C$ unless otherwise stated                                            TSX/NYSE/PSE: MFC     SEHK: 945 TORONTO, April 24, 2024 /PRNewswire/ - Manulife Financial Corporation will release its first quarter 2024 financial results after markets close on Wednesday, May 8, 2024, which will be made available at manulife.com/en/investors/results-and-reports. A live webcast and conference call are scheduled for Thursday, May 9, 2024, at 8:00 a.m. (ET) where members of Manulife's executive leadership team will discuss ...

Manulife Financial Corporation (NYSE:MFC) National Bank Financial 22nd Annual Financial Services Conference March 27, 2024 11:05 AM ET Company Participants Colin Simpson - CFO Conference Call Participants Gabriel Dechaine - National Bank Financial Gabriel Dechaine All right. Welcome back to the stage here. And I'd like to welcome Colin Simpson, Manulife's Chief Financial Officer, who has been in the job for almost a year. And it's gotten really exciting over the past three months or so… Colin Simpson It’s m ...

Lemar Persaud Steve Finch Yeah. And just a reminder that this -- it's a liability on the balance sheet. So it's geography and there's some knock-on impacts. But at the end of the day, if we were to move 5 points in the range, it's about $3.5 billion in terms of further impact you could see. I won't predict how this would trend over time. It's not knowable now. But to Roy's point, I think ongoing benchmarking, it would be interesting to see what that drives the industry to do. Roy Gori And Nigel, I think you ...

| --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | Caution regarding forward-looking statements From time to time, Manulife makes written and/or oral forward-looking statements, including in this presentation. In addition, our representatives may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbour" provisions of Canadian provincial securities laws ...

IFRS 17 Adoption and Impact - The company adopted IFRS 17 'Insurance Contracts' on January 1, 2023, with an effective date of January 1, 2022, impacting the measurement of insurance contract liabilities, including the transition Contractual Service Margin (CSM)[36][42] - The transition to IFRS 17 required significant auditor judgment due to the complexity of models and key assumptions, including discount rates and risk adjustments[42] - The company applied the Full Retrospective Approach to most contracts issued on or after January 1, 2021, and the Fair Value Approach for contracts issued prior to this date[42] - The audit of insurance contract liabilities included testing the methodology and calculations, as well as assessing the adequacy of disclosures[42] - The company's net insurance service result includes insurance revenue representing the change in the Liability for Remaining Coverage (LRC) relating to insurance services, expected claims, changes in risk adjustment, and release of Contractual Service Margin (CSM)[174] - Insurance contract liabilities were recorded at $482 billion as of December 31, 2023, with $355 billion measured under the variable fee approach (VFA) and the general measurement model (GMM)[42] - The company derecognizes insurance contracts when the rights and obligations are extinguished or the contract is modified, resulting in a change in the measurement model or applicable standard[170] Financial Instruments and Fair Value Measurements - The company changed its method of accounting for the classification and measurement of financial instruments due to the adoption of IFRS 9 'Financial Instruments'[37] - Fair value measurements are categorized into three levels: Level 1 (quoted prices in active markets), Level 2 (observable inputs), and Level 3 (significant non-market observable inputs)[72][74][75] - Invested assets recorded at $87.6 billion, with derivative assets and liabilities at $0.6 billion and $2.7 billion respectively, classified as Level 3 in fair value hierarchy[43] - Real estate investments are classified as Level 3 for fair value disclosure, with fair value determined using external appraisals and valuation techniques like discounted cash flows and comparable sales analysis[97][98] - Mortgages are classified as Level 3 for fair value purposes due to the lack of market observability of significant valuation inputs[92] - The fair value of embedded derivative liabilities increased from $395 million in 2022 to $487 million in 2023, reflecting credit and interest rate risks in insurance and investment contracts[337] - The fair value of long-term debt was $5,525 million in 2023, slightly down from $5,587 million in 2022, determined using Level 2 valuation techniques[580] Insurance Contract Liabilities and Reinsurance - Insurance contract liabilities increased to $367.996 billion in 2023, up from $354.849 billion in 2022[53] - Insurance contract liabilities as of December 31, 2023, totaled $1,110,645 million, with $1,074,764 million due over 5 years[408] - Reinsurance contract held liabilities as of December 31, 2023, amounted to $8,448 million, with $6,097 million due over 5 years[408] - Net reinsurance contract held assets decreased from $43,480 million in 2022 to $39,820 million in 2023[358] - Reinsurance assets totaled $40,249 million in 2023, down from $44,053 million in 2022, with 91% ceded to reinsurers rated A- or above in both years[572] - The company entered into a reinsurance agreement with Global Atlantic Financial Group on December 11, 2023, covering U.S. LTC, structured settlements, and Japan whole life legacy blocks[450] Income Tax and Financial Performance - Income tax expenses (recoveries) on unrealized foreign exchange gains (losses) on translation of foreign operations at ($1) million for 2023[57] - Income tax expenses (recoveries) on unrealized foreign exchange gains (losses) on net investment hedges at $13 million for 2023[57] - Income tax expenses (recoveries) on insurance/reinsurance finance income (expenses) at ($1,853) million for 2023[57] - Income tax expenses (recoveries) on unrealized gains (losses) on fair value through OCI investments at $1,863 million for 2023[57] - Income tax expenses (recoveries) on reclassification of net realized gains (losses) on fair value through OCI investments at ($8) million for 2023[57] - Total income tax expenses (recoveries) at ($6) million for 2023[57] - Tax rates for Japan, Canada, and U.S. jurisdictions were 28.0%, 27.8%, and 21.0% respectively in 2023[352] Financial Statements and Audits - The company's consolidated financial statements for 2023 and 2022 were audited and found to present fairly in accordance with International Financial Reporting Standards (IFRS)[34] - The company's internal control over financial reporting as of December 31, 2023, was audited and received an unqualified opinion[35] - The company's financial reporting process is overseen by those charged with governance, ensuring compliance with ethical requirements and independence[27][30] - The company's financial statements are prepared using IFRS, requiring significant management judgment and estimates, particularly in measuring insurance and investment contract liabilities, assessing asset impairment, and determining fair values of certain assets[66] Investment and Asset Management - Total invested assets grew to $417.210 billion in 2023, compared to $400.142 billion in 2022[53] - The company's invested assets, predominantly debt instruments, are measured at Fair Value through Other Comprehensive Income (FVOCI), reflecting the time value of money in income or expenses and financial risk changes in OCI[180] - Private equity investments are accounted for using the equity method or classified as FVTPL, with fair value determined using various valuation techniques[100] - Total investment return for the year ended December 31, 2023 was $29.426 billion, with $26.158 billion from insurance contracts and $3.268 billion from non-insurance[380] - The company's dynamic hedging program assumes equity hedges offset 95% of the hedged variable annuity liability movement due to market changes[499] - The company's macro equity risk hedging program aims to maintain earnings sensitivity to public equity market movements within Board-approved risk appetite limits[476] Credit Risk and Expected Credit Losses (ECL) - Expected credit loss (ECL) impairment allowances are measured using probability-weighted macroeconomic scenarios, considering past events, current conditions, and future economic outlooks[102] - The company's ECL calculations include probability of default (PD) and loss given default (LGD), based on internal credit experience and contractual cash flow expectations[105] - The company measures Expected Credit Losses (ECL) using a three-stage approach, with Stage 1 and 2 exposures generating ECLs for each individual exposure, while Stage 3 ECLs are assessed individually or collectively based on the nature of the instrument and impairment[108] - The company uses four probability-weighted macroeconomic scenarios to estimate ECLs, with economic forward-looking inputs varying by market and projected at the country, province, or more granular level[110] - Stage 1 financial instruments recognize 12-month ECLs, representing the portion of lifetime ECLs resulting from default events within 12 months of the reporting date, while Stage 2 and 3 financial instruments recognize full lifetime ECLs[115] Goodwill and Intangible Assets - The company's goodwill represents the difference between the fair value of purchase consideration of an acquired business and its proportionate share of the net identifiable assets acquired, initially recorded at cost and subsequently measured at cost less any accumulated impairment[113] - Intangible assets with indefinite useful lives, such as the John Hancock brand name and certain investment management contracts, are not amortized but are subject to an annual impairment test[118] - Goodwill decreased from $6,014 million to $5,919 million in 2023 due to foreign exchange rate changes[340] - Indefinite life intangible assets decreased from $1,861 million to $1,825 million in 2023, primarily due to foreign exchange rate impacts[340] - Finite life intangible assets increased by $312 million in 2023, driven by software additions of $274 million[340] - Total goodwill and intangible assets decreased from $10,519 million to $10,310 million in 2023, impacted by foreign exchange rate changes[340] - Asia WAM goodwill decreased from $450 million to $438 million in 2023 due to foreign exchange rate changes[346] - U.S. WAM goodwill decreased from $1,286 million to $1,250 million in 2023, primarily due to foreign exchange rate impacts[346] Capital Management and Risk - The company's capital management framework sets internal targets above regulatory requirements, considering factors such as regulatory expectations, stress testing results, and risk assessments[618] - The company's foreign exchange risk management strategy aims to match the currency of assets with liabilities, with no material unmatched currency exposure as at December 31, 2023[526] - The company's credit risk exposure includes $3,437 in debt securities past due less than 90 days and $257 past due 90 days or greater as at December 31, 2022[537] - 95% of debt securities and private placements are rated as investment grade BBB or higher as of December 31, 2023, compared to 96% in 2022[563] - Government debt securities accounted for 38% of total debt securities in 2023, up from 36% in 2022[563] - The largest single issuer exposure in the equity portfolio remained at 2% of the total portfolio in both 2023 and 2022[563] - Income-producing commercial office properties decreased to 37% of real estate in 2023 from 41% in 2022, with a value of $4,829 million compared to $5,486 million in 2022[563] - The largest concentration of mortgages and real estate in Ontario, Canada increased to 29% in 2023 from 27% in 2022, with a value of $19,003 million compared to $18,343 million in 2022[563] Derivatives and Hedging - The company uses derivatives, non-derivative financial instruments, and reinsurance contracts to mitigate financial risk arising from direct participation contracts applying the Variable Fee Approach (VFA) measurement model[147] - Changes in value of hedged items due to benchmark interest rate changes recognized at ($53) million for the year ended December 31, 2023[43] - Changes in value of hedged items due to foreign currency denominated debt instruments recognized at $742 million for the year ended December 31, 2023[43] - The Company's dynamic hedging program assumes equity hedges offset 95% of the hedged variable annuity liability movement due to market changes[499] - The Company was over-collateralized on OTC derivative assets, OTC derivative liabilities, securities lending, and reverse repurchase agreements by $424, $1,420, $20, and $nil respectively (2022 – $507, $1,528, $63, and $nil)[557] Financial Position and Performance - Total assets increased to $875.574 billion in 2023, up from $833.689 billion in 2022[53] - Net income for 2023 was $5.607 billion, a significant improvement from a net loss of $1.979 billion in 2022[56] - Total comprehensive income for 2023 was $5.005 billion, slightly down from $5.797 billion in 2022[56] - Shareholders' and other equity holders' retained earnings increased to $4.819 billion in 2023, up from $3.947 billion in 2022[59] - Common shares repurchased amounted to $745 million in 2023, compared to $838 million in 2022[59] - Total liabilities, excluding those for account of segregated fund holders, increased to $449.303 billion in 2023, up from $436.901 billion in 2022[53] - Total equity grew to $48.727 billion in 2023, from $48.226 billion in 2022[59] Segregated Funds and Investment Contracts - Segregated funds net assets rose to $377.544 billion in 2023, from $348.562 billion in 2022[53] - Investment contract liabilities held at amortized cost increased from $2,452 million to $9,281 million due to reclassification from insurance contract liabilities under IFRS 4[229] - Total in-scope financial liabilities increased from $69,821 million to $78,125 million, driven by classification and measurement changes[229] - Investment contract liabilities as of December 31, 2023, stood at $264,150 million, with $263,401 million for account of segregated fund holders[456] - Policy deposits for investment contract liabilities increased by $3,365 million in 2023, contributing to a year-end balance of $11,067 million[460] - The fair value of investment contract liabilities in Asia decreased from $607 million in 2022 to $438 million in 2023[458] Real Estate and Rental Income - Rental income from investment properties increased from $825 million in 2022 to $840 million in 2023, while direct operating expenses rose from $458 million to $473 million, resulting in a net total of $367 million for both years[262] - The Company's investment property was valued at $11,417 million as of December 31, 2022, with no specific maturity terms[292] - Income-producing commercial office properties decreased to 37% of real estate in 2023 from 41% in 2022, with a value of $4,829 million compared to $5,486 million in 2022[563] Global Minimum Tax (GMT) and Tax Compliance - The Company's exposure to the Global Minimum Tax (GMT) is not expected to impact operations in jurisdictions like Ireland, Japan, Luxembourg, Netherlands, the UK, and Vietnam, as no current tax expense or recovery related to GMT is disclosed[235] - The Company applied a temporary mandatory exception from recognizing deferred tax assets and liabilities related to the GMT, as per amendments to IAS 12[239] Actuarial Methods and Assumptions - The 2023 review of actuarial methods and assumptions resulted in a $3,197 million decrease in pre-tax fulfilment cash flows, increasing pre-tax net income attributed to shareholders by $171 million[413] - Changes in actuarial methods and assumptions in Asia led to a $2,513 million decrease in pre-tax fulfilment cash flows, increasing pre-tax net income attributed to shareholders by $107 million[433] - The U.S. long-term care triennial review increased pre-tax fulfilment cash flows by $118 million in 2022[439] - The company secured $2.5 billion in premium increase approvals as of September 30, 2022, aligning with pre-tax fulfilment cash flow assumptions[442] Counterparty and Collateral Management - The percentage of the Company's derivative exposure with counterparties rated AA- or higher was 33% (2022 – 36%)[551] - The largest single counterparty exposure was $1,357 (2022 – $1,582), with net exposure after master netting agreements and collateral held at $nil (2022 – $nil)[551] - The Company had loaned securities with a market value of $626 (2022 – $723) as at December 31, 2023[543] - The Company's total single name CDS notional amount was $131 (2022 – $159) with a fair value of $3 (2022 – $4)[547] - The fair value of collateral held as security was $22,264 million in 2023, down from $25,247 million in 2022, reducing net exposure to $17,984 million from $22,465 million[572] Long-Term Debt and Interest - Interest paid on long-term debt increased to $231 million in 2023 from $204 million in 2022[578] - The fair value of long-term debt was $5,525 million in 2023, slightly down from $5,587 million in 2022, determined using Level 2 valuation techniques[580] Insurance Finance and Reinsurance Finance - Insurance finance (income) expenses for 2022 were $68,833 million[362] - Insurance finance (income) expenses for 2023 were $24,306 million[364] - Reinsurance finance income (expenses) from reinsurance contracts held for the year ended December 31, 2023 was a gain of $505 million, including a $120 million loss from foreign exchange movements[380] - Total insurance finance income (expenses) from insurance contracts issued for the year ended December 31, 2023 was a loss of $25.993 billion, including a $952 million loss from foreign exchange movements[380] Opening and Closing Balances - Opening insurance contract liabilities for account of segregated fund holders were $130,836 million as of January 1, 2022[362] - Net closing balance for insurance contracts was $464,392 million as of December 31, 2022[362] - Net opening balance for insurance contracts as of January 1, 2023 was $464,392 million[364] - Net closing balance for insurance contracts as of December 31, 2023 was $481,994 million[364] - Closing insurance contract liabilities for account of segregated fund holders were $114,143 million as of December 31, 2023[364] - Opening reinsurance contract held assets as of January 1, 2022 were $45.699 billion, with net opening balance of $50.750 billion[368] - Net closing balance for reinsurance contracts as of December 31, 2022 was $43.480 billion, with closing assets of $45.871 billion and liabilities of $2.391 billion[368] - Opening reinsurance contract held assets as of January 1, 2023 were $39.656 billion, with net opening balance of $43.480 billion[370] - Net closing balance for reinsurance contracts as of December 31, 2023 was $39.820 billion, with closing assets of $42.355 billion and liabilities of $2.790 billion[370] New Business and Reinsurance Contracts - New business reinsurance contracts in Asia as of December 31, 2023 had estimated present value of cash outflows of $916 million and inflows of $815 million[377] Investment Returns and Insurance Revenue - Total investment return for the year ended December 31, 2023 was $29.426 billion, with $26.158 billion from insurance contracts and $3.268 billion from non-insurance[380

3 4 Note: All growth figures are year-over-year and compared with 3Q22 transitional measures where applicable. See "Caution regarding forward-looking statements" above. All footnotes are on slide 37. Driving growth while focusing on customer needs and shareholder returns • Asia's strong operating and new business results driven by return of mainland Chinese visitor (MCV) customer demand • Partnership with League to offer our Canada group benefits members more integrated and personalized digital healthcare e ...

Financial Data and Key Metrics Changes - The company reported a 35% increase in core EPS for Q3 2023, with core ROE at 16.8%, exceeding the medium-term target of over 15% for the second consecutive quarter [5][40]. - The adjusted book value per share increased by 4% year-on-year, reaching $30.67 [19][14]. - Net income was lower than core earnings due to a challenging investment environment, but gains in other comprehensive income offset some of the adverse results [19][10]. Business Line Data and Key Metrics Changes - APE sales in Canada grew by 51% year-on-year, driven by a significant affinity market sale, resulting in a 72% increase in new business value [23][38]. - In Asia, APE sales increased by 20%, with new business CSM growth of 16% year-on-year, reflecting a recovery in demand from Mainland Chinese customers [11][47]. - The Global Wealth and Asset Management (WAM) segment experienced net outflows of $800 million due to a large pension plan redemption, but year-to-date net inflows were $5.8 billion [39][50]. Market Data and Key Metrics Changes - The U.S. segment faced lower APE sales due to a high-rate environment impacting accumulation insurance products, particularly for affluent customers [35][91]. - The company noted that retail net outflows reflected lower demand as investors favored short-term cash and money market instruments amid market volatility [51]. Company Strategy and Development Direction - The company is focused on profitable growth while enhancing customer needs and returning capital to shareholders, with a strong emphasis on digital transformation and technology adoption [11][25]. - A unified onboarding platform was launched in Bermuda, Hong Kong, and Singapore to enhance the high net worth business [24]. - The company plans to continue building on its digital platform and accelerate the adoption of new technologies, including generative AI [27][28]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the uncertain macroeconomic environment, highlighting opportunities arising from higher interest rates and recovery in Asia [16][40]. - The management acknowledged challenges in the market but emphasized the importance of increasing customer engagement and sales to drive future growth [64][100]. Other Important Information - The company has returned approximately $7.7 billion to shareholders through dividends and share buybacks since resuming its buyback program in 2022, with an average annual dividend growth of 10% since 2017 [15][67]. - The company maintains a strong capital position with a LICAT ratio of 137% and $22 billion of capital above the supervisory target ratio [53][14]. Q&A Session Summary Question: What drove the strong performance fees in the WAM business? - The performance fee of $23 million post-tax was primarily from the timber business, contributing positively to the results [57]. Question: What is the outlook for new business CSM growth? - New business CSM growth was 16% year-on-year, with 80% of this growth coming from Asia, indicating good momentum [60]. Question: What are the challenges in the Vietnam market? - The Vietnam market is experiencing challenges reflected in lower new business volumes and persistency, which is impacting overall performance [74]. Question: How is the company addressing the lapse rates in the U.S.? - The company expects lapse rates to trend back to pre-pandemic levels, with ongoing monitoring and adjustments to assumptions as necessary [93]. Question: What is the outlook for ALDA performance? - The company remains confident in achieving long-term returns despite recent underperformance, attributing it to rising cap rates and market conditions [115][120].

Table of Contents Exhibit 99.1 Manulife Third Quarter Report to Shareholders Three and nine months ended September 30, 2023 Manulife Financial Corporation Table of Contents Manulife Financial Corporation ("Manulife" or the "Company") reported its third quarter results for the period ended September 30, 2023, delivering double-digit growth in core earnings1, APE sales2 and new business value2. Key highlights for the third quarter of 2023 ("3Q23") include: "Our strong operating and new business results this q ...

Philip Witherington Yes. And Tom, I call your attention to the fact that total company level, we saw a broad alignment between new business CSM growth at 15%, APE growth at 12% and NBV growth at 10%. So just as under IFRS 4, you'll recall, we would see some variability between the new business gains and the NBV. And similarly, under IFRS 17, we'll see some variability between new business CSM and NBV. But over time, they will be directionally consistent, and that's what you should expect to see in all of ou ...

Table of Contents Manulife Second Quarter Report to Shareholders three and six months ended June 30, 2023 Manulife Financial Corporation Table of Contents Manulife reports strong topline results in 2Q23 with APE sales up 12%, NBV up 10%, new business CSM of $592 million up 15% and Global Wealth and Asset Management net inflows of $2.2 billion. Net income attributed to shareholders was $1.0 billion in 2Q23 and core earnings were $1.6 billion with strong EPS and core EPS growth Today, Manulife announced its s ...