Manulife Financial Corp 6-K, filed May 7, 2025
Manulife Financial Corp (MFC)
6-K
2025-05-07
For: 2025-03-31
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Added on
April 02, 2026
About this 6-K
Manulife Financial Corp filed this 6-K on May 7, 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2025
Commission File Number: 1-14942
MANULIFE FINANCIAL CORPORATION
(Translation of registrant's name into English)
200 Bloor Street East
North Tower 10
Toronto, Ontario, Canada M4W 1E5
(416) 926-3000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-
F or Form 40-F.
Form 20-F | ¨ | Form 40-F | ☒ |
DOCUMENTS FILED AS PART OF THIS FORM 6-K
The following documents, filed as exhibits to this Form 6-K, are incorporated by reference as
part of this Form 6-K:
Exhibit | Description of Exhibit | |
99.1 | News release - first quarter results dated May 7, 2025 | |
99.2 | News release - quarterly dividend announcement dated May 7, 2025 | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
MANULIFE FINANCIAL CORPORATION | ||
By: | /s/ Eddy Mezzetta | |
Name: | Eddy Mezzetta | |
Title: | Vice President and Chief Counsel, Corporate Law | |
Date: May 7, 2025 | ||
1
Manulife Reports First Quarter 2025 Results
TSX/NYSE/PSE: MFC SEHK: 945 C$ unless otherwise stated
TORONTO, ON – May 7, 2025 – Manulife Financial Corporation (“Manulife” or the “Company”) reported its first
quarter results for the period ended March 31, 2025, delivering record insurance new business results1 and steady
growth in book value per common share.
Key highlights for the first quarter of 2025 (“1Q25”) include:
•Core earnings2 of $1.8 billion, a 1% decrease on a constant exchange rate basis3 compared with the first quarter
of 2024 (“1Q24”)4
•Net income attributed to shareholders of $0.5 billion, a decrease of $0.4 billion compared with 1Q24
•Core EPS5 of $0.99, up 3%3 from 1Q244. EPS of $0.25, down 48%3 from 1Q24
•Core ROE5 of 15.6% and ROE of 3.9%
•LICAT ratio6 of 137%
•APE sales up 37%7, new business CSM up 31%3 and new business value (“NBV”) up 36%7 from 1Q244,8
•Global Wealth and Asset Management (“Global WAM”) net inflows7 of $0.5 billion, down from $6.7 billion in 1Q24
“We started the year with continued strong momentum, delivering record levels of insurance new business
results this quarter. We generated double-digit growth in new business value across all insurance segments,
led by Asia with a 43% increase year over year, demonstrating broad-based strength in our top-line results.
Global WAM delivered 24% core earnings growth, expanded core EBITDA margin5 by 290 basis points and
generated positive net flows. We also completed our second long-term care reinsurance transaction9, a
testament to our focused execution and commitment in delivering sustainable value to shareholders. Overall, I
am proud of our performance this quarter against an increasingly volatile operating environment, and our
results reflect the strength of the franchise.
“The work we have done since 2017 has put the company in a position of great strength. We could not have
transformed the company in such a tangible way without the hard work, disciplined execution, and commitment
of our more than 37,000 colleagues across the globe. I couldn’t be prouder of what we’ve accomplished and of
the momentum we built, and I look forward to watching Phil Witherington lead the company in writing its next
chapter.”
— Roy Gori, Manulife President & Chief Executive Officer
“Our underlying business growth remained resilient, while our core EPS growth was dampened by
strengthened provisions related to expected credit loss and a provision for the California wildfires. Book value
per common share continued to increase steadily in 1Q25, growing 12% year over year. We maintained a
strong LICAT ratio of 137%, and our financial leverage ratio5 was 23.9%, well within our medium-term target of
25%. Anchored by our strategic priorities and supported by our robust balance sheet, we are well-positioned to
navigate the current economic conditions and capitalize on growth opportunities.”
— Colin Simpson, Manulife Chief Financial Officer
2
Results at a Glance
($ millions, unless otherwise stated) | Quarterly Results | ||
1Q25 | 1Q24 | Change3,7 | |
Net income attributed to shareholders | $485 | $866 | (47)% |
Core earnings | $1,767 | $1,710 | (1)% |
EPS ($) | $0.25 | $0.45 | (48)% |
Core EPS ($) | $0.99 | $0.91 | 3% |
ROE | 3.9% | 8.0% | (4.1) pps |
Core ROE4 | 15.6% | 16.2% | (0.6) pps |
Book value per common share ($) | $25.88 | $23.09 | 12% |
Adjusted BV per common share ($)4,5 | $36.66 | $32.74 | 12% |
Financial leverage ratio (%)4 | 23.9% | 24.6% | (0.7) pps |
APE sales | $2,689 | $1,883 | 37% |
New business CSM | $907 | $658 | 31% |
NBV | $907 | $641 | 36% |
Global WAM net flows ($ billions) | $0.5 | $6.7 | (93)% |
Results by Segment
($ millions, unless otherwise stated) | Quarterly Results | ||
1Q25 | 1Q24 | Change7 | |
Asia (US$) | |||
Net income attributed to shareholders | $435 | $270 | 57% |
Core earnings4 | 492 | 465 | 7% |
APE sales | 1,412 | 950 | 50% |
New business CSM | 498 | 364 | 38% |
NBV4 | 457 | 323 | 43% |
Canada | |||
Net income attributed to shareholders | $222 | $273 | (19)% |
Core earnings | 374 | 364 | 3% |
APE sales | 491 | 450 | 9% |
New business CSM | 91 | 70 | 30% |
NBV | 180 | 157 | 15% |
U.S. (US$) | |||
Net income attributed to shareholders | $(397) | $(80) | (396)% |
Core earnings | 251 | 335 | (25)% |
APE sales | 120 | 113 | 6% |
New business CSM | 70 | 72 | (3)% |
NBV | 48 | 37 | 30% |
Global WAM | |||
Net income attributed to shareholders | $443 | $365 | 15% |
Core earnings4 | 454 | 349 | 24% |
Gross flows ($ billions)7 | 50.3 | 45.4 | 5% |
Average AUMA ($ billions)7 | 1,041 | 880 | 13% |
Core EBITDA margin (%) | 28.4% | 25.5% | 290 bps |
3
Strategic Highlights
We are capitalizing on opportunities and driving growth while optimizing our portfolio
In Global WAM, we launched FutureStepTM, a new fully digital retirement plan offering for small businesses in the
U.S., in collaboration with Vestwell, a financial technology company. This complements our existing plan offerings
and enhances our market presence. It marks a significant step in transforming our retirement business to become
the partner of choice for distributors, third-party administrators, and plan sponsors.
In Asia, we renewed our bancassurance partnership in the Philippines with China Banking Corporation
(“Chinabank”), extending our exclusive partnership for another 15 years. This strategic partnership, which started
in 2007, solidifies the two organizations’ shared commitment to provide holistic life, wealth, and health solutions for
the long-term financial security of Filipino families.
In addition, we closed the previously announced transaction to reinsure two blocks of in-force business, including a
younger block of long-term care, with Reinsurance Group of America. We plan to return the capital released from
this transaction through our new share buyback program which commenced in late February 2025.10
We continue to expand our innovative product portfolio to meet changing customer needs
In Asia, we introduced our Shared Values proposition by offering a first-of-its-kind combination of high-net-worth
life insurance with comprehensive health benefits in our International High Net Worth business. The proposition
provides access to customer benefits including a whole-body MRI scan, medical second opinion concierge
services and critical illness benefits.
In Global WAM, we launched the John Hancock CQS Asset Backed Securities (“ABS”) Fund in the U.S., our
second retail fund leveraging Manulife | CQS Investment Management expertise. This fund offers exposure to the
global ABS market, aiming to generate returns through current income and capital appreciation with a diversified,
actively managed portfolio.
In the U.S., we continued enhancing the appeal of our differentiated suite of solutions, including the launch of a
new hybrid indexed universal life insurance solution offering more flexible living benefits and a streamlined digital
application process.
We are advancing our digital, customer leadership ambition with AI enhancements
In Asia, we further strengthened our GenAI capabilities to enhance sales support and improve customer
experience. We rolled out our AI Assistant solution to support agents in Singapore and to help our teams better
serve brokers in Japan, enabling faster access to product information, reducing administrative workload and
allowing distributors to focus more on customer engagement.
In Canada, we introduced an innovative GenAI tool within our Individual Insurance business, which enables our
internal sales team to automatically generate personalized communications to advisors by analyzing historical data
and identifying available opportunities. As a result, interactions between wholesalers and advisors have improved,
contributing to an 11% year-over-year increase in the number of advisors placing business with us in 1Q25.
We are helping our customers live longer, healthier, better lives
In the U.S., we became the first life insurer to offer eligible John Hancock Vitality members access to Function
Health’s technology and screening tools. Function Health includes access to over 100 lab tests – spanning heart,
hormone, thyroid, and autoimmunity, among others. This addition builds on our growing portfolio of offerings that
help our customers take proactive steps to better understand their health.
In Canada, we further enhanced the Manulife Vitality program with offerings to assist members in meeting their
health and wellness goals, including additional resources and incentives for managing and preventing diabetes,
the extension of travel rewards to all members, and the addition of ŌURA as our newest Vitality rewards partner.
Strong Global WAM and Asia results contributed to resilient earnings11
Core earnings of $1.8 billion in 1Q25, down 1% from 1Q24
Core earnings decreased modestly on a constant exchange rate basis, as continued business growth in Global
WAM and Asia was offset by strengthened provisions related to expected credit loss (“ECL”) of $45 million post-tax
in 1Q2512, compared with a net release of $8 million post-tax in 1Q2412, and a provision for the California wildfires
of $43 million post-tax in 1Q25.
4
•Asia core earnings were up 7%, reflecting continued business growth, improved impact of new business, and
favourable claims experience, partially offset by strengthened ECL provisions.
•Global WAM core earnings grew 24%, primarily driven by higher net fee income from favourable market
impacts over the past 12 months and positive net flows, higher performance fees, and continued expense
discipline.
•Canada core earnings increased 3%, primarily driven by overall favourable net insurance experience, and
business growth in Group Insurance, partially offset by strengthened ECL provisions and lower Manulife Bank
earnings.
•U.S. core earnings decreased 25%, reflecting lower investment spreads, strengthened ECL provisions, and
the net unfavourable impact of the annual review of actuarial methods and assumptions in 2024.
•Corporate and Other core earnings decreased $46 million, mainly related to a provision for the California
wildfires in our Property and Casualty reinsurance business.
Net Income attributed to shareholders of $0.5 billion in 1Q25, $0.4 billion lower compared with 1Q24
The $0.4 billion decrease in net income was driven by a larger net charge from market experience. The net charge
from market experience in 1Q25 was primarily related to a $0.7 billion realized loss due to the sale of debt
instruments related to the RGA U.S. Reinsurance Transaction, lower-than-expected returns on alternative long-
duration assets, mainly related to real estate and private equities, and lower-than-expected returns on public
equities. The realized loss due to the sale of debt instruments was offset by an associated change in Other
Comprehensive Income, resulting in a neutral impact to book value.
Record levels across all three insurance new business metrics and positive net flows in Global WAM
Continued momentum in our 1Q25 top-line insurance results, as evidenced by the year-over-year growth
of 37%, 31% and 36% in APE sales, new business CSM and NBV, respectively
•Asia delivered another strong quarter with record levels of APE sales, new business CSM and NBV, with year-
over-year growth of 50%, 38% and 43%, respectively, reflecting higher sales volumes in Hong Kong, Asia
Other13 and Japan. NBV margin7 of 38.1% demonstrated resilience.
•Canada APE sales increased 9% bolstered by higher sales volumes across all business lines. Coupled with
higher margins in Group Insurance, NBV grew 15% compared with 1Q24. New business CSM also increased
30%, driven by higher sales volumes in Individual Insurance and segregated fund products.
•In the U.S., APE sales and NBV increased 6% and 30%, respectively, reflecting continued demand from
affluent customers for accumulation insurance products. New business CSM decreased 3%, primarily driven
by product mix, partially offset by higher sales volumes.
Global WAM net inflows of $0.5 billion in 1Q25, compared with net inflows of $6.7 billion in 1Q24
•Retirement net outflows of $2.6 billion in 1Q25 decreased from net inflows of $3.2 billion in 1Q24, reflecting
higher retirement plan redemptions and higher net member withdrawals in North America.
•Retail net inflows of $0.5 billion in 1Q25 decreased from net inflows of $1.7 billion in 1Q24, reflecting higher
redemptions due to lower investor demand amid market volatility. This was partially offset by higher money
market fund sales and new fund launches in mainland China, as well as higher net sales through our retail
wealth platform in Canada.
•Institutional Asset Management net inflows of $2.6 billion in 1Q25 increased compared with net inflows of $1.8
billion in 1Q24, driven by lower redemptions in fixed income mandates.
Growth in new business continues to drive higher organic CSM and CSM balance
CSM14 was $22,296 million as at March 31, 2025
CSM increased $169 million compared with December 31, 2024. Organic CSM movement contributed $598 million
of the increase for the first quarter of 2025, representing an 11%7 growth on an annualized basis, primarily driven
by the impact of new business, interest accretion and net favourable insurance experience, partially offset by
amortization recognized in core earnings. Inorganic CSM movement was a decrease of $429 million for the same
period, primarily driven by the unfavourable impacts of equity market performance and the impact of the RGA U.S.
Reinsurance Transaction, partially offset by the favourable impacts of changes in foreign currency exchange rates.
Post-tax CSM net of NCI2 was $18,524 million as at March 31, 2025.
5
(1)Record levels of total company annualized premium equivalent (“APE”) sales, new business contractual service margin (“new business CSM”) and new business
value (“NBV”).
(2)Core earnings and post-tax contractual service margin net of NCI (“post-tax CSM net of NCI”) are non-GAAP financial measures. For more information on non-
GAAP and other financial measures, see “Non-GAAP and other financial measures” below and in our 1Q25 Management’s Discussion and Analysis (“1Q25
MD&A”).
(3)Percentage growth/declines in core earnings, diluted core earnings per common share (“core EPS”), diluted earnings (loss) per share (“EPS”), new business
contractual service margin net of NCI (“new business CSM”), and net income attributed to shareholders are stated on a constant exchange rate basis and are
non-GAAP ratios.
(4)1Q24 core earnings (total and by segment), core EPS, NBV (total and Asia segment), core ROE, adjusted book value per common share (“adjusted BV per
common share”), and financial leverage ratio have been updated to align with the presentation of Global Minimum Taxes (“GMT”) in 2025. See section A7
“Global Minimum Taxes (GMT)” in our 1Q25 MD&A for more information.
(5)Core EPS, core ROE, core EBITDA margin, financial leverage ratio and adjusted book value per common share are non-GAAP ratios.
(6)Life Insurance Capital Adequacy Test (“LICAT”) ratio of The Manufacturers Life Insurance Company (“MLI”) as at March 31, 2025. LICAT ratio is disclosed under
the Office of the Superintendent of Financial Institutions Canada’s (“OSFI’s”) Life Insurance Capital Adequacy Test Public Disclosure Requirements guideline.
(7)For more information on APE sales, NBV, net flows, gross flows, average asset under management and administration (“average AUMA”) and new business
value margin (“NBV margin”), see “Non-GAAP and other financial measures” below. In this news release, percentage growth/decline in APE sales, NBV, net
flows, gross flows, average AUMA and organic CSM are stated on a constant exchange rate basis.
(8)Refers to “Results at a Glance” for 1Q25 and 1Q24 results.
(9)Also referred to as the “RGA U.S. Reinsurance Transaction”.
(10)See “Caution regarding forward-looking statements” below.
(11)See section A1 “Profitability” in our 1Q25 MD&A for more information on notable items attributable to core earnings and net income attributed to shareholders.
(12)The net change in ECL excluded the impact from the RGA U.S. Reinsurance Transaction and the GA Reinsurance Transaction in 1Q25 and 1Q24, respectively.
(13)Asia Other excludes Hong Kong and Japan.
(14)Net of non-controlling interests (“NCI”).
Earnings Results Conference Call
Manulife will host a conference call and live webcast on its First Quarter 2025 results on May 8, 2025, at 8:00 a.m.
(ET). To access the conference call, dial 1-800-806-5484 or 1-416-340-2217 (Passcode: 3499479#). Please call in
15 minutes before the scheduled start time. You will be required to provide your name and organization to the
operator. You may access the webcast at https://www.manulife.com/en/investors/results-and-reports.
The archived webcast will be available following the call at the same URL as above. A replay of the call will also be
available until June 7, 2025, by dialing 1-800-408-3053 or 1-905-694-9451 (Passcode: 9456881#).
The First Quarter 2025 Statistical Information Package and 2024 New Business Value Report are also available on
the Manulife website at https://www.manulife.com/en/investors/results-and-reports.
This earnings news release should be read in conjunction with the Company’s First Quarter 2025 Report to
Shareholders, including our unaudited interim Consolidated Financial Statements for the three months ended
March 31, 2025, prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by
the International Accounting Standards Board, which is available on our website at https://www.manulife.com/en/
investors/results-and-reports.html. The Company’s 1Q25 MD&A and additional information relating to the
Company is available on the SEDAR+ website at http://www.sedarplus.ca and on the U.S. Securities and
Exchange Commission’s (“SEC”) website at http://www.sec.gov.
Any information contained in, or otherwise accessible through, websites mentioned in this news release does not
form a part of this document unless it is expressly incorporated by reference.
Media Inquiries | Investor Relations | |||
Fiona McLean | Hung Ko | |||
(437) 441-7491 | (416) 806-9921 | |||
fiona_mclean@manulife.com | hung_ko@manulife.com | |||
6
Earnings
The following table presents net income attributed to shareholders, consisting of core earnings and details of the
items excluded from core earnings:
Quarterly Results | |||
($ millions) | 1Q25 | 4Q24 | 1Q24 |
Core earnings(1) | |||
Asia | $705 | $640 | $626 |
Canada | 374 | 390 | 364 |
U.S. | 361 | 412 | 452 |
Global Wealth and Asset Management | 454 | 459 | 349 |
Corporate and Other | (127) | 6 | (81) |
Total core earnings | $1,767 | $1,907 | $1,710 |
Items excluded from core earnings | |||
Market experience gains (losses) | (1,332) | (192) | (779) |
Restructuring charge | - | (52) | - |
Reinsurance transactions, tax-related items and other(1) | 50 | (25) | (65) |
Net income attributed to shareholders | $485 | $1,638 | $866 |
(1)2024 quarterly core earnings by segment, and 1Q24 total core earnings have been updated to align with the presentation of GMT in 2025, with a corresponding
offset in items excluded from core earnings. See section A7 “Global Minimum Tax (GMT)” in our 1Q25 MD&A for more information.
Global Minimum Taxes (“GMT”)
On June 20, 2024, the Canadian government passed the Global Minimum Tax Act into law. Canada’s GMT is
applied retroactively to fiscal periods commencing on or after December 31, 2023. As additional local jurisdictions
are expected to enact the GMT in 2025, GMT is now recognized in net income in the reporting segments whose
earnings are subject to this tax. GMT is reported in both core earnings and items excluded from core earnings in
line with our definition of core earnings in section E3 Non-GAAP and Other Financial Measures of the 1Q25
MD&A.
To improve the comparability of results between 2025 and 2024, we have updated certain 2024 non-GAAP and
other financial measures to reflect the impact of GMT, including quarterly core earnings, core ROE, core EPS,
financial leverage ratio, adjusted book value per common share, new business value, and post-tax CSM net of
NCI. For further information and a complete list of the impacted financial measures, please see section A7 “Global
Minimum Taxes (GMT)” of the 1Q25 MD&A, which is incorporated by reference.
Non-GAAP and other financial measures
The Company prepares its Consolidated Financial Statements in accordance with International Financial
Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. We use a number of
non-GAAP and other financial measures to evaluate overall performance and to assess each of our businesses.
This section includes information required by National Instrument 52-112 – Non-GAAP and Other Financial
Measures Disclosure in respect of “specified financial measures” (as defined therein).
Non-GAAP financial measures include core earnings (loss); core earnings available to common shareholders;
core earnings before interest, taxes, depreciation and amortization (“core EBITDA”); core expenses; adjusted book
value; post-tax contractual service margin; post-tax contractual service margin net of NCI (“post-tax CSM net of
NCI”); and core revenue. In addition, non-GAAP financial measures include the following stated on a constant
exchange rate (“CER”) basis: any of the foregoing non-GAAP financial measures; net income attributed to
shareholders; and common shareholders’ net income.
Non-GAAP ratios include core return on common shareholders’ equity (“core ROE”); diluted core earnings per
common share (“core EPS”); expense efficiency ratio; adjusted book value per common share; financial leverage
ratio; core EBITDA margin; and percentage growth/decline on a constant exchange rate basis in any of the above
non-GAAP financial measures and non-GAAP ratios; net income attributed to shareholders; diluted earnings per
common share (“EPS”), CSM, and new business CSM.
Other specified financial measures include NBV; APE sales; gross flows; net flows; average assets under
management and administration (“average AUMA”); NBV margin; and percentage growth/decline in these
foregoing specified financial measures. In addition, explanations of the components of the CSM movement, other
than the new business CSM were provided in the 1Q25 MD&A.
Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under GAAP and,
therefore, might not be comparable to similar financial measures disclosed by other issuers. Therefore, they
should not be considered in isolation or as a substitute for any other financial information prepared in accordance
7
with GAAP. For more information on non-GAAP financial measures, including those referred to above, see the
section “Non-GAAP and other financial measures” in our 1Q25 MD&A, which is incorporated by reference.
Reconciliation of core earnings to net income attributed to shareholders – 1Q25
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
1Q25 | ||||||
Asia | Canada | U.S. | Global WAM | Corporate and Other | Total | |
Income (loss) before income taxes | $870 | $305 | $(731) | $528 | $(273) | $699 |
Income tax (expenses) recoveries | ||||||
Core earnings | (101) | (89) | (84) | (86) | 29 | (331) |
Items excluded from core earnings | (30) | 30 | 246 | 2 | 7 | 255 |
Income tax (expenses) recoveries | (131) | (59) | 162 | (84) | 36 | (76) |
Net income (post-tax) | 739 | 246 | (569) | 444 | (237) | 623 |
Less: Net income (post-tax) attributed to | ||||||
Non-controlling interests | 67 | - | - | 1 | (2) | 66 |
Participating policyholders | 48 | 24 | - | - | - | 72 |
Net income (loss) attributed to shareholders (post- tax) | 624 | 222 | (569) | 443 | (235) | 485 |
Less: Items excluded from core earnings (post-tax) | ||||||
Market experience gains (losses) | (77) | (152) | (930) | (11) | (162) | (1,332) |
Changes in actuarial methods and assumptions that flow directly through income | - | - | - | - | - | - |
Restructuring charge | - | - | - | - | - | - |
Reinsurance transactions, tax related items and other | (4) | - | - | - | 54 | 50 |
Core earnings (post-tax) | $705 | $374 | $361 | $454 | $(127) | $1,767 |
Income tax on core earnings (see above) | 101 | 89 | 84 | 86 | (29) | 331 |
Core earnings (pre-tax) | $806 | $463 | $445 | $540 | $(156) | $2,098 |
Core earnings, CER basis and U.S. dollars – 1Q25
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
1Q25 | ||||||
Asia | Canada | U.S. | Global WAM | Corporate and Other | Total | |
Core earnings (post-tax) | $705 | $374 | $361 | $454 | $(127) | $1,767 |
CER adjustment(1) | - | - | - | - | - | - |
Core earnings, CER basis (post-tax) | $705 | $374 | $361 | $454 | $(127) | $1,767 |
Income tax on core earnings, CER basis(2) | 101 | 89 | 84 | 86 | (29) | 331 |
Core earnings, CER basis (pre-tax) | $806 | $463 | $445 | $540 | $(156) | $2,098 |
Core earnings (U.S. dollars) – Asia and U.S. segments | ||||||
Core earnings (post-tax)(3), US $ | $492 | $251 | ||||
CER adjustment US $(1) | - | - | ||||
Core earnings, CER basis (post-tax), US $ | $492 | $251 | ||||
(1)The impact of updating foreign exchange rates to that which was used in 1Q25.
(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q25.
(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 1Q25.
8
Reconciliation of core earnings to net income attributed to shareholders – 4Q24(1)
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
4Q24 | ||||||
Asia | Canada | U.S. | Global WAM | Corporate and Other | Total | |
Income (loss) before income taxes | $781 | $579 | $112 | $419 | $222 | $2,113 |
Income tax (expenses) recoveries | ||||||
Core earnings | (97) | (97) | (98) | (83) | 30 | (345) |
Items excluded from core earnings | (59) | (20) | 89 | 48 | (119) | (61) |
Income tax (expenses) recoveries | (156) | (117) | (9) | (35) | (89) | (406) |
Net income (post-tax) | 625 | 462 | 103 | 384 | 133 | 1,707 |
Less: Net income (post-tax) attributed to | ||||||
Non-controlling interests | 18 | - | - | - | 4 | 22 |
Participating policyholders | 24 | 23 | - | - | - | 47 |
Net income (loss) attributed to shareholders (post- tax) | 583 | 439 | 103 | 384 | 129 | 1,638 |
Less: Items excluded from core earnings (post-tax) | ||||||
Market experience gains (losses) | (83) | 55 | (309) | (23) | 168 | (192) |
Changes in actuarial methods and assumptions that flow directly through income | - | - | - | - | - | - |
Restructuring charge | - | (6) | - | (46) | - | (52) |
Reinsurance transactions, tax related items and other | 26 | - | - | (6) | (45) | (25) |
Core earnings (post-tax) | $640 | $390 | $412 | $459 | $6 | $1,907 |
Income tax on core earnings (see above) | 97 | 97 | 98 | 83 | (30) | 345 |
Core earnings (pre-tax) | $737 | $487 | $510 | $542 | $(24) | $2,252 |
(1)This reconciliation and related core earnings reconciliations below have been updated to align with the presentation of GMT in 2025. See section A7 “Global
Minimum Taxes (GMT)” in our 1Q25 MD&A for more information.
Core earnings, CER basis and U.S. dollars – 4Q24
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
4Q24 | ||||||
Asia | Canada | U.S. | Global WAM | Corporate and Other | Total | |
Core earnings (post-tax) | $640 | $390 | $412 | $459 | $6 | $1,907 |
CER adjustment(1) | 14 | - | 11 | 8 | 2 | 35 |
Core earnings, CER basis (post-tax) | $654 | $390 | $423 | $467 | $8 | $1,942 |
Income tax on core earnings, CER basis(2) | 100 | 97 | 99 | 85 | (30) | 351 |
Core earnings, CER basis (pre-tax) | $754 | $487 | $522 | $552 | $(22) | $2,293 |
Core earnings (U.S. dollars) – Asia and U.S. segments | ||||||
Core earnings (post-tax)(3), US $ | $457 | $294 | ||||
CER adjustment US $(1) | (2) | - | ||||
Core earnings, CER basis (post-tax), US $ | $455 | $294 | ||||
(1)The impact of updating foreign exchange rates to that which was used in 1Q25.
(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q25.
(3)Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for 4Q24.
9
Reconciliation of core earnings to net income attributed to shareholders – 1Q24(1)
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
1Q24 | ||||||
Asia | Canada | U.S. | Global WAM | Corporate and Other | Total | |
Income (loss) before income taxes | $594 | $381 | $(154) | $426 | $5 | $1,252 |
Income tax (expenses) recoveries | ||||||
Core earnings | (98) | (91) | (103) | (66) | 28 | (330) |
Items excluded from core earnings | (52) | 8 | 149 | 5 | (60) | 50 |
Income tax (expenses) recoveries | (150) | (83) | 46 | (61) | (32) | (280) |
Net income (post-tax) | 444 | 298 | (108) | 365 | (27) | 972 |
Less: Net income (post-tax) attributed to | ||||||
Non-controlling interests | 55 | - | - | - | - | 55 |
Participating policyholders | 26 | 25 | - | - | - | 51 |
Net income (loss) attributed to shareholders (post- tax) | 363 | 273 | (108) | 365 | (27) | 866 |
Less: Items excluded from core earnings (post-tax) | ||||||
Market experience gains (losses) | (250) | (91) | (534) | 6 | 90 | (779) |
Changes in actuarial methods and assumptions that flow directly through income | - | - | - | - | - | - |
Restructuring charge | - | - | - | - | - | - |
Reinsurance transactions, tax related items and other | (13) | - | (26) | 10 | (36) | (65) |
Core earnings (post-tax) | $626 | $364 | $452 | $349 | $(81) | $1,710 |
Income tax on core earnings (see above) | 98 | 91 | 103 | 66 | (28) | 330 |
Core earnings (pre-tax) | $724 | $455 | $555 | $415 | $(109) | $2,040 |
(1)This reconciliation and related core earnings reconciliations below have been updated to align with the presentation of GMT in 2025. See section A7 “Global
Minimum Taxes (GMT)” in our 1Q25 MD&A for more information.
Core earnings, CER basis and U.S. dollars – 1Q24
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
1Q24 | ||||||
Asia | Canada | U.S. | Global WAM | Corporate and Other | Total | |
Core earnings (post-tax) | $626 | $364 | $452 | $349 | $(81) | $1,710 |
CER adjustment(1) | 33 | - | 29 | 16 | 2 | 80 |
Core earnings, CER basis (post-tax) | $659 | $364 | $481 | $365 | $(79) | $1,790 |
Income tax on core earnings, CER basis(2) | 104 | 91 | 109 | 68 | (28) | 344 |
Core earnings, CER basis (pre-tax) | $763 | $455 | $590 | $433 | $(107) | $2,134 |
Core earnings (U.S. dollars) – Asia and U.S. segments | ||||||
Core earnings (post-tax)(3), US $ | $465 | $335 | ||||
CER adjustment US $(1) | (6) | - | ||||
Core earnings, CER basis (post-tax), US $ | $459 | $335 | ||||
(1)The impact of updating foreign exchange rates to that which was used in 1Q25.
(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q25.
(3)Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for 1Q24.
Core earnings available to common shareholders(1)
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
Quarterly Results | Full Year Results | |||||
1Q25 | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 2024 | |
Core earnings | $1,767 | $1,907 | $1,828 | $1,737 | $1,710 | $7,182 |
Less: Preferred share dividends and other equity distributions | 57 | 101 | 56 | 99 | 55 | 311 |
Core earnings available to common shareholders | 1,710 | 1,806 | 1,772 | 1,638 | 1,655 | 6,871 |
CER adjustment(2) | - | 35 | 68 | 68 | 80 | 251 |
Core earnings available to common shareholders, CER basis | $1,710 | $1,841 | $1,840 | $1,706 | $1,735 | $7,122 |
(1)2024 reconciliations have been updated to align with the presentation of GMT in 2025
(2)The impact of updating foreign exchange rates to which was used in 1Q25.
10
Core ROE(1)
($ millions, unless otherwise stated)
Quarterly Results | Full Year Results | |||||
1Q25 | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 2024 | |
Core earnings available to common shareholders | $1,710 | $1,806 | $1,772 | $1,638 | $1,655 | $6,871 |
Annualized core earnings available to common shareholders (post-tax) | $6,935 | $7,185 | $7,049 | $6,588 | $6,656 | $6,871 |
Average common shareholders’ equity (see below) | $44,394 | $43,613 | $42,609 | $41,947 | $40,984 | $42,288 |
Core ROE (annualized) (%) | 15.6% | 16.5% | 16.6% | 15.7% | 16.2% | 16.2% |
Average common shareholders’ equity | ||||||
Total shareholders' and other equity | $51,135 | $50,972 | $49,573 | $48,965 | $48,250 | $50,972 |
Less: Preferred shares and other equity | 6,660 | 6,660 | 6,660 | 6,660 | 6,660 | 6,660 |
Common shareholders' equity | $44,475 | $44,312 | $42,913 | $42,305 | $41,590 | $44,312 |
Average common shareholders’ equity | $44,394 | $43,613 | $42,609 | $41,947 | $40,984 | $42,288 |
(1)2024 reconciliations have been updated to align with the presentation of GMT in 2025. See section A7 “Global Minimum Taxes (GMT)” in our 1Q25 MD&A for
more information.
CSM and post-tax CSM information(1)
($ millions pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
As at | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
CSM | $23,713 | $23,425 | $22,213 | $21,760 | $22,075 |
Less: CSM for NCI | 1,417 | 1,298 | 1,283 | 1,002 | 986 |
CSM, net of NCI | $22,296 | $22,127 | $20,930 | $20,758 | $21,089 |
CER adjustment(2) | - | 157 | 770 | 1,034 | 1,027 |
CSM, net of NCI, CER basis | $22,296 | $22,284 | $21,700 | $21,792 | $22,116 |
CSM by segment | |||||
Asia | $15,904 | $15,540 | $14,715 | $13,456 | $13,208 |
Asia NCI | 1,417 | 1,298 | 1,283 | 1,002 | 986 |
Canada | 4,052 | 4,109 | 4,036 | 3,769 | 4,205 |
U.S. | 2,329 | 2,468 | 2,171 | 3,522 | 3,649 |
Corporate and Other | 11 | 10 | 8 | 11 | 27 |
CSM | $23,713 | $23,425 | $22,213 | $21,760 | $22,075 |
CSM, CER adjustment(2) | |||||
Asia | $- | $158 | $630 | $854 | $804 |
Asia NCI | - | 10 | 37 | 58 | 62 |
Canada | - | - | - | - | - |
U.S. | - | - | 140 | 181 | 224 |
Corporate and Other | - | - | - | - | - |
Total | $- | $168 | $807 | $1,093 | $1,090 |
CSM, CER basis | |||||
Asia | $15,904 | $15,698 | $15,345 | $14,310 | $14,012 |
Asia NCI | 1,417 | 1,308 | 1,320 | 1,060 | 1,048 |
Canada | 4,052 | 4,109 | 4,036 | 3,769 | 4,205 |
U.S. | 2,329 | 2,468 | 2,311 | 3,703 | 3,873 |
Corporate and Other | 11 | 10 | 8 | 11 | 27 |
Total CSM, CER basis | $23,713 | $23,593 | $23,020 | $22,853 | $23,165 |
Post-tax CSM | |||||
CSM | $23,713 | $23,425 | $22,213 | $21,760 | $22,075 |
Marginal tax rate on CSM | (3,929) | (3,928) | (3,719) | (3,718) | (3,820) |
Post-tax CSM | $19,784 | $19,497 | $18,494 | $18,042 | $18,255 |
CSM, net of NCI | $22,296 | $22,127 | $20,930 | $20,758 | $21,089 |
Marginal tax rate on CSM net of NCI | (3,772) | (3,774) | (3,566) | (3,608) | (3,712) |
Post-tax CSM net of NCI | $18,524 | $18,353 | $17,364 | $17,150 | $17,377 |
(1)2024 reconciliations have been updated to align with the presentation of GMT in 2025. See section A7 “Global Minimum Taxes (GMT)” in our 1Q25 MD&A for
more information.
(2)The impact of reflecting CSM and CSM net of NCI using the foreign exchange rates for the Statement of Financial Position in effect for 1Q25.
11
New business CSM(1) detail, CER basis
($ millions pre-tax, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
Quarterly Results | Full Year Results | |||||
1Q25 | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 2024 | |
New business CSM | ||||||
Hong Kong | $316 | $299 | $254 | $200 | $168 | $921 |
Japan | 81 | 66 | 86 | 90 | 48 | 290 |
Asia Other(2) | 318 | 221 | 253 | 188 | 275 | 937 |
International High Net Worth | 187 | |||||
Mainland China | 270 | |||||
Singapore | 391 | |||||
Vietnam | 17 | |||||
Other Emerging Markets | 72 | |||||
Asia | 715 | 586 | 593 | 478 | 491 | 2,148 |
Canada | 91 | 116 | 95 | 76 | 70 | 357 |
U.S. | 101 | 140 | 71 | 74 | 97 | 382 |
Total new business CSM | $907 | $842 | $759 | $628 | $658 | $2,887 |
New business CSM, CER adjustment(3) | ||||||
Hong Kong | - | $8 | $13 | $10 | $9 | $40 |
Japan | - | 1 | 3 | 6 | 3 | 13 |
Asia Other(2) | - | 4 | 9 | 9 | 16 | 38 |
International High Net Worth | 9 | |||||
Mainland China | 11 | |||||
Singapore | 14 | |||||
Vietnam | - | |||||
Other Emerging Markets | 4 | |||||
Asia | - | 13 | 25 | 25 | 28 | 91 |
Canada | - | - | - | - | - | - |
U.S. | - | 4 | 3 | 3 | 7 | 17 |
Total new business CSM | $- | $17 | $28 | $28 | $35 | $108 |
New business CSM, CER basis | ||||||
Hong Kong | $316 | $307 | $267 | $210 | $177 | $961 |
Japan | 81 | 67 | 89 | 96 | 51 | 303 |
Asia Other(2) | 318 | 225 | 262 | 197 | 291 | 975 |
International High Net Worth | 196 | |||||
Mainland China | 281 | |||||
Singapore | 405 | |||||
Vietnam | 17 | |||||
Other Emerging Markets | 76 | |||||
Asia | 715 | 599 | 618 | 503 | 519 | 2,239 |
Canada | 91 | 116 | 95 | 76 | 70 | 357 |
U.S. | 101 | 144 | 74 | 77 | 104 | 399 |
Total new business CSM, CER basis | $907 | $859 | $787 | $656 | $693 | $2,995 |
(1)New business CSM is net of NCI.
(2)New business CSM for Asia Other is reported by country annually, on a full year basis. Other Emerging Markets within Asia Other include Indonesia, the
Philippines, Malaysia, Thailand, Cambodia and Myanmar.
(3)The impact of updating foreign exchange rates to that which was used in 1Q25.
12
Net income financial measures on a CER basis
($ Canadian millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
Quarterly Results | Full Year Results | |||||
1Q25 | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 2024 | |
Net income (loss) attributed to shareholders: | ||||||
Asia | $624 | $583 | $827 | $582 | $363 | $2,355 |
Canada | 222 | 439 | 430 | 79 | 273 | 1,221 |
U.S. | (569) | 103 | 5 | 135 | (108) | 135 |
Global WAM | 443 | 384 | 498 | 350 | 365 | 1,597 |
Corporate and Other | (235) | 129 | 79 | (104) | (27) | 77 |
Total net income (loss) attributed to shareholders | 485 | 1,638 | 1,839 | 1,042 | 866 | 5,385 |
Preferred share dividends and other equity distributions | (57) | (101) | (56) | (99) | (55) | (311) |
Common shareholders' net income (loss) | $428 | $1,537 | $1,783 | $943 | $811 | $5,074 |
CER adjustment(1) | ||||||
Asia | $- | $10 | $48 | $25 | $35 | $118 |
Canada | - | (8) | - | - | 6 | (2) |
U.S. | - | 4 | 10 | 7 | (7) | 14 |
Global WAM | - | 9 | 23 | 17 | 21 | 70 |
Corporate and Other | - | 6 | 2 | (4) | (2) | 2 |
Total net income (loss) attributed to shareholders | - | 21 | 83 | 45 | 53 | 202 |
Preferred share dividends and other equity distributions | - | - | - | - | - | - |
Common shareholders' net income (loss) | $- | $21 | $83 | $45 | $53 | $202 |
Net income (loss) attributed to shareholders, CER basis | ||||||
Asia | $624 | $593 | $875 | $607 | $398 | $2,473 |
Canada | 222 | 431 | 430 | 79 | 279 | 1,219 |
U.S. | (569) | 107 | 15 | 142 | (115) | 149 |
Global WAM | 443 | 393 | 521 | 367 | 386 | 1,667 |
Corporate and Other | (235) | 135 | 81 | (108) | (29) | 79 |
Total net income (loss) attributed to shareholders, CER basis | 485 | 1,659 | 1,922 | 1,087 | 919 | 5,587 |
Preferred share dividends and other equity distributions, CER basis | (57) | (101) | (56) | (99) | (55) | (311) |
Common shareholders' net income (loss), CER basis | $428 | $1,558 | $1,866 | $988 | $864 | $5,276 |
Asia net income attributed to shareholders, U.S. dollars | ||||||
Asia net income (loss) attributed to shareholders, US $(2) | $435 | $417 | $606 | $424 | $270 | $1,717 |
CER adjustment, US $(1) | - | (4) | 4 | (1) | 7 | 6 |
Asia net income (loss) attributed to shareholders, U.S. $, CER basis(1) | $435 | $413 | $610 | $423 | $277 | $1,723 |
Net income (loss) attributed to shareholders (pre-tax) | ||||||
Net income (loss) attributed to shareholders (post-tax) | $485 | $1,638 | $1,839 | $1,042 | $866 | $5,385 |
Tax on net income attributed to shareholders | 47 | 388 | 229 | 238 | 247 | 1,102 |
Net income (loss) attributed to shareholders (pre-tax) | 532 | 2,026 | 2,068 | 1,280 | 1,113 | 6,487 |
CER adjustment(1) | - | 36 | 60 | 60 | 42 | 198 |
Net income (loss) attributed to shareholders (pre- tax), CER basis | $532 | $2,062 | $2,128 | $1,340 | $1,155 | $6,685 |
(1)The impact of updating foreign exchange rates to that which was used in 1Q25.
(2)Asia net income attributed to shareholders (post-tax) in Canadian dollars is translated to U.S. dollars using the U.S. dollar Statement of Income rate for the
reporting period.
Adjusted book value(1)
($ millions)
As at | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
($ millions) | |||||
Common shareholders' equity | $44,475 | $44,312 | $42,913 | $42,305 | $41,590 |
Post-tax CSM, net of NCI | 18,524 | 18,353 | 17,364 | 17,150 | 17,377 |
Adjusted book value | $62,999 | $62,665 | $60,277 | $59,455 | $58,967 |
(1)2024 reconciliations have been updated to align with the presentation of GMT in 2025. See section A7 “Global Minimum Taxes (GMT)” in our 1Q25 MD&A for
more information.
13
Reconciliation of Global WAM core earnings to core EBITDA
($ millions, pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
Quarterly Results | Full Year Results | |||||
1Q25 | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 2024 | |
Global WAM core earnings (post-tax) | $454 | $459 | $479 | $386 | $349 | $1,673 |
Add back taxes, acquisition costs, other expenses and deferred sales commissions | ||||||
Core income tax (expenses) recoveries (see above) | 86 | 83 | 26 | 59 | 66 | 234 |
Amortization of deferred acquisition costs and other depreciation | 46 | 49 | 48 | 49 | 42 | 188 |
Amortization of deferred sales commissions | 22 | 20 | 19 | 19 | 20 | 78 |
Core EBITDA | $608 | $611 | $572 | $513 | $477 | $2,173 |
CER adjustment(1) | - | 11 | 21 | 18 | 21 | 71 |
Core EBITDA, CER basis | $608 | $622 | $593 | $531 | $498 | $2,244 |
(1)The impact of updating foreign exchange rates to that which was used in 1Q25.
Core EBITDA margin and core revenue
($ millions, unless otherwise stated)
Quarterly Results | Full Year Results | |||||
1Q25 | 4Q24 | 3Q24 | 2Q24 | 1Q24 | 2024 | |
Core EBITDA margin | ||||||
Core EBITDA | $608 | $611 | $572 | $513 | $477 | $2,173 |
Core revenue | $2,140 | $2,140 | $2,055 | $1,948 | $1,873 | $8,016 |
Core EBITDA margin | 28.4% | 28.6% | 27.8% | 26.3% | 25.5% | 27.1% |
Global WAM core revenue | ||||||
Other revenue per financial statements | $1,986 | $2,003 | $1,928 | $1,849 | $1,808 | $7,588 |
Less: Other revenue in segments other than Global WAM | 11 | (2) | 53 | 40 | 58 | 149 |
Other revenue in Global WAM (fee income) | $1,975 | $2,005 | $1,875 | $1,809 | $1,750 | $7,439 |
Investment income per financial statements | $4,234 | $5,250 | $4,487 | $4,261 | $4,251 | $18,249 |
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities per financial statements | (992) | (622) | 1,730 | 564 | 538 | 2,210 |
Total investment income | 3,242 | 4,628 | 6,217 | 4,825 | 4,789 | 20,459 |
Less: Investment income in segments other than Global WAM | 3,089 | 4,550 | 5,991 | 4,687 | 4,649 | 19,877 |
Investment income in Global WAM | $153 | $78 | $226 | $138 | $140 | $582 |
Total other revenue and investment income in Global WAM | $2,128 | $2,083 | $2,101 | $1,947 | $1,890 | $8,021 |
Less: Total revenue reported in items excluded from core earnings | ||||||
Market experience gains (losses) | (14) | (28) | 33 | (9) | 8 | 4 |
Revenue related to integration and acquisitions | 2 | (29) | 13 | 8 | 9 | 1 |
Global WAM core revenue | $2,140 | $2,140 | $2,055 | $1,948 | $1,873 | $8,016 |
14
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
From time to time, Manulife makes written and/or oral forward-looking statements, including in this document. In
addition, our representatives may make forward-looking statements orally to analysts, investors, the media and
others. All such statements are made pursuant to the “safe harbour” provisions of Canadian provincial securities
laws and the U.S. Private Securities Litigation Reform Act of 1995.
The forward-looking statements in this document include, but are not limited to, statements with respect to our
ability to achieve our medium-term financial and operating targets and plans for the return of capital released from
reinsurance transactions through share buybacks and also relate to, among other things, our objectives, goals,
strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of
words such as “may”, “will”, “could”, “should”, “would”, “likely”, “suspect”, “outlook”, “expect”, “intend”, “estimate”,
“anticipate”, “believe”, “plan”, “forecast”, “objective”, “seek”, “aim”, “continue”, “goal”, “restore”, “embark” and
“endeavour” (or the negative thereof) and words and expressions of similar import, and include statements
concerning possible or assumed future results. Although we believe that the expectations reflected in such
forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance
should not be placed on such statements and they should not be interpreted as confirming market or analysts’
expectations in any way.
Certain material factors or assumptions are applied in making forward-looking statements and actual results may
differ materially from those expressed or implied in such statements.
Important factors that could cause actual results to differ materially from expectations include but are not limited to:
general business and economic conditions (including but not limited to the performance, volatility and correlation of
equity markets, interest rates, credit and swap spreads, inflation rates, currency rates, investment losses and
defaults, market liquidity and creditworthiness of guarantors, reinsurers and counterparties); changes in laws and
regulations; changes in accounting standards applicable in any of the territories in which we operate; changes in
regulatory capital requirements; our ability to obtain premium rate increases on in-force policies; our ability to
execute strategic plans and changes to strategic plans; downgrades in our financial strength or credit ratings; our
ability to maintain our reputation; impairments of goodwill or intangible assets or the establishment of provisions
against future tax assets; the accuracy of estimates relating to morbidity, mortality and policyholder behaviour; the
accuracy of other estimates used in applying accounting policies and actuarial methods and embedded value
methods; our ability to implement effective hedging strategies and unforeseen consequences arising from such
strategies; our ability to source appropriate assets to back our long-dated liabilities; level of competition and
consolidation; our ability to market and distribute products through current and future distribution channels;
unforeseen liabilities or asset impairments arising from acquisitions and dispositions of businesses; the realization
of losses arising from the sale of investments classified fair value through other comprehensive income; our
liquidity, including the availability of financing to satisfy existing financial liabilities on expected maturity dates when
required; obligations to pledge additional collateral; the availability of letters of credit to provide capital
management flexibility; accuracy of information received from counterparties and the ability of counterparties to
meet their obligations; the availability, affordability and adequacy of reinsurance; legal and regulatory proceedings,
including tax audits, tax litigation or similar proceedings; our ability to adapt products and services to the changing
market; our ability to attract and retain key executives, employees and agents; the appropriate use and
interpretation of complex models or deficiencies in models used; political, legal, operational and other risks
associated with our operations; geopolitical uncertainty, including international conflicts and trade disputes;
acquisitions and our ability to complete acquisitions including the availability of equity and debt financing for this
purpose; the disruption of or changes to key elements of the Company’s or public infrastructure systems;
environmental concerns, including climate change; our ability to protect our intellectual property and exposure to
claims of infringement; our inability to withdraw cash from subsidiaries; and the fact that the amount and timing of
any future common share repurchases will depend on the earnings, cash requirements and financial condition of
Manulife, market conditions, capital requirements (including under LICAT capital standards), common share
issuance requirements, applicable law and regulations (including Canadian and U.S. securities laws and Canadian
insurance company regulations), and other factors deemed relevant by Manulife, and may be subject to regulatory
approval or conditions.
Additional information about material risk factors that could cause actual results to differ materially from
expectations and about material factors or assumptions applied in making forward-looking statements may be
found under “Risk Management and Risk Factors” and “Critical Actuarial and Accounting Policies” in the
Management’s Discussion and Analysis in our most recent annual report, under “Risk Management and Risk
Factors Update” and “Critical Actuarial and Accounting Policies” in the Management’s Discussion and Analysis in
our most recent interim report, and in the “Risk Management” note to the Consolidated Financial Statements in our
most recent annual and interim reports, as well as elsewhere in our filings with Canadian and U.S. securities
regulators.
15
The forward-looking statements in this document are, unless otherwise indicated, stated as of the date hereof and
are presented for the purpose of assisting investors and others in understanding our financial position and results
of operations, our future operations, as well as our objectives and strategic priorities, and may not be appropriate
for other purposes. We do not undertake to update any forward-looking statements, except as required by law.
Exhibit 99.1
News
Release
C$ unless otherwise statedTSX/NYSE/PSE: MFC SEHK: 945
For Immediate Release
May 7, 2025
Manulife declares common share dividend
Toronto - Manulife’s Board of Directors today announced a quarterly common shareholders’ dividend of
$0.44 per share on the common shares of Manulife, payable on and after June 19, 2025, to shareholders
of record at the close of business on May 21, 2025.
In respect of the Company’s Canadian Dividend Reinvestment and Share Purchase Plan and its U.S.
Dividend Reinvestment and Share Purchase Plan, the Company will purchase common shares on the
open market in connection with the reinvestment of dividends and optional cash purchases under these
plans. The purchase price of these common shares will be based on the average of the actual cost to
purchase them and there are no applicable discounts.
About Manulife
Manulife Financial Corporation is a leading international financial services provider, helping our customers
make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate
as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States,
providing financial advice and insurance for individuals, groups, and businesses. Through Manulife
Wealth & Asset Management, we offer global investment, financial advice, and retirement plan services to
individuals, institutions, and retirement plan members worldwide. At the end of 2024, we had more than
37,000 employees, over 109,000 agents, and thousands of distribution partners, serving over 36 million
customers. We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges, and under
‘945’ in Hong Kong.
Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
Media Inquiries:Investor Relations:
Fiona McLeanHung Ko
ManulifeManulife
437-441-7491416-806-9921
fiona_mclean@manulife.com hung_ko@manulife.com