Core Insights - Manulife reported a defining year in 2025, achieving record core earnings and strong new business growth under IFRS 17, while maintaining a robust capital return strategy [3][5] - The company generated CAD 6.4 billion in remittances and returned nearly CAD 5.5 billion to shareholders, with a LICAT ratio of 136% and a financial leverage ratio of 23.9% [1][5] - Core earnings per share (EPS) grew by 8% to 9%, supported by strong results in Global Wealth and Asset Management (Global WAM) and double-digit earnings growth in Asia [1][5] Financial Performance - Q4 net income was CAD 1.5 billion, impacted by a CAD 232 million charge from an older investment portfolio and a CAD 162 million hedge accounting loss [4][9] - Core EPS increased by 9% year-over-year, marking the sixth consecutive quarter of new business CSM growth above 20% [8][9] - Adjusted book value per share rose 6% year-over-year to CAD 38.27, with a 3% reduction in growth rate due to a strengthening Canadian dollar [7] Business Segments - New business CSM growth exceeded 20% across all insurance segments, contributing to double-digit growth in the company's CSM balance [2][5] - Asia's core earnings rose 24% year-over-year, with a new business value (NBV) margin increase of 5.5 percentage points to 41.2% [11][12] - Global WAM experienced CAD 9.5 billion in net outflows, but pre-tax core earnings grew by 8%, supported by AUMA growth and margin expansion [4][14] Strategic Initiatives - Manulife's refreshed enterprise strategy aims for high-quality, sustainable growth, with significant moves including the acquisition of Comvest Credit Partners and a joint venture in India's life insurance market [18][19] - The company is the first international life insurer to establish an office in the Dubai International Financial Centre, focusing on high-net-worth life insurance solutions [19] - Manulife ranked first among global life insurers for AI maturity and is progressing towards generating over $1 billion of AI enterprise value by 2027 [21]