Manulife Financial Corporation · TSX:MFC
Manulife Financial — Investor Presentation (2026)
41 slides from Manulife Financial's investor presentation, 2026
Slide 1: Manulife Investor Presentation 1Q26
Manulife Investor Presentation 1Q26
Slide 2: Caution regarding forward-looking statements
conditions (including but not limited to the performance, volatility and property and exposure to claims of infringement; our inability to Caution regarding correlation of equity markets, interest rates, credit and swap spreads, inflation rates, currency rates, investment losses and defaults, market
Slide 3: Company Overview
Company Overview 3
Slide 4: Key messages
• Manulife is a leading global financial services company with a diversified Key messages business portfolio, delivering high return, growth and cash generation • 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 US $390B+ TOP 10 $84B 3.5 health and mortality protection gap in Asia in 20246 Core earnings2 Net income attributable to shareholders2 $7.5B $5.6
Slide 6: A compelling investment case
A compelling investment case Diversified and balanced Consistent and strong returns Highly rated, with a robust AI leadership supports portfolio & cash generation balance sheet winning team Top 3 Pan-Asian life insurer Significant shareholder return Financial flexibility AI-powered organization Top
Slide 7: Diversity of Manulife's business is a key strength
The diversity of Manulife’s business is a key strength which provides resiliency and a foundation for high-quality, sustainable growth Core earnings1,4 Asia core earnings2,5 APE sales3 Asia 38% Canada 21% Hong Kong 52% Singapore 11% Asia 76% Canada 16% U.S. 16% Global WAM 25% Japan 18% Vietnam 6% U.
Slide 8: Committed to strong execution and delivery of high-quality sustainable growth
Committed to strong execution and delivery of high-quality sustainable growth 8
Slide 9: Track record of delivering consistent growth and profitability
Track record of delivering consistent growth and profitability Net income attributed to Core earnings1 New business CSM AUMA1 shareholders (C$ 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 2025 2022 2023 20
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 strong 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%, res
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$) Share buyback Common share dividends 6.9 7.0 1.94 6.4 6.1 1.76 5.4 1.60 5.5 1.46 4.4 1.32 4.4 4.3 3.2 2.4 1.12 1.17 1.9 1.6 2.
Slide 12: Strong capital with financial flexibility
Strong capital with financial flexibility to support execution on strategic priorities and return to shareholders Capital metrics Financial leverage ratio2 (%) Capital over LICAT ratio1 supervisory target (%) (C$ billions) 30 137% 137% 136% 140 135 Medium-term 25 target of 25% 130 20 125 15 120 24 2
Slide 13: Continuously growing adjusted book value per share
Continuously growing adjusted book value per share Adjusted book value per common share1 (C$) 1 CSM balance per common share Book value per common share 38.27 36.25 32.19 29.42 12.36 10.62 Adjusted book value is an important metric for 9.83 monitoring growth and measuring insurance 7.86 businesses v
Slide 14: Making strong progress on delivering targets
Making strong progress on delivering targets 2023 2024 2025 2027 targets Core ROE1 15.9% 16.2% 16.5% 18%+ Remittances2 $5.5B $7.0B $6.4B $22B+ cumulative Medium-term targets New business CSM growth3 12% 32% 28% 15% CSM balance growth3 21% 3% 16% 8-10% Core EPS growth1,4 17% 10% 8% 10-12% Expense eff
Slide 15: Diversified and Balanced Business Portfolio
Diversified and Balanced Business Portfolio with high- growth businesses of Asia & Global WAM and more mature businesses in North America 15
Slide 16: Asia: Top 3 Pan-Asian life insurer
Asia: Top 3 Pan-Asian life insurer delivering high-quality sustainable growth Diversified distribution platform Sustainable and fast growth (APE Sales in FY25) (NB CSM, US$ millions) With over 125 years of history, we serve 13 million Agency Bancassurance Other customers1 across 12 markets2 in the r
Slide 17: 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 Group insurance Annuity (NB CSM, C$ millions) Serve the needs of over 7 million Individual insurance Bank custome
Slide 18: U.S.: Most attractive and highest growth segments
U.S.: We operate in the John Hancock’s Strong value creation driven by diversified portfolio management actions most attractive and (% of APE sales) (NB CSM, US$ millions) highest growth segments 396 of the U.S. life insurance 292 278 market John Hancock is a behavioural insurance Accumulation leade
Slide 19: Global Wealth & Asset Management has a 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 WAM-Managed AUMA8 by geographic source 600+ global investment professionals 2 (C$ billions) Top 10
Slide 20: Making sustainable business decisions creates long-term value
Decarbonization activities are embedded within risk management Making sustainable business structures decisions creates long-term Committed to reducing absolute scope 1 and scope 2 emissions by 40% by 20353 and net zero financed emissions in our General Account by 20504 guided by interim targets. va
Slide 21: Refreshed enterprise strategy builds upon our strengths
Refreshed enterprise strategy builds upon our strengths 21
Slide 22: Our refreshed strategic priorities
Our refreshed 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
Slide 23: 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 24: 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 25: 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 26: 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 27: 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 28: Sustaining 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 29: Our Financial Strength
Our Financial Strength 29
Slide 30: 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 31: Diversified high-quality asset mix
Diversified high-quality asset mix avoids risk concentrations Total invested assets (C$459.9 billion, carrying values as of December 31, 2025) Fixed Income & Other Alternative Long-Duration Assets (“ALDA”) Public Equities High-quality and diverse asset mix • 96% of debt securities and private placem
Slide 32: Debt-to-equity mix and laddered debt maturity profile
Well balanced debt-to-equity mix and laddered debt maturity profile Balance sheet capital mix Debt maturity/first par call date profile (C$ billions)1,2,3 (C$ millions)1,2,3,4,5,6,7 Equity 51.3% Preferred Shares 2.8% Subordinated Debt 7.8% Senior Debt Subordinated Debt Limited Recourse Capital Notes
Slide 33: Appendix
Appendix • Financial KPI summary • Non-GAAP and Other Financial Measures • Core ROE Reconciliation • Footnotes 33
Slide 34: 4Q25 and 2025 financial KPI summary
4Q25 and 2025 financial KPI summary (C$ millions, unless noted) 4Q24 4Q25 Change 2024 2025 Change APE sales1 (C$ billions) $2.2 $2.2 ▼ 1% $8.4 $9.7 ▲ 14% New business CSM2 $842 $1,020 ▲ 21% $2,887 $3,775 ▲ 28% New business value1 $808 $874 ▲ 8% $2,946 $3,533 ▲ 18% Growth CSM balance growth2 3% 16% ▲
Slide 35: Non-GAAP and other financial measures
Non-GAAP and other Other specified financial measures include new business business value, and post-tax CSM net of NCI. For further information, please see section “Global Minimum Taxes (GMT)” value (“NBV”); new business value margin (“NBV margin”); of the 2025 MD&A, which is incorporated by referen
Slide 36: Reconciliation: Core ROE
Reconciliation: Core ROE ($ 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 37: Footnotes
Footnotes Slide Footnote 4 1 Subject to the receipt of regulatory approvals. 1 Based on market capitalization as at December 31, 2025. Source: Bloomberg. 2 Full year 2025. Core earnings is a non-GAAP financial measure. For more information, see “Non-GAAP and Other Financial Measures” above. 3 As at
Slide 38: Footnotes
Footnotes Slide Footnote 1 Core earnings and AUMA are non-GAAP financial measures. For more information, see “Non-GAAP and Other Financial Measures” above. 9 2 Transitional net income attributed to shareholders. For more information on 2022 transitional results, see “Implementation of IFRS 17 and IF
Slide 39: Footnotes
Footnotes Slide Footnote 1 Offices in the U.S., Canada, Japan, Hong Kong, Singapore, Taiwan, Indonesia, Vietnam, Malaysia, India, the Philippines, England, Ireland, Germany, Switzerland, mainland China, and Chile. In addition, we have timberland/farmland offices in Australia, New Zealand, and Brazil
Slide 40: Footnotes
Footnotes Slide Footnote 1 Source: United Nations, Data Portal Population Division, accessed October 2025. 23 2 Source: Peterson-KFF, How much is health spending expected to grow? (October 2025). 1 Reflects management’s assessment and views of expected future growth (based on expected increase in po
Slide 41: 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