Manulife Financial (MFC) Q4 2025 earnings summary

Executive summary

• Achieved record core earnings in 2025, with double-digit growth in new business CSM and profitability, supported by strong Asia and Global WAM performance, despite net outflows in Global WAM.

• Advanced strategic priorities with significant AI investments, expansion into India and Indonesia, and acquisitions in private credit and asset management.

• Enhanced customer offerings and digital platforms, renewed key partnerships, and became the first international life insurer in Dubai International Financial Centre.

Financial highlights

• Core EPS rose 8% to $4.21, with core ROE at 16.5% for 2025 and 17.1% in 4Q25; adjusted book value per share grew 6% to $38.27.

• Net income attributed to shareholders increased to $5.6B, and remittances totaled $6.4B.

• Returned $5.4B to shareholders and announced a 10.2% increase in quarterly dividend.

• LICAT ratio at 136% and financial leverage ratio at 23.9%, indicating robust capital and flexibility.

• Announced a new NCIB to repurchase up to 2.5% of outstanding shares.

Outlook and guidance

• Reaffirmed 2027 targets: core ROE 18%+, cumulative remittances $22B+, new business CSM growth 15%, and core EPS growth 10-12%.

• Expect 60%-70% of core earnings to materialize as cash remittances going forward.

• Management remains confident in achieving medium-term targets despite macroeconomic and geopolitical uncertainties.