MFC 6-K 2024 - Equibles

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 February, 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 - fourth quarter results dated February 19, 2025
99.2	News release - quarterly dividend announcement dated February 19, 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: February 19, 2025

4Q24 Press Release 1

Manulife Reports Full Year and

Fourth Quarter 2024 Results

TSX/NYSE/PSE: MFC SEHK: 945 C$ unless otherwise stated

TORONTO, ON – February 19, 2025 – Manulife Financial Corporation (“Manulife” or the “Company”) reported

banner full year and fourth quarter results for the period ended December 31, 2024, with record core earnings,

30%+ increases across top-line business metrics1, double-digit core EPS2 growth for the full year, as well as

declaring a common share dividend increase of 10%.

Key highlights for full year 2024 and the fourth quarter (“4Q24”) include:

•Core earnings3 of $7.2 billion in 2024, up 8% on a constant exchange rate basis4 from 2023. Core earnings

of $1.9 billion in 4Q24, up 6% from the fourth quarter of 2023 (“4Q23”)

•Net income attributed to shareholders of $5.4 billion in 2024, up $0.3 billion from 2023, and $1.6 billion in

4Q24, in line with 4Q23

•Core EPS of $3.87 in 2024, up 11%4 from 2023, and $1.03 in 4Q24, up 9% from 4Q23

◦Excluding the impact of Global Minimum Taxes (“GMT”)5, core EPS2 was $3.97 in 2024, up 14%4 from

2023, and $1.06 in 4Q24, up 13% from 4Q23

•EPS of $2.84 in 2024, up 8%4 from 2023, and $0.88 in 4Q24, in line with 4Q23

•Core ROE2 of 16.4% in 2024 and 16.5% in 4Q24, and ROE of 12.0% in 2024 and 14.0% in 4Q24

•Entered into an agreement with RGA to reinsure two blocks of legacy business, including a younger block of

long-term care (“LTC”), our second LTC reinsurance transaction in less than 12 months. The transaction was

completed in the first quarter of 2025 with an effective date of January 1, 2025

•LICAT ratio6 of 137% in 4Q24, in line with prior quarter

•Remittances7 of $7.0 billion in 2024 compared with $5.5 billion in 2023

•Purchased and cancelled 4.6% of common shares outstanding, or more than 82 million common shares, for

$3.2 billion in 2024

•Also announced today:

◦A 10% increase in the quarterly dividend per common share, and

◦A Normal Course Issuer Bid (“NCIB”) that permits repurchase of up to 3% of outstanding common

shares, commencing in late February 20258

“2024 was a banner year for Manulife on many fronts and we finished the year with very strong results. We

delivered record insurance new business results for the full year, including 30%+ increases year-over-year

across APE sales7, new business CSM4 and new business value7. Asia continued to lead with substantial top-

line growth and a 27% increase in core earnings. Global WAM ended the year with over $13 billion of net

inflows7, a 220 basis point increase in core EBITDA margin2 and 30% core earnings growth.”

“We continued to build on our momentum to deliver for shareholders and customers. We closed the largest

LTC reinsurance transaction in the industry and announced a second LTC risk transfer deal within 12 months.

We also made significant progress towards our digital, customer leadership ambition, achieving a record high

Net Promoter Score and generating over $600 million of benefits9 from our initiatives globally in 2024. We have

created a robust foundation for sustained growth. I am confident about the future of Manulife and the value that

we will continue to generate for our shareholders.”

— Roy Gori, Manulife President & Chief Executive Officer

“We continued to make progress against our targets announced at Investor Day. Our core ROE increased to

16.4% and core EPS grew 11%, despite the impact of Global Minimum Tax. Expense efficiency ratio2 improved

further and ended at 44.8% for the full year. We remitted $7.0 billion in 2024, reflecting our strong cash

generating capability across our global operations and benefiting from our capital optimization initiatives. We

returned $6.1 billion of capital to shareholders, including buying back 4.6% of outstanding common shares. As

announced today, the Board approved a 10% increase in the common share dividend, and we are launching a

new NCIB program to repurchase up to 3% of our outstanding common shares.”

— Colin Simpson, Manulife Chief Financial Officer

Results at a Glance

($ millions, unless otherwise stated)	Quarterly Results					Full Year Results
	4Q24		4Q23		Change4,7	2024		2023		Change
Net Income attributed to shareholders	$	1,638	$	1,659	(3)%	$	5,385	$	5,103	5%
Core Earnings	$	1,907	$	1,773	6%	$	7,226	$	6,684	8%
EPS ($)	$	0.88	$	0.86	0%	$	2.84	$	2.61	8%
Core EPS ($)	$	1.03	$	0.92	9%	$	3.87	$	3.47	11%
ROE		14.0%		15.3%	-1.3 pps		12.0%		11.9%	0.1 pps
Core ROE		16.5%		16.4%	0.1 pps		16.4%		15.9%	0.5 pps
Book value per common share ($)	$	25.63	$	22.36	15%	$	25.63	$	22.36	15%
Adjusted BV per common share ($)2	$	37.02	$	32.19	15%	$	37.02	$	32.19	15%
Financial leverage ratio (%)2		23.7%		24.3%	-0.6 pps		23.7%		24.3%	-0.6 pps
APE sales	$	2,248	$	1,550	42%	$	8,385	$	6,440	30%
New business CSM	$	842	$	626	32%	$	2,887	$	2,167	32%
NBV	$	842	$	630	31%	$	3,077	$	2,324	32%
Global WAM net flows ($ billions)	$	1.2	$	(1.3)	-	$	13.3	$	4.5	196%

Manulife Reports Full Year and Fourth Quarter 2024 Results

Results by Segment

($ millions, unless otherwise stated)	Quarterly Results					Full Year Results
	4Q24		4Q23		Change7	2024		2023		Change
Asia (US)
Net Income attributed to shareholders	$	417	$	452	(8)%	$	1,717	$	995	71%
Core Earnings	477		414	16%		1,890		1,518	27%
APE sales	1,187		731	63%		4,429		3,313	36%
New Business CSM	419		303	38%		1,567		1,148	38%
NBV	418		306	37%		1,612		1,206	35%
Canada
Net Income attributed to shareholders	$	439	$	365	20%	$	1,221	$	1,191	3%
Core Earnings	390		352	11%		1,568		1,487	5%
APE sales	376		363	4%		1,689		1,409	20%
New Business CSM	116		70	66%		357		224	59%
NBV	168		139	21%		627		490	28%
U.S. (US)
Net Income attributed to shareholders	$	73	$	146	(50)%	$	96	$	473	(80)%
Core Earnings	294		349	(16)%		1,234		1,304	(5)%
APE sales	151		141	7%		454		416	9%
New Business CSM	100		105	(5)%		278		292	(5)%
NBV	63		54	17%		175		153	14%
Global WAM
Net Income attributed to shareholders	$	384	$	365	3%	$	1,597	$	1,297	22%
Core Earnings	481		353	34%		1,736		1,321	30%
Gross flows ( billions)7	43.5		35.1	21%		171.7		143.4	19%
Average AUMA ( billions)7	1,015		817	21%		946		813	15%
Core EBITDA margin	28.6%		25.7%	290 bps		27.1%		24.9%	220 bps

All values are in US Dollars.

Strategic Highlights

We continued to transform our portfolio and accelerate new business growth through expanded market

Manulife Reports Full Year and Fourth Quarter 2024 Results

offerings and enhanced distribution capabilities

During 2024, we closed the largest LTC reinsurance transaction in the industry and the largest universal life

reinsurance transaction in Canada. We also entered into an agreement in 4Q24 for a second LTC reinsurance

transaction in less than 12 months on a younger LTC block, further validating the prudence of our reserves and

assumptions. These transactions also further transformed our business profile to higher return and lower risk.

In Asia, we expanded Manulife Pro, our proprietary proposition for top-tier agents, to Indonesia, Japan and Hong

Kong. The proposition provides select agents with differentiated resources and tools, including dedicated

underwriting support and enhanced customer engagement services with access to customer leads. This initiative

contributed to improved agent productivity, demonstrated by our 23% year-over-year growth in agency APE sales

in 2024. With this expansion, Manulife Pro is now available in five of our markets10.

In addition, we further addressed the complex and evolving financial needs of high-net-worth individuals through a

focus on innovative customer solutions. This includes the launch of two new products that cater to the protection,

legacy planning and wealth management needs of high-net-worth customers.

In Global WAM, we completed the acquisition of CQS, a U.K.-based multi-sector alternative credit manager, which

positively contributed to Global WAM net flows and core earnings in 2024. We have leveraged these expanded

investment capabilities to launch the John Hancock Multi Asset Credit Fund in U.S. Retail. This fund is a strong

addition to our growing lineup of liquid and semi-liquid alternative offerings which are part of our larger credit

franchise.

In Canada, we introduced a guaranteed issue life product, designed to provide accessible life insurance coverage

with guaranteed fixed premiums for a wide range of individuals seeking straightforward and reliable life insurance

coverage. Also, we refreshed our suite of segregated fund options with a new product that features a simplified,

all-inclusive fee structure and offers Canadians an investment solution to help with their estate planning needs.

In the U.S., we entered into a strategic distribution collaboration with Annexus — one of the nation's leading

independent retirement planning product design and distribution companies — to expand our portfolio of indexed

account offerings and reach a wider market with our Protection Indexed Universal Life solution.

We have made significant progress on our ambition to be the most digital, customer-centric company in

our industry

We are driving value from generative AI by rapidly scaling use cases across our organization. We had 27 use

cases in production, with another 32 in development at the end of 2024. Our continued investment in foundational

capabilities has put us in a strong position, and enabled faster and easier execution in deploying AI-based

solutions. We are able to quickly scale use cases, enhancing value for our customers and our business.

In Asia, we strengthened agent-customer interactions through the launch of an innovative generative AI sales tool

in both Singapore and Japan. It enables our agents to automatically create personalized engagement strategies to

offer customers the right solutions at the right time based on their needs, preferences, demographic data and

transaction histories.

In Global WAM, we advanced and broadened our wealth planning and advice business with the implementation of

a new advisor retail wealth platform and an AI-powered planning tool in Canada, and a new AI-powered sales

enablement app in Asia. These tools improve productivity for advisors and agents and deliver an enhanced digital

experience for investors.

In Canada, we entered into a multi-year loyalty rewards partnership agreement with Aeroplan. We launched the

Aeroplan Rewards and Challenges program in the Manulife mobile app that enables eligible group benefits plan

members to earn reward points by completing programs and benefits-related activities to encourage health and

well-being.

In the U.S., we continued to modernize the end-to-end purchase and delivery process by introducing a term

solution with digital policy delivery, payment capabilities, and easy registration process to the Life Customer

Storefront as well as Vitality’s website.

Record core earnings for full year and 4Q24 reflecting strong growth in our highest potential businesses11

Core earnings of $7.2 billion in 2024, up 8% from 2023, and $1.9 billion in 4Q24, up 6% from 4Q23

Manulife Reports Full Year and Fourth Quarter 2024 Results

The increase in 2024 reflected strong business growth led by Global WAM and Asia, and a lower net charge in the

provision for Expected Credit Loss, which more than offset the impacts of GMT and reinsurance transactions that

were closed earlier in 2024. Excluding the impact of GMT, full year 2024 core earnings increased 10% from the

prior year4.

In 4Q24, strong momentum continued in Global WAM, Asia and Canada where we generated double-digit growth

compared with 4Q23.

•Asia core earnings were up 16% in 4Q24, reflecting continued business growth momentum and impacts

from the annual updates to actuarial methods and assumptions.

•Global WAM core earnings increased 34% primarily driven by higher net fee income from favourable

market impacts and positive net flows. In addition, 4Q24 core earnings benefited from certain non-

recurring tax true-ups and tax benefits, performance fees from CQS, and continued expense discipline.

•In Canada, more favourable insurance experience overall, and business growth in Group Insurance drove

an 11% increase in 4Q24 core earnings.

•U.S. core earnings decreased 16%, reflecting lower investment spreads, impacts from the previously

completed reinsurance transaction and the annual review of actuarial methods and assumptions.

•In Corporate and Other, core earnings decreased $72 million, mainly due to the impact of GMT and higher

interest on capital allocated to operating segments.

Net Income attributed to shareholders of $5.4 billion in 2024, $0.3 billion higher compared with 2023, and

$1.6 billion in 4Q24, in line with 4Q23

The $0.3 billion increase in 2024 net income was driven by core earnings growth and improved market experience,

partially offset by a higher net charge related to the updates to actuarial methods and assumptions and lower tax-

related benefits. The net charge from market experience in 2024 was primarily related to lower-than-expected

returns on alternative long-duration assets (“ALDA”), driven by real estate and private equity investments, as well

as realized loss due to the sale of debt instruments related to the reinsurance transactions that were closed in

This realized loss due to the sale of debt instruments was broadly offset by an associated change in Other

Comprehensive Income, resulting in a neutral impact to book value.

4Q24 net income was in line with prior year, as core earnings growth offset the non-recurrence of the impact from

updates to actuarial methods and assumptions in 4Q23. The net charge from market experience in 4Q24 was

primarily related to lower-than-expected returns on public equity and lower-than-expected returns on ALDA, driven

by real estate investments.

30%+ increases in insurance new business results and $13.3 billion of net inflows in Global WAM

APE sales, new business CSM and NBV hit record levels in 2024 and increased 30%, 32% and 32%,

respectively, year-over-year. We achieved our four best quarters ever in 2024 for all three metrics

•Asia led with continued momentum throughout 2024 and achieved substantial top-line growth, generating

36%, 38% and 35% increases in APE sales, new business CSM and NBV, respectively, driven by broad-

based growth across Asia, led by Hong Kong. NBV margin7 remained resilient at 40.7%.

•In Canada, APE sales and NBV increased 20% and 28%, respectively, driven by higher sales volumes in

Group Insurance across all group benefits markets, in participating life insurance and in segregated fund

products. New business CSM increased 59%, benefiting from higher sales volumes and higher margins

from Individual Insurance and Annuities.

•In the U.S., APE sales and NBV increased 9% and 14%, respectively, mainly related to increased demand

from affluent customers for accumulation insurance products. New business CSM decreased 5% driven by

product mix and the impact of interest rates, partially offset by higher sales volumes.

Our 4Q24 new business results demonstrated strong momentum with year-over-year growth of 42%, 32%

and 31% in APE sales, new business CSM and NBV, respectively

•Asia continued to generate positive momentum in 4Q24 and grew APE sales, new business CSM and

NBV by 63%, 38% and 37%, respectively, driven by broad-based growth across Asia.

•Canada increased APE sales, new business CSM and NBV by 4%, 66% and 21%, respectively, reflecting

strong sales growth in participating life insurance and segregated fund products. Lower Group Insurance

sales modestly impacted the overall growth in APE sales and NBV.

•In the U.S., 4Q24 APE sales and NBV increased 7% and 17%, respectively, driven by increased demand

Manulife Reports Full Year and Fourth Quarter 2024 Results

from affluent customers for accumulation insurance products. New business CSM decreased 5% driven by

product mix and the impact of interest rates, partially offset by higher sales volumes.

Global WAM net inflows of $13.3 billion in 2024, $8.8 billion higher compared with net inflows of $4.5

billion in 2023, reflecting strong retail net flows and improved net flows in retirement. This contributes to

Global WAM’s track record of generating positive net flows in 14 out of the past 15 years

•Retirement net inflows of $0.7 billion in 2024 increased from net outflows of $4.0 billion in 2023, primarily

driven by the non-recurrence of large-case retirement plan redemptions by a single sponsor in the U.S.

and higher new retirement plan sales, partially offset by higher member withdrawals.

•Retail net inflows of $6.8 billion in 2024 increased from net outflows of $0.5 billion in 2023, driven by

increased demand for investment products amid a constructive equity market and improved investor

sentiment.

•Institutional Asset Management net inflows of $5.7 billion in 2024 decreased compared with net inflows of

$9.0 billion in 2023, reflecting lower net flows from fixed income and equity mandates.

Global WAM net inflows of $1.2 billion in 4Q24, increased $2.5 billion compared with net outflows of $1.3

billion in 4Q23, driven by continued strong retail net flows across all geographies

•Retirement net outflows of $1.9 billion in 4Q24 improved from net outflows of $2.5 billion in 4Q23, primarily

driven by the non-recurrence of a large-case retirement plan redemption in the U.S. and higher member

contributions, partially offset by higher withdrawals.

•Retail net inflows of $1.3 billion in 4Q24 improved from net outflows of $1.0 billion in 4Q23, driven by

increased demand for investment products amid a constructive equity market and improved investor

sentiment.

•Institutional Asset Management net inflows of $1.8 billion in 4Q24 decreased compared with net inflows of

$2.1 billion in 4Q23, as higher net flows from fixed income mandates were more than offset by lower net

flows in equity mandates.

CSM balance increased 3% with contribution from organic CSM movement of 6%4,7

CSM was $22,127 million as at December 31, 2024

CSM increased $1,687 million compared with December 31, 2023. Organic CSM movement contributed $1,231

million of the increase in 2024, driven by the impact of new business and interest accretion, partially offset by

amortization recognized in core earnings and unfavourable insurance experience. Inorganic CSM movement was

an increase of $456 million in 2024, primarily driven by the favourable impacts of changes in foreign currency

exchange rates, partially offset by the impacts of reinsurance transactions and the annual review of actuarial

methods and assumptions. Post-tax CSM net of NCI3 was $19,682 million as at December 31, 2024.

(1)Comprised of annualized premium equivalent (“APE”) sales, new business contractual service margin net of NCI (“new business CSM”), new business value

(“NBV”), and Global Wealth and Asset Management (“Global WAM”) net flows.

(2)Diluted core earnings per common share (“core EPS”), core EPS excluding the impact of GMT, core ROE, core EBITDA margin, expense efficiency ratio,

adjusted book value per common share (“adjusted BV per common share”) and financial leverage ratio are non-GAAP ratios.

(3)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 2024 Management’s Discussion and Analysis (“2024

MD&A”).

(4)Percentage growth / declines in core earnings, core EPS, core EPS excluding the impact of GMT, diluted earnings (loss) per share (“EPS”), net income

attributed to shareholders, new business CSM, core earnings excluding the impact of GMT and contractual service margin net of NCI (“CSM”) are stated on a

constant exchange rate basis and are non-GAAP ratios.

(5)On June 20, 2024, Canada enacted the Global Minimum Tax Act. The impact was reflected in Corporate & Other in situations where GMT was not substantively

enacted in local jurisdictions where we operated as of December 31, 2024.

(6)Life Insurance Capital Adequacy Test (“LICAT”) ratio of The Manufacturers Life Insurance Company (“MLI”) as at December 31, 2024. 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 remittances, APE sales, NBV, net flows, gross flows, average assets 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 / declines in APE sales,

NBV, net flows, gross flows, average AUMA and organic CSM are stated on a constant exchange rate basis.

(8)See “Caution regarding forward-looking statements” below.

(9)The benefits from our global digital, customer leadership initiatives include expense saves, growth absorption, revenue benefits (margin businesses) and new

business CSM growth (insurance).

(10)Manulife Pro is available in Singapore, Vietnam, Indonesia, Japan and Hong Kong.

(11)See “Profitability” in section 1 “Manulife Financial Corporation” and section 8 “Fourth Quarter Financial Highlights” in our 2024 MD&A for more information on

notable items attributable to core earnings and net income attributed to shareholders.

Earnings Results Conference Call

Manulife will host a conference call and live webcast on its fourth quarter and full year 2024 results on February

Manulife Reports Full Year and Fourth Quarter 2024 Results

20, 2025, at 8:00 a.m. (ET). To access the conference call, dial 1-800-806-5484 or 1-416-340-2217 (Passcode:

8414068#). Please call in 15 minutes before the start time. You will be required to provide your name and

organization to the operator. You may access the webcast at 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 March 22, 2025, by dialing 1-800-408-3053 or 1-905-694-9451 (Passcode: 7315507#).

The Fourth Quarter 2024 Statistical Information Package is also available on the Manulife website at:

www.manulife.com/en/investors/results-and-reports.

This earnings news release should be read in conjunction with the Company’s 2024 MD&A and Consolidated

Financial Statements for the year and the quarter ended December 31, 2024, prepared in accordance with

International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board,

which is available on our website at www.manulife.com/en/investors/results-and-reports. The Company’s 2024

MD&A and additional information relating to the Company is available on the SEDAR+ website at https://

www.sedarplus.ca and on the U.S. Securities and Exchange Commission’s (“SEC”) website at https://

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 InquiriesInvestor Relations

Anne HammerHung Ko

(201) 925-1213(416) 806-9921

[email protected] [email protected]

Earnings

The following table presents net income attributed to shareholders, consisting of core earnings and details of the

Manulife Reports Full Year and Fourth Quarter 2024 Results

items excluded from core earnings:

	Quarterly Results			Full Year Results
($ millions)	4Q24	3Q24	4Q23	2024	2023
Core earnings
Asia	$666	$619	$564	$2,589	$2,048
Canada	390	412	352	1,568	1,487
U.S.	412	411	474	1,690	1,759
Global Wealth and Asset Management	481	499	353	1,736	1,321
Corporate and Other	(42)	(113)	30	(357)	69
Total core earnings	$1,907	$1,828	$1,773	$7,226	$6,684
Items excluded from core earnings:<br><br>Market experience gains (losses)	(192)	186	(133)	(1,450)	(1,790)
Change in actuarial methods and assumptions that flow<br><br>directly through income	-	(199)	119	(199)	105
Restructuring charge	(52)	(20)	(36)	(72)	(36)
Reinsurance transactions, tax-related items and other	(25)	44	(64)	(120)	140
Net income attributed to shareholders	$1,638	$1,839	$1,659	$5,385	$5,103

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, core

earnings available to common shareholders excluding the impact of GMT; 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”); core EPS excluding the impact of GMT; 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 remittances; 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 2024 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

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 2024 MD&A, which is incorporated by reference.

Reconciliation of core earnings to net income attributed to shareholders — 2024

Manulife Reports Full Year and Fourth Quarter 2024 Results

($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

	2024
	Asia	Canada	U.S.	Global<br><br>WAM	Corporate<br><br>and Other	Total
Income (loss) before income taxes	$3,197	$1,679	$132	$1,747	$335	$7,090
Income tax (expenses) recoveries
Core earnings	(267)	(399)	(408)	(171)	(21)	(1,266)
Items excluded from core earnings	(193)	46	411	23	(233)	54
Income tax (expenses) recoveries	(460)	(353)	3	(148)	(254)	(1,212)
Net income (post-tax)	2,737	1,326	135	1,599	81	5,878
Less: Net income (post-tax) attributed to
Non-controlling interests (“NCI”)	241	-	-	2	4	247
Participating policyholders	141	105	-	-	-	246
Net income (loss) attributed to shareholders (post-tax)	2,355	1,221	135	1,597	77	5,385
Less: Items excluded from core earnings (post-tax)
Market experience gains (losses)	(178)	(384)	(1,327)	4	435	(1,450)
Changes in actuarial methods and assumptions that<br><br>flow directly through income	(5)	2	(202)	-	6	(199)
Restructuring charge	-	(6)	-	(66)	-	(72)
Reinsurance transactions, tax related items and other	(51)	41	(26)	(77)	(7)	(120)
Core earnings (post-tax)	$2,589	$1,568	$1,690	$1,736	$(357)	$7,226
Income tax on core earnings (see above)	267	399	408	171	21	1,266
Core earnings (pre-tax)	$2,856	$1,967	$2,098	$1,907	$(336)	$8,492

Core earnings, CER basis and U.S. dollars — 2024

($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

	2024
	Asia	Canada	U.S.	Global<br><br>WAM	Corporate<br><br>and Other	Total
Core earnings (post-tax)	$2,589	$1,568	$1,690	$1,736	$(357)	$7,226
CER adjustment(1)	51	-	36	27	4	118
Core earnings, CER basis (post-tax)	$2,640	$1,568	$1,726	$1,763	$(353)	$7,344
Income tax on core earnings, CER basis(2)	272	399	417	171	21	1,280
Core earnings, CER basis (pre-tax)	$2,912	$1,967	$2,143	$1,934	$(332)	$8,624
Core earnings (U.S. dollars) – Asia and U.S. segments
Core earnings (post-tax)(3), US $	1,890	1,234
CER adjustment US $(1)	(1)	-
Core earnings, CER basis (post-tax), US $	1,889	1,234

All values are in US Dollars.

(1)The impact of updating foreign exchange rates to that which was used in 4Q24.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 4Q24.

(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for the four respective quarters that make up

2024 core earnings.

Reconciliation of core earnings to net income attributed to shareholders — 2023

Manulife Reports Full Year and Fourth Quarter 2024 Results

($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

	2023
	Asia	Canada	U.S.	Global<br><br>WAM	Corporate<br><br>and Other	Total
Income (loss) before income taxes	$2,244	$1,609	$751	$1,497	$351	$6,452
Income tax (expenses) recoveries
Core earnings	(279)	(378)	(402)	(204)	99	(1,164)
Items excluded from core earnings	(161)	5	290	6	179	319
Income tax (expenses) recoveries	(440)	(373)	(112)	(198)	278	(845)
Net income (post-tax)	1,804	1,236	639	1,299	629	5,607
Less: Net income (post-tax) attributed to
Non-controlling interests	141	-	-	2	1	144
Participating policyholders	315	45	-	-	-	360
Net income (loss) attributed to shareholders (post-tax)	1,348	1,191	639	1,297	628	5,103
Less: Items excluded from core earnings (post-tax)
Market experience gains (losses)	(553)	(341)	(1,196)	10	290	(1,790)
Changes in actuarial methods and assumptions that<br><br>flow directly through income	(68)	41	132	-	-	105
Restructuring charge	-	-	-	(36)	-	(36)
Reinsurance transactions, tax related items and other	(79)	4	(56)	2	269	140
Core earnings (post-tax)	$2,048	$1,487	$1,759	$1,321	$69	$6,684
Income tax on core earnings (see above)	279	378	402	204	(99)	1,164
Core earnings (pre-tax)	$2,327	$1,865	$2,161	$1,525	$(30)	$7,848

Core earnings, CER basis and U.S. dollar — 2023

($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

	2023
	Asia	Canada	U.S.	Global<br><br>WAM	Corporate<br><br>and Other	Total
Core earnings (post-tax)	$2,048	$1,487	$1,759	$1,321	$69	$6,684
CER adjustment(1)	26	-	65	32	9	132
Core earnings, CER basis (post-tax)	$2,074	$1,487	$1,824	$1,353	$78	$6,816
Income tax on core earnings, CER basis(2)	280	378	416	206	(99)	1,181
Core earnings, CER basis (pre-tax)	$2,354	$1,865	$2,240	$1,559	$(21)	$7,997
Core earnings (U.S. dollars) – Asia and U.S. segments
Core earnings (post-tax)(3), US $	1,518	1,304
CER adjustment US $(1)	(34)	-
Core earnings, CER basis (post-tax), US $	1,484	1,304

All values are in US Dollars.

(1)The impact of updating foreign exchange rates to that which was used in 4Q24.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 4Q24.

(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for the four respective quarters that make up

2023 core earnings.

Reconciliation of core earnings to net income attributed to shareholders — 4Q24

($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Manulife Reports Full Year and Fourth Quarter 2024 Results

	4Q24
	Asia	Canada	U.S.	Global<br><br>WAM	Corporate<br><br>and Other	Total
Income (loss) before income taxes	$781	$579	$112	$419	$222	$2,113
Income tax (expenses) recoveries
Core earnings	(71)	(97)	(98)	(61)	(18)	(345)
Items excluded from core earnings	(85)	(20)	89	26	(71)	(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 (“NCI”)	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<br><br>flow directly through income	-	-	-	-	-	-
Restructuring charge	-	(6)	-	(46)	-	(52)
Reinsurance transactions, tax related items and other	-	-	-	(28)	3	(25)
Core earnings (post-tax)	$666	$390	$412	$481	$(42)	$1,907
Income tax on core earnings (see above)	71	97	98	61	18	345
Core earnings (pre-tax)	$737	$487	$510	$542	$(24)	$2,252

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<br><br>WAM	Corporate<br><br>and Other	Total
Core earnings (post-tax)	$666	$390	$412	$481	$(42)	$1,907
CER adjustment(1)	-	-	-	-	-	-
Core earnings, CER basis (post-tax)	$666	$390	$412	$481	$(42)	$1,907
Income tax on core earnings, CER basis(2)	71	97	98	61	18	345
Core earnings, CER basis (pre-tax)	$737	$487	$510	$542	$(24)	$2,252
Core earnings (U.S. dollars) – Asia and U.S. segments
Core earnings (post-tax)(3), US $	477	294
CER adjustment US $(1)	-	-
Core earnings, CER basis (post-tax), US $	477	294

All values are in US Dollars.

(1)The impact of updating foreign exchange rates to that which was used in 4Q24.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 4Q24.

(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 4Q24.

Reconciliation of core earnings to net income attributed to shareholders — 3Q24

($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

	3Q24
	Asia	Canada	U.S.	Global<br><br>WAM	Corporate<br><br>and Other	Total
Income (loss) before income taxes	$1,059	$578	$18	$519	$167	$2,341
Income tax (expenses) recoveries
Core earnings	(65)	(104)	(112)	(6)	(28)	(315)
Items excluded from core earnings	26	(10)	99	(14)	(60)	41
Income tax (expenses) recoveries	(39)	(114)	(13)	(20)	(88)	(274)
Net income (post-tax)	1,020	464	5	499	79	2,067
Less: Net income (post-tax) attributed to
Non-controlling interests (“NCI”)	130	-	-	1	-	131
Participating policyholders	63	34	-	-	-	97
Net income (loss) attributed to shareholders (post-tax)	827	430	5	498	79	1,839
Less: Items excluded from core earnings (post-tax)
Market experience gains (losses)	213	16	(204)	28	133	186
Changes in actuarial methods and assumptions that<br><br>flow directly through income	(5)	2	(202)	-	6	(199)
Restructuring charge	-	-	-	(20)	-	(20)
Reinsurance transactions, tax related items and other	-	-	-	(9)	53	44
Core earnings (post-tax)	$619	$412	$411	$499	$(113)	$1,828
Income tax on core earnings (see above)	65	104	112	6	28	315
Core earnings (pre-tax)	$684	$516	$523	$505	$(85)	$2,143

Manulife Reports Full Year and Fourth Quarter 2024 Results

Core earnings, CER basis and U.S. dollars — 3Q24

($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

	3Q24
	Asia	Canada	U.S.	Global<br><br>WAM	Corporate<br><br>and Other	Total
Core earnings (post-tax)	$619	$412	$411	$499	$(113)	$1,828
CER adjustment(1)	12	-	11	10	1	34
Core earnings, CER basis (post-tax)	$631	$412	$422	$509	$(112)	$1,862
Income tax on core earnings, CER basis(2)	66	104	115	5	28	318
Core earnings, CER basis (pre-tax)	$697	$516	$537	$514	$(84)	$2,180
Core earnings (U.S. dollars) – Asia and U.S. segments
Core earnings (post-tax)(3), US $	453	302
CER adjustment US $(1)	(2)	-
Core earnings, CER basis (post-tax), US $	451	302

All values are in US Dollars.

(1)The impact of updating foreign exchange rates to that which was used in 4Q24.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 4Q24.

(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 3Q24.

Reconciliation of core earnings to net income attributed to shareholders — 4Q23

Manulife Reports Full Year and Fourth Quarter 2024 Results

($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

	4Q23
	Asia	Canada	U.S.	Global<br><br>WAM	Corporate<br><br>and Other	Total
Income (loss) before income taxes	$847	$498	$244	$424	$110	$2,123
Income tax (expenses) recoveries
Core earnings	(76)	(87)	(113)	(55)	37	(294)
Items excluded from core earnings	(33)	(29)	67	(3)	(30)	(28)
Income tax (expenses) recoveries	(109)	(116)	(46)	(58)	7	(322)
Net income (post-tax)	738	382	198	366	117	1,801
Less: Net income (post-tax) attributed to
Non-controlling interests	37	-	-	1	1	39
Participating policyholders	86	17	-	-	-	103
Net income (loss) attributed to shareholders (post-tax)	615	365	198	365	116	1,659
Less: Items excluded from core earnings (post-tax)
Market experience gains (losses)	-	9	(279)	51	86	(133)
Changes in actuarial methods and assumptions that<br><br>flow directly through income	89	4	26	-	-	119
Restructuring charge	-	-	-	(36)	-	(36)
Reinsurance transactions, tax related items and other	(38)	-	(23)	(3)	-	(64)
Core earnings (post-tax)	$564	$352	$474	$353	$30	$1,773
Income tax on core earnings (see above)	76	87	113	55	(37)	294
Core earnings (pre-tax)	$640	$439	$587	$408	$(7)	$2,067

Core earnings, CER basis and U.S. dollars — 4Q23

($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

	4Q23
	Asia	Canada	U.S.	Global<br><br>WAM	Corporate<br><br>and Other	Total
Core earnings (post-tax)	$564	$352	$474	$353	$30	$1,773
CER adjustment(1)	11	-	13	7	3	34
Core earnings, CER basis (post-tax)	$575	$352	$487	$360	$33	$1,807
Income tax on core earnings, CER basis(2)	78	87	116	56	(38)	299
Core earnings, CER basis (pre-tax)	$653	$439	$603	$416	$(5)	$2,106
Core earnings (U.S. dollars) – Asia and U.S. segments
Core earnings (post-tax)(3), US $	414	349
CER adjustment US $(1)	(3)	(1)
Core earnings, CER basis (post-tax), US $	411	348

All values are in US Dollars.

(1)The impact of updating foreign exchange rates to that which was used in 4Q24.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 4Q24.

(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 4Q23.

Core earnings available to common shareholders

($ 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
	4Q24	3Q24	2Q24	1Q24	4Q23	2024	2023
Core earnings	$1,907	$1,828	$1,737	$1,754	$1,773	$7,226	$6,684
Less: Preferred share dividends	101	56	99	55	99	311	303
Core earnings available to common shareholders	1,806	1,772	1,638	1,699	1,674	6,915	6,381
CER adjustment(1)	-	34	36	48	34	118	132
Core earnings available to common shareholders,<br><br>CER basis	$1,806	$1,806	$1,674	$1,747	$1,708	$7,033	$6,513

(1)The impact of updating foreign exchange rates to that which was used in 4Q24.

Core ROE

Manulife Reports Full Year and Fourth Quarter 2024 Results

($ millions, unless otherwise stated)

	Quarterly Results					Full Year Results
	4Q24	3Q24	2Q24	1Q24	4Q23	2024	2023
Core earnings available to common shareholders (post-<br><br>tax)	$1,806	$1,772	$1,638	$1,699	$1,674	$6,915	$6,381
Annualized core earnings available to common<br><br>shareholders	$7,185	$7,049	$6,588	$6,833	$6,641	$6,915	$6,381
Average common shareholders’ equity (see below)	$43,613	$42,609	$41,947	$40,984	$40,563	$42,288	$40,201
Core ROE (annualized %)	16.5%	16.6%	15.7%	16.7%	16.4%	16.4%	15.9%
Average common shareholders’ equity
Total shareholders’ and other equity	$50,972	$49,573	$48,965	$48,250	$47,039	$50,972	$47,039
Less: Preferred shares and other equity	6,660	6,660	6,660	6,660	6,660	6,660	6,660
Common shareholders’ equity	$44,312	$42,913	$42,305	$41,590	$40,379	$44,312	$40,379
Average common shareholders’ equity	$43,613	$42,609	$41,947	$40,984	$40,563	$42,288	$40,201

CSM and post-tax CSM information

($ millions and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

As at	Dec 31, 2024	Sept 30, 2024	June 30, 2024	Mar 31, 2024	Dec 31, 2023
CSM	$23,425	$22,213	$21,760	$22,075	$21,301
Less: CSM for NCI	1,298	1,283	1,002	986	861
CSM, net of NCI	$22,127	$20,930	$20,758	$21,089	$20,440
CER adjustment(1)	-	618	889	894	1,118
CSM, net of NCI, CER basis	$22,127	$21,548	$21,647	$21,983	$21,558
Post-tax CSM
CSM	$23,425	$22,213	$21,760	$22,075	$21,301
Marginal tax rate on CSM	(2,599)	(2,488)	(2,576)	(2,650)	(2,798)
Post-tax CSM	$20,826	$19,725	$19,184	$19,425	$18,503
CSM, net of NCI	$22,127	$20,930	$20,758	$21,089	$20,440
Marginal tax rate on CSM net of NCI	(2,445)	(2,335)	(2,468)	(2,542)	(2,692)
Post-tax CSM net of NCI	$19,682	$18,595	$18,290	$18,547	$17,748

(1)The impact of reflecting CSM and CSM net of NCI using the foreign exchange rates for the Statement of Financial Position in effect for 4Q24.

Adjusted book value

($ millions)

As at	Dec 31, 2024	Sept 30, 2024	June 30, 2024	Mar 31, 2024	Dec 31, 2023
Common shareholders’ equity	$44,312	$42,913	$42,305	$41,590	$40,379
Post-tax CSM, net of NCI	19,682	18,595	18,290	18,547	17,748
Adjusted book value	$63,994	$61,508	$60,595	$60,137	$58,127

New Business CSM detail, CER Basis

($ millions pre-tax, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Manulife Reports Full Year and Fourth Quarter 2024 Results

	Quarterly Results					Full Year Results
	4Q24	3Q24	2Q24	1Q24	4Q23	2024	2023
New business CSM, net of NCI
Hong Kong	$299	$254	$200	$168	$199	$921	$676
Japan	66	86	90	48	42	290	126
Asia Other	221	253	188	275	173	937	747
International High Net Worth						187	231
Mainland China						270	138
Singapore						391	244
Vietnam						17	87
Other Emerging Markets						72	47
Asia	586	593	478	491	414	2,148	1,549
Canada	116	95	76	70	70	357	224
U.S.	140	71	74	97	142	382	394
Total new business CSM net of NCI	842	759	628	658	626	2,887	2,167
Asia NCI	-	-	-	-	39	-	142
Total impact of new insurance business in CSM	$842	$759	$628	$658	$665	$2,887	$2,309
New business CSM, net of NCI, CER adjustment(1),(2)
Hong Kong	$-	$7	$4	$6	$5	$17	$25
Japan	-	1	4	1	(1)	6	(6)
Asia Other	-	4	6	11	6	21	22
International High Net Worth						3	9
Mainland China						7	4
Singapore						9	12
Vietnam						(1)	(4)
Other Emerging Markets						3	1
Asia	-	12	14	18	10	44	41
Canada	-	-	-	-	-	-	-
U.S.	-	1	2	4	4	7	14
Total new business CSM net of NCI	-	13	16	22	14	51	55
Asia NCI	-	1	-	(1)	(40)	(1)	(143)
Total impact of new insurance business in CSM	$-	$14	$16	$21	$(26)	$50	$(88)
New business CSM net of NCI, CER basis
Hong Kong	$299	$261	$204	$174	$204	$938	$701
Japan	66	87	94	49	41	296	120
Asia Other	221	257	194	286	179	958	769
International High Net Worth						190	240
Mainland China						277	142
Singapore						400	256
Vietnam						16	83
Other Emerging Markets						75	48
Asia	586	605	492	509	424	2,192	1,590
Canada	116	95	76	70	70	357	224
U.S.	140	72	76	101	146	389	408
Total new business CSM net of NCI, CER basis	842	772	644	680	640	2,938	2,222
Asia NCI, CER basis	-	1	-	(1)	(1)	(1)	(1)
Total impact of new insurance business in CSM,<br><br>CER basis	$842	$773	$644	$679	$639	$2,937	$2,221

(1)Impact of updating foreign exchange rates to that which was used in 4Q24.

(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.

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
	4Q24	3Q24	2Q24	1Q24	4Q23	2024	2023
Global WAM core earnings (post-tax)	$481	$499	$399	$357	$353	$1,736	$1,321
Add back taxes, acquisition costs, other expenses and deferred<br><br>sales commissions
Core income tax (expenses) recoveries (see above)	61	6	46	58	55	171	204
Amortization of deferred acquisition costs and other<br><br>depreciation	49	48	49	42	45	188	166
Amortization of deferred sales commissions	20	19	19	20	21	78	80
Core EBITDA	$611	$572	$513	$477	$474	$2,173	$1,771
CER adjustment(1)	-	11	7	13	7	31	39
Core EBITDA, CER basis	$611	$583	$520	$490	$481	$2,204	$1,810

(1)The impact of updating foreign exchange rates to that which was used in 4Q24.

Core EBITDA margin and core revenue

Manulife Reports Full Year and Fourth Quarter 2024 Results

($ millions, unless otherwise stated)

	Quarterly Results					Full Year Results
	4Q24	3Q24	2Q24	1Q24	4Q23	2024	2023
Core EBITDA margin
Core EBITDA	$611	$572	$513	$477	$474	$2,173	$1,771
Core revenue	$2,140	$2,055	$1,948	$1,873	$1,842	$8,016	$7,103
Core EBITDA margin	28.6%	27.8%	26.3%	25.5%	25.7%	27.1%	24.9%
Global WAM core revenue
Other revenue per financial statements	$2,003	$1,928	$1,849	$1,808	$1,719	$7,588	$6,746
Less: Other revenue in segments other than Global WAM	(2)	53	40	58	31	149	37
Other revenue in Global WAM (fee income)	$2,005	$1,875	$1,809	$1,750	$1,688	$7,439	$6,709
Investment income per financial statements	$5,250	$4,487	$4,261	$4,251	$4,497	$18,249	$16,180
Realized and unrealized gains (losses) on assets supporting<br><br>insurance and investment contract liabilities per financial<br><br>statements	(622)	1,730	564	538	2,674	2,210	3,138
Total investment income	4,628	6,217	4,825	4,789	7,171	20,459	19,318
Less: Investment income in segments other than Global WAM	4,550	5,991	4,687	4,649	6,941	19,877	18,886
Investment income in Global WAM	$78	$226	$138	$140	$230	$582	$432
Total other revenue and investment income in Global WAM	$2,083	$2,101	$1,947	$1,890	$1,918	$8,021	$7,141
Less: Total revenue reported in items excluded from core<br><br>earnings
Market experience gains (losses)	(28)	33	(9)	8	63	4	28
Revenue related to integration and acquisitions	(29)	13	8	9	13	1	10
Global WAM core revenue	$2,140	$2,055	$1,948	$1,873	$1,842	$8,016	$7,103

Core earnings available to common shareholders excluding the impact of GMT

($ millions and post-tax)

	Quarterly Results	Full Year Results
	4Q24	2024
Core earnings available to common shareholders	$1,806	$6,915
Less: GMT included in core earnings	(57)	(164)
Core earnings available to common shareholders excluding the impact GMT	$1,863	$7,079

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)

Manulife Reports Full Year and Fourth Quarter 2024 Results

	Quarterly Results					Full Year Results
	4Q24	3Q24	2Q24	1Q24	4Q23	2024	2023
Net income (loss) attributed to shareholders:
Asia	$583	$827	$582	$363	$615	$2,355	$1,348
Canada	439	430	79	273	365	1,221	1,191
U.S.	103	5	135	(108)	198	135	639
Global WAM	384	498	350	365	365	1,597	1,297
Corporate and Other	129	79	(104)	(27)	116	77	628
Total net income (loss) attributed to shareholders	1,638	1,839	1,042	866	1,659	5,385	5,103
Preferred share dividends and other equity distributions	(101)	(56)	(99)	(55)	(99)	(311)	(303)
Common shareholders’ net income (loss)	$1,537	$1,783	$943	$811	$1,560	$5,074	$4,800
CER adjustment(1)
Asia	$-	$26	$8	$18	$20	$52	$60
Canada	-	-	-	4	(8)	4	(6)
U.S.	-	5	3	(1)	5	7	47
Global WAM	-	11	9	12	9	32	39
Corporate and Other	-	2	(2)	-	2	-	(30)
Total net income (loss) attributed to shareholders	-	44	18	33	28	95	110
Preferred share dividends and other equity distributions	-	-	-	-	-	-	-
Common shareholders’ net income (loss)	$-	$44	$18	$33	$28	$95	$110
Net income (loss) attributed to shareholders, CER basis
Asia	$583	$853	$590	$381	$635	$2,407	$1,408
Canada	439	430	79	277	357	1,225	1,185
U.S.	103	10	138	(109)	203	142	686
Global WAM	384	509	359	377	374	1,629	1,336
Corporate and Other	129	81	(106)	(27)	118	77	598
Total net income (loss) attributed to shareholders, CER basis	1,638	1,883	1,060	899	1,687	5,480	5,213
Preferred share dividends and other equity distributions, CER basis	(101)	(56)	(99)	(55)	(99)	(311)	(303)
Common shareholders’ net income (loss), CER basis	$1,537	$1,827	$961	$844	$1,588	$5,169	$4,910
Asia net income attributed to shareholders, U.S. dollars
Asia net income (loss) attributed to shareholders, US $(2)	$417	$606	$424	$270	$452	$1,717	$995
CER adjustment, US $(1)	-	4	(1)	4	2	7	15
Asia net income (loss) attributed to shareholders, U.S. $, CER basis(1)	$417	$610	$423	$274	$454	$1,724	$1,010

(1)The impact of updating foreign exchange rates to that which was used in 4Q24.

(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.

Core expenses

($ 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
	4Q24	3Q24	2Q24	1Q24	4Q23	2024	2023
Core expenses
General expenses - Statements of Income	$1,328	$1,204	$1,225	$1,102	$1,180	$4,859	$4,330
Directly attributable acquisition expense for contracts<br><br>measured using the PAA method and for other<br><br>products without a CSM(1)	43	36	39	38	42	156	147
Directly attributable maintenance expense(1)	517	509	509	539	565	2,074	2,205
Total expenses	1,888	1,749	1,773	1,679	1,787	7,089	6,682
Less: General expenses included in items excluded<br><br>from core earnings
Restructuring charge	67	25	-	-	46	92	46
Integration and acquisition	-	-	57	-	8	57	8
Legal provisions and Other expenses	24	8	3	6	8	41	78
Total	91	33	60	6	62	190	132
Core expenses	$1,797	$1,716	$1,713	$1,673	$1,725	$6,899	$6,550
CER adjustment(2)	-	22	28	36	27	86	114
Core expenses, CER basis	$1,797	$1,738	$1,741	$1,709	$1,752	$6,985	$6,664
Total expenses	$1,888	$1,749	$1,773	$1,679	$1,787	$7,089	$6,682
CER adjustment(2)	-	22	29	37	28	88	117
Total expenses, CER basis	$1,888	$1,771	$1,802	$1,716	$1,815	$7,177	$6,799

Manulife Reports Full Year and Fourth Quarter 2024 Results

(1)Expenses are components of insurance service expenses on the Statements of Income that flow directly through income.

(2)The impact of updating foreign exchange rates to that which was used in 4Q24.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS:

From time to time, Manulife makes written and/or oral forward-looking statements, including in this document. In

Manulife Reports Full Year and Fourth Quarter 2024 Results

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

strategic priorities and targets and potential future common share repurchases, 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; 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 non-North American

operations; geopolitical uncertainty, including international conflicts; 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).

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 in our 2024 Management’s Discussion and Analysis under “Risk Management and Risk Factors” and

“Critical Actuarial and Accounting Policies” and in the “Risk Management” note to the Consolidated Financial

Statements for the year ended December 31, 2024, as well as elsewhere in our filings with Canadian and U.S.

securities regulators.

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 99-2 - News Release (Common Share Dividend) - 19Feb2025 (Final) Exhibit 99.2

News

Release

C$ unless otherwise statedTSX/NYSE/PSE: MFC SEHK: 945

For Immediate Release

February 19, 2025

Manulife increases common shareholders’ dividend by 10.0%

Toronto - Manulife’s Board of Directors today announced an increase of 10.0% or 4 cents per

share to its quarterly common shareholders’ dividend resulting in a dividend of $0.44 per share

on the common shares of Manulife, payable on and after March 19, 2025, to shareholders of

record at the close of business on March 5, 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

people make their decisions easier and lives better. With our global headquarters in Toronto,

Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia,

and Europe, and primarily as John Hancock in the United States. 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 2023, we had

more than 38,000 employees, over 98,000 agents, and thousands of distribution partners,

serving over 35 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 Contact:	Investor Relations:
Anne Hammer	Hung Ko
Manulife	Manulife
201-925-1213	416-806-9921
[email protected]	[email protected]