Third Quarter Report to Shareholders Three and nine months ended September 30, 2025 Manulife Financial Corporation Manulife Financial Corporation ("Manulife" or the "Company") reported its third quarter results for the period ended September 30, 2025, delivering record core earnings and double-digit growth in core EPS. Key highlights for the third quarter of 2025 ("3Q25") include: "We delivered another quarter of strong financial and operating performance, driven by focused execution and the strength and di ...

Accessibility StatementSkip Navigation C$ unless otherwise stated      TSX/NYSE/PSE: MFC   SEHK: 945 TORONTO, Nov. 12, 2025 /PRNewswire/ - Manulife Financial Corporation ("Manulife") announced today that Hai Ling has been appointed to its Board of Directors, effective January 1, 2026. Continue Reading Investor RelationsDerek TheobaldsManulife(416) 254-1774[email protected] Mr. Ling is the President for Asia Pacific, Europe, the Middle East and Africa at Mastercard Inc., where he serves on both its ...

Core Insights - Manulife Financial Corporation reported record core earnings of $2.0 billion for the third quarter of 2025, reflecting a 10% increase compared to the same period in 2024 [6][20] - The company achieved a core EPS of $1.16, up 16% year-over-year, and net income attributed to shareholders was $1.8 billion, consistent with the previous year [4][21] - The strong performance was driven by growth across its Asia, Global Wealth and Asset Management (WAM), and Canada segments, with new business momentum continuing [2][23] Financial Performance - Core earnings increased by 10% year-over-year, with a core ROE of 18.1% and a LICAT ratio of 138% [3][6] - APE sales rose by 8%, new business CSM increased by 25%, and NBV grew by 11% compared to the third quarter of 2024 [6][24] - Global WAM experienced net outflows of $6.2 billion, contrasting with net inflows of $5.2 billion in the same quarter last year [6][24] Segment Performance - Asia's core earnings rose by 29%, driven by business growth and improved insurance experience [23][36] - Canada saw a 4% increase in core earnings, supported by higher investment spreads and favorable insurance experience [23][36] - The U.S. segment reported a 20% decrease in core earnings, primarily due to unfavorable life insurance claims experience [23][36] Strategic Developments - Manulife completed the acquisition of Comvest Credit Partners, enhancing its private credit capabilities [9] - The company also agreed to acquire Schroders Indonesia, reinforcing its position as the largest asset manager in Indonesia [10] - A joint venture with Mahindra & Mahindra Ltd. was established to enter the Indian insurance market, expanding Manulife's global footprint [11] Customer Experience Innovations - The launch of the Manulife AI Assistant in Hong Kong aims to improve customer service through AI-powered solutions [12] - An enhanced online application form for life and health insurance in Canada aims to streamline processes and improve advisor efficiency [13] - The introduction of a GenAI-powered coaching tool for insurance advisors is designed to enhance customer service and sales outcomes [14] Recognition and Ratings - Manulife was included in the TIME World's Best Companies 2025 List, highlighting its employee satisfaction, revenue growth, and sustainability transparency [8] - The company received an upgrade from MSCI, moving from AA to AAA in its ESG rating, reflecting strong governance and sustainability management [8]

Core Insights - Manulife has introduced a refreshed strategy aimed at becoming the number one choice for customers, supported by five new strategic priorities [1][6] - The company is well-positioned to thrive amid evolving global financial landscapes characterized by market volatility and increasing digital expectations [2][3] Strategic Priorities - **Winning Team and Culture**: Focus on strengthening performance, inclusion, and continuous learning to attract top talent [6] - **Diversified Business Portfolio**: Emphasis on growth opportunities in Asia and the U.S., while also investing in the Canadian market [6] - **Empowering Customer Health, Wealth, and Longevity**: Aiming to provide a differentiated value proposition through product innovation and partnerships [6] - **AI-Powered Organization**: Leveraging AI to enhance efficiency and customer experiences [6] - **Superior Distribution**: Optimizing channels to facilitate easier transactions for customers and advisors [6] Financial Targets - Manulife aims for a core return on equity (ROE) of over 18% by 2027, with cumulative remittances exceeding $22 billion from 2024 to 2027, and a core earnings contribution from Asia of 50% [4] Growth Opportunities - The company is launching the Manulife Longevity Institute with a $350 million commitment through 2030 to address gaps in retirement and health protection [8] - Manulife plans to expand its global footprint into India through a joint venture with Mahindra, enhancing its presence in key markets [9][10] Leadership Statements - The CEO emphasized the growth potential across the portfolio and the commitment to long-term value creation for stakeholders [5][11]

Core Insights - Manulife has launched the Longevity Institute, a global platform aimed at helping individuals live longer, healthier, and financially secure lives, supported by a commitment of $350 million [1][12] - The initiative addresses the widening gap between lifespan and healthspan, with many individuals spending up to 20% of their lives in poor health and nearly 40% facing financial insecurity as they age [2][12] Initiatives - Manulife is partnering with the National Institute on Ageing to support the annual Ageing in Canada Survey, which explores the experiences of Canadians aged 50+ [4] - Collaboration with the Milken Institute aims to advance research on critical longevity issues, including food production and health interventions [4] - The Longevity Symposiums, which began in Boston, are expanding globally to discuss how to improve quality of life as people age [4][5] Outcomes - The Longevity Institute will build on Manulife's existing efforts to assist over 36 million customers in improving their health and wealth [6] - The Institute will be known as the John Hancock Longevity Institute in the United States, focusing on research, advocacy, and community investments [12] - The initiative aims to promote health, wellness, and financial readiness, ultimately helping individuals thrive at any age [3][11]

Core Insights - Manulife Financial Corporation and Mahindra & Mahindra Ltd. have formed a 50:50 life insurance joint venture aimed at enhancing financial wellbeing in India, targeting rural and semi-urban markets [1][2][3] - The joint venture aligns with India's "Insurance for All" vision by 2047, focusing on long-term savings and protection solutions tailored to the diverse needs of the population [2][3] - The life insurance market in India has surpassed US$20 billion in new business premiums, growing at a 12% CAGR over the past five years, indicating significant long-term growth potential [3][4] Company Collaboration - The joint venture builds on the existing partnership between Manulife and Mahindra, following the successful launch of Mahindra Manulife Investment Management in 2020 [3][4] - Each shareholder will commit up to US$400 million (Rs 3,600 crores), with an initial investment of US$140 million (Rs 1,250 crores) expected in the first five years [3][4] Market Opportunity - India is positioned to become the world's fastest-growing life insurance market over the next decade, with robust GDP expansion, a rising middle class, and a supportive regulatory environment [3][4] - The joint venture aims to leverage Mahindra's distribution capabilities in rural areas and Manulife's agency expertise in urban markets to create a customer-centric insurer [2][4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 | 2. 股份分類 | 優先股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 第一類優先股 - 不設上限及無面值 | | | | | | 法定/註冊股份數目 | | 面值 | 法定/註冊股本 | | 上月底結存 | | | 80,200,000 | | | | 增加 / 減少 (-) | | | | | | | 本月底結存 | | | 80,200,000 | | | 致：香港交易及結算所有限公司 公司名稱: 宏利金融有限公司 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00945 | 說明 | ...

Core Viewpoint - The discussion centers around the valuation concerns of high-flying tech stocks, particularly Palunteer, amidst a backdrop of AI euphoria and market volatility [2][3]. Valuation Metrics - The company emphasizes the importance of using the PEG ratio (Price/Earnings to Growth) rather than just the PE ratio, as it provides a more accurate reflection of a company's valuation relative to its growth rate [3][5]. - Palunteer's growth rate is compelling, but it is coming off a low base, leading to concerns about its high PE ratio exceeding 100 [3]. Sector Performance - The technology sector is experiencing an aggregate earnings growth of 20%, which makes the elevated PE ratios more reasonable when normalized against this growth rate [5][6]. - Other sectors such as communication services, healthcare, and industrials are also showing strong earnings potential, particularly in 2026 [6]. Market Dynamics - The current market environment is characterized by high valuations and concentration risk, making it challenging to keep up with growth companies [6]. - The company is focused on identifying high-quality firms with strong return on equity (ROE) and low PEG ratios to navigate the market effectively [4]. Economic Context - There are concerns about the slowing economy, but corporate earnings estimates for 2025 and 2026 have been revised upward, indicating that companies are performing well despite economic headwinds [8][9]. - The health of the US consumer and job market is critical, as consumer spending drives economic activity, and a weakening job market could pose risks [9][10]. Federal Reserve Policy - The company believes the Federal Reserve's recent hawkish stance may negatively impact the economy, especially in light of a potential government shutdown [10][12]. - The Fed's actions, such as stopping quantitative tightening (QT), are seen as dovish and beneficial for the economy, but mixed signals from the Fed could create uncertainty in a fragile economic environment [12].

Core Insights - Comvest Partners has completed a strategic partnership involving the sale of a 75% interest in Comvest Credit Partners to Manulife Financial Corporation [1] Group 1: Transaction Details - The transaction involves Comvest Credit Partners, which is Comvest's direct lending investment platform [1] - Manulife Financial Corporation operates through its Global Wealth and Asset Management segment, which manages over US$900 billion [1] - Comvest Private Equity, another platform of Comvest, is not included in this transaction [1]

Core Insights - Manulife Financial Corporation has completed the acquisition of 75% of Comvest Credit Partners, enhancing its private credit asset management platform [1][2] - The transaction is expected to be immediately accretive to core EPS, core ROE, and core EBITDA margin, indicating positive financial impacts [1] - The new platform, Manulife | Comvest Credit Partners, aims to provide flexible private credit solutions and leverage Manulife's global distribution capabilities [1] Company Overview - Manulife Financial Corporation operates as a leading international financial services provider, with a focus on making financial decisions easier for customers [3] - The company has over 37,000 employees and serves more than 36 million customers globally [3] - Manulife Wealth & Asset Management offers global investment, financial advice, and retirement plan services to 19 million individuals and institutions [4][6] Transaction Details - Comvest employees will retain a 25% interest in Comvest, ensuring alignment of interests and a path to full ownership six years post-closing [2] - The acquisition does not include Comvest Partners' private equity strategy, Comvest Investment Partners [2]