Manulife Financial (MFC) Investor presentation summary

Strategic direction

• Strategy centers on becoming the #1 choice for customers through five priorities: winning team and culture, diversified portfolio, customer health and longevity, AI-powered organization, and superior distribution.

• Growth priorities include Asia and Global WAM, investment in Canada and the U.S., entry into India through a 50:50 insurance JV with Mahindra, and scaled AI deployment.

• One year into the refreshed strategy, milestones included acquiring 75% of Comvest Credit Partners, full ownership of Schroders Indonesia, and activating the Bupa partnership in Hong Kong.

Portfolio and growth

• FY2025 core earnings mix: Asia 38%, Canada 21%, U.S. 16%, and Global WAM 25%; Asia is targeted to contribute 50% of core earnings by 2027.

• Asia serves 13 million customers across 12 markets, with 100K+ contracted agents and 100+ bank partnerships; new business CSM rose from US$1,148 million in 2023 to US$1,994 million in 2025.

• Global WAM operates across 20 geographies, serves 20 million customers, and reported C$1,932 million in 2025 core earnings; 2025 AUMA was C$1.8 trillion.

Financial performance and targets

• Core earnings increased from C$5.8 billion in 2022 to C$7.5 billion in 2025; core ROE rose from 15.9% in 2023 to 16.5% in 2025 and 16.9% in 3Q26 YTD.

• 2027 targets include core ROE of 18%+, core EPS growth of 10–12%, and cumulative remittances of C$22 billion+ for 2024–2027; 2025 remittances were C$6.4 billion.

• 3Q26 core earnings were C$2.125 billion, up 4% YoY; core EPS was C$1.24, up 6%, while net income attributable to shareholders was C$1.424 billion, down C$375 million.

• 3Q26 average AUMA reached C$1,198 billion, up 11% YoY; Global WAM net outflows narrowed to C$3.6 billion from C$6.2 billion.