Manulife Financial Corporation (NYSE:MFC) Q2 2023 Earnings Conference Call August 10, 2023 8:00 AM ET Company Participants Hung Ko - VP, Group IR Roy Gori - President, CEO & Director Colin Simpson - CFO Philip Witherington - President & CEO, Manulife Asia Paul Lorentz - President and CEO, Global Wealth & Asset Management Scott Hartz - CIO Steven Finch - Chief Actuary Conference Call Participants Meny Grauman - Scotiabank Paul Holden - CIBC Tom MacKinnon - BMO Capital Markets Mario Mendonca - TD Securities L ...

Financial Performance - In Q2 2023, Manulife reported a net income attributable to shareholders of CAD 1 billion, an increase of CAD 900 million compared to Q2 2022[2]. - Core earnings for Q2 2023 were CAD 1.6 billion, representing a 4% increase year-over-year on a constant currency basis[2]. - The annualized premium equivalent (APE) sales for Q2 2023 reached CAD 1.6 billion, up 12% from Q2 2022[2]. - New business value for Q2 2023 was CAD 585 million, a 10% increase compared to Q2 2022[2]. - The new business contract service margin (CSM) for Q2 2023 was CAD 592 million, reflecting a 15% increase year-over-year[2]. - As of June 30, 2023, the CSM balance, net of non-controlling interests, was CAD 17.4 billion, an increase of CAD 140 million from December 31, 2022[2]. - Net income attributable to shareholders for Q2 2023 was $1,025 million, a significant increase from a loss of $2,119 million in Q2 2022[9]. - Core earnings for Q2 2023 reached $1,637 million, compared to $1,526 million in Q2 2022, reflecting a year-to-date total of $3,168 million versus $2,919 million in the previous year[9]. - The diluted earnings per share for Q2 2023 was $0.50, up from a loss of $1.13 in Q2 2022, with a year-to-date EPS of $1.23 compared to $0.71 in 2022[9]. - The return on common equity for Q2 2023 was 9.3%, a recovery from (22.4)% in Q2 2022, with a year-to-date return of 11.4% compared to 7.1% in the previous year[9]. Capital and Shareholder Returns - Manulife's LICAT ratio for Q2 2023 was 136%, indicating strong capital levels[4]. - The company repurchased approximately 17.3 million common shares for a total value of CAD 443 million, representing 0.9% of the issued and outstanding common shares[4]. - The core return on common shareholders' equity for Q2 2023 was 15.5%[4]. - The financial leverage ratio for Q2 2023 was 25.8%, compared to 26.0% in the same quarter of the previous year[10]. - Total common equity attributable to shareholders was CAD 39,047 million in Q2 2023, down from CAD 40,715 million in Q1 2023[36]. Business Growth and Expansion - The company expanded its health coverage in Hong Kong, now providing access to over 3,000 hospitals in mainland China, becoming the first life insurance company to cover all tier-3 public hospitals in the region[5]. - The company integrated the Manulife Vitality program into newly launched personal insurance dividend policies in Canada, enhancing its behavioral insurance offerings[5]. - APE sales in Q2 2023 amounted to CAD 1.6 billion, representing a 12% growth compared to Q2 2022, with significant contributions from Hong Kong and other Asian regions[14]. - New business value in Q2 2023 was CAD 585 million, a 10% increase from Q2 2022, with Canada showing a notable growth of 29%[15]. - The company partnered with Envestnet to provide a leading investment management platform for financial advisors in the Canadian retail market, enhancing client experience and advisor productivity[8]. ESG and Sustainability Initiatives - The company announced a science-based target to reduce absolute Scope 1 and 2 emissions by 40% by 2035, reinforcing its commitment to ESG strategies[6]. - The company launched two ESG-themed funds within its MPF scheme, making it the first MPF plan to offer both sustainable equity and fixed income investment options[7]. Operational Efficiency and Customer Experience - The company reported a 16% quarter-over-quarter increase in insurance applications submitted through its online platform in the Philippines[8]. - The company reduced call transfer rates in its group insurance customer contact center by nearly 50% compared to Q2 2022, resulting in a 14% increase in transactional NPS[8]. - The company was recognized by LIBRA Insurance Partners as one of the top insurance companies providing an excellent experience on its life insurance electronic platform[8]. - The company successfully delivered life insurance policy documents electronically for the first time, saving over 3 million sheets of paper[8]. Wealth and Asset Management - The total assets under management and administration in the global wealth and asset management business reached $819.6 billion, up from $746.8 billion in the previous year[10]. - Global wealth and asset management business recorded net inflows of CAD 2.2 billion in Q2 2023, compared to CAD 1.7 billion in Q2 2022[18]. - The total investment assets for the Global Wealth and Asset Management business reached $5,464 million as of June 30, 2023, down from $5,565 million in the previous quarter[41]. - The total revenue for the company in Q2 2023 was CAD 1,637 million, with a significant contribution from asset management services[33]. Strategic Outlook and Risks - The company issued forward-looking statements regarding its ability to achieve mid-term financial and operational goals[47]. - The company highlighted potential risks that could significantly impact actual performance, including economic conditions, market volatility, and regulatory changes[47]. - The company emphasized the importance of maintaining its reputation and financial strength amidst competitive pressures and potential acquisitions[48]. - The company discussed its strategic plans and the ability to implement them effectively, which are crucial for future growth[47]. - The company acknowledged the ongoing impact of the COVID-19 pandemic and its variants on business operations and market conditions[47].

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 ...

7Note: Percentage growth/decline in APE sales and NBV are on a constant exchange rate basis. For more information on APE Sales, NBV and net flows, see "Non-GAAP and Other Financial Measures" below. Adjusted book value per common share Asia Global WAM Capital returned to shareholders 1.1 1.0 0.4 0.4 0.5 0.6 0.4 0.6 0.6 0.6 0.6 0.7 1Q22 2Q22 3Q22 4Q22 9 | --- | --- | --- | --- | --- | |---------------|-------------------------------------------------------|--------|--------|-------------| | | (C$ millions, un ...

Manulife Financial Corporation (NYSE:MFC) Q1 2023 Earnings Conference Call May 11, 2023 8:00 AM ET Company Participants Hung Ko - Investor Relations Roy Gori - President and Chief Executive Officer Phil Witherington - Chief Financial Officer Scott Hartz - Chief Investment Officer Damien Green - President and Chief Executive Officer, Manulife Asia Steve Finch - Chief Actuary Paul Lorentz - President and Chief Executive Officer, Global Wealth and Asset Management Conference Call Participants Gabriel Dechaine ...

Financial Performance - Manulife's net income attributable to shareholders for Q1 2023 was CAD 1.4 billion, an increase of CAD 0.1 billion compared to Q1 2022[2]. - Core earnings for Q1 2023 were CAD 1.5 billion, representing a 6% increase year-over-year on a constant currency basis[2]. - The company's diluted earnings per share increased to CAD 0.73 in Q1 2023, up from CAD 0.66 in Q1 2022, representing an increase of approximately 10.6%[6]. - Core earnings for Q1 2023 totaled CAD 1,531 million, compared to CAD 1,393 million in Q1 2022, representing a 10% increase[20]. - Net income attributable to shareholders for Q1 2023 was CAD 1,406 million, up from CAD 1,325 million in Q1 2022, reflecting a 6% growth[20]. - The company experienced a market experience loss of CAD 65 million in Q1 2023, a significant improvement from a loss of CAD 655 million in Q4 2022[20]. - The net income (loss) attributable to shareholders for Q1 2023 was CAD 139 million, a significant improvement from a loss of CAD 672 million in Q4 2022[26]. - The net income attributable to common shareholders for Q1 2023 was $1,131 million, an increase from $726 million in Q4 2022, representing a growth of approximately 56%[31]. Sales and Business Growth - The annualized premium equivalent sales for Q1 2023 amounted to CAD 1.6 billion, a decrease of 3% compared to Q1 2022[2]. - The new business value for Q1 2023 was CAD 509 million, down 5% from Q1 2022[2]. - The annualized premium equivalent sales in Asia reached CAD 1,173 million in Q1 2023, compared to CAD 1,087 million in Q1 2022, reflecting a growth of 7.9%[6]. - The total new business value for Asia was CAD 372 million in Q1 2023, slightly up from CAD 369 million in Q1 2022[6]. - Annualized premium equivalent sales for Q1 2023 totaled CAD 1.6 billion, a decrease of 3% compared to Q1 2022, with notable growth in Hong Kong offsetting declines in Canada and the U.S.[11]. Capital and Equity - The LICAT ratio for Q1 2023 was reported at 138%[3]. - The company's LICAT capital ratio stood at 138% in Q1 2023, a decrease from 140% in Q1 2022[7]. - The adjusted book value per common share as of March 31, 2023, was CAD 30.04, an increase of CAD 2.51 from March 31, 2022[3]. - The total equity attributable to shareholders was CAD 47,375 million in Q1 2023, compared to CAD 46,876 million in Q4 2022[29]. Customer Engagement and Technology - In Asia, over 50% of eligible customers have activated the ManulifeMOVE app, with 38% subsequently purchasing policies[4]. - In Canada, the company partnered with Cleveland Clinic to enhance products and services for 5 million group insurance customers[4]. - The active user ratio for the customer website in Vietnam grew to 37% by the end of Q1 2023, an increase of 29 percentage points year-over-year[5]. Asset Management - The total assets under management and administration in global wealth and asset management reached CAD 814.5 billion in Q1 2023, up from CAD 810.2 billion in Q1 2022[7]. - The net inflows for global wealth and asset management business were CAD 4.4 billion in Q1 2023, down from CAD 6.8 billion in Q1 2022[7]. - The retirement business saw net inflows of CAD 1.2 billion in Q1 2023, compared to CAD 2 billion in Q1 2022, impacted by increased plan redemptions[15]. - Institutional asset management recorded net inflows of CAD 2.5 billion in Q1 2023, a significant increase from CAD 0.9 billion in Q1 2022, driven by higher inflows from mainland China[15]. Future Outlook and Strategy - The company aims to maintain a CSM growth target of 8% to 10% annually despite challenges in the operating environment[3]. - Future guidance indicates a focus on maintaining growth in core earnings and expanding market presence in Asia and North America[21]. - The company plans to continue investing in new product development and technology to enhance customer experience and operational efficiency[21]. - The company anticipates continued growth in assets under management driven by strategic initiatives and market expansion efforts[40]. - The company is committed to pursuing strategic acquisitions to support long-term growth and enhance its service offerings[42]. Risk Management and Market Conditions - The company emphasizes the importance of risk management and the ability to adapt to regulatory changes and market dynamics[42]. - Future performance may be influenced by various factors including market volatility, interest rates, and economic conditions, which could lead to significant deviations from expected results[41]. - The impact of the COVID-19 pandemic continues to be monitored, with potential implications for business operations and market conditions[41].

Table of Contents First Quarter Report to Shareholders Three months ended March 31, 2023 Manulife Financial Corporation Table of Contents Manulife reports 1Q23 net income attributed to shareholders of $1.4 billion, core earnings of $1.5 billion, strong core EPS growth and core ROE, and Global Wealth and Asset Management net inflows of $4.4 billion Today, Manulife announced its first quarter of 2023 ("1Q23") results. This marks the first quarter of reporting under IFRS 17 and IFRS 9 and the transition impact ...

Manulife Financial Corporation (NYSE:MFC) Q4 2022 Results Conference Call February 16, 2023 8:00 AM ET Company Participants Hung Ko - IR Roy Gori - President, CEO Phil Witherington - CFO Steven Finch - Chief Actuary Damien Green - President & CEO, Manulife Asia Scott Hartz - CIO Conference Call Participants Doug Young - Desjardins Gabriel Dechaine - National Bank Lemar Persaud - Cormark Securities Mario Mendonca - TD Securities Meny Grauman - Scotiabank Nigel D'Souza - Veritas Investment Research Paul Ho ...

Exhibit 99.1 Manulife Financial Corporation Consolidated Financial Statements For the year ended December 31, 2022 Responsibility for Financial Reporting The accompanying consolidated financial statements of Manulife Financial Corporation are the responsibility of management and have been approved by the Board of Directors. It is also the responsibility of management to ensure that all information in the annual report to shareholders is consistent with these consolidated financial statements. The consolidat ...

Manulife Financial Corporation (NYSE:MFC) Q3 2022 Results Conference Call November 10, 2022 8:00 AM ET Company Participants Hung Ko - IR Roy Gori - President, CEO Phil Witherington - CFO Steve Finch - Chief Actuary Damien Green - President & CEO, Manulife Asia Marc Costantini - Global Head, Inforce Management Paul Lorentz - President & CEO, Global Wealth & Asset Management Conference Call Participants Gabriel Dechaine - National Bank Financial Meny Grauman ??? Scotiabank Paul Holden ??? CIBC Doug Young - De ...