宏利金融-S(00945.HK)发布截至2025年6月30日的第二季度业绩，集团核心盈利为17亿加元，按固定汇 率基准计算，比2024年第二季度的水平减少2%，撇除预期信用损失变动的影响，核心盈利为18亿加 元，比2024年第二季度的水平增长2%;归属于股东的净收入为18亿加元，比2024年第二季度的水平增长 7亿加元;核心EPS为0.95加元，比2024年第二季度的水平上升2%;EPS为0.98加元，比2024年第二季度的 水平增长88%，撇除ECL变动的影响，核心EPS为0.99加元，比2024年第二季度的水平上升7%;核心ROE 为15.0%，而ROE为15.6%;"寿险资本充裕测试"(LICAT)比率为136%;相对于2024年第二季度的水平， 2025年第二季度的APE销售额增长15%，新造业务CSM增长37%，新造业务价值增长20%;全球财富与资 产管理业务的净流入达9亿加元，高于2024年第二季度所录得的1亿加元净流入;今天宣布收购Comvest Credit Partners 75%股权的协议，为公司的全球财富与资产管理业务平台带来147亿美元。该交易预计将 于2025年第四季度完成。 以上内 ...

Core Viewpoint - Manulife Financial-S (00945) announced that it will distribute a second-quarter dividend of CAD 0.44 per share on September 19, 2025 [1] Group 1 - The company is set to pay a dividend of CAD 0.44 per share [1]

"能够领导宏利是我莫大的荣幸，整个团队所展现出的热枕与卓越绩效着实令人鼓舞。当下，我们已打 好坚实基础，并已准备就绪，以清晰理念和目标，应对多变的宏观经济形势。当我们携手开启宏利发展 的新篇章之际，我深信我们对客户、数码化与人工智能方案的坚定承诺，必将为我们全球业务的卓越营 运、高效运作以及可持续增长树立新的标准。 "以策略重点为导向，投资于高潜力业务至关重要;对于此次宣布收购Comvest Credit Partners，我感到非 常鼓舞。该交易将可提升私人信贷领域的互补优势与规模实力，我们深信这一资产策略将有助于我们全 球财富与资产管理业务的未来发展。" 宏利总裁兼首席执行官韦宁顿(Phil Witherington)表示："我们的第二季度业绩突显了我们全球业务的实 力与韧性，我们继续在多元化的业务组合中实现优质增长。公司所有三个保险业务部的新造业务CSM 同比增长均超过30%，清晰印证了我们的发展势头与未来盈利潜力。尤其是亚洲持续录得强劲的APE销 售额，其新造业务价值利润率亦录得环比增长。旗下全球财富与资产管理业务进一步扩大其核心 EBITDA利润率，核心盈利较去年同期录得双位数增长。 宏利金融-S( ...

来源:金融界AI电报 8月7日早间，宏利金融在港交所公告，2025年第二季度核心盈利为17亿加元，按固定汇率基准计算，同 比减少2%；归属于股东的净收入为18亿加元，同比增长7亿加元；EPS为0.98加元，同比增长88%。此 外，该公司宣布了收购Comvest Credit Partners75%股权的协议，为其全球财富与资产管理业务平台带来 147亿美元。该交易预计将于2025年第四季度完成。 ...

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 Philip Witherington, Nicole Arnaboldi, Guy Bainbridge, Julie Dickson, Michael Durland, Donald P. Kanak, Donald Lindsay, May Tan, Leagh Turner, Anna Manning, John Wong, Nancy Carroll and John Montalbano 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | | | --- | --- | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | | | 股票發行人現金股息公告 | | | | | 發行人名稱 | 宏利金融有限公司 | | | | 股份代號 | 00945 ...

宏利金融有限公司是全球領先的金融服務供應商，致力於幫助客戶輕鬆作出明智抉擇，實 現精彩人生。本公司為個人、團體及企業客戶提供理財建議與保險方案，全球總部位於加 拿大多倫多，在加拿大、亞洲及歐洲以「宏利」名稱營運，在美國則主要以「恒康」的名 稱經營業務。本公司通過「宏利財富與資產管理」，為全球個人客戶、機構客戶以及退休 計劃成員提供投資、理財建議及退休計劃服務。截至2024年底，本公司有超過37,000名 員工、超過109,000位代理人以及數以萬計的經銷合作夥伴，為3,600多萬名客戶提供服 務。本公司在多倫多、紐約及菲律賓證券交易所以股份代號MFC上市，在香港交易所則 以股份代號945上市。 並非所有產品或服務在所有司法管轄區都可提供。詳情請瀏覽 manulife.com。 新聞稿 除非另有註明，所有金額均按加元呈列 TSX/NYSE/PSE: MFC SEHK: 945 即時發佈 2025 年 8 月 6 日 宏利宣佈派發普通股股息 多倫多 – 宏利董事會今天宣佈派發季度普通股股息，就其每股普通股派發0.44加元股息。 此股息將於2025年9月19日及之後，派發予在2025年8月20日營業結束時登記在冊的 ...

[Manulife Q2 2025 Performance Overview](index=1&type=section&id=I.%20Manulife%20Q2%202025%20Performance%20Overview) Manulife delivered strong Q2 2025 results, marked by robust new business growth, strong profitability in key segments, leading AI adoption, and strategic expansion in wealth and asset management [Performance Highlights](index=1&type=section&id=1.1%20Performance%20Highlights) Manulife achieved strong Q2 2025 growth with robust new business, strong profitability in key segments, leading AI adoption, and a strategic acquisition to boost wealth and asset management - **New business growth momentum was strong**, with **high-potential businesses recording robust earnings growth**[2](index=2&type=chunk) - All three insurance business segments saw new business CSM year-over-year growth exceeding **30%**[3](index=3&type=chunk) - Global Wealth and Asset Management business expanded its core EBITDA margin and recorded **double-digit core earnings growth**[3](index=3&type=chunk) - Announced the acquisition of a **75% stake in Comvest Credit Partners**, expected to enhance complementary strengths and scale in private credit[4](index=4&type=chunk) Q2 2025 Key Financial Metrics | Metric | 2Q25 (CAD) | 2Q24 (CAD) | Change (Constant FX) | | :--- | :--- | :--- | :--- | | Core Earnings | 1.7 billion | 1.737 billion | -2% | | Core Earnings excluding ECL changes | 1.8 billion | 1.767 billion | +2% | | Net Income Attributable to Shareholders | 1.8 billion | 1.042 billion | +72% | | Core EPS | 0.95 | 0.91 | +2% | | EPS | 0.98 | 0.52 | +88% | | Core ROE | 15.0% | 15.7% | -0.7 pps | | ROE | 15.6% | 9.0% | +6.6 pps | | LICAT Ratio | 136% | - | - | | APE Sales | 2.23 billion | 1.907 billion | +15% | | New Business CSM | 882 million | 628 million | +37% | | New Business Value | 846 million | 691 million | +20% | | Global WAM Net Inflows | 0.9 billion | 0.1 billion | +417% | [President and CFO Commentary](index=1&type=section&id=1.2%20President%20and%20CFO%20Commentary) The President highlighted global business strength and AI integration, while the CFO noted robust earnings in WAM, Asia, and Canada despite US life claims, alongside share repurchases - The President emphasized the **strength and resilience of global operations**, with all insurance business segments seeing new business CSM year-over-year growth exceeding **30%**[3](index=3&type=chunk) - The company is integrating AI across its business, demonstrating a firm commitment to customers, digitalization, and AI solutions for operational excellence and sustainable growth[3](index=3&type=chunk) - The CFO noted that despite unfavorable U.S. life insurance claims experience, Global Wealth and Asset Management, Asia, and Canada businesses recorded **strong earnings growth**[4](index=4&type=chunk) - The company maintained **strict cost control**, with overall core expenses decreasing by **3%** compared to Q2 2024[4](index=4&type=chunk) - Book value per common share increased by **5% year-over-year**, and the company repurchased **CAD 1.1 billion** of common shares, demonstrating a commitment to enhancing shareholder value[4](index=4&type=chunk) [Consolidated Financial Performance](index=2&type=section&id=II.%20Consolidated%20Financial%20Performance) Manulife's Q2 2025 net income attributable to shareholders surged 72% due to market experience, while core earnings slightly decreased but grew 2% excluding ECL changes, with strong new business [Key Financial Metrics Overview](index=2&type=section&id=2.1%20Key%20Financial%20Metrics%20Overview) Manulife's Q2 2025 net income attributable to shareholders increased 72% to CAD 1.789 billion, driven by market improvements, with core earnings slightly down but up 2% excluding ECL changes Quarterly and Year-to-Date Key Financial Data | Metric | 2Q25 | 2Q24 | Change | YTD 2025 | YTD 2024 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income Attributable to Shareholders (million CAD) | 1,789 | 1,042 | 72% | 2,274 | 1,908 | 16% | | Core Earnings (million CAD) | 1,726 | 1,737 | (2)% | 3,493 | 3,447 | (2)% | | EPS (CAD) | 0.98 | 0.52 | 88% | 1.23 | 0.97 | 23% | | Core EPS (CAD) | 0.95 | 0.91 | 2% | 1.94 | 1.82 | 3% | | ROE | 15.6% | 9.0% | 6.6 pps | 9.7% | 8.5% | 1.2 pps | | Core ROE | 15.0% | 15.7% | (0.7) pps | 15.3% | 16.0% | (0.7) pps | | Book Value Per Common Share (CAD) | 24.90 | 23.71 | 5% | 24.90 | 23.71 | 5% | | APE Sales (million CAD) | 2,230 | 1,907 | 15% | 4,919 | 3,790 | 26% | | New Business CSM (million CAD) | 882 | 628 | 37% | 1,789 | 1,286 | 34% | | New Business Value (million CAD) | 846 | 691 | 20% | 1,753 | 1,332 | 27% | | Global WAM Net Inflows (billion CAD) | 0.9 | 0.1 | 417% | 1.4 | 6.8 | (80)% | [Profitability Analysis](index=3&type=section&id=2.2%20Profitability%20Analysis) Q2 2025 core earnings decreased 2% to CAD 1.726 billion due to adverse US life claims and higher ECL, offset by strong growth in WAM, Asia, and Canada, while net income surged 72% [Core Earnings](index=3&type=section&id=2.2.1%20Core%20Earnings) Q2 2025 core earnings were CAD 1.726 billion, down 2% year-over-year, primarily due to unfavorable US life claims and increased ECL provisions, partially offset by strong growth in Asia, WAM, and Canada - Q2 2025 core earnings were **CAD 1.7 billion**, a **2% decrease** compared to Q2 2024[12](index=12&type=chunk) - The decline in core earnings was primarily offset by unfavorable U.S. life insurance claims experience and increased ECL provisions[12](index=12&type=chunk) - Excluding the impact of ECL changes, core earnings were **CAD 1.8 billion**, representing a **2% year-over-year increase**[4](index=4&type=chunk) Core Earnings Performance by Segment (million CAD) | Segment | 2Q25 | 2Q24 | Change | YTD 2025 | YTD 2024 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Asia | 520 | 449 | 13% | 1,012 | 914 | 10% | | Canada | 419 | 402 | 4% | 793 | 766 | 4% | | U.S. | 141 | 303 | (53)% | 392 | 638 | (39)% | | Global Wealth and Asset Management | 463 | 386 | 19% | 917 | 735 | 22% | | Corporate and Other | (70) | (82) | 12 | (197) | (163) | (34) | | **Total** | **1,726** | **1,737** | **(2)%** | **3,493** | **3,447** | **(2)%** | [Net Income Attributable to Shareholders](index=4&type=section&id=2.2.2%20Net%20Income%20Attributable%20to%20Shareholders) Q2 2025 net income attributable to shareholders increased by CAD 0.7 billion to CAD 1.8 billion, mainly driven by improved market experience, including better-than-expected listed equity returns and derivative gains - Q2 2025 net income attributable to shareholders was **CAD 1.8 billion**, an increase of **CAD 0.7 billion** compared to Q2 2024[13](index=13&type=chunk) - The increase in net income was primarily due to **improved market experience**, reflecting better-than-expected listed equity returns and gains from derivatives and the ineffective portion of hedging accounting[13](index=13&type=chunk) - Part of the increase was offset by lower-than-expected returns from alternative long-duration assets, mainly involving real estate and private equity investments[13](index=13&type=chunk) [Capital and Shareholder Value](index=1&type=section&id=2.3%20Capital%20and%20Shareholder%20Value) Manulife maintains a robust capital position with a 136% LICAT ratio, demonstrating commitment to shareholder value through a 5% annual increase in book value per common share and active share repurchases [Life Insurance Capital Adequacy Test Ratio](index=1&type=section&id=2.3.1%20Life%20Insurance%20Capital%20Adequacy%20Test%20Ratio) As of June 30, 2025, Manulife's Life Insurance Capital Adequacy Test (LICAT) ratio was 136%, indicating strong capital adequacy - The Life Insurance Capital Adequacy Test (LICAT) ratio was **136%**[4](index=4&type=chunk) [Book Value Per Common Share](index=1&type=section&id=2.3.2%20Book%20Value%20Per%20Common%20Share) Book value per common share was CAD 24.90 at Q2 2025 end, up 5% year-over-year, with adjusted book value increasing 7% to CAD 35.78 Book Value Per Common Share (CAD) | Metric | 2Q25 | 2Q24 | Change | | :--- | :--- | :--- | :--- | | Book Value Per Common Share | 24.90 | 23.71 | 5% | | Adjusted Book Value Per Common Share | 35.78 | 33.32 | 7% | [Share Repurchases](index=1&type=section&id=2.3.3%20Share%20Repurchases) Manulife has repurchased CAD 1.1 billion of common shares year-to-date, underscoring its commitment to enhancing shareholder value - Since the beginning of the year, the company has repurchased **CAD 1.1 billion** of common shares[4](index=4&type=chunk) [Business Segment Performance](index=2&type=section&id=III.%20Business%20Segment%20Performance) Manulife's business segments showed varied performance, with strong growth in Asia and Global WAM, moderate growth in Canada, and a decline in US core earnings due to adverse claims experience [Asia Business](index=2&type=section&id=3.1%20Asia%20Business) Asia business delivered strong performance with core earnings growth of 13% to USD 520 million, significant growth in APE sales, new business CSM, and value, alongside enhanced distribution and product offerings - Asia core earnings increased by **13%**, reflecting sustained business growth, favorable claims experience, and improved new business impact[17](index=17&type=chunk) Asia Business Key Metrics (million USD) | Metric | 2Q25 | 2Q24 | Change | YTD 2025 | YTD 2024 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income Attributable to Shareholders | 600 | 424 | 44% | 1,035 | 694 | 49% | | Core Earnings | 520 | 449 | 13% | 1,012 | 914 | 10% | | APE Sales | 1,233 | 920 | 31% | 2,645 | 1,870 | 41% | | New Business CSM | 480 | 349 | 34% | 978 | 713 | 36% | | New Business Value | 451 | 346 | 28% | 908 | 669 | 35% | - Manulife Asia's Million Dollar Round Table (MDRT) membership grew by **23% year-over-year**, ranking third globally for MDRT members in 2025[9](index=9&type=chunk) - Became the **first international life insurer to establish an office in the Dubai International Financial Centre**, deepening its presence in the Middle East[9](index=9&type=chunk) [Canada Business](index=2&type=section&id=3.2%20Canada%20Business) Canada business core earnings rose 4% to CAD 419 million, primarily due to group insurance growth and improved investment spreads, with new business value up 1% and CSM up 32% despite lower APE sales - Canada core earnings increased by **4%**, driven by growth in group insurance business and higher investment spreads[17](index=17&type=chunk) Canada Business Key Metrics (million CAD) | Metric | 2Q25 | 2Q24 | Change | YTD 2025 | YTD 2024 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income Attributable to Shareholders | 390 | 79 | 394% | 612 | 352 | 74% | | Core Earnings | 419 | 402 | 4% | 793 | 766 | 4% | | APE Sales | 345 | 520 | (34)% | 836 | 970 | (14)% | | New Business CSM | 100 | 76 | 32% | 191 | 146 | 31% | | New Business Value | 161 | 159 | 1% | 341 | 316 | 8% | - APE sales decreased by **34%**, primarily offset by the absence of a large group insurance sale in Q2 2024[18](index=18&type=chunk) - New business CSM grew by **32%**, reflecting strong sales growth in individual insurance[18](index=18&type=chunk) [U.S. Business](index=2&type=section&id=3.3%20U.S.%20Business) U.S. business core earnings declined 53% to USD 141 million due to unfavorable life claims, lower investment spreads, and increased ECL provisions, despite strong new business growth across key metrics - U.S. core earnings decreased by **53%**, reflecting unfavorable life insurance claims experience, lower investment spreads, and increased ECL provisions[17](index=17&type=chunk) U.S. Business Key Metrics (million USD) | Metric | 2Q25 | 2Q24 | Change | YTD 2025 | YTD 2024 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income Attributable to Shareholders | 26 | 98 | (73)% | (371) | 18 | -% | | Core Earnings | 141 | 303 | (53)% | 392 | 638 | (39)% | | APE Sales | 130 | 93 | 40% | 250 | 206 | 21% | | New Business CSM | 86 | 54 | 59% | 156 | 126 | 24% | | New Business Value | 46 | 41 | 12% | 94 | 78 | 21% | - The segment recorded **strong new business growth** this quarter, with APE sales, new business CSM, and new business value increasing by **40%**, **59%**, and **12%** respectively[18](index=18&type=chunk) [Global Wealth and Asset Management Business](index=2&type=section&id=3.4%20Global%20Wealth%20and%20Asset%20Management%20Business) Global WAM achieved excellent results with core earnings up 19% to CAD 463 million, net inflows of CAD 0.9 billion, an expanded core EBITDA margin of 30.1%, and a strategic acquisition to boost private credit - Global Wealth and Asset Management business core earnings increased by **19%**, primarily driven by favorable market impacts, higher net fee income, increased performance fees, and ongoing cost control[17](index=17&type=chunk) Global Wealth and Asset Management Business Key Metrics (million CAD) | Metric | 2Q25 | 2Q24 | Change | YTD 2025 | YTD 2024 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income Attributable to Shareholders | 482 | 350 | 36% | 925 | 715 | 25% | | Core Earnings | 463 | 386 | 19% | 917 | 735 | 22% | | Gross Inflows (billion CAD) | 43.8 | 41.4 | 5% | 94.1 | 86.9 | 5% | | Average Assets Under Management and Administration (billion CAD) | 1,005 | 933 | 7% | 1,022 | 917 | 9% | | Core EBITDA Margin | 30.1% | 26.3% | 380 bps | 29.2% | 25.9% | 330 bps | - Net inflows reached **CAD 0.9 billion**, significantly higher than the **CAD 0.1 billion** net inflows recorded in Q2 2024[4](index=4&type=chunk)[15](index=15&type=chunk) - Announced the acquisition of a **75% stake in Comvest Credit Partners**, bringing **USD 14.7 billion** in assets to the platform[4](index=4&type=chunk) [Corporate and Other Segments](index=2&type=section&id=3.5%20Corporate%20and%20Other%20Segments) Core earnings for Corporate and Other segments improved by CAD 12 million, primarily driven by a reduction in long-term incentive compensation - Core earnings for Corporate and Other segments improved by **CAD 12 million**, primarily due to a reduction in long-term incentive compensation[17](index=17&type=chunk) [Operations and Strategic Focus](index=3&type=section&id=IV.%20Operations%20and%20Strategic%20Focus) Manulife is strategically integrating AI across operations to enhance customer experience and efficiency, expanding distribution capabilities, driving new business growth, and making a key acquisition to strengthen its WAM platform [AI Technology Application and Innovation](index=3&type=section&id=4.1%20AI%20Technology%20Application%20and%20Innovation) Manulife is actively integrating AI across its operations, leading in AI maturity within the life insurance sector, and deploying AI-driven solutions in retirement, Asia, and long-term care to boost efficiency and insights - Manulife is integrating Artificial Intelligence (AI) across its business, accelerating its goal of becoming a digital, customer-centric industry leader[7](index=7&type=chunk) - Manulife ranked **first in AI maturity** within the life insurance sector and among the **top five** across the entire insurance industry in the inaugural Evident AI Insurance Index[8](index=8&type=chunk) - Launched an **AI-driven sales support solution** in the U.S. retirement market, doubling sales opportunities and reducing information search time by over **50%**[7](index=7&type=chunk) - Introduced the **VOICE analytics platform in Asia**, utilizing generative AI to categorize data and find correlations, enhancing service quality and customer understanding[7](index=7&type=chunk) - Implemented **GenAI capabilities** in the U.S. Long-Term Care (LTC) business, aiming to enhance the automation of claims processes[7](index=7&type=chunk) [Distribution Capabilities and Product Expansion](index=3&type=section&id=4.2%20Distribution%20Capabilities%20and%20Product%20Expansion) Manulife is enhancing distribution and product offerings, with increased MDRT members in Asia, new Middle East presence, diversified asset strategies, digital travel insurance, and expanded US wholesale teams - Manulife Asia's Million Dollar Round Table (MDRT) membership grew by **23% year-over-year**, ranking third globally for MDRT members in 2025[9](index=9&type=chunk) - Became the **first international life insurer to establish an office in the Dubai International Financial Centre**, specifically providing consultation and underwriting services for high-net-worth clients' life insurance contracts[9](index=9&type=chunk) - Launched a **diversified real asset strategy in Malaysia** and introduced **four actively managed ETF series products** in the Canadian market[9](index=9&type=chunk) - Strengthened the **Manulife iFUNDS platform**, creating Singapore's first integrated digital wealth solution, combining AI-driven ILP analysis capabilities[10](index=10&type=chunk) - Launched an **end-to-end digital travel insurance platform in Canada** and partnered with Maven Clinic to offer virtual women's and family health services to group insurance members[8](index=8&type=chunk)[10](index=10&type=chunk) - Expanded its wholesale team in the U.S., implementing a more targeted growth strategy to accelerate penetration in the high-net-worth and mass affluent markets[11](index=11&type=chunk) [New Business and Contractual Service Margin](index=4&type=section&id=4.3%20New%20Business%20and%20Contractual%20Service%20Margin) Manulife's new business continues to grow, with APE sales, new business CSM, and value increasing by 15%, 37%, and 20% respectively, driving a rise in organic CSM and a total CSM of CAD 22.316 billion [New Business Sales and Value](index=4&type=section&id=4.3.1%20New%20Business%20Sales%20and%20Value) Q2 2025 APE sales, new business CSM, and new business value grew by 15%, 37%, and 20% respectively, reflecting strong sales momentum and improved profitability in insurance new business - APE sales, new business CSM, and new business value increased by **15%**, **37%**, and **20%** respectively[14](index=14&type=chunk) New Business CSM by Segment (million CAD) | Segment | 2Q25 | 2Q24 | Change | YTD 2025 | YTD 2024 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Asia | 663 | 478 | 39% | 1,378 | 969 | 42% | | Canada | 100 | 76 | 32% | 191 | 146 | 31% | | U.S. | 119 | 74 | 61% | 220 | 171 | 29% | | **Total** | **882** | **628** | **37%** | **1,789** | **1,286** | **39%** | [Contractual Service Margin](index=4&type=section&id=4.3.2%20Contractual%20Service%20Margin) As of June 30, 2025, after-tax CSM excluding NCI was CAD 18.527 billion, with organic CSM contributing CAD 1.162 billion in growth for H1 2025, an 11% annualized increase - As of June 30, 2025, CSM recorded **CAD 22.316 billion**[16](index=16&type=chunk) - Organic CSM changes contributed an increase of **CAD 1.162 billion** for the first half of 2025, representing an **11% annualized growth**[16](index=16&type=chunk) - After-tax CSM excluding NCI was **CAD 18.527 billion**[16](index=16&type=chunk) CSM and After-Tax CSM Data (million CAD) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | CSM | 23,722 | 23,425 | 1.3% | | CSM excluding NCI | 22,316 | 22,127 | 0.85% | | After-tax CSM | 19,782 | 19,497 | 1.46% | | After-tax CSM excluding NCI | 18,527 | 18,353 | 0.95% | [Strategic Acquisition](index=1&type=section&id=4.4%20Strategic%20Acquisition) Manulife announced the acquisition of a 75% stake in Comvest Credit Partners, expected to close in Q4 2025, enhancing its global wealth and asset management platform's private credit capabilities and scale - Announced the acquisition of a **75% stake in Comvest Credit Partners**, bringing **USD 14.7 billion** in assets to the Global Wealth and Asset Management business platform[4](index=4&type=chunk) - The transaction is expected to close in **Q4 2025**[3](index=3&type=chunk) - This acquisition will enhance complementary strengths and scale in the private credit sector, supporting the future development of the Global Wealth and Asset Management business[3](index=3&type=chunk) [Financial Metric Adjustments and Definitions](index=5&type=section&id=V.%20Financial%20Metric%20Adjustments%20and%20Definitions) Manulife has updated its 2024 non-GAAP financial metrics to reflect the retroactive global minimum tax, ensuring comparability with 2025 results, and provides detailed reconciliations for key performance indicators [Global Minimum Tax Impact](index=6&type=section&id=5.1%20Global%20Minimum%20Tax%20Impact) The Canadian government passed the Global Minimum Tax Act, retroactively applied from December 31, 2023, prompting Manulife to update 2024 non-GAAP metrics for comparability with 2025 results - The Canadian government passed the Global Minimum Tax Act, retroactively applied to financial periods beginning on or after **December 31, 2023**[24](index=24&type=chunk) - Manulife has updated certain 2024 non-GAAP financial measures to reflect the impact of the global minimum tax, enhancing comparability of 2025 and 2024 results[24](index=24&type=chunk) [Non-GAAP Financial Measures](index=6&type=section&id=5.2%20Non-GAAP%20Financial%20Measures) Manulife utilizes various non-GAAP financial measures, such as core earnings and adjusted book value, to assess performance, emphasizing they should be considered alongside GAAP financials and may not be comparable to other issuers - The company uses various non-GAAP financial measures and other financial metrics to assess overall performance and individual business segments[25](index=25&type=chunk) - Non-GAAP financial measures include core earnings, core earnings excluding the impact of ECL changes, core EBITDA, core expenses, and adjusted book value[25](index=25&type=chunk) - Non-GAAP ratios include core ROE, core EPS, core EBITDA margin, and financial leverage ratio[26](index=26&type=chunk) - These metrics are not standardized under GAAP and should not be considered in isolation or as a substitute for GAAP financial information, and may not be comparable to similar measures disclosed by other issuers[27](index=27&type=chunk) [Core Earnings and Net Income Reconciliation](index=6&type=section&id=5.3%20Core%20Earnings%20and%20Net%20Income%20Reconciliation) The report provides detailed reconciliation tables for core earnings and net income attributable to shareholders for Q2 2025, Q1 2025, Q2 2024, and year-to-date, presented on a constant currency basis - Reconciliation tables for Q2 2025 core earnings and net income attributable to shareholders are provided, detailing excluded items such as market experience (gains) losses and restructuring expenses[28](index=28&type=chunk) - The reconciliation tables present income before income taxes, income tax (expense) recovery, core earnings, and net income by business segment (Asia, Canada, U.S., Global Wealth and Asset Management, Corporate and Other)[28](index=28&type=chunk) - Reconciliation tables for core earnings presented on a constant currency basis are also provided, along with core earnings for Asia and U.S. segments denominated in USD[29](index=29&type=chunk) [Other Key Financial Metrics Details](index=13&type=section&id=5.4%20Other%20Key%20Financial%20Metrics%20Details) This section provides detailed data and reconciliation tables for various key financial metrics, including core earnings attributable to common shareholders, core ROE, CSM, adjusted book value, and core EBITDA for WAM [Core Earnings Attributable to Common Shareholders](index=13&type=section&id=5.4.1%20Core%20Earnings%20Attributable%20to%20Common%20Shareholders) Core earnings attributable to common shareholders for Q2 2025 were CAD 1.623 billion, with year-to-date figures reaching CAD 3.333 billion Core Earnings Attributable to Common Shareholders (million CAD) | Metric | 2Q25 | 2Q24 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Core Earnings | 1,726 | 1,737 | 3,493 | 3,447 | | Less: Preferred Share Dividends and Other Equity Distributions | 103 | 99 | 160 | 154 | | **Core Earnings Attributable to Common Shareholders** | **1,623** | **1,638** | **3,333** | **3,293** | [Core Return on Equity](index=13&type=section&id=5.4.2%20Core%20Return%20on%20Equity) Manulife's core return on equity (ROE) for Q2 2025 was 15.0%, with the year-to-date core ROE standing at 15.3% Core ROE (Annualized) (%) | Metric | 2Q25 | 2Q24 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Core ROE (Annualized) | 15.0% | 15.7% | 15.3% | 16.0% | [Adjusted Book Value](index=17&type=section&id=5.4.3%20Adjusted%20Book%20Value) As of June 30, 2025, adjusted book value was CAD 60.947 billion, an increase from CAD 59.455 billion on June 30, 2024 Adjusted Book Value (million CAD) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Common Shareholders' Equity | 42,420 | 42,305 | | After-tax CSM excluding NCI | 18,527 | 17,150 | | **Adjusted Book Value** | **60,947** | **59,455** | [Core EBITDA and Margin](index=18&type=section&id=5.4.4%20Core%20EBITDA%20and%20Margin) Global Wealth and Asset Management's Q2 2025 core EBITDA was CAD 623 million, with a core EBITDA margin of 30.1%, representing a 380 basis point increase year-over-year Global Wealth and Asset Management Business Core EBITDA and Margin (million CAD) | Metric | 2Q25 | 2Q24 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | Core EBITDA | 623 | 513 | 1,231 | 990 | | Core Revenue | 2,069 | 1,948 | 4,209 | 3,821 | | **Core EBITDA Margin** | **30.1%** | **26.3%** | **29.2%** | **25.9%** | [Core Expenses](index=19&type=section&id=5.4.5%20Core%20Expenses) Core expenses for Q2 2025 were CAD 1.689 billion, showing a slight decrease compared to the same period last year Core Expenses (million CAD) | Metric | 2Q25 | 2Q24 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | General Expenses—Income Statement | 1,140 | 1,225 | 2,342 | 2,327 | | Directly Attributable Acquisition Expenses for Contracts Measured Using the Premium Allocation Approach | 40 | 39 | 82 | 77 | | Directly Attributable Maintenance Expenses | 514 | 509 | 1,046 | 1,048 | | Less: General Expenses Included in Core Earnings Excluded Items | 5 | 60 | 5 | 66 | | **Core Expenses** | **1,689** | **1,713** | **3,465** | **3,386** | [Additional Information](index=5&type=section&id=VI.%20Additional%20Information) This section provides details on the upcoming earnings conference call, directs readers to supplementary reports and contact information, and includes important cautionary notes regarding forward-looking statements [Earnings Conference Call](index=5&type=section&id=6.1%20Earnings%20Conference%20Call) Manulife will host its Q2 2025 earnings conference call and webcast on August 7, 2025, providing dial-in and webcast links, with an archived recording available afterward - Manulife will host its Q2 2025 earnings conference call and webcast on **August 7, 2025, at 8:00 AM EDT**[20](index=20&type=chunk) - Dial-in numbers and a password, as well as a webcast link, are provided[20](index=20&type=chunk) - An archived version of the webcast and a replay of the conference call will be available on the website after the meeting[20](index=20&type=chunk) [Report References and Contact Information](index=5&type=section&id=6.2%20Report%20References%20and%20Contact%20Information) This earnings press release should be read in conjunction with Manulife's Q2 2025 Shareholder Report and unaudited interim consolidated financial statements, available on company and regulatory websites - This earnings press release should be read in conjunction with the company's **Q2 2025 Shareholder Report** and **unaudited interim consolidated financial statements**[21](index=21&type=chunk) - Relevant materials have been uploaded to Manulife's website, SEDAR+ website, and the U.S. Securities and Exchange Commission website[21](index=21&type=chunk) - Contact information for media inquiries and investor relations is provided[21](index=21&type=chunk) [Caution Regarding Forward-Looking Statements](index=20&type=section&id=6.3%20Caution%20Regarding%20Forward-Looking%20Statements) The report contains forward-looking statements involving risks and uncertainties, where actual results may differ significantly from expectations, advising readers to consult regulatory filings for comprehensive risk information - The report contains written and/or oral forward-looking statements, compliant with "safe harbor" provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of 1995[59](index=59&type=chunk) - Forward-looking statements involve risks and uncertainties and should not be unduly relied upon, as actual results may differ significantly from expectations[59](index=59&type=chunk) - Material factors include general business and economic conditions, changes in laws and regulations, changes in capital requirements, market liquidity, effectiveness of hedging strategies, business competition, and mergers and acquisitions[61](index=61&type=chunk) - Readers are advised to refer to the "Risk Management and Risk Factors" section in the company's latest Annual Report's Management's Discussion and Analysis for more information[62](index=62&type=chunk)

Core Viewpoint - Manulife Financial Corporation has announced the acquisition of 75% of Comvest Credit Partners for US$937.5 million, aiming to enhance its private credit asset management platform to a total of US$18.4 billion [1][5][9] Group 1: Acquisition Details - The acquisition will be funded entirely with cash on hand and is expected to be immediately accretive to core EPS, core ROE, and core EBITDA margin [7][5] - Comvest Credit Partners has US$14.7 billion on its platform and focuses on middle market direct lending, which complements Manulife's existing Senior Credit business [1][6] - The agreement includes potential additional consideration of up to US$337.5 million based on performance targets, with a mechanism for Manulife to acquire the remaining 25% in the future [7][22] Group 2: Strategic Rationale - The acquisition is part of Manulife's strategy to increase earnings from high-potential businesses and enhance its private markets platform [5][2] - Comvest's differentiated approach to private credit, including non-sponsor lending and specialty finance, aligns well with Manulife's existing capabilities [4][6] - The partnership is expected to unlock new opportunities and strengthen market position through shared synergies and a client-first mindset [3][5] Group 3: Leadership and Integration - Comvest's leadership will continue to guide the aligned private credit platform, ensuring no changes to the investment process or strategy [5][8] - Michael Falk, founder of Comvest, will serve as Senior Advisor and Board Member, while Robert O'Sullivan will lead the newly aligned business [8][9] - The transaction is anticipated to close in the fourth quarter of 2025, pending customary approvals [9]

TSX/NYSE/PSE: MFC  SEHK: 945                                                                                 C$ unless otherwise stated                                                                                                                                                              TORONTO, Aug. 6, 2025 /PRNewswire/ - Manulife Financial Corporation ("Manulife" or the "Company") reported its second quarter results for the period ended June 30, 2025, delivering continued strong momentum in new busin ...

Core Points - Manulife Financial Corporation's Board of Directors announced quarterly dividends for various non-cumulative preferred shares, payable on or after September 19, 2025, to shareholders of record as of August 20, 2025 [1] - The company operates globally under the Manulife brand in Canada, Asia, and Europe, and as John Hancock in the United States, providing financial advice and insurance services [1] - As of the end of 2024, Manulife had over 37,000 employees and served more than 36 million customers [1] Dividend Details - Class A Shares Series 2: $0.29063 per share [3] - Class A Shares Series 3: $0.28125 per share [3] - Class 1 Shares Series 3: $0.14675 per share [3] - Class 1 Shares Series 4: $0.255458 per share [3] - Class 1 Shares Series 9: $0.373625 per share [3] - Class 1 Shares Series 11: $0.384938 per share [3] - Class 1 Shares Series 13: $0.396875 per share [3] - Class 1 Shares Series 15: $0.360938 per share [3] - Class 1 Shares Series 17: $0.346375 per share [3] - Class 1 Shares Series 19: $0.323063 per share [3] - Class 1 Shares Series 25: $0.371375 per share [3]