Slide 1: First Quarter 2026 Financial & Operating Results
First Quarter 2026 Financial & Operating Results May 14, 2026
Slide 2: Caution regarding forward-looking statements
that could cause actual results to differ materially from expectations acquisitions including the availability of equity and debt financing for Caution regarding include but are not limited to: general business and economic conditions (including but not limited to the performance, volatility and thi
Slide 3: Conference call participants
Conference call participants Phil Witherington Trevor Kreel President & Chief Executive Officer. Chief Investment Officer Stephanie Fadous Paul Lorentz Chief Actuary President & CEO, Manulife Wealth and Asset Management Steve Finch Colin Simpson President & CEO, Manulife Asia Chief Financial Officer
Slide 4: Agenda
Agenda • Overview and strategic update Phil Witherington, President & Chief Executive Officer • Financial and operating results Colin Simpson, Chief Financial Officer • Question & Answer session 4
Slide 5: Overview and strategic update
Overview and strategic update Phil Witherington President & Chief Executive Officer 5
Slide 6: Solid 1Q26 performance underpinned by focused execution and our diversified portfolio
Solid 1Q26 performance underpinned by focused execution and our diversified portfolio Growth Profitability Balance sheet APE sales1 Core EPS1,3 Adjusted book value per share3 ▲7% ▲11% ▲6% New business CSM1 EPS1 Book value per share ▲16% ▲178% ▲2% New business value1 Core ROE3 Financial leverage rati
Slide 7: Our strategy is anchored in our ambition of being the #1 choice for customers
Our strategy is anchored in 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 Superior and Culture Portfolio Health, We
Slide 8: Strong progress in executing our strategy
Strong progress in executing our strategy Expanding our diversified portfolio Deploying AI globally to enhance Advancing our health, wealth and and further strengthening distribution distributor experience, drive longevity strategy while establishing capabilities and product leadership efficiency an
Slide 9: Financial and operating results
Financial and operating results Colin Simpson Chief Financial Officer 9
Slide 10: Solid new business results with double-digit new business CSM growth across all insurance segments
Solid new business results with double-digit new business CSM growth across all insurance segments APE sales1 New business CSM2 New business value1 Global WAM net flows1 (C$ millions) (C$ millions) (C$ millions) (C$ billions) U.S. Canada Asia U.S. Canada Asia U.S. Canada Asia Retirement Institutiona
Slide 11: Continued business growth supports strong core earnings growth
Continued business growth supports strong core earnings growth Drivers of earnings1 (C$ millions) 1Q25 1Q26 Risk adjustment release 212 218 CSM recognized for service provided 529 624 1Q26 core earnings increased 8%2 from the prior year quarter: Expected earnings on short-term insurance business 203
Slide 12: Strong core EPS growth of 11% while net income impacted by market experience
Strong core EPS growth of 11%1, while net income impacted by unfavourable market experience Core earnings1 Earnings for the first quarter 2026 (C$ millions) (C$ millions, except per share amounts) 1Q26 1Q26 +8% Post-tax Per share 1,836 Core earnings1 1,836 1.06 1,767 Items excluded from core earning
Slide 13: Asia: Strong growth in new business metrics and core earnings
Asia: Strong growth in new business metrics and core earnings APE sales1 New business CSM2 New business value1 Core earnings2 Net income3 (US$ millions) (US$ millions) (US$ millions) (US$ millions) (US$ millions) Hong Kong Singapore Hong Kong Singapore Hong Kong Singapore Hong Kong Asia Other Japan
Slide 14: Global WAM: Modest core earnings growth supported by AUM growth
Global WAM: Modest core earnings growth supported by AUM growth and the Comvest acquisition, partially offset by the eMPF transition Net flows by Average AUMA1 Core EBITDA margin2 Core earnings3 Net income4 business line1 (C$ billions) (%) (C$ millions) (C$ millions) (C$ billions) Retirement Retail
Slide 15: Canada: Core earnings impacted by unfavourable insurance experience
Canada: Core earnings impacted by unfavourable insurance experience in Group Insurance, partially offset by business growth APE sales1 New business CSM2 New business value1 Core earnings2 Net income3 (C$ millions) (C$ millions) (C$ millions) (C$ millions) (C$ millions) Individual Insurance Manulife
Slide 16: U.S.: Strong growth in APE sales; core earnings reflects lower spreads
U.S.: Strong growth in APE sales; core earnings reflects lower investment spreads, partially offset by favourable insurance experience APE sales1 New business CSM2 New business value1 Core earnings2 Net income3 (US$ millions) (US$ millions) (US$ millions) (US$ millions) (US$ millions) U.S. Annuities
Slide 17: Higher year-over-year adjusted book value per share while returning capital to shareholders
Higher year-over-year adjusted book value per share while returning capital to shareholders Adjusted book value per common share1 Capital returned to shareholders (C$) (C$ billions) 1 CSM balance per common share Share buyback Book value per common share Common share dividends +6% 1.4 1.4 39.01 1.3
Slide 18: Maintained strong balance sheet amidst elevated market volatility
Maintained strong balance sheet amidst elevated market volatility Capital metrics Financial leverage ratio1 (%) Capital over supervisory target LICAT ratio (C$ billions) (%) 137 136 136 Medium-term 30 140 target of 25% 25 120 100 20 80 15 23.9 23.9 60 22.5 25 24 25 10 40 5 20 0 0 1Q25 4Q25 1Q26 1Q25
Slide 19: Continued focus on executing on all targets
Continued focus on executing on all targets 2023 2024 2025 1Q26 2027 targets Core ROE1 15.9% 16.2% 16.5% 16.5% 18%+ Remittances2 $5.5B $7.0B $6.4B N/A $22B+ cumulative Medium-term targets New business CSM growth3 12% 32% 28% 16% 15% CSM balance growth3 21% 3% 16% 18% 8-10% Core EPS growth1,4 17% 10%
Slide 20: Question & Answer session
(i) Manulife Question & Answer session
Slide 21: Appendix
Appendix • Financial KPI summary • Insurance experience, ECL and OCI • Changes in CSM • Global WAM investment performance • Invested assets • Sensitivities • Non-GAAP and other financial measures • Footnotes 21
Slide 22: 1Q26 financial KPI summary
1Q26 financial KPI summary (C$ millions, unless noted) 1Q25 1Q26 Change APE sales1 (C$ billions) $2.7 $2.8 ▲ 7% New business CSM2 $907 $1,019 ▲ 16% New business value1 $907 $944 ▲ 7% Growth CSM balance growth2 1% 18% ▲ 17 pps Global WAM net flows1 (C$ billions) $0.5 $(4.4) ▼ $4.9 Global WAM core EBI
Slide 23: Insurance experience impacts on core earnings and CSM
Insurance experience impacts on core earnings and CSM 1Q26 insurance experience gains/(losses) (C$ millions, pre-tax) Core earnings CSM (net of NCI) Total impact1 impact Impact • Insurance experience is reflected in core earnings and in the CSM – the impacts need to be Asia 9 (5) 4 considered togeth
Slide 24: Change in ECL for 1Q26 was a charge
Change in ECL for 1Q26 was a charge Change in ECL, (charges)/recoveries Change in ECL for 1Q26, (charges)/recoveries (C$ millions, pre-tax) (C$ millions, pre-tax) Stage 1 Stage 2 Stage 3 Total Net transfers between stages - - - - 44 Net new originations or purchases (14) (2) (1) (17) 12 Changes to r
Slide 25: Net gain in other comprehensive income driven by currency translation
Net gain in other comprehensive income driven by currency translation 1Q26 total comprehensive income (C$ millions) Net income attributed to shareholders 1,147 Net gain in other comprehensive income driven by: Other comprehensive income (OCI) • The currency translation of foreign operations (due to
Slide 26: Generated strong annualized organic growth in CSM of 11%
Generated strong annualized organic growth in CSM of 11%1 1Q26 changes in CSM (C$ millions, pre-tax) 269 1,019 • Strong annualized growth of 11% in organic CSM during 1Q26 was supported by contributions from new 66 25,589 business CSM1, which increased 16% year-over-year (704) (30) • Inorganic CSM m
Slide 27: Global WAM: Solid long-term investment performance
Global WAM: Solid long-term investment performance Public asset class 3-year 5-year 10-year % of assets above peer/index 0-50% 51-75% 76-100% % of total Equity 51% 73% 68% 73% • Our strategies are performing in line with expectations, given Fixed income 24% 78% 76% 81% the current market conditions,
Slide 28: Diversified high-quality asset mix avoids risk concentrations
Diversified high-quality asset mix avoids risk concentrations Total invested assets (C$461.8 billion, carrying values as of March 31, 2026) Fixed Income & Other Alternative Long-Duration Assets (“ALDA”) Public Equities High-quality and diverse asset mix • 96% of debt securities and private placement
Slide 29: Private credit exposure is modest and well diversified
Private credit exposure is modest and well diversified, with strong covenant protections Total invested assets Private placements1 Private credit & mezzanine (C$ billions, carrying value (C$ billions, carrying value debt by sector Private placement portfolio as of March 31, 2026) as of March 31, 202
Slide 30: Collateralized loan obligations are high-quality with limited shareholder exposure
Collateralized loan obligations are high-quality with limited shareholder exposure Total invested assets CLO holdings CLO ratings CLO exposure (C$ billions, carrying value (C$ billions, carrying value (C$ billions, carrying value (C$ billions, carrying value as of March 31, 2026) as of March 31, 202
Slide 31: Interest rate-related sensitivities remain within our risk appetite limits
Interest rate-related sensitivities remain within our risk appetite limits 4Q25 1Q26 Potential impacts1 of an immediate parallel change in “interest rates”: (C$ millions, post-tax except CSM) -50bp +50bp -50bp +50bp CSM net of NCI 200 (300) 200 (300) Net income attributed to shareholders 100 (100) 1
Slide 32: Potential immediate impact on CSM and total comprehensive income
Potential immediate impact1 on CSM and total comprehensive income arising from a 10% change in public equity returns 1Q26 (C$ millions) -10% +10% Other Total Other Total CSM CSM Net income comprehensive comprehensive Net income comprehensive comprehensive net of NCI net of NCI (post-tax) income inco
Slide 33: Non-GAAP and other financial measures
Non-GAAP and other Non-GAAP ratios include core return on common shareholders’ For more information on the non-GAAP and other financial equity (“core ROE”); diluted core earnings per common share measures in this document, please see section “Non-GAAP and financial measures (“core EPS”); financial l
Slide 34: Footnotes
Footnotes Slide Footnote 1 Percentage changes in diluted earnings per common share (“EPS”), core EPS, and new business CSM net of non-controlling interests (“NCI”) stated on a constant exchange rate basis are non-GAAP ratios. Percentage changes in annualized premium equivalent (“APE”) sales, and new
Slide 35: Footnotes
Footnotes Slide Footnote 1 Percentage changes in APE sales and NBV are stated on a constant exchange rate basis. For more information, see “Non-GAAP and Other Financial Measures” above. 2 Core earnings is a non-GAAP financial measure. For more information, see “Non-GAAP and Other Financial Measures”
Slide 36: Footnotes
Footnotes Slide Footnote 1 Percentage growth / decline in our CSM net of NCI balance from organic CSM movement, as well as New business CSM and CSM balance growth rates stated on a constant exchange rate 26 basis are non-GAAP ratios. 1 Allocation includes asset allocation and balanced strategies. 2
Slide 37: Manulife
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