: Caution regarding forward-looking statements
that could cause actual results to differ materially from expectations Company’s or public infrastructure systems; environmental concerns, Caution regarding include but are not limited to: general business and economic conditions (including but not limited to the performance, volatility and includin
Slide 3: Company Overview
Company Overview 3
Slide 4: Key messages
• Manulife is a leading global financial services company with a diversified business portfolio, delivering high return, growth and cash generation Key messages • Highly rated, with a robust balance sheet and ample financial flexibility to enable investments to drive sustainable growth and long-term
Slide 5: A leading global financial services company
A leading global financial services company, Life insurer by capitalization1 Market capitalization1 uniquely positioned to capitalize on global megatrends TOP 10 $96B US $390B+ Core earnings2 Net income attributable to shareholders2 3.5 health and mortality protection gap in Asia in 20246 $7.5B $5.6
Slide 6: A compelling investment case
A compelling investment case Diversified and balanced Consistent and strong returns Highly rated, with a robust AI leadership supports portfolio & cash generation balance sheet winning team Top 3 Pan-Asian life insurer Significant shareholder return Ample Financial flexibility AI-powered organizatio
Slide 7: Diversity of Manulife's business is a key strength
The diversity of Manulife’s business is a key strength which provides resiliency and a foundation for high-quality, sustainable growth Core earnings1,4 Asia core earnings2,5 APE sales3 Asia 38% Canada 21% Hong Kong 52% Mainland China 3% Other 15% Asia 76% Canada 16% U.S. 16% Global WAM 25% Japan 18%
Slide 8: Committed to strong execution and delivery of high-quality sustainable growth
Committed to strong execution and delivery of high-quality sustainable growth 8
Slide 9: Track record of delivering continued growth and profitability
Track record of delivering continued growth and profitability Net income attributed to Core earnings1 New business CSM AUMA1 shareholders / transitional (C$ billions) (C$ billions) (C$ billions) (C$ billions) 5.6 7.5 3.8 1,704 5.4 7.2 1,608 5.1 6.7 1,389 5.8 2.9 1,315 3.5 2.2 1.9 20222 2023 2024 202
Slide 10: Core earnings growth supports core ROE expansion
Continued increase in core earnings in high growth businesses supports core ROE expansion and we are making progress against our 2027 target Core ROE1 (%) • Core ROE supported by strong momentum in high growth businesses, with Asia & GWAM growing core earnings by 15.9 16.2 16.5 18% & 14%, respective
Slide 11: Strong cash generation with continued capital return to shareholders
Strong cash generation with continued capital return to shareholders Remittances1 Capital returned to shareholders Dividend per common share (C$ billions) (C$ billions) (C$) Share buyback Common share dividends 1.94 6.9 7.0 1.76 6.4 1.60 6.1 5.5 1.46 5.4 1.32 4.4 4.4 4.3 1.12 1.17 3.2 2.4 1.9 1.6 2.
Slide 12: Strong capital with ample financial flexibility
Strong capital with ample financial flexibility to support execution on strategic priorities and return to shareholders Capital metrics Financial leverage ratio2 (%) Capital over LICAT ratio1 supervisory target (%) (C$ billions) 30 137% 137% 140 136% 136% 135 Medium-term 25 target of 25% 130 20 125
Slide 13: Steady growth in adjusted book value per share
Steady growth in adjusted book value per share Adjusted book value per common share1 (C$) 1 CSM balance per common share Book value per common share 41.12 38.27 36.25 32.19 13.64 29.42 10.62 12.36 Adjusted book value is an important metric for 9.83 monitoring growth and measuring insurance 7.86 busi
Slide 14: Continued focus on executing on all targets
Continued focus on executing on all targets 2023 2024 2025 2Q26 YTD 2027 targets Core ROE1 15.9% 16.2% 16.5% 16.4% 18%+ Remittances2 $5.5B $7.0B $6.4B N/A $22B+ cumulative Medium-term targets New business CSM growth3 12% 32% 28% 16% 15% CSM balance growth3 21% 3% 16% 20% 8-10% Core EPS growth1,4 17%
Slide 15: Transacting on a third LTC block
Transacting on a third LTC block, further reducing our risk profile and highlighting ability to transact on a standalone basis through innovative actions Overview of transacted1 LTC block characteristics • Third LTC reinsurance transaction and first on a standalone LTC block Counterparty Munich Re L
Slide 16: Diversified and Balanced Business Portfolio
Diversified and Balanced Business Portfolio with high- growth businesses of Asia & Global WAM and more mature businesses in North America 16
Slide 17: Asia: Top 3 Pan-Asian life insurer
Asia: Top 3 Pan-Asian life insurer delivering high-quality sustainable growth Diversified distribution platform Sustainable and fast growth (APE Sales in FY25) (NB CSM, US$ millions) With over 125 years of history, we serve 13 million Agency Bancassurance Other customers1 across 12 markets2 in the r
Slide 18: Canada: Leading presence in our home market
Canada: Leading presence in our home market with a diversified and broad suite of products Diversified operating units Leading position supported by (Core earnings mix) consistent growth Serve the needs of over 7 million Group insurance Annuity (NB CSM, C$ millions) customers1 in the Canadian market
Slide 19: U.S.: Most attractive and highest growth segments
U.S.: We operate in the most attractive and highest growth segments of the U.S. life insurance market John Hancock’s Strong value creation driven by diversified portfolio management actions John Hancock is a behavioural insurance (% of APE sales) (NB CSM, US$ millions) leader in the U.S. market, wit
Slide 20: Global Wealth & Asset Management global presence
Global Wealth & Asset Management (“Global WAM”) has a global presence across three business lines, providing investors with local insights on a global scale 20 geographies with local office presence 1 Core earnings8 by geographic source 600+ global investment professionals 2 (C$ millions) Top 10 glo
Slide 21: Making sustainable business decisions creates long-term value
Making sustainable business Manulife Longevity Institute Manulife is committing $350 million through 2030 to drive action on helping people decisions creates long-term live longer, healthier, and more financially secure lives. value for our stakeholders and In 2025, we launched the Manulife Longevit
Slide 22: Enterprise strategy
Enterprise strategy builds upon our strengths 22
Slide 23: Our strategic priorities build on our strong foundation
Our strategic priorities build on our strong foundation and support our ambition of being the #1 choice for customers Purpose: Decisions made easier. Lives made better. | Ambition: Be the #1 choice for customers. STRATEGIC PRIORITIES Winning Team Diversified Business Empowering Customer AI-powered S
Slide 24: Health, wealth and longevity trends provide opportunity
Health, wealth and longevity trends provide opportunity to further drive positive customer outcomes As the global population An aging population faces rising Health priorities: lives longer, there’s a rising healthcare costs as insurance • Asia: drive innovative health propositions, while retirement
Slide 25: Operating presence in ~60% of expected global insurance market
We have an operating presence in ~60% of the expected global insurance market and are further expanding and diversifying to capture a high-growth opportunity World’s mega-economies1 are Our operating markets form a Entering India through a JV expected to continue growing large share of global premiu
Slide 26: Strategic organic investments in high-growth markets
Making strategic organic investments in high-growth markets, fueling future growth, superior distribution and providing for a sustained diversified portfolio Asia Canada U.S. Global WAM Deliver distribution excellence and Building on our momentum and Strategically targeting high growth Deliver super
Slide 27: Strategically investing in high-return AI initiatives
Our core focus areas are deploying AI at scale and will continue driving value Strategically investing Operational Efficiency Improved Outcomes Enabling Growth in high-return AI Virtual Assistants Underwriting initiatives to become an Conversational AI solutions that answer questions and AI solution
Slide 28: Demonstrated capabilities in strategically targeting M&A
Demonstrated capabilities in strategically targeting M&A to drive growth Extended our exclusive Acquired a multi-sector Acquired a leading middle- Agreed to acquire Schroders’ Philippines bancassurance alternative credit manager market direct lending private Indonesian investment partnership by 15 y
Slide 29: Executing strategic priorities will sustain a globally balanced portfolio
Successfully executing our strategic priorities will sustain a globally balanced portfolio Compelling growth opportunities in Asia and Global …which will drive long-term growth and sustain a WAM; will invest to further scale Canada and the U.S… balanced and diversified business profile (Illustrative
Slide 30: Our Financial Strength
ML S SS > WS 38 AK ial WN SAN nanc ~ Our Fina J) Manulife AN ~ \\ SS AOR WIIMARAR
Slide 31: Continue to maintain strong credit ratings and liquidity
Continue to maintain strong credit ratings and liquidity S&P Global Ratings Fitch Ratings Morningstar DBRS MFC A A A (high) (Senior unsecured debt) MFC A- A- A (Subordinated debt) MFC BBB+ BBB A (low) (LRCN) Manulife Bank of Canada A+ AA (low) (Term Deposit Notes) MLI AA- AA AA (Financial strength)
Slide 32: Diversified high-quality asset mix avoids risk concentrations
Diversified high-quality asset mix avoids risk concentrations Total invested assets (C$485.8 billion, carrying values as of June 30, 2026) Fixed Income & Other Alternative Long-Duration Assets (“ALDA”) Public Equities High-quality and diverse asset mix • 95% of debt securities and private placement
Slide 33: Well balanced debt-to-equity mix and laddered debt maturity profile
Well balanced debt-to-equity mix and laddered debt maturity profile Balance sheet capital mix Debt maturity/first par call date profile (C$ billions)1,2,3 (C$ millions)1,2,3,4,5,6,7 Equity 51% Preferred Shares 3% Subordinated Debt 8% Senior Debt Subordinated Debt Limited Recourse Capital Notes Post-
Slide 34: Appendix
Appendix • Financial KPI summary • Interest Rate and Equity Market Sensitivities • Non-GAAP and Other Financial Measures • Core ROE Reconciliation • Footnotes 34
Slide 35: 2Q26 financial KPI summary
2Q26 financial KPI summary (C$ millions, unless noted) 2Q25 2Q26 Change APE sales1 (C$ billions) $2.2 $2.7 ▲ 21% New business CSM2 $882 $1,024 ▲ 16% New business value1 $846 $929 ▲ 10% Growth CSM balance growth2 6% 20% ▲ 14 pps Global WAM net flows1 (C$ billions) $0.9 $0.4 ▼ $0.5 Global WAM core EBI
Slide 36: Sensitivities to interest rate and equity market movements
Sensitivities to interest rate-related movements and equity market movements are within our risk appetite Potential impacts1 of various scenarios (C$ millions, post-tax except CSM) Net income OCI CSM net of NCI 50bp immediate parallel 50bp parallel decline decline in “interest rates” in “corporate s
Slide 37: Non-GAAP and other financial measures
Non-GAAP and other NCI, new business CSM net of NCI, and diluted earnings per common share. payout ratio, financial leverage ratio, adjusted book value per common share, CSM balance per common share, new financial measures business value, and post-tax CSM net of NCI. For further Other specified fina
Slide 38: Reconciliation: Core ROE
Reconciliation: Core ROE ($ millions, unless otherwise stated) 2017 Core earnings 4,565 Less: Preferred share dividends 159 Core earnings available to common shareholders 4,406 Average common shareholders’ equity (see below) 38,919 Core ROE (%) 11.3% Average common shareholders’ equity Total shareho
Slide 39: Footnotes
Footnotes Slide Footnote 1 Subject to the receipt of regulatory approvals. 4 2 The transaction is expected to close in Q4 2026, subject to the receipt of regulatory approvals, see "Caution regarding forward-looking statements" above. 1 Based on market capitalization as at June 30, 2026. Source: Bloo
Slide 40: Footnotes
Footnotes Slide Footnote 1 Excludes Corporate & Other. 2 Excludes Regional Office. 3 For more information on APE sales, see “Non-GAAP and Other Financial Measures” above. 4 The core earnings contribution by operating segment is a non-GAAP ratio. 2025 core earnings for Asia, Global WAM, Canada, and t
Slide 41: Footnotes
Footnotes Slide Footnote 1 Data as of June 30th, 2026. 2 A subsidiary of leading global reinsurer Munich Re. 3 IFRS reserve figure of C$3.2B at 80% quota share, reflecting IFRS 17 current estimate of present value of future cash flows + risk adjustment + contractual service margin. Based on exchange
Slide 42: Footnotes
Footnotes Slide Footnote 1 Further details can be found in Manulife Investment Management’s latest Sustainability Report. 2 Manulife Permanent Cropland Plus Fund LP is structured as a private offering only for qualified purchasers to be conducted pursuant to Rule 506(c) of Regulation D promulgated u
Slide 43: Footnotes
Footnotes Slide Footnote 1 June 30, 2026. 2 Based on face value of the instrument. 3 Excluding Manulife Bank funding. 4 Debt instruments denominated in US$ and S$ have been converted to C$ using a June 30, 2026, exchange rate of 1.42 and 1.10, respectively. 33 5 Translated C$ amount in maturity/firs
Slide 44: Investor Relations contact information
Investor Relations contact information Hung Ko Derek Theobalds Global Head of Treasury and Investor VP, Investor Relations Relations hung_ko@manulife.com derek_theobalds@manulife.com 416 806 9921 416 852 7686 200 Bloor Street East 200 Bloor Street East Toronto, ON M4W 1E5 Toronto, ON M4W 1E5 Fulin L
Slide 45: Manulife
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