Core Viewpoint - Manulife Financial Corporation has received approval from the Toronto Stock Exchange to initiate a "Normal Course Issuer Bid" plan, allowing the company to repurchase and cancel up to 42 million common shares, representing approximately 2.5% of its issued and outstanding common shares [1] Group 1 - The "Normal Course Issuer Bid" plan permits Manulife to repurchase up to 1,483,481 common shares on any trading day, which is 25% of the average daily trading volume of 5,933,925 common shares over the six months ending January 31, 2026 [1] - The repurchase can commence on February 24, 2026, and will continue until the bid expires on February 23, 2027, or until the repurchase is completed earlier [1] - The plan is part of Manulife's capital management strategy aimed at maintaining a strong regulatory capital ratio while also creating value for shareholders [1] Group 2 - Repurchases under the "Normal Course Issuer Bid" plan can be executed through the Toronto Stock Exchange, New York Stock Exchange, and other designated trading systems in Canada and the U.S. at market prices or other approved prices [2] - All common shares repurchased by Manulife will be cancelled [2] - All repurchase transactions must comply with applicable Canadian securities laws and U.S. federal securities laws [2]

Core Viewpoint - Manulife Financial Corporation has received approval from the Toronto Stock Exchange to initiate its previously announced "Normal Course Issuer Bid" plan, allowing the company to repurchase and cancel up to 42 million common shares, representing approximately 2.5% of its issued and outstanding common shares [1] Group 1 - The total number of issued and outstanding common shares of Manulife as of February 10, 2026, is 1,676,751,543 shares [1] - Under the "Normal Course Issuer Bid" plan, Manulife can repurchase up to 1,483,481 common shares on any trading day, which is 25% of the average daily trading volume of 5,933,925 common shares over the six months ending January 31, 2026 [1] - The repurchase under the "Normal Course Issuer Bid" can commence on February 24, 2026, and will continue until the bid expires on February 23, 2027, or until the repurchase is completed earlier [1] Group 2 - The repurchases can be executed on the Toronto Stock Exchange, New York Stock Exchange, and other designated trading systems in Canada and the U.S. at market prices or other approved prices [2] - All common shares repurchased by Manulife under the "Normal Course Issuer Bid" will be cancelled [2] - All repurchase transactions must comply with applicable Canadian securities laws and U.S. federal securities laws [2]

Core Viewpoint - Manulife Financial Corporation has received approval from the Toronto Stock Exchange to initiate a "Normal Course Issuer Bid" plan, allowing the company to repurchase and cancel up to 42 million common shares, representing approximately 2.5% of its issued and outstanding common shares [1]. Group 1 - The "Normal Course Issuer Bid" plan permits Manulife to repurchase up to 1,483,481 common shares on any trading day, which is 25% of the average daily trading volume of 5,933,925 shares over the past six months as of January 31, 2026 [1]. - The repurchase can commence on February 24, 2026, and will continue until February 23, 2027, or until the repurchase is completed earlier [1]. - This plan is part of Manulife's capital management strategy aimed at maintaining a robust regulatory capital ratio while also creating value for shareholders [1]. Group 2 - The repurchases can be executed through the Toronto Stock Exchange, New York Stock Exchange, and other designated trading systems in Canada and the U.S. at market prices or other approved prices [2]. - All repurchased common shares will be canceled, and the transactions must comply with applicable Canadian and U.S. securities laws [2]. - Manulife may also repurchase shares outside Canada and the U.S. and can engage in private agreements to buy shares at a discount to the market price, subject to regulatory approval [2]. Group 3 - Manulife has established an automatic share repurchase plan, allowing designated investment dealers to buy back shares according to the "Normal Course Issuer Bid" [3]. - The actual number of shares repurchased, along with the timing and price, will depend on future market conditions [3]. - This plan has received prior approval from the Toronto Stock Exchange and allows for repurchases even during periods when the company is typically restricted from trading [3].

Core Viewpoint - Manulife Financial Corporation (00945) plans to initiate a "normal course issuer bid" subject to approval from the Toronto Stock Exchange, allowing the company to repurchase and cancel up to 42 million common shares, representing approximately 2.5% of its issued and outstanding common shares [1] Group 1 - The "normal course issuer bid" has been approved by the Office of the Superintendent of Financial Institutions Canada [1] - As of January 31, 2026, Manulife has a total of 1.6767 billion issued and outstanding common shares [1] - The repurchase plan is part of Manulife's capital management strategy aimed at maintaining a robust regulatory capital ratio while also creating value for shareholders [1]

Core Viewpoint - Manulife Financial Corporation (00945) plans to initiate a "normal course issuer bid" subject to approval from the Toronto Stock Exchange, allowing the company to repurchase and cancel up to 42 million common shares, representing approximately 2.5% of its issued and outstanding common shares [1] Group 1 - The "normal course issuer bid" plan has been approved by the Office of the Superintendent of Financial Institutions Canada [1] - As of January 31, 2026, Manulife has a total of 1.6767 billion issued and outstanding common shares [1] - The plan is part of Manulife's capital management strategy aimed at maintaining a robust regulatory capital ratio while also creating value for shareholders [1]

Financial Data and Key Metrics Changes - The company reported a net income of $169 million for Q4 2025, resulting in an annualized return on equity of 13% [4] - For the full year, net income reached $738 million, with a return on equity of 14.3% [5] - Book value per share increased to $23.47, reflecting a 13% year-over-year growth [5] - The company ended the year with over $303 billion in insurance in force, a 3% increase from the previous year [5] Business Line Data and Key Metrics Changes - The company wrote $17 billion in new business during Q4 and $60 billion for the full year, marking an 8% increase from the prior year [6] - The in-force premium yield remained stable at 38 basis points throughout the year [11] Market Data and Key Metrics Changes - The consensus mortgage origination forecasts suggest that the size of the mortgage insurance market in 2026 will be similar to that of 2025, with elevated mortgage rates expected to persist [6] - Annual persistency remained stable at 85% by the end of Q4 2025 [5] Company Strategy and Development Direction - The company aims to maintain a strong, well-diversified insurance portfolio while focusing on disciplined risk management [6] - The reinsurance program was strengthened with a $250 million excess of loss transaction and a 40% quota share transaction covering most of the 2027 new insurance written [8] - The company is committed to enhancing affordability in housing finance and actively participates in industry discussions to support responsible policy changes [18] Management's Comments on Operating Environment and Future Outlook - Management noted that credit quality remains solid, with early payment defaults remaining low, indicating positive near-term credit trends [7] - The company expects insurance in force to remain relatively flat in 2026, with potential benefits from increased refinance volume if mortgage rates decrease more than currently predicted [6] - Management expressed confidence in the company's ability to execute business strategies and deliver long-term value for stakeholders [19] Other Important Information - The company paid a quarterly common stock dividend of $33 million and repurchased 6.8 million shares for $189 million in Q4 [15] - For the full year, the company returned $915 million to shareholders through dividends and share repurchases, achieving a 124% payout ratio of the year's net income [15] Q&A Session Summary Question: Any price competition or changes in the industry? - Management indicated that premiums were stable and they were able to find value without major adjustments in premiums [21][23] Question: Any updates on potential reduction in FHA premiums? - Management noted that while affordability discussions are ongoing, there is no immediate indication of a reduction in FHA premiums [24] Question: Insights on credit trends by region or state? - Management reported no significant geographic movement in new delinquencies, indicating stability across regions [27][28] Question: Composition of new delinquencies and their vintages? - Management stated that there has been no significant divergence in cure activity based on vintage, with recent vintages performing better than pre-COVID levels [38][39] Question: Any levers to improve returns on capital in the near term? - Management highlighted the importance of a robust reinsurance program to enhance returns on equity, especially in a challenging market environment [43][44] Question: Impact of refinance activity on premium rates? - Management explained that while premium rates have been stable, the impact of refinance activity on different vintages could affect future premium rates [46][47] Question: Thoughts on default rates and credit trends for 2026 and 2027? - Management suggested that while there may be modestly higher delinquency rates in newer vintages, overall credit conditions are expected to normalize [58][60]

Core Viewpoint - Goldman Sachs has upgraded Standard Chartered Group (02888) rating from "Neutral" to "Buy" and raised the target price by 21% from HKD 168 to HKD 203, indicating further revaluation potential despite an 83% increase in the stock price this year [1] Group 1: Rating and Target Price - The rating for Standard Chartered Group has been upgraded to "Buy" from "Neutral" [1] - The target price has been increased by 21% from HKD 168 to HKD 203 [1] Group 2: Financial Performance Expectations - Goldman Sachs expects the return on tangible equity (ROTE) to reach 14.6% by the end of this year, exceeding the management's guidance of 13% [1] - ROTE is projected to further increase to 15% in 2027 and 15.7% in 2028 [1] Group 3: Shareholder Returns - The expected total return to shareholders (dividends + buybacks) is projected to reach 8.4% by 2026 [1] - The long-term total payout ratio is anticipated to remain at 80% due to strong capital generation capabilities [1] Group 4: Capital Management Strategy - Share buyback forecasts for 2028-2029 have been raised from USD 2.5 billion to USD 2.8 billion annually [1] - Dividend payout ratios for 2026-2028 have been revised from a fixed 21% to 25%/30%/35% respectively [1] - The average total payout ratio for 2026-2028 is now expected to be 75% [1]

Core Viewpoint - Goldman Sachs has upgraded Standard Chartered Group's rating from "Neutral" to "Buy" and raised the target price by 21% from HKD 168 to HKD 203, indicating further revaluation potential despite an 83% increase in the stock price this year [1] Group 1: Rating and Price Target - Goldman Sachs has raised Standard Chartered's rating to "Buy" and increased the target price to HKD 203, reflecting a 21% increase from the previous target [1] - The bank believes there is still room for further revaluation of Standard Chartered's stock [1] Group 2: Return on Equity Expectations - Goldman Sachs projects that Standard Chartered's underlying return on tangible equity (ROTE) will reach 14.6% by the end of this year, exceeding the management's guidance of 13% [1] - The ROTE is expected to further increase to 15% in 2027 and 15.7% in 2028 [1] - An upward revision of the mid-term ROTE guidance is anticipated during the 2025 financial report or the investor day in May 2026, which could act as a catalyst for the stock price [1] Group 3: Shareholder Returns - Standard Chartered is expected to provide attractive returns to shareholders, with a projected total return (dividends + buybacks) of 8.4% by 2026 [1] - The long-term total payout ratio is expected to be maintained at 80% due to strong capital generation capabilities [1] - Share buyback forecasts for 2028-2029 have been increased from USD 2.5 billion to USD 2.8 billion annually, and the dividend payout ratios for 2026-2028 have been revised from a fixed 21% to 25%/30%/35% respectively [1] - The revised forecasts indicate an average total payout ratio of 75% for 2026-2028, supporting ROTE improvement and valuation revaluation [1]

Financial Data and Key Metrics Changes - Adjusted operating earnings for the second quarter were $350 million, supported by strong performance from spread products and higher yields in the bond portfolio [17][19] - Total adjusted capital exceeded $5.3 billion, reflecting a 5% increase since year-end 2024 [12][34] - Adjusted operating earnings per share was $4.87, with an adjusted figure of $5.12, up 5% from the prior year's second quarter [19][20] Business Line Data and Key Metrics Changes - Retail annuity sales reached $4.4 billion, a 9% increase over the first quarter and a 4% increase year-over-year [7][10] - RILA account balances increased by nearly 80% from the second quarter last year, with sales approaching $1.4 billion, up 16% from the previous quarter [6][7] - Variable annuity net outflows improved for the second consecutive quarter, totaling $2.2 billion, down 27% from a year ago [10][22] Market Data and Key Metrics Changes - Average retail annuity AUM increased to $249 billion, up from year-end 2024 [24] - The company experienced a 9.4% return on separate account assets, contributing approximately $19 billion to AUM [45] Company Strategy and Development Direction - The company remains committed to a balanced capital management strategy, focusing on disciplined investments, maintaining a strong balance sheet, and consistent capital return to shareholders [15][14] - Jackson is exploring opportunities for strategic partnerships and risk transfer transactions to enhance shareholder value [50][53] - The company aims to leverage Brook Re for potential M&A opportunities, enhancing capital generation and free cash flow [72][80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong and sustainable capital generation supporting future growth initiatives and ongoing capital return to shareholders [12][13] - The need for financial security in retirement is increasingly recognized, positioning annuities as essential tools for clients [15][16] Other Important Information - The company returned $216 million to common shareholders in the quarter, a 60% increase from the previous year [32] - A cash dividend of $0.80 per common share was approved for the third quarter [14] Q&A Session Summary Question: Excess capital position and potential uses - Management reiterated the philosophy of generating excess capital, paying it as free cash flow, and returning capital to shareholders [40][42] Question: AUM levels and equity market impact - Strong equity market performance contributed to AUM growth, with solid margins expected despite some variable expense offsets [44][46] Question: Strategic considerations for business remixing - Management is open to strategic partnerships and risk transfer opportunities that enhance shareholder value [50][53] Question: RILA product features and competition - RILA sales increased 16% sequentially, with a competitive product offering that includes income options [60] Question: Risk management of RILA and legacy VA - The company manages RILA and legacy VA products separately, leveraging natural offsets in equity risk [70] Question: Potential for inorganic growth using Brook Re - Management confirmed that Brook Re could be leveraged for M&A opportunities, particularly in acquiring complementary blocks of business [72][80]