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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Manulife Financial (MFC) investor relations material
Manulife Financial Desjardins Toronto Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Desjardins Toronto Conference summary25 Nov, 2025
Strategic priorities and refreshed strategy
New strategy emphasizes balanced growth across Asia, Canada, and the U.S., aiming for 18%+ ROE and 50% of earnings from Asia, while leveraging geographic diversification for stability.
Focus areas include AI, distribution, people and culture, and health, wealth, and longevity, with AI targeted to create $1 billion in value through earnings, CSM growth, and cost avoidance.
AI initiatives are expected to drive operational efficiency, enhance sales processes, and accelerate product repricing and market responsiveness.
Legacy business exposure has been reduced through three major deals, with ongoing but less urgent focus on further de-risking, especially in long-term care.
No major geographic expansion planned beyond India; organic growth prioritized in existing markets.
Regional performance and outlook
Asia remains a core growth engine, with strong demographic tailwinds, new wealth hubs, and a target of mid-teen earnings growth and 21% ROE by 2027.
Entry into India is a long-term play, with first policy sales expected in 12-18 months and break-even in 3-4 years.
China’s contribution is below earlier expectations, but diversification and prudent risk management are emphasized; Hong Kong is expected to be a larger near-term contributor.
U.S. division targets stable, single-digit earnings growth, leveraging brand strength and behavioral insurance, with long-term care reserves expected to peak in a few years.
Canada focus includes expanding market share in banking and health, improving customer experience, and leveraging AI for efficiency.
Capital allocation and M&A
$1.74 billion in buybacks year-to-date, with $6 billion in excess capital and a target to remit 60%-70% of core earnings as cash.
Buybacks are a key tool for achieving ROE targets, but growth through strategic M&A, such as the Comvest acquisition, is also prioritized.
M&A tone has shifted to a more proactive, long-term approach, with interest in Canadian wealth, U.S. retirement assets, and select Asian distribution agreements.
Path to 18%+ ROE by 2027 relies on normalized mortality, continued buybacks, and double-digit CSM growth, with stable earnings under IFRS 17.
Management is focused on steady execution and value creation, with no plans for transformational deals.
Breakdown of AI's $1B value creation?
Top M&A areas for capital deployment?
How will US earnings grow post-LTC peak?
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Next Manulife Financial earnings date
Q4 202512 Feb, 2026
Next Manulife Financial earnings date
Q4 202512 Feb, 2026
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Frequently asked questions
A Well-Respected Canadian Financial Corporation
Manulife Financial Corporation, commonly known as Manulife, is a cornerstone of the Canadian financial services sector. Founded in 1887 in Toronto, this storied institution began its legacy as a life insurance company. Today, it has flourished into a multinational financial services conglomerate, offering a comprehensive suite of products, from life and health insurance to wealth and asset management. In the Canadian insurance landscape, Manulife holds a significant place, being one of the largest providers. Its longevity and history have made them a trusted company domestically, but also outside of Canada's borders.
The History
The history of the company is fascinating and expansive. The company was first incorporated by an act of parliament in 1887 and was spearheaded by Sir John A. Macdonald. He was Canada's first prime minister and Manulife's first president at the same time, and the idea was to provide robust life insurance offerings to Canadians. Over the years, Manulife distinguished itself through several innovative milestones. In 1897, it became the first Canadian insurer to operate in Asia, marking the start of its international presence. By the mid-20th century, Manulife had expanded its portfolio to include not only life insurance but also wealth management and banking services.
Manulife’s Services
At its core, Manulife provides financial services. While it started primarily as a life insurance provider, its offerings have since expanded. Today, the company provides a variety of services that range from individual life and health insurance to wealth and asset management. Additionally, Manulife also offers solutions for group benefits, supplying businesses with diverse employee benefits solutions. In an effort to continue to move with the times, Manulife has also integrated digital platforms into its operations.
International Expansion
Manulife's reach is not limited to Canada, even if that’s where a bulk of its operations have been conducted historically. In pursuit of broader markets and opportunities, the company has ventured into international territories. Asia became an early focus for Manulife's expansion and today they have a notable presence in countries such as China, Japan, and the Philippines. In the United States, Manulife operates under the "John Hancock" name, where it offers various insurance and competes with companies like AIG and Lemonade. The company's approach to global growth has been systematic, combining organic development and expansion with strategic acquisitions.
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