Manulife Financial (MFC) 2025 Scotiabank Financials Summit summary

Leadership transition and strategic vision

• Smooth CEO transition supported by board, colleagues, and stakeholders, leveraging extensive internal experience.

• Optimism across global teams, reflecting on a successful transformation since 2017.

• Focus on customer-centric strategy, with ongoing executive review of long-term plans.

• Confidence in delivering 2027 targets, with emphasis on sustainable growth for the next decade.

• AI, digital, and Gen AI identified as key drivers for future growth.

Portfolio and business line performance

• Global portfolio includes at-scale businesses in high-growth markets, with capital ready for deployment.

• Recent Comvest acquisition fills a strategic gap in private credit, immediately accretive and globally scalable.

• U.S. business faced Q2 headwinds from elevated mortality and credit charges, not expected to recur.

• Ongoing de-risking and transformation in the U.S., with a differentiated wellness-oriented insurance offering.

• U.S. remains a key part of the portfolio, alongside Asia and Canada.

Capital management and investment priorities

• LICAT ratio at 136%, well above the 120% internal target, providing ~$10B in excess capital.

• Capital flexibility enables both organic and inorganic investments, including buybacks and dividends.

• Asia and GWAM prioritized for growth investments, with continued support for mature markets.