UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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Form 6-K

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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, 2022

Commission File Number:  1-14942

MANULIFE FINANCIAL CORPORATION

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(Translation of registrant's name into English)

200 Bloor Street East

North Tower 10

Toronto, Ontario, Canada M4W 1E5

(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.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

The registrant’s Management’s Discussion and Analysis and Unaudited Interim Consolidated Financial Statements for the quarter ended March 31, 2022 included on pages 6 to 58 and 59 to 92, respectively, of the registrant’s 2022 First Quarter Report to Shareholders filed with this Form 6-K as Exhibit 99.1, are incorporated by reference in the registration statements filed with the Securities and Exchange Commission by the registrant on Form S-8 (Registration Nos. 333-12610, 333-13072, 333-114951, 333-129430, 333‑157326, and 333-211366), on Form F‑3 (Registration No. 333-159176) and on Form F-10 (Registration No. 333-259543). Except for the foregoing, no other document or portion of a document filed with this Form 6-K is incorporated by reference in the above registration statements.

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:

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.

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◾	Net income attributed to shareholders of $3.0 billion in 1Q22, up $2.2 billion from the first quarter of 2021 (“1Q21”)

◾	Core earnings1 of $1.6 billion in 1Q22, down 4% on a constant exchange rate basis from 1Q212

◾	LICAT ratio3 of 140%

◾	Core ROE4 of 11.8% and ROE of 23.0% in 1Q22

◾	NBV5 of $513 million in 1Q22, down 14%6 from 1Q21

◾	APE sales5 of $1.6 billion in 1Q22, down 9% from 1Q21

◾	Global Wealth and Asset Management (“Global WAM”) net inflows5 of $6.9 billion in 1Q22, compared with net inflows of $1.4 billion in 1Q21

◾	Global WAM average AUMA5 increased by 8% in 1Q22 from 1Q21

◾	Closed the U.S. variable annuity reinsurance transaction and released $2.4 billion of capital.7 We commenced share buybacks under our Normal Course Issuer Bid (“NCIB”), and as of March 31, 2022 purchased for cancellation approximately 14.4 million common shares for $377 million

◾	Embedded value5 of $64.8 billion or $33.35 per share, as of December 31, 2021, an increase of $3.7 billion from December 31, 2020

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1	Core earnings is a non-GAAP financial measure. For more information on non-GAAP and other financial measures, see “Non-GAAP and other financial measures” in our First Quarter 2022 Management’s Discussion and Analysis (“1Q22 MD&A”) for additional information.

2	Percentage growth / declines in core earnings stated on a constant exchange rate basis is a non-GAAP ratio.

3	Life Insurance Capital Adequacy Test (“LICAT”) ratio of The Manufacturers Life Insurance Company (“MLI”). 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.

4	Core return on common shareholders’ equity (“Core ROE”) is a non-GAAP ratio.

5	For more information on new business value (“NBV”), annualized premium equivalent (“APE”) sales, net flows, average assets under management and administration (“average AUMA”) and embedded value, see “Non-GAAP and other financial measures” in our 1Q22 MD&A.

6	In this news release, percentage growth / declines in NBV, APE sales and average AUMA are stated on a constant exchange rate basis.

7	Includes a release of $1.6 billion of additional capital, a one-time after-tax gain of $842 million recognized in 1Q22, and a one-time after-tax loss of $40 million recognized in the fourth quarter of 2021 (“4Q21”).

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1	Adjusted for $45 million (pre-tax) of lost expected profit on in-force due to the U.S. variable annuity reinsurance transaction. Percentage growth is stated on a constant exchange rate basis.

2	Common share core dividend payout ratio (“dividend payout ratio”) is a non-GAAP ratio.

3	See “Caution regarding forward-looking statements” below.

		Quarterly Results
($ millions, unless otherwise stated)			1Q22				1Q21
Profitability:
Net income attributed to shareholders		$	2,970			$	783
Core earnings		$	1,552			$	1,629
Diluted earnings per common share ($)		$	1.50			$	0.38
Diluted core earnings per common share (“Core EPS”) ($)(1)		$	0.77			$	0.82
Return on common shareholders’ equity (“ROE”)			23.0	%			6.4	%
Core ROE			11.8	%			13.7	%
Expense efficiency ratio(1)			50.0	%			48.5	%
General expenses		$	1,898			$	2,032
Business Performance:
Asia new business value		$	340			$	477
Canada new business value		$	104			$	78
U.S. new business value		$	69			$	44
Total new business value		$	513			$	599
Asia APE sales		$	1,048			$	1,280
Canada APE sales		$	363			$	355
U.S. APE sales		$	199			$	150
Total APE sales		$	1,610			$	1,785
Global WAM net flows ($ billions)		$	6.9			$	1.4
Global WAM gross flows ($ billions)(2)		$	38.5			$	39.7
Global WAM assets under management and administration ($ billions)(3)		$	808.0			$	764.1
Global WAM total invested assets ($ billions)		$	3.5			$	4.3
Global WAM net segregated funds net assets ($ billions)		$	236.6			$	234.5
Financial Strength:
MLI’s LICAT ratio			140	%			137	%
Financial leverage ratio			26.4	%			29.5	%
Book value per common share ($)		$	26.33			$	23.40
Book value per common share excluding AOCI ($)		$	25.28			$	21.84

(1)	This item is a non-GAAP ratio.

(2)	For more information on gross flows, see “Non-GAAP and other financial measures” in our 1Q22 MD&A.

(3)	This item is a non-GAAP financial measure.

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1	Asia Other excludes Hong Kong and Japan.

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1

See “Caution regarding forward-looking statements” below. The information presented reflects the Company’s current interpretation of IFRS 17 based on its facts and circumstances as of the date hereof. Such interpretation, or the underlying relevant facts and circumstances, may change. The Company’s interpretation may also change pending the final issuance of regulatory and industry guidance relating to IFRS 17.

2	As indicated in OSFI’s revised draft Life Insurance Capital Adequacy Test (LICAT) 2023 guideline issued on June 21, 2021.

A. TOTAL COMPANY PERFORMANCE 1. Profitability 2. Business performance 3. Financial strength 4. Revenue 5. Assets under management and administration 6. Impact of fair value accounting 7. Impact of foreign currency exchange rates 8. Business highlights 9. Embedded value 10. Update on transition to IFRS17 B. PERFORMANCE BY SEGMENT 1. Asia 2. Canada 3. U.S. 4. Global Wealth and Asset Management 5. Corporate and Other

C. RISK MANAGEMENT AND RISK FACTORS UPDATE 1. Variable annuity and segregated fund guarantees 2. Caution related to sensitivities 3. Publicly traded equity performance risk 4. Interest rate and spread risk sensitivities and exposure measures 5. Alternative long-duration asset performance risk 6. Credit risk exposure measures 7. Risk factors – strategic risk from changes in tax laws D. CRITICAL ACTUARIAL AND ACCOUNTING POLICIES 1. Critical actuarial and accounting policies 2. Sensitivity of earnings to asset related assumptions 3. Accounting and reporting changes E. OTHER 1. Outstanding common shares - selected information 2. Legal and regulatory proceedings 3. Non-GAAP and other financial measures 4. Caution regarding forward-looking statements 5. Quarterly financial information 6. Other

		Quarterly Results
($ millions, unless otherwise stated)			1Q22				4Q21				1Q21
Net income attributed to shareholders		$	2,970			$	2,084			$	783
Core earnings(1)		$	1,552			$	1,708			$	1,629
Diluted earnings per common share ($)		$	1.50			$	1.03			$	0.38
Diluted core earnings per common share (“Core EPS”) ($)(2)		$	0.77			$	0.84			$	0.82
Return on common shareholders’ equity (“ROE”)			23.0	%			15.6	%			6.4	%
Core ROE(2)			11.8	%			12.7	%			13.7	%
Expense efficiency ratio(2)			50.0	%			49.0	%			48.5	%
General expenses			1,898				2,000				2,032

(1)	This item is a non-GAAP financial measure. See “Non-GAAP and other financial measures” below for more information.

(2)	This item is a non-GAAP ratio. See “Non-GAAP and other financial measures” below for more information.

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1

Percentage growth / declines in core earnings, core general expenses, pre-tax core earnings, assets under management and administration, assets under management, core EBITDA, general expenses, Manulife Bank average net lending assets and Global Wealth and Asset Management ("Global WAM") revenue are stated on a constant exchange rate basis, a non-GAAP ratio. See “Non-GAAP and other financial measures” below for more information.

2

Policyholder experience includes gains of $14 million post-tax in 1Q22 (1Q21 – gains of $10 million post-tax) from the release of margins on medical policies in Hong Kong that have lapsed for customers who have opted to change their existing policies to the new Voluntary Health Insurance Scheme (“VHIS”) products. These gains did not have a material impact on core earnings as they were mostly offset by new business strain.

Core earnings by segment		Quarterly Results
($ millions, unaudited)			1Q22				4Q21				1Q21
Asia		$	537			$	547			$	570
Canada			314				286				264
U.S.			486				467				501
Global Wealth and Asset Management			324				387				312
Corporate and Other (excluding core investment gains)			(209	)			(79	)			(118	)
Core investment gains(1),(2)			100				100				100
Total core earnings		$	1,552			$	1,708			$	1,629

(1)	This item is disclosed under the Office of the Superintendent of Financial Institution’s (“OSFI’s”) Source of Earnings Disclosure (Life Insurance Companies) guideline.

(2)

As outlined in our definition of core earnings in section E3 “Non-GAAP and other financial measures”: Up to $400 million of net favourable investment-related experience will be reported in core earnings in a single year, which are referred to as “core investment gains”. This means up to $100 million in the first quarter, up to $200 million on a year-to-date basis in the second quarter, up to $300 million on a year-to-date basis in the third quarter and up to $400 million on a full year basis in the fourth quarter. Any investment-related experience losses reported in a quarter will be offset against the net year-to-date investment-related experience gains with the difference being included in core earnings subject to a maximum of the year-to-date core investment gains and a minimum of zero, which reflects our expectation that investment-related experience will be positive through-the-business cycle.

		Quarterly Results
($ millions, unaudited)			1Q22				4Q21				1Q21
Core earnings		$	1,552			$	1,708			$	1,629
Items excluded from core earnings:(1)
Investment-related experience outside of core earnings(2)			558				126				77
Direct impact of equity markets and interest rates and variable annuity guarantee liabilities(3)			97				398				(835	)
Direct impact of equity markets and variable annuity guarantee liabilities			(110	)			124				3
Fixed income reinvestment rates assumed in the valuation of policy liabilities			351				454				(832	)
Sale of AFS bonds and derivative positions in the Corporate and Other segment			(144	)			(180	)			(6	)
Restructuring charge(4)			-				-				(115	)
Reinsurance transactions, tax-related items and other(5)			763				(148	)			27
Total items excluded from core earnings			1,418				376				(846	)
Net income attributed to shareholders		$	2,970			$	2,084			$	783

(1)	These items are disclosed under OSFI’s Source of Earnings Disclosure (Life Insurance Companies) guideline.

(2)

Total investment-related experience in 1Q22 was a net gain of $658 million, compared with a net gain of $177 million in 1Q21, and in accordance with our definition of core earnings, we included $100 million of investment-related experience gains in core earnings and a $558 million gain in items excluded from core earnings in 1Q22 ($100 million of core investment gains and a gain of $77 million, respectively, in 1Q21). Investment-related experience gains in 1Q22 reflected the favourable impact of fixed income reinvestment activities, higher-than-expected returns (including fair value changes) on ALDA primarily driven by fair value gains on private equity and real estate investments, and favourable credit experience. Investment-related experience gains in 1Q21 reflected higher-than-expected returns (including fair value changes) on ALDA primarily driven by fair value gains on private equity investments partially offset by lower-than-assumed returns on real estate, the favourable impact of fixed income reinvestment activities and favourable credit experience.

(3)

The direct impact of markets was a net gain of $97 million in 1Q22 driven by the flattening of the yield curve in the U.S. and Canada and widening corporate spreads in the U.S. partially offset by unfavourable equity market performance and losses on the sale of AFS bonds. The direct impact of markets was a net charge of $835 million in 1Q21. Approximately one-half of the 1Q21 charge was due to non-parallel yield curve movements, primarily driven by the steepening of the yield curve in the U.S. and Canada and the other half was due to the impact of higher risk-free interest rates and narrowing corporate spreads.

(4)

In 1Q21, we reported a restructuring charge of $150 million pre-tax ($115 million post-tax) related to actions that are expected to result in recurring total annual expense savings of $250 million (pre-tax) by 2023; $100 million (pre-tax) of these expected total annual savings were realized in 2021, and $200 (pre-tax) million of total annual savings are expected in 2022.2

(5)

The 1Q22 net gain of $763 million included an $842 million gain resulting from the U.S. variable annuity reinsurance transaction, partially offset by a charge of $71 million related to withholding tax on anticipated remittances resulting from the U.S. variable annuity reinsurance transaction and an integration charge of $8 million in our Vietnam operation. The 1Q21 net gain included a tax gain related to the divestment of our Thailand operation of $19 million and reinsurance transactions in Asia of $8 million.

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1	Percentage growth is based on the pre-tax impact of these actions, and is stated on a constant exchange rate basis.

2	See “Caution regarding forward-looking statements” below.

Net income attributed to shareholders by segment		Quarterly Results
($ millions, unaudited)			1Q22				4Q21				1Q21
Asia		$	773			$	645			$	957
Canada			547				616				(19	)
U.S.			2,067				494				96
Global Wealth and Asset Management			324				387				312
Corporate and Other			(741	)			(58	)			(563	)
Total net income attributed to shareholders		$	2,970			$	2,084			$	783

		Quarterly Results
($ millions, unless otherwise stated) (unaudited)			1Q22				4Q21				1Q21
Asia APE sales		$	1,048			$	890			$	1,280
Canada APE sales		$	363			$	295			$	355
U.S. APE sales		$	199			$	244			$	150
Total APE sales(1)		$	1,610			$	1,429			$	1,785
Asia new business value		$	340			$	391			$	477
Canada new business value		$	104			$	82			$	78
U.S. new business value		$	69			$	82			$	44
Total new business value(1)		$	513			$	555			$	599
Global Wealth and Asset Management net flows ($ billions)(1)		$	6.9			$	8.1			$	1.4
Global Wealth and Asset Management gross flows ($ billions)(1)		$	38.5			$	36.0			$	39.7
Global Wealth and Asset Management assets under management and administration ($ billions)(2)		$	808.0			$	855.9			$	764.1
Global Wealth and Asset Management total invested assets ($ billions)		$	3.5			$	4.5			$	4.3
Global Wealth and Asset Management segregated funds net assets ($ billions)		$	236.6			$	252.6			$	234.5
Total assets under management and administration ($billions)(2),(3)		$	1,349.2			$	1,425.8			$	1,294.9
Total invested assets ($ billions)(3)		$	409.4			$	427.1			$	397.9
Total segregated fund net assets ($ billions)(3)		$	371.9			$	399.8			$	371.7

(1)	For more information on this metric, see “Non-GAAP and other financial measures” below.

(2)	This item is a non-GAAP financial measure. See “Non-GAAP and other financial measures” below for more information.

(3)	See section A5 below for more information.

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1	This item is a non-GAAP financial measure. See “Non-GAAP and other financial measures” below for more information.

2	Percentage growth / declines in APE sales, gross flows, net flows, and NBV are stated on a constant exchange rate basis.

3	Asia Other excludes Hong Kong and Japan.

		Quarterly Results
(unaudited)			1Q22				4Q21				1Q21
MLI’s LICAT ratio(1)			140	%			142	%			137	%
Financial leverage ratio			26.4	%			25.8	%			29.5	%
Consolidated capital ($ billions)(2)		$	63.9			$	66.0			$	59.5
Book value per common share ($)		$	26.33			$	26.78			$	23.40
Book value per common share excluding AOCI ($)		$	25.28			$	24.12			$	21.84

(1)	This item is disclosed under OSFI’s Life Insurance Capital Adequacy Test Public Disclosure Requirements guideline.

(2)	This item is a capital management measure. For more information on this metric, see “Non-GAAP and other financial measures” below.

		Quarterly Results
($ millions, unaudited)			1Q22				4Q21				1Q21
Gross premiums		$	11,654			$	11,505			$	10,992
Premiums ceded to reinsurers			(2,152	)			(1,445	)			(1,384	)
Net premium income			9,502				10,060				9,608
Investment income			3,417				4,350				3,214
Other revenue			1,991				2,741				2,637
Revenue before realized and unrealized investment gains and losses			14,910				17,151				15,459
Realized and unrealized gains and losses on assets supporting insurance and investment contract liabilities and on the macro hedge program(1)			(18,540	)			4,460				(17,056	)
Total revenue		$	(3,630	)		$	21,611			$	(1,597	)

(1)	See section A6 “Impact of fair value accounting”. Also see section A1 “Profitability” for information on the direct impact of equity markets and interest rates and variable annuity guarantee liabilities.

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1	Net issuance of securities in 1Q22 consists of the issuance of senior debt of $0.9 billion, and the redemption of preferred shares of $0.7 billion.

2

Includes cash & cash equivalents, comprised of cash on deposit, Canadian and U.S. Treasury Bills and high quality short-term investments, and marketable assets, comprised of investment grade government and agency bonds, investment grade corporate bonds, investment grade securitized instruments, publicly traded common stocks and preferred shares.

A6	Impact of fair value accounting

A7	Impact of foreign currency exchange rates

A8	Business highlights

A9	Embedded value3

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1	Includes a release of $1.6 billion of additional capital, a one-time after-tax gain of $842 million recognized in 1Q22, and a one-time after-tax loss of $40 million recognized in the fourth quarter of 2021 (“4Q21”).

2	See “Caution regarding forward-looking statements” below.

3	For more information on this metric, see “Non-GAAP and other financial measures” below.

4

See “Caution regarding forward-looking statements” below. The information presented reflects the Company’s current interpretation of IFRS 17 based on its facts and circumstances as of the date hereof. Such interpretation, or the underlying relevant facts and circumstances, may change. The Company’s interpretation may also change pending the final issuance of regulatory and industry guidance relating to IFRS 17.

•	Core ROE will be increased to 15%+ (from 13%+ currently) due to the expected changes to core earnings and equity,

•	Common share core dividend payout ratio2 will be increased to 35% to 45% (from 30% to 40% currently) due to the expected changes to core earnings, and

•	Leverage ratio definition will be adjusted to include the CSM in the denominator given the CSM represents unearned profit and available capital under LICAT.

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B1

Asia

($ millions, unless otherwise stated)		Quarterly Results
Canadian dollars			1Q22				4Q21				1Q21
Net income attributed to shareholders(1)		$	773			$	645			$	957
Core earnings(1)			537				547				570
Annualized premium equivalent sales			1,048				890				1,280
New business value			340				391				477
Revenue			3,012				7,951				5,840
Revenue before realized and unrealized investment gains and losses(2)			7,568				6,874				7,221
Assets under management ($ billions)(3)			144.4				154.7				137.0
Total invested assets ($ billions)			120.5				129.2				113.9
Total segregated fund invested assets ($ billions)			23.9				25.5				23.1
U.S. dollars
Net income attributed to shareholders(1)		US$	610			US$	513			US$	755
Core earnings(1)			424				435				450
Annualized premium equivalent sales			827				708				1,010
New business value			268				311				376
Revenue			2,377				6,313				4,610
Revenue before realized and unrealized investment gains and losses(2)			5,975				5,458				5,701
Assets under management ($ billions)(3)			115.6				122.0				108.9
Total invested assets ($ billions)			96.5				101.9				90.6
Total segregated fund invested assets ($ billions)			19.1				20.1				18.3

(1) (2) (3)

See “Non-GAAP and other financial measures” below for a reconciliation of core earnings to net income (loss) attributed to shareholders. See section A6 “Impact of fair value accounting”. This item is a non-GAAP financial measure. See “Non-GAAP and other financial measures” below for more information.

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1	For more information on this metric, see “Non-GAAP and other financial measures” below.

•

Hong Kong APE sales in 1Q22 were US$168 million, a 23% decrease compared with 1Q21. The decrease in sales was driven by tighter containment measures following an outbreak of COVID-19 during the quarter, and limitations on travel between Hong Kong and mainland China continued to impact cross-border commerce. Hong Kong NBV was US$116 million in 1Q22, a decrease of 20% compared with 1Q21 due to lower sales volumes. Hong Kong NBV margin was 69.1% in 1Q22, an increase of 3.0 percentage points compared with 1Q21.

•	Japan APE sales and NBV in 1Q22 were US$78 million and US$15 million, a decrease of 48% and 52% compared with 1Q21, respectively, as a result of lower COLI product sales. Japan NBV margin was 19.3% in 1Q22, a decrease of 1.8 percentage points compared with 1Q21.

•

Asia Other APE sales in 1Q22 were US$581 million, an 8% decrease compared with 1Q21 driven by lower agency sales, which were adversely affected by a resurgence of COVID-19 in markets such as Vietnam and Indonesia, and lower critical illness sales in mainland China. These items were partially offset by higher sales in bancassurance in Singapore. Asia Other NBV in 1Q22 of US$137 million decreased 31% compared with 1Q21, primarily due to lower sales volumes and unfavourable product mix. Asia Other NBV margin was 29.9% in 1Q22, a decrease of 10.0 percentage points compared with 1Q21.

•	commenced offering insurance solutions to Vietinbank’s 14 million customers, as a part of our new 16-year exclusive bancassurance partnership in Vietnam,

•	reported greater than 10% of APE sales from leads generated using advanced analytics to identify additional needs from existing customers, and

•	continued to deliver scale efficiencies and a modern technology architecture to support our digital ambitions; 68% of our applications are now hosted on the cloud, up 10% compared with 1Q21.

B2

Canada

		Quarterly Results
($ millions, unless otherwise stated)			1Q22				4Q21				1Q21
Net income (loss) attributed to shareholders(1)		$	547			$	616			$	(19	)
Core earnings(1)			314				286				264
Annualized premium equivalent sales			363				295				355
Manulife Bank average net lending assets ($ billions)(2)			23.7				23.3				22.8
Revenue			(2,283	)			6,100				(2,577	)
Revenue before realized and unrealized investment income gains and losses			3,933				4,075				3,550
Assets under management ($ billions)			152.4				162.0				152.4
Total invested assets ($ billions)			112.7				119.9				114.5
Segregated funds net assets ($ billions)			39.7				42.1				37.9

(1)	See “Non-GAAP and other financial measures” below for a reconciliation of core earnings to net income (loss) attributed to shareholders.

(2)	This item is a non-GAAP financial measure. See “Non-GAAP and other financial measures” below for more information.

•	Individual insurance APE sales in 1Q22 of $95 million increased $5 million or 6% compared with 1Q21, primarily due to higher par and travel sales.

•	Group insurance APE sales in 1Q22 of $157 million decreased $9 million or 5% compared with 1Q21, primarily due to variability in the large-case group insurance market, partially offset by higher mid-size business sales.

•	Annuities APE sales in 1Q22 of $111 million increased $12 million or 12% compared with 1Q21, due to increased customer demand for our lower risk segregated funds.

•	were named one of Canada’s Best Employers in 2022 by Forbes and received three recognitions from Mediacorp Canada Inc. as one of Canada’s Top 100 Employers, one of Canada’s Top Employers for Young People, and one of Canada’s Best Diversity Employers, and

•	launched an enhanced Manulife Vitality mobile app experience for our individual insurance business, giving the app a new look and feel with easier navigation to further drive customer engagement.

B3

U.S.

($ millions, unless otherwise stated)		Quarterly Results
Canadian dollars			1Q22				4Q21				1Q21
Net income attributed to shareholders(1)		$	2,067			$	494			$	96
Core earnings(1)			486				467				501
Annualized premium equivalent sales			199				244				150
Revenue			(5,344	)			5,716				(5,992	)
Revenue before realized and unrealized investment income gains and losses			2,373				4,343				3,533
Assets under management ($ billions)			222.8				244.5				228.2
Total invested assets ($ billions)			151.0				164.9				151.9
Segregated funds net assets ($ billions)			71.8				79.6				76.3
U.S. dollars
Net income attributed to shareholders(1)		US$	1,633			US$	392			US$	76
Core earnings(1)			384				370				396
Annualized premium equivalent sales			157				193				119
Revenue			(4,220	)			4,537				(4,733	)
Revenue before realized and unrealized investment income gains and losses			1,875				3,447				2,791
Assets under management ($ billions)			178.3				192.8				181.5
Total invested assets ($ billions)			120.8				130.0				120.8
Segregated funds net assets ($ billions)			57.5				62.8				60.7

(1)	See “Non-GAAP and other financial measures” below for a reconciliation of core earnings to net income (loss) attributed to shareholders.

B4	Global Wealth and Asset Management

		Quarterly Results
($ millions, unless otherwise stated)			1Q22				4Q21				1Q21
Net income attributed to shareholders(1)		$	324			$	387			$	312
Core earnings(1)			324				387				312
Core EBITDA(2)			490				543				469
Core EBITDA margin (%)(3)			30.9	%			31.4	%			30.7	%
Sales
Wealth and asset management gross flows			38,469				36,004				39,709
Wealth and asset management net flows			6,891				8,084				1,357
Revenue			1,586				1,727				1,527
Assets under management and administration ($ billions)			808.0				855.9				764.1
Total invested assets ($ billions)			3.5				4.5				4.3
Segregated funds net assets ($ billions)			236.6				252.6				234.5
Average assets under management and administration ($ billions)(4)			820.4				835.5				765.0

(1)	See “Non-GAAP and other financial measures” below for a reconciliation of core earnings to net income (loss) attributed to shareholders.

(2)	This item is a non-GAAP financial measure. See “Non-GAAP and other financial measures” below for more information.

(3) (4)

This item is a non-GAAP ratio. See “Non-GAAP and other financial measures” below for more information. For more information on this metric, see "Non-GAAP and other financial measures" below.

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1	The cumulative one-time after-tax gain of this transaction was US$633 million, consisting of a gain of US$665 million in 1Q22, net of a US$32 million loss recognized in 4Q21.

Assets under management and administration of $808.0 billion as at March 31, 2022 decreased 4% compared with December 31, 2021. The decrease was driven by lower equity market returns and the impact of higher interest rates in the quarter, partially offset by year-to-date net inflows of $6.9 billion. As at March 31, 2022, Global WAM also managed $231.4 billion in assets for the Company’s non-WAM reporting segments. Including those managed assets, AUMA managed by Global WAM¹ was $1,039.3 billion compared with $1,102.7 billion as at December 31, 2021.

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1	This item is a non-GAAP financial measure. See “Non-GAAP and other financial measures” below for more information.

B5	Corporate and Other

		Quarterly Results
($ millions, unless otherwise stated)			1Q22				4Q21				1Q21
Net income (loss) attributed to shareholders(1)		$	(741	)		$	(58	)		$	(563	)
Core loss excluding core investment gains(1)		$	(209	)		$	(79	)		$	(118	)
Core investment gains			100				100				100
Total core gain (loss)		$	(109	)		$	21			$	(18	)
Revenue		$	(601	)		$	117			$	(395	)

(1)	See “Non-GAAP and other financial measures” below for a reconciliation of core earnings to net income (loss) attributed to shareholders.

C1	Variable annuity and segregated fund guarantees

		March 31, 2022												December 31, 2021
As at ($ millions)		Guarantee value(1)				Fund value				Amount at risk(1),(2),(3)				Guarantee value(1)				Fund value				Amount at risk(1),(2),(3)
Guaranteed minimum income benefit		$	4,263			$	3,194			$	1,111			$	4,419			$	3,603			$	918
Guaranteed minimum withdrawal benefit			37,936				38,021				3,166				39,098				41,809				2,233
Guaranteed minimum accumulation benefit			20,231				20,426				70				19,820				20,226				12
Gross living benefits(4)			62,430				61,641				4,347				63,337				65,638				3,163
Gross death benefits(5)			10,752				19,561				1,052				11,105				22,920				618
Total gross of reinsurance			73,182				81,202				5,399				74,442				88,558				3,781
Living benefits reinsured			24,694				24,926				2,671				3,788				3,102				771
Death benefits reinsured			3,758				2,846				498				639				547				253
Total reinsured(6)			28,452				27,772				3,169				4,427				3,649				1,024
Total, net of reinsurance		$	44,730			$	53,430			$	2,230			$	70,015			$	84,909			$	2,757

C2	Caution related to sensitivities

C3	Publicly traded equity performance risk

As at March 31, 2022
($ millions)			-30	%			-20	%			-10	%			+10	%			+20	%			+30	%
Underlying sensitivity to net income attributed   to shareholders(4)
Variable annuity guarantees		$	(1,060	)		$	(620	)		$	(280	)		$	230			$	390			$	510
General fund equity investments(5)			(1,380	)			(870	)			(390	)			380				760				1,130
Total underlying sensitivity before hedging(6)			(2,440	)			(1,490	)			(670	)			610				1,150				1,640
Impact of macro and dynamic hedge assets(7)			920				550				240				(220	)			(390	)			(520	)
Net potential impact on net income attributed to shareholders after impact of hedging(6)		$	(1,520	)		$	(940	)		$	(430	)		$	390			$	760			$	1,120
As at December 31, 2021
($ millions)			-30	%			-20	%			-10	%			+10	%			+20	%			+30	%
Underlying sensitivity to net income attributed   to shareholders(4)
Variable annuity guarantees		$	(2,560	)		$	(1,480	)		$	(630	)		$	440			$	750			$	960
General fund equity investments(5)			(1,430	)			(890	)			(440	)			450				880				1,320
Total underlying sensitivity before hedging(6)			(3,990	)			(2,370	)			(1,070	)			890				1,630				2,280
Impact of macro and dynamic hedge assets(7)			2,060				1,190				500				(470	)			(820	)			(1,110	)
Net potential impact on net income attributed to shareholders after impact of hedging(6)		$	(1,930	)		$	(1,180	)		$	(570	)		$	420			$	810			$	1,170

Changes in equity markets impact our available and required components of the LICAT ratio. The potential impact to MLI’s LICAT ratio resulting from a positive or negative change of 10%, 20% and 30% in public equity market values is less than 1 percentage point.^1,2,3

C4	Interest rate and spread risk sensitivities and exposure measures

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1	See “Caution related to sensitivities” above. In addition, estimates exclude changes to the net actuarial gains/losses with respect to the Company’s pension obligations as a result of changes in equity markets, as the impact on the quoted sensitivities is not considered to be material.

2

The potential impact assumes that the change in value of the hedge assets does not completely offset the change in the dynamically hedged variable annuity guarantee liabilities. The estimated amount that would not be completely offset relates to our practices of not hedging the provisions for adverse deviation and of rebalancing equity hedges for dynamically hedged variable annuity liabilities at 5% intervals.

3

The Office of the Superintendent of Financial Institutions (“OSFI”) rules for segregated fund guarantees reflect full capital impacts of shocks over 20 quarters within a prescribed range. As such, the deterioration in equity markets could lead to further increases in capital requirements after the initial shock.

		March 31, 2022								December 31, 2021
As at			-50bp				+50bp				-50bp				+50bp
Net income attributed to shareholders ($ millions)		$	(200	)		$	100			$	(200	)		$	nil
Changes in other comprehensive income from fair value changes in AFS fixed income assets held in the Corporate and Other segment ($ millions)			1,700				(1,500	)			2,100				(1,900	)
MLI's LICAT ratio (change in percentage points)(5)			3				(3	)			5				(4	)

(5)	LICAT impacts include realized and unrealized fair value changes in AFS fixed income assets. LICAT impacts do not reflect the impact of the scenario switch discussed below.

Corporate spreads(4),(5)		March 31, 2022								December 31, 2021
As at			-50bp				+50bp				-50bp				+50bp
Net income attributed to shareholders ($ millions)(6)		$	(200	)		$	200			$	(600	)		$	500
MLI’s LICAT ratio (change in percentage points)(7)			(3	)			3				(3	)			4

(7)

LICAT impacts include realized and unrealized fair value change in AFS fixed income assets. Under LICAT, spread movements are determined from a selection of investment grade bond indices with BBB and better bonds for each jurisdiction. For LICAT, we use the following indices: FTSE TMX Canada All Corporate Bond Index, Barclays USD Liquid Investment Grade Corporate Index, and Nomura-BPI (Japan). LICAT impacts presented for corporate spreads do not reflect the impact of the scenario switch discussed below.

C5	Alternative long-duration asset performance risk

As at		March 31, 2022								December 31, 2021
($ millions)			-10	%			+10	%			-10	%			+10	%
Net income attributed to shareholders
Real estate, agriculture and timber assets		$	(1,300	)		$	1,200			$	(1,400	)		$	1,400
Private equities and other ALDA			(1,700	)			1,600				(1,900	)			1,800
Total		$	(3,000	)		$	2,800			$	(3,300	)		$	3,200
MLI’s LICAT ratio (change in percentage points)			(3	)			3				(4	)			3

---

1	LICAT geographic locations include North America, the United Kingdom, Europe, Japan, and Other Region.

C6	Credit risk exposure measures

As at ($ millions, unless otherwise stated)		March 31, 2022				December 31, 2021
Net impaired fixed income assets		$	267			$	228
Net impaired fixed income assets as a % of total invested assets			0.065	%			0.053	%
Allowance for loan losses		$	43			$	44

C7	Risk factors – strategic risk from changes in tax laws

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1	Includes debt securities, private placements and mortgages.

2	A one-notch downgrade is equivalent to a ratings downgrade from A to A- or BBB- to BB+.

3	See “Caution regarding forward-looking statements” below.

D1	Critical actuarial and accounting policies

D2	Sensitivity of earnings to asset related assumptions

		Increase (decrease) in after-tax net income attributed to shareholders
As at		March 31, 2022								December 31, 2021
($ millions)		Increase				Decrease				Increase				Decrease
Asset related assumptions updated periodically in valuation basis changes
100 basis point change in future annual returns for public equities(1)		$	400			$	(400	)		$	500			$	(500	)
100 basis point change in future annual returns for ALDA(2)			3,500				(4,100	)			3,900				(4,700	)
100 basis point change in equity volatility assumption for stochastic segregated fund modelling(3)			(100	)			100				(200	)			200

(1)

The sensitivity to public equity returns above includes the impact on both segregated fund guarantee reserves and on other policy liabilities. Expected long-term annual market growth assumptions for public equities are based on long-term historical observed experience and compliance with actuarial standards. As at March 31, 2022, the growth rates inclusive of dividends in the major markets used in the stochastic valuation models for valuing segregated fund guarantees are 9.0% per annum in Canada, 9.6% per annum in the U.S. and 6.2% per annum in Japan. Growth assumptions for European equity funds are market-specific and vary between 8.3% and 9.9%.

(2)

ALDA include commercial real estate, timber, farmland, infrastructure and private equities, some of which relate to oil and gas. Expected long-term return assumptions for ALDA and public equity are set in accordance with the Standards of Practice for the valuation of insurance contract liabilities and guidance published by the CIA. Annual best estimate return assumptions for ALDA and public equity include market growth rates and annual income, such as rent, production proceeds and dividends, and will vary based on our holding period. As of March 31, 2022, over a 20-year horizon, our best estimate return assumptions range between 5.25% and 11.5%, with an average of 9.2% based on the current asset mix backing our guaranteed insurance and annuity business. As of March 31, 2022, our return assumptions including the margins for adverse deviations in our valuation, which take into account the uncertainty of achieving the returns, range between 2.5% and 7.5%, with an average of 6.0% based on the asset mix backing our guaranteed insurance and annuity business.

(3)

Volatility assumptions for public equities are based on long-term historical observed experience and compliance with actuarial standards. As of March 31, 2022, the resulting volatility assumptions are 16.5% per annum in Canada and 17.1% per annum in the U.S. for large-cap public equities, and 19.1% per annum in Japan. For European equity funds, the volatility varies between 16.3% and 17.7%.

D3	Accounting and reporting changes

E1	Outstanding common shares - selected information

E2	Legal and regulatory proceedings

E3	Non-GAAP and other financial measures

1.	Expected earnings on in-force policies, including expected release of provisions for adverse deviation, fee income, margins on group business and spread business such as Manulife Bank and asset fund management.

2.	Macro hedging costs based on expected market returns.

3.	New business strain and gains.

4.	Policyholder experience gains or losses.

5.	Acquisition and operating expenses compared with expense assumptions used in the measurement of policy liabilities.

6.

Up to $400 million of net favourable investment-related experience reported in a single year, which are referred to as “core investment gains”. This means up to $100 million in the first quarter, up to $200 million on a year-to-date basis in the second quarter, up to $300 million on a year-to-date basis in the third quarter and up to $400 million on a full year basis in the fourth quarter. Any investment-related experience losses reported in a quarter will be offset against the net year-to-date investment-related experience gains with the difference being included in core earnings subject to a maximum of the year-to-date core investment gains and a minimum of zero, which reflects our expectation that investment-related experience will be positive through-the-business cycle. To the extent any investment-related experience losses cannot be fully offset in a quarter they will be carried forward to be offset against investment-related experience gains in subsequent quarters in the same year, for purposes of determining core investment gains. Investment-related experience relates to fixed income investing, ALDA returns, credit experience and asset mix changes other than those related to a strategic change. An example of a strategic asset mix change is outlined below.

•

This favourable and unfavourable investment-related experience is a combination of reported investment experience as well as the impact of investing activities on the measurement of our policy liabilities. We do not attribute specific components of investment-related experience to amounts included or excluded from core earnings.

•

The $400 million threshold represents the estimated average annualized amount of net favourable investment-related experience that the Company reasonably expects to achieve through-the-business cycle based on historical experience. It is not a forecast of expected net favourable investment-related experience for any given fiscal year.

•	Our average net annualized investment-related experience, including core investment gains, calculated from the introduction of core earnings in 2012 to the end of 2021 was $546 million (2012 to the end of 2020 was $380 million).

•

The decision announced on December 22, 2017 to reduce the allocation to ALDA in the portfolio asset mix supporting our legacy businesses was the first strategic asset mix change since we introduced the core earnings metric in 2012. We refined our description of investment-related experience in 2017 to note that asset mix changes other than those related to a strategic change are taken into consideration in the investment-related experience component of core investment gains.

•

While historical investment return time horizons may vary in length based on underlying asset classes generally exceeding 20 years, for purposes of establishing the threshold, we look at a business cycle that is five or more years and includes a recession. We monitor the appropriateness of the threshold as part of our annual five-year planning process and would adjust it, either to a higher or lower amount, in the future if we believed that our threshold was no longer appropriate.

•

Specific criteria used for evaluating a potential adjustment to the threshold may include, but are not limited to, the extent to which actual investment-related experience differs materially from actuarial assumptions used in measuring insurance contract liabilities, material market events, material dispositions or acquisitions of assets, and regulatory or accounting changes.

7.	Earnings on surplus other than mark-to-market items. Gains on available-for-sale (“AFS”) equities and seed money investments in segregated and mutual funds are included in core earnings.

8.	Routine or non-material legal settlements.

9.	All other items not specifically excluded.

10.	Tax on the above items.

11.	All tax related items except the impact of enacted or substantively enacted income tax rate changes.

1.	The direct impact of equity markets and interest rates and variable annuity guarantee liabilities includes the items listed below.

•

The earnings impact of the difference between the net increase (decrease) in variable annuity liabilities that are dynamically hedged and the performance of the related hedge assets. Our variable annuity dynamic hedging strategy is not designed to completely offset the sensitivity of insurance and investment contract liabilities to all risks or measurements associated with the guarantees embedded in these products for a number of reasons, including: provisions for adverse deviation, fund performance, the portion of the interest rate risk that is not dynamically hedged, realized equity and interest rate volatilities and changes to policyholder behaviour.

•	Gains (charges) on variable annuity guarantee liabilities not dynamically hedged.

•	Gains (charges) on general fund equity investments supporting policy liabilities and on fee income.

•	Gains (charges) on macro equity hedges relative to expected costs. The expected cost of macro hedges is calculated using the equity assumptions used in the valuation of insurance and investment contract liabilities.

•	Gains (charges) on higher (lower) fixed income reinvestment rates assumed in the valuation of insurance and investment contract liabilities.

•	Gains (charges) on sale of AFS bonds and open derivatives not in hedging relationships in the Corporate and Other segment.

2.	Net favourable investment-related experience in excess of $400 million per annum or net unfavourable investment-related experience on a year-to-date basis.

3.	Mark-to-market gains or losses on assets held in the Corporate and Other segment other than gains on AFS equities and seed money investments in new segregated or mutual funds.

4.

Changes in actuarial methods and assumptions. As noted in the “Critical actuarial and accounting policies” section of our 2021 MD&A, policy liabilities for IFRS are valued in Canada under standards established by the Actuarial Standards Board. The standards require a comprehensive review of actuarial methods and assumptions to be performed annually. The review is designed to reduce the Company’s exposure to uncertainty by ensuring assumptions for both asset related and liability related risks remain appropriate and is accomplished by monitoring experience and selecting assumptions which represent a current best estimate view of expected future experience, and margins that are appropriate for the risks assumed. Changes related to ultimate reinvestment rates (“URR”) are included in the direct impact of equity markets and interest rates and variable annuity guarantee liabilities. By excluding the results of the annual reviews, core earnings assist investors in evaluating our operational performance and comparing our operational performance from period to period with other global insurance companies because the associated gain or loss is not reflective of current year performance and not reported in net income in most actuarial standards outside of Canada.

5.	The impact on the measurement of policy liabilities of changes in product features or new reinsurance transactions, if material.

6.	Goodwill impairment charges.

7.	Gains or losses on disposition of a business.

8.	Material one-time only adjustments, including highly unusual/extraordinary and material legal settlements or other items that are material and exceptional in nature.

9.	Tax on the above items.

10.	Net income (loss) attributed to participating policyholders and non-controlling interests.

11.	Impact of enacted or substantially enacted income tax rate changes.

										1Q22
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total
Income (loss) before income taxes		$	681			$	880			$	2,577			$	386			$	(813	)		$	3,711
Income tax (expense) recovery
Core earnings			(74	)			(110	)			(105	)			(61	)			26				(324	)
Items excluded from core earnings			(11	)			(115	)			(405	)			-				46				(485	)
Income tax (expense) recovery			(85	)			(225	)			(510	)			(61	)			72				(809	)
Net income (post-tax)			596				655				2,067				325				(741	)			2,902
Less: Net income (post-tax) attributed to
Non-controlling interests			20				-				-				1				-				21
Participating policyholders			(197	)			108				-				-				-				(89	)
Net income (loss) attributed to shareholders   (post-tax)			773				547				2,067				324				(741	)			2,970
Less: Items excluded from core earnings(1)
Investment-related experience outside of     core earnings			64				53				527				-				(86	)			558
Direct impact of equity markets and interest  rates and variable annuity guarantee  liabilities			180				180				212				-				(475	)			97
Change in actuarial methods and   assumptions			-				-				-				-				-				-
Restructuring charge			-				-				-				-				-				-
Reinsurance transactions, tax related items        and other			(8	)			-				842				-				(71	)			763
Core earnings (post-tax)		$	537			$	314			$	486			$	324			$	(109	)		$	1,552
Income tax on core earnings (see above)			74				110				105				61				(26	)			324
Core earnings (pre-tax)		$	611			$	424			$	591			$	385			$	(135	)		$	1,876

(1)	These items are disclosed under OSFI’s Source of Earnings Disclosure (Life Insurance Companies) guideline.

										1Q22
(Canadian $ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total
Core earnings (post-tax)		$	537			$	314			$	486			$	324			$	(109	)		$	1,552
CER adjustment(1)			-				-				-				-				-				-
Core earnings, CER basis (post-tax)		$	537			$	314			$	486			$	324			$	(109	)		$	1,552
Income tax on core earnings, CER basis(2)			74				110				105				61				(26	)			324
Core earnings, CER basis (pre-tax)		$	611			$	424			$	591			$	385			$	(135	)		$	1,876
Core earnings (U.S. dollars) - Asia and U.S.   segments
Core earnings (post-tax)(3), US $		$	424							$	384
CER adjustment US $(1)			-								-
Core earnings, CER basis (post-tax), US $		$	424							$	384

(1)	The impact of updating foreign exchange rates to that which was used in 1Q22.

(2)	Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q22.

(3)	Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 1Q22.

										4Q21
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total
Income (loss) before income taxes		$	684			$	806			$	614			$	438			$	(61	)		$	2,481
Income tax (expense) recovery
Core earnings			(68	)			(101	)			(117	)			(52	)			(8	)			(346	)
Items excluded from core earnings			(13	)			(77	)			(4	)			-				10				(84	)
Income tax (expense) recovery			(81	)			(178	)			(121	)			(52	)			2				(430	)
Net income (post-tax)			603				628				493				386				(59	)			2,051
Less: Net income (post-tax) attributed to
Non-controlling interests			34				-				-				(1	)			(1	)			32
Participating policyholders			(76	)			12				(1	)			-				-				(65	)
Net income (loss) attributed to shareholders    (post-tax)			645				616				494				387				(58	)			2,084
Less: Items excluded from core earnings(1)
Investment-related experience outside of core    earnings			58				90				58				-				(80	)			126
Direct impact of equity markets and interest    rates and variable annuity guarantee liabilities			32				240				125				-				1				398
Change in actuarial methods and assumptions			-				-				-				-				-				-
Restructuring charge			-				-				-				-				-				-
Reinsurance transactions, tax related items       and other			8				-				(156	)			-				-				(148	)
Core earnings (post-tax)		$	547			$	286			$	467			$	387			$	21			$	1,708
Income tax on core earnings (see above)			68				101				117				52				8				346
Core earnings (pre-tax)		$	615			$	387			$	584			$	439			$	29			$	2,054

(1)	These items are disclosed under OSFI’s Source of Earnings Disclosure (Life Insurance Companies) guideline.

										4Q21
(Canadian $ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total
Core earnings (post-tax)		$	547			$	286			$	467			$	387			$	21			$	1,708
CER adjustment(1)			2				-				2				2				-				6
Core earnings, CER basis (post-tax)		$	549			$	286			$	469			$	389			$	21			$	1,714
Income tax on core earnings, CER basis(2)			68				101				118				51				8				346
Core earnings, CER basis (pre-tax)		$	617			$	387			$	587			$	440			$	29			$	2,060
Core earnings (U.S. dollars) - Asia and U.S.    segments
Core earnings (post-tax)(3), US $		$	435							$	370
CER adjustment US $(1)			(2	)							-
Core earnings, CER basis (post-tax), US $		$	433							$	370

(1)	The impact of updating foreign exchange rates to that which was used in 1Q22.

(2)	Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q22.

(3)	Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 4Q21.

										3Q21
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total
Income (loss) before income taxes		$	650			$	(101	)		$	800			$	418			$	(287	)		$	1,480
Income tax (expense) recovery
Core earnings			(52	)			(109	)			(79	)			(66	)			12				(294	)
Items excluded from core earnings			(31	)			153				(16	)			(1	)			23				128
Income tax (expense) recovery			(83	)			44				(95	)			(67	)			35				(166	)
Net income (post-tax)			567				(57	)			705				351				(252	)			1,314
Less: Net income (post-tax) attributed to
Non-controlling interests			48				-				-				-				-				48
Participating policyholders			(303	)			(31	)			8				-				-				(326	)
Net income (loss) attributed to shareholders    (post-tax)			822				(26	)			697				351				(252	)			1,592
Less: Items excluded from core earnings(1)
Investment-related experience outside of   core earnings			62				97				617				-				(76	)			700
Direct impact of equity markets and interest   rates and variable annuity guarantee liabilities			(129	)			(369	)			(96	)			-				(3	)			(597	)
Change in actuarial methods and assumptions			343				(65	)			(314	)			-				(5	)			(41	)
Restructuring charge			-				-				-				-				-				-
Reinsurance transactions, tax related items   and other			13				-				-				-				-				13
Core earnings (post-tax)		$	533			$	311			$	490			$	351			$	(168	)		$	1,517
Income tax on core earnings (see above)			52				109				79				66				(12	)			294
Core earnings (pre-tax)		$	585			$	420			$	569			$	417			$	(180	)		$	1,811

(1)	These items are disclosed under OSFI’s Source of Earnings Disclosure (Life Insurance Companies) guideline.

										3Q21
(Canadian $ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total
Core earnings (post-tax)		$	533			$	311			$	490			$	351			$	(168	)		$	1,517
CER adjustment(1)			(2	)			-				2				1				(1	)			-
Core earnings, CER basis (post-tax)		$	531			$	311			$	492			$	352			$	(169	)		$	1,517
Income tax on core earnings, CER basis(2)			52				109				80				66				(12	)			295
Core earnings, CER basis (pre-tax)		$	583			$	420			$	572			$	418			$	(181	)		$	1,812
Core earnings (U.S. dollars) - Asia and U.S.    segments
Core earnings (post-tax)(3), US $		$	424							$	389
CER adjustment US $(1)			(5	)							-
Core earnings, CER basis (post-tax), US $		$	419							$	389

(1)	The impact of updating foreign exchange rates to that which was used in 1Q22.

(2)	Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q22.

(3)	Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 3Q21.

										2Q21
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total
Income (loss) before income taxes		$	736			$	1,031			$	986			$	419			$	120			$	3,292
Income tax (expense) recovery
Core earnings			(78	)			(112	)			(106	)			(64	)			6				(354	)
Items excluded from core earnings			(22	)			(107	)			(83	)			1				(45	)			(256	)
Income tax (expense) recovery			(100	)			(219	)			(189	)			(63	)			(39	)			(610	)
Net income (post-tax)			636				812				797				356				81				2,682
Less: Net income (post-tax) attributed to
Non-controlling interests			84				-				-				-				-				84
Participating policyholders			(81	)			29				4				-				-				(48	)
Net income (loss) attributed to shareholders    (post-tax)			633				783				793				356				81				2,646
Less: Items excluded from core earnings(1)
Investment-related experience outside of core   earnings			121				207				506				-				(95	)			739
Direct impact of equity markets and interest   rates and variable annuity guarantee liabilities			(22	)			258				(191	)			-				172				217
Change in actuarial methods and assumptions			-				-				-				-				-				-
Restructuring charge			-				-				-				-				-				-
Reinsurance transactions, tax related items   and other			8				-				-				-				-				8
Core earnings (post-tax)		$	526			$	318			$	478			$	356			$	4			$	1,682
Income tax on core earnings (see above)			78				112				106				64				(6	)			354
Core earnings (pre-tax)		$	604			$	430			$	584			$	420			$	(2	)		$	2,036

(1)	These items are disclosed under OSFI’s Source of Earnings Disclosure (Life Insurance Companies) guideline.

										2Q21
(Canadian $ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total
Core earnings (post-tax)		$	526			$	318			$	478			$	356			$	4			$	1,682
CER adjustment(1)			12				-				15				7				1				35
Core earnings, CER basis (post-tax)		$	538			$	318			$	493			$	363			$	5			$	1,717
Income tax on core earnings, CER basis(2)			80				112				108				65				(5	)			360
Core earnings, CER basis (pre-tax)		$	618			$	430			$	601			$	428			$	-			$	2,077
Core earnings (U.S. dollars) - Asia and U.S.    segments
Core earnings (post-tax)(3), US $		$	427							$	389
CER adjustment US $(1)			(3	)							-
Core earnings, CER basis (post-tax), US $		$	424							$	389

(1)	The impact of updating foreign exchange rates to that which was used in 1Q22.

(2)	Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q22.

(3)	Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 2Q21.

										1Q21
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total
Income (loss) before income taxes		$	1,118			$	55			$	84			$	366			$	(751	)		$	872
Income tax (expense) recovery
Core earnings			(124	)			(91	)			(116	)			(52	)			17				(366	)
Items excluded from core earnings			(54	)			108				135				(1	)			171				359
Income tax (expense) recovery			(178	)			17				19				(53	)			188				(7	)
Net income (post-tax)			940				72				103				313				(563	)			865
Less: Net income (post-tax) attributed to
Non-controlling interests			90				-				-				1				-				91
Participating policyholders			(107	)			91				7				-				-				(9	)
Net income (loss) attributed to shareholders    (post-tax)			957				(19	)			96				312				(563	)			783
Less: Items excluded from core earnings(1)
Investment-related experience outside of core   earnings			72				(65	)			160				-				(90	)			77
Direct impact of equity markets and interest   rates and variable annuity guarantee liabilities			288				(218	)			(565	)			-				(340	)			(835	)
Change in actuarial methods and assumptions			-				-				-				-				-				-
Restructuring charge			-				-				-				-				(115	)			(115	)
Reinsurance transactions, tax related items   and other			27				-				-				-				-				27
Core earnings (post-tax)		$	570			$	264			$	501			$	312			$	(18	)		$	1,629
Income tax on core earnings (see above)			124				91				116				52				(17	)			366
Core earnings (pre-tax)		$	694			$	355			$	617			$	364			$	(35	)		$	1,995

(1)	These items are disclosed under OSFI’s Source of Earnings Disclosure (Life Insurance Companies) guideline.

										1Q21
(Canadian $ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total
Core earnings (post-tax)		$	570			$	264			$	501			$	312			$	(18	)		$	1,629
CER adjustment(1)			(7	)			-				-				-				-				(7	)
Core earnings, CER basis (post-tax)		$	563			$	264			$	501			$	312			$	(18	)		$	1,622
Income tax on core earnings, CER basis(2)			123				91				116				52				(17	)			365
Core earnings, CER basis (pre-tax)		$	686			$	355			$	617			$	364			$	(35	)		$	1,987
Core earnings (U.S. dollars) - Asia and U.S.    segments
Core earnings (post-tax)(3), US $		$	450							$	396
CER adjustment US $(1)			(6	)							-
Core earnings, CER basis (post-tax), US $		$	444							$	396

(1)	The impact of updating foreign exchange rates to that which was used in 1Q22.

(2)	Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q22.

(3)	Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 1Q21.

		2021
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total
Income (loss) before income taxes		$	3,188			$	1,791			$	2,484			$	1,641			$	(979	)		$	8,125
Income tax (expense) recovery
Core earnings			(322	)			(413	)			(418	)			(234	)			27				(1,360	)
Items excluded from core earnings			(120	)			77				32				(1	)			159				147
Income tax (expense) recovery			(442	)			(336	)			(386	)			(235	)			186				(1,213	)
Net income (post-tax)			2,746				1,455				2,098				1,406				(793	)			6,912
Less: Net income (post-tax) attributed to
Non-controlling interests			256				-				-				-				(1	)			255
Participating policyholders			(567	)			101				18				-				-				(448	)
Net income (loss) attributed to shareholders    (post-tax)			3,057				1,354				2,080				1,406				(792	)			7,105
Less: Items excluded from core earnings(1)
Investment-related experience outside of core   earnings			313				329				1,341				-				(341	)			1,642
Direct impact of equity markets and interest   rates and variable annuity guarantee liabilities			169				(89	)			(727	)			-				(170	)			(817	)
Change in actuarial methods and assumptions			343				(65	)			(314	)			-				(5	)			(41	)
Restructuring charge			-				-				-				-				(115	)			(115	)
Reinsurance transactions, tax related items   and other			56				-				(156	)			-				-				(100	)
Core earnings (post-tax)		$	2,176			$	1,179			$	1,936			$	1,406			$	(161	)		$	6,536
Income tax on core earnings (see above)			322				413				418				234				(27	)			1,360
Core earnings (pre-tax)		$	2,498			$	1,592			$	2,354			$	1,640			$	(188	)		$	7,896

(1)	These items are disclosed under OSFI’s Source of Earnings Disclosure (Life Insurance Companies) guideline.

		2021
(Canadian $ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total
Core earnings (post-tax)		$	2,176			$	1,179			$	1,936			$	1,406			$	(161	)		$	6,536
CER adjustment(1)			5				-				19				10				-				34
Core earnings, CER basis (post-tax)		$	2,181			$	1,179			$	1,955			$	1,416			$	(161	)		$	6,570
Income tax on core earnings, CER basis(2)			324				413				423				234				(27	)			1,367
Core earnings, CER basis (pre-tax)		$	2,505			$	1,592			$	2,378			$	1,650			$	(188	)		$	7,937
Core earnings (U.S. dollars) - Asia and U.S.    segments
Core earnings (post-tax)(3), US $		$	1,736							$	1,544
CER adjustment US $(1)			(16	)							-
Core earnings, CER basis (post-tax), US $		$	1,720							$	1,544

(1)	The impact of updating foreign exchange rates to that which was used in 1Q22.

(2)	Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q22.

(3)	Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rates for the 4 respective quarters that make up 2021 core earnings.

		Quarterly Results																				Full Year Results
(US $ millions)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Hong Kong		$	219			$	270			$	248			$	214			$	217			$	949
Japan			77				77				86				78				82				323
Asia Other(1)			156				132				125				169				193				619
Mainland China																							96
Singapore																							162
Vietnam																							290
Other Emerging Markets(2)																							71
Regional Office			(28	)			(44	)			(35	)			(34	)			(42	)			(155	)
Total Asia core earnings		$	424			$	435			$	424			$	427			$	450			$	1,736

(1)	Core earnings for Asia Other is reported by country annually, on a full year basis.

(2)	Other Emerging Markets includes Indonesia, the Philippines, Malaysia, Thailand, Cambodia and Myanmar.

		Quarterly Results																				Full Year Results
(US $ millions), CER basis(1)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Hong Kong		$	219			$	270			$	248			$	214			$	217			$	949
Japan			77				76				80				74				75				305
Asia Other(2)			156				131				126				169				195				621
Mainland China																							97
Singapore																							162
Vietnam																							294
Other Emerging Markets(3)																							68
Regional Office			(28	)			(44	)			(35	)			(33	)			(43	)			(155	)
Total Asia core earnings, CER basis		$	424			$	433			$	419			$	424			$	444			$	1,720

(1)	Core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q22.

(2)	Core earnings for Asia Other is reported by country annually, on a full year basis.

(3)	Other Emerging Markets includes Indonesia, the Philippines, Malaysia, Thailand, Cambodia and Myanmar.

		Quarterly Results																				Full Year Results
(Canadian $ millions)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Insurance		$	206			$	184			$	211			$	210			$	165			$	770
Annuities			70				62				56				64				52				234
Manulife Bank			38				40				44				44				47				175
Total Canada core earnings		$	314			$	286			$	311			$	318			$	264			$	1,179

		Quarterly Results																				Full Year Results
(US $ millions)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
U.S. Insurance		$	328			$	274			$	279			$	298			$	277			$	1,128
U.S. Annuities			56				96				110				91				119				416
Total U.S. core earnings		$	384			$	370			$	389			$	389			$	396			$	1,544

		Quarterly Results																				Full Year Results
(Canadian $ millions)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Retirement		$	177			$	218			$	206			$	206			$	189			$	819
Retail			141				160				136				137				118				551
Institutional asset management			6				9				9				13				5				36
Total Global WAM core earnings		$	324			$	387			$	351			$	356			$	312			$	1,406

		Quarterly Results																				Full Year Results
(Canadian $ millions), CER basis(1)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Retirement		$	177			$	219			$	207			$	211			$	189			$	826
Retail			141				160				136				139				118				553
Institutional asset management			6				10				9				13				5				37
Total Global WAM core earnings, CER basis		$	324			$	389			$	352			$	363			$	312			$	1,416

(1)	Core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q22

		Quarterly Results																				Full Year Results
(Canadian $ millions)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Asia		$	86			$	88			$	103			$	103			$	103			$	397
Canada			108				119				106				108				96				429
U.S.			130				180				142				145				113				580
Total Global WAM core earnings		$	324			$	387			$	351			$	356			$	312			$	1,406

		Quarterly Results																				Full Year Results
(Canadian $ millions), CER basis(1)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Asia		$	86			$	90			$	103			$	106			$	102			$	401
Canada			108				119				106				108				96				429
U.S.			130				180				143				149				114				586
Total Global WAM core earnings, CER basis		$	324			$	389			$	352			$	363			$	312			$	1,416

(1)	Core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q22.

		Quarterly Results																				Full Year Results
(Canadian $ millions)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Corporate and Other excluding core investment   gains		$	(209	)		$	(79	)		$	(268	)		$	(96	)		$	(118	)		$	(561	)
Core investment gains			100				100				100				100				100				400
Total Corporate and Other core earnings		$	(109	)		$	21			$	(168	)		$	4			$	(18	)		$	(161	)

		Quarterly Results																				Full Year Results
($ millions, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Core earnings		$	1,552			$	1,708			$	1,517			$	1,682			$	1,629			$	6,536
Less: Preferred share dividends			(52	)			(71	)			(37	)			(64	)			(43	)			(215	)
Core earnings available to common    shareholders			1,500				1,637				1,480				1,618				1,586				6,321
CER adjustment(1)			-				6				-				35				(7	)			34
Core earnings available to common    shareholders, CER basis		$	1,500			$	1,643			$	1,480			$	1,653			$	1,579			$	6,355

(1)	The impact of updating foreign exchange rates to that which was used in 1Q22.

		Quarterly Results																				Full Year Results
($ millions, unless otherwise stated)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Core earnings available to common shareholders		$	1,500			$	1,637			$	1,480			$	1,618			$	1,586			$	6,321
Annualized core earnings available to    common shareholders		$	6,085			$	6,483			$	5,874			$	6,485			$	6,435			$	6,321
Average common shareholders’ equity    (see below)		$	51,407			$	51,049			$	49,075			$	46,757			$	46,974			$	48,463
Core ROE (annualized) (%)			11.8	%			12.7	%			12.0	%			13.9	%			13.7	%			13.0	%
Average common shareholders’ equity
Total shareholders' and other equity		$	56,457			$	58,408			$	55,457			$	53,466			$	51,238			$	58,408
Less: Preferred shares and other equity			(5,670	)			(6,381	)			(5,387	)			(5,387	)			(5,804	)			(6,381	)
Common shareholders' equity		$	50,787			$	52,027			$	50,070			$	48,079			$	45,434			$	52,027
Average common shareholders’ equity		$	51,407			$	51,049			$	49,075			$	46,757			$	46,974			$	48,463

		Quarterly Results																				Full Year Results
($ millions, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Core EPS
Core earnings available to common shareholders		$	1,500			$	1,637			$	1,480			$	1,618			$	1,586			$	6,321
Diluted weighted average common shares   outstanding (millions)			1,942				1,946				1,946				1,946				1,945				1,946
Core earnings per share		$	0.77			$	0.84			$	0.76			$	0.83			$	0.82			$	3.25
Core EPS, CER basis
Core earnings available to common shareholders,   CER basis		$	1,500			$	1,643			$	1,480			$	1,653			$	1,579			$	6,355
Diluted weighted average common shares   outstanding (millions)			1,942				1,946				1,946				1,946				1,945				1,946
Core earnings per share, CER basis		$	0.77			$	0.84			$	0.76			$	0.85			$	0.81			$	3.27

Highest potential businesses
For the three months ended March 31,
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period)		2022				2021
Core earnings highest potential businesses(1)		$	978			$	972
Core earnings - All other businesses excl. core investment gains			474				557
Core investment gains			100				100
Core earnings			1,552				1,629
Items excluded from core earnings			1,418				(846	)
Net income (loss) attributed to shareholders		$	2,970			$	783
Highest Potential Businesses core earnings contribution			63	%			60	%

(1)	Includes core earnings from Asia and Global WAM segments, Canada Group Benefits, and behavioural insurance products.

		Quarterly Results																				Full Year Results
($ Canadian millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Net income (loss) attributed to shareholders:
Asia		$	773			$	645			$	822			$	633			$	957			$	3,057
Canada			547				616				(26	)			783				(19	)			1,354
U.S.			2,067				494				697				793				96				2,080
Global WAM			324				387				351				356				312				1,406
Corporate and Other			(741	)			(58	)			(252	)			81				(563	)			(792	)
Total net income (loss) attributed to    shareholders			2,970				2,084				1,592				2,646				783				7,105
Preferred share dividends and other equity    distributions			(52	)			(71	)			(37	)			(64	)			(43	)			(215	)
Common shareholders net income (loss)		$	2,918			$	2,013			$	1,555			$	2,582			$	740			$	6,890
CER adjustment(1)
Asia		$	-			$	8			$	6			$	12			$	32			$	58
Canada			-				-				-				-				-				-
U.S.			-				3				5				26				4				38
Global WAM			-				2				2				6				(1	)			9
Corporate and Other			-				-				1				5				3				9
Total net income (loss) attributed to shareholders			-				13				14				49				38				114
Preferred share dividends and other equity    distributions			-				-				-				-				-				-
Common shareholders net income (loss)		$	-			$	13			$	14			$	49			$	38			$	114
Net income (loss) attributed to shareholders,    CER basis
Asia		$	773			$	653			$	828			$	645			$	989			$	3,115
Canada			547				616				(26	)			783				(19	)			1,354
U.S.			2,067				497				702				819				100				2,118
Global WAM			324				389				353				362				311				1,415
Corporate and Other			(741	)			(58	)			(251	)			86				(560	)			(783	)
Total net income (loss) attributed to    shareholders, CER basis			2,970				2,097				1,606				2,695				821				7,219
Preferred share dividends and other equity    distributions, CER basis			(52	)			(71	)			(37	)			(64	)			(43	)			(215	)
Common shareholders net income (loss),    CER basis		$	2,918			$	2,026			$	1,569			$	2,631			$	778			$	7,004
Asia net income attributed to Shareholders,    U.S. dollars
Asia net income (loss) attributed to shareholders,    US $(2)		$	610			$	513			$	654			$	515			$	755			$	2,437
CER adjustment, US $(1)			-				3				(2	)			(5	)			24				20
Asia net income (loss) attributed to    shareholders, U.S. $, CER basis(1)		$	610			$	516			$	652			$	510			$	779			$	2,457
Net income (loss) attributed to shareholders    (pre-tax)
Net income (loss) attributed to shareholders    (post-tax)		$	2,970			$	2,084			$	1,592			$	2,646			$	783			$	7,105
Tax on net income attributed to shareholders			778				440				171				605				(31	)			1,185
Net income (loss) attributed to shareholders    (pre-tax)			3,748				2,524				1,763				3,251				752				8,290
CER adjustment(1)			-				6				9				54				(41	)			28
Net income (loss) attributed to shareholders    (pre-tax), CER basis		$	3,748			$	2,530			$	1,772			$	3,305			$	711			$	8,318

(1)	The impact of updating foreign exchange rates to that which was used in 1Q22.

(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.

		Quarterly Results																				Full Year Results
($ millions, unless otherwise stated)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Common shareholders net income, CER basis(1)		$	2,918			$	2,026			$	1,569			$	2,631			$	778			$	7,004
Weighted average common shares outstanding (millions)			1,938				1,943				1,942				1,942				1,941				1,942
Basic EPS, CER basis		$	1.51			$	1.04			$	0.81			$	1.35			$	0.40			$	3.61
Common shareholders net income, CER basis(1)		$	2,918			$	2,026			$	1,569			$	2,631			$	778			$	7,004
Diluted weighted average common shares   outstanding (millions)			1,942				1,946				1,946				1,946				1,945				1,946
Diluted EPS, CER basis		$	1.50			$	1.04			$	0.81			$	1.35			$	0.40			$	3.60

(1)	Common shareholders net income adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q22.

		Quarterly Results																				Full Year Results
($ millions, and based on actual foreign exchange rates in effect in the applicable reporting period, unlessotherwise stated)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
General expenses		$	1,898			$	2,000			$	1,904			$	1,892			$	2,032			$	7,828
CER adjustment(1)			-				4				1				31				(16	)			20
General expenses, CER basis		$	1,898			$	2,004			$	1,905			$	1,923			$	2,016			$	7,848

(1)	The impact of updating foreign exchange rates to that which was used in 1Q22.

		Quarterly Results																				Full Year Results
($ millions, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Total revenue		$	(3,630	)		$	21,611			$	15,983			$	25,824			$	(1,597	)		$	61,821
Less: Revenue for segments other than Global    WAM			(5,216	)			19,884				14,303				24,217				(3,124	)			55,280
Global WAM revenue			1,586				1,727				1,680				1,607				1,527				6,541
CER adjustment(1)			-				5				6				31				(4	)			38
Global WAM revenue, CER basis		$	1,586			$	1,732			$	1,686			$	1,638			$	1,523			$	6,579

(1)	The impact of updating foreign exchange rates to that which was used in 1Q22.

		Quarterly Results																				Full Year Results
			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Per share dividend		$	0.33			$	0.33			$	0.28			$	0.28			$	0.28			$	1.17
Core EPS		$	0.77			$	0.84			$	0.76			$	0.83			$	0.82			$	3.25
Common share core dividend payout ratio			43	%			39	%			37	%			34	%			34	%			36	%

										CAD $																US $(4)
		March 31, 2022																								March 31, 2022
As at		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total				Asia				U.S.
Total Invested Assets
Manulife Bank net lending assets		$	-			$	24,004			$	-			$	-			$	-			$	24,004			$	-			$	-
Derivative reclassification(1)			-				-				-				-				(270	)			(270	)			-				-
Invested assets excluding above items			120,529				88,736				150,989				3,468				21,945				385,667				96,463				120,830
Total			120,529				112,740				150,989				3,468				21,675				409,401				96,463				120,830
Segregated funds net assets
Segregated funds net assets - Institutional			-				-				-				4,338				-				4,338				-				-
Segregated funds net assets - Other(2)			23,868				39,649				71,823				232,276				(26	)			367,590				19,108				57,476
Total			23,868				39,649				71,823				236,614				(26	)			371,928				19,108				57,476
AUM per financial statements			144,397				152,389				222,812				240,082				21,649				781,329				115,571				178,306
Mutual funds			-				-				-				274,665				-				274,665				-				-
Institutional asset management(3)			-				-				-				101,105				-				101,105				-				-
Other funds			-				-				-				13,269				-				13,269				-				-
Total AUM			144,397				152,389				222,812				629,121				21,649				1,170,368				115,571				178,306
Assets under administration			-				-				-				178,843				-				178,843				-				-
Total AUMA		$	144,397			$	152,389			$	222,812			$	807,964			$	21,649			$	1,349,211			$	115,571			$	178,306
Total AUMA, US $(4)																						$	1,079,714
Total AUMA		$	144,397			$	152,389			$	222,812			$	807,964			$	21,649			$	1,349,211
CER adjustment(5)			-				-				-				-				-				-
Total AUMA, CER basis		$	144,397			$	152,389			$	222,812			$	807,964			$	21,649			$	1,349,211
Global WAM Managed AUMA
Global WAM AUMA														$	807,964
AUM managed by Global WAM for Manulife's other segments															231,373
Total														$	1,039,337

(1)	Corporate and Other consolidation adjustment related to net derivative assets reclassified from total invested assets to other lines on the Statement of Financial Position.

(2)	Corporate and Other segregated funds net asset represents elimination of amounts held by the Company.

(3)	Institutional asset management excludes Institutional segregated funds net assets.

(4)	US $ AUMA is calculated as total AUMA in Canadian $ divided by the US $ exchange rate in effect at the end of the quarter.

(5)	The impact of updating foreign exchange rates to that which was used in 1Q22.

										CAD $																US $(4)
		December 31, 2021																								December 31, 2021
As at		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total				Asia				U.S.
Total Invested Assets
Manulife Bank net lending assets		$	-			$	23,447			$	-			$	-			$	-			$	23,447			$	-			$	-
Derivative reclassification(1)			-				-				-				-				(7,475	)			(7,475	)			-				-
Invested assets excluding above items			129,207				96,425				164,830				4,458				16,206				411,126				101,893				130,013
Total			129,207				119,872				164,830				4,458				8,731				427,098				101,893				130,013
Segregated funds net assets
Segregated funds net assets - Institutional			-				-				-				4,470				-				4,470				-				-
Segregated funds net assets - Other(2)			25,505				42,124				79,620				248,097				(28	)			395,318				20,112				62,801
Total			25,505				42,124				79,620				252,567				(28	)			399,788				20,112				62,801
AUM per financial statements			154,712				161,996				244,450				257,025				8,703				826,886				122,005				192,814
Mutual funds			-				-				-				290,863				-				290,863				-				-
Institutional asset management(3)			-				-				-				106,407				-				106,407				-				-
Other funds			-				-				-				14,001				-				14,001				-				-
Total AUM			154,712				161,996				244,450				668,296				8,703				1,238,157				122,005				192,814
Assets under administration			-				-				-				187,631				-				187,631				-				-
Total AUMA		$	154,712			$	161,996			$	244,450			$	855,927			$	8,703			$	1,425,788			$	122,005			$	192,814
Total AUMA, US $(4)																						$	1,124,616
Total AUMA		$	154,712			$	161,996			$	244,450			$	855,927			$	8,703			$	1,425,788
CER adjustment(5)			(3,867	)			-				(3,500	)			(9,998	)			-				(17,365	)
Total AUMA, CER basis		$	150,845			$	161,996			$	240,950			$	845,929			$	8,703			$	1,408,423
Global WAM Managed AUMA
Global WAM AUMA														$	855,927
AUM managed by Global WAM for Manulife's other segments															246,773
Total														$	1,102,700

										CAD $																US $(4)
		September 30, 2021																								September 30, 2021
As at		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total				Asia				U.S.
Total Invested Assets
Manulife Bank net lending assets		$	-			$	23,139			$	-			$	-			$	-			$	23,139			$	-			$	-
Derivative reclassification(1)			-				-				-				-				(6,226	)			(6,226	)			-				-
Invested assets excluding above items			124,880				94,510				162,720				4,333				15,731				402,174				98,022				127,714
Total			124,880				117,649				162,720				4,333				9,505				419,087				98,022				127,714
Segregated funds net assets
Segregated funds net assets - Institutional			-				-				-				4,400				-				4,400				-				-
Segregated funds net assets - Other(2)			24,892				40,178				78,223				240,151				(45	)			383,399				19,540				61,395
Total			24,892				40,178				78,223				244,551				(45	)			387,799				19,540				61,395
AUM per financial statements			149,772				157,827				240,943				248,884				9,460				806,886				117,562				189,109
Mutual funds			-				-				-				277,421				-				277,421				-				-
Institutional asset management(3)			-				-				-				103,732				-				103,732				-				-
Other funds			-				-				-				12,562				-				12,562				-				-
Total AUM			149,772				157,827				240,943				642,599				9,460				1,200,601				117,562				189,109
Assets under administration			-				-				-				181,013				-				181,013				-				-
Total AUMA		$	149,772			$	157,827			$	240,943			$	823,612			$	9,460			$	1,381,614			$	117,562			$	189,109
Total AUMA, US $(4)																						$	1,084,384
Total AUMA		$	149,772			$	157,827			$	240,943			$	823,612			$	9,460			$	1,381,614
CER adjustment(5)			(4,933	)			-				(4,620	)			(12,761	)			-				(22,314	)
Total AUMA, CER basis		$	144,839			$	157,827			$	236,323			$	810,851			$	9,460			$	1,359,300
Global WAM Managed AUMA
Global WAM AUMA														$	823,612
AUM managed by Global WAM for Manulife's other segments															240,798
Total														$	1,064,410

										CAD $																US $(4)
		June 30, 2021																								June 30, 2021
As at		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total				Asia				U.S.
Total Invested Assets
Manulife Bank net lending assets		$	-			$	22,884			$	-			$	-			$	-			$	22,884			$	-			$	-
Derivative reclassification(1)			-				-				-				-				(6,907	)			(6,907	)			-				-
Invested assets excluding above items			117,808				94,950				156,171				4,211				16,092				389,232				95,089				126,005
Total			117,808				117,834				156,171				4,211				9,185				405,209				95,089				126,005
Segregated funds net assets
Segregated funds net assets - Institutional			-				-				-				4,229				-				4,229				-				-
Segregated funds net assets - Other(2)			24,117				39,666				77,488				238,389				(44	)			379,616				19,466				62,521
Total			24,117				39,666				77,488				242,618				(44	)			383,845				19,466				62,521
AUM per financial statements			141,925				157,500				233,659				246,829				9,141				789,054				114,555				188,526
Mutual funds			-				-				-				265,110				-				265,110				-				-
Institutional asset management(3)			-				-				-				99,983				-				99,983				-				-
Other funds			-				-				-				12,232				-				12,232				-				-
Total AUM			141,925				157,500				233,659				624,154				9,141				1,166,379				114,555				188,526
Assets under administration			-				-				-				174,376				-				174,376				-				-
Total AUMA		$	141,925			$	157,500			$	233,659			$	798,530			$	9,141			$	1,340,755			$	114,555			$	188,526
Total AUMA, US $(4)																						$	1,081,777
Total AUMA		$	141,925			$	157,500			$	233,659			$	798,530			$	9,141			$	1,340,755
CER adjustment(5)			(1,619	)			-				1,921				3,168				-				3,470
Total AUMA, CER basis		$	140,306			$	157,500			$	235,580			$	801,698			$	9,141			$	1,344,225
Global WAM Managed AUMA
Global WAM AUMA														$	798,530
AUM managed by Global WAM for Manulife's other segments															235,234
Total														$	1,033,764

										CAD $																US $(4)
		March 31, 2021																								March 31, 2021
As at		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total				Asia				U.S.
Total Invested Assets
Manulife Bank net lending assets		$	-			$	22,770			$	-			$	-			$	-			$	22,770			$	-			$	-
Derivative reclassification(1)			-				-				-				-				(3,685	)			(3,685	)			-				-
Invested assets excluding above items			113,925				91,680				151,892				4,325				17,041				378,863				90,610				120,789
Total			113,925				114,450				151,892				4,325				13,356				397,948				90,610				120,789
Segregated funds net assets
Segregated funds net assets - Institutional			-				-				-				4,157				-				4,157				-				-
Segregated funds net assets - Other(2)			23,046				37,937				76,280				230,305				(43	)			367,525				18,325				60,661
Total			23,046				37,937				76,280				234,462				(43	)			371,682				18,325				60,661
AUM per financial statements			136,971				152,387				228,172				238,787				13,313				769,630				108,935				181,450
Mutual funds			-				-				-				249,137				-				249,137				-				-
Institutional asset management(3)			-				-				-				96,989				-				96,989				-				-
Other funds			-				-				-				11,611				-				11,611				-				-
Total AUM			136,971				152,387				228,172				596,524				13,313				1,127,367				108,935				181,450
Assets under administration			-				-				-				167,558				-				167,558				-				-
Total AUMA		$	136,971			$	152,387			$	228,172			$	764,082			$	13,313			$	1,294,925			$	108,935			$	181,450
Total AUMA, US $(4)																						$	1,029,761
Total AUMA		$	136,971			$	152,387			$	228,172			$	764,082			$	13,313			$	1,294,925
CER adjustment(5)			(3,699	)			-				(1,438	)			(4,685	)			-				(9,822	)
Total AUMA, CER basis		$	133,272			$	152,387			$	226,734			$	759,397			$	13,313			$	1,285,103
Global WAM Managed AUMA
Global WAM AUMA														$	764,082
AUM managed by Global WAM for Manulife's other segments															229,265
Total														$	993,347

As at
($ millions, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)		Mar 31, 2022				Dec 31, 2021				Sept 30, 2021				Jun 30, 2021				Mar 31, 2021
Global WAM AUMA by business line
Retirement		$	412,689			$	440,831			$	426,742			$	418,907			$	403,576
Retail			289,008				303,232				287,717				274,661				258,560
Institutional asset management			106,267				111,864				109,153				104,962				101,946
Total		$	807,964			$	855,927			$	823,612			$	798,530			$	764,082
Global WAM AUMA by business line, CER basis(1)
Retirement		$	412,689			$	435,769			$	420,177			$	421,356			$	401,509
Retail			289,008				300,044				283,818				275,906				257,378
Institutional asset management			106,267				110,116				106,856				104,436				100,510
Total		$	807,964			$	845,929			$	810,851			$	801,698			$	759,397
Global WAM AUMA by geographic source
Asia		$	98,608			$	104,584			$	100,899			$	95,510			$	91,551
Canada			227,252				238,798				228,347				224,693				212,441
U.S.			482,104				512,545				494,366				478,327				460,090
Total		$	807,964			$	855,927			$	823,612			$	798,530			$	764,082
Global WAM AUMA by geographic source, CER basis(1)
Asia		$	98,608			$	101,950			$	97,647			$	94,970			$	89,764
Canada			227,252				238,798				228,347				224,693				212,441
U.S.			482,104				505,181				484,857				482,035				457,192
Total		$	807,964			$	845,929			$	810,851			$	801,698			$	759,397
Global WAM Managed AUMA by business line
Retirement		$	412,689			$	440,831			$	426,742			$	418,907			$	403,576
Retail			370,999				391,911				373,685				359,520				340,330
Institutional asset management			255,649				269,958				263,983				255,337				249,441
Total		$	1,039,337			$	1,102,700			$	1,064,410			$	1,033,764			$	993,347
Global WAM Managed AUMA by business line, CER basis(1)
Retirement		$	412,689			$	435,769			$	420,177			$	421,356			$	401,509
Retail			370,999				387,923				368,745				361,219				338,815
Institutional asset management			255,649				266,253				259,121				255,860				247,213
Total		$	1,039,337			$	1,089,945			$	1,048,043			$	1,038,435			$	987,537
Global WAM Managed AUMA by geographic source
Asia		$	195,346			$	207,827			$	200,976			$	191,704			$	186,657
Canada			279,700				293,902				281,523				278,309				262,960
U.S.			564,291				600,971				581,911				563,751				543,730
Total		$	1,039,337			$	1,102,700			$	1,064,410			$	1,033,764			$	993,347
Global WAM Managed AUMA by geographic source, CER basis(1)
Asia		$	195,346			$	203,707			$	195,802			$	191,965			$	184,271
Canada			279,700				293,902				281,523				287,309				262,960
U.S.			564,291				592,336				570,718				559,161				540,306
Total		$	1,039,337			$	1,089,945			$	1,048,043			$	1,038,435			$	987,537

(1)	AUMA adjusted to reflect the foreign exchange rates for the Statement of Financial Position in effect for 1Q22.

As at ($ millions)		Mar 31, 2022				Dec 31, 2021				Sept 30, 2021				Jun 30, 2021				Mar 31, 2021
Mortgages		$	52,287			$	52,014			$	51,001			$	50,309			$	50,134
Less: mortgages not held by Manulife Bank			30,950				31,073				30,202				29,643				29,469
Total mortgages held by Manulife Bank			21,337				20,941				20,799				20,666				20,665
Loans to bank clients			2,667				2,506				2,340				2,218				2,105
Manulife Bank net lending assets		$	24,004			$	23,447			$	23,139			$	22,884			$	22,770
Manulife Bank average net lending assets
Beginning of period		$	23,447			$	23,139			$	22,884			$	22,770			$	22,763
End of period			24,004				23,447				23,139				22,884				22,770
Manulife Bank average net lending assets by quarter		$	23,726			$	23,293			$	23,012			$	22,827			$	22,767
Manulife Bank average net lending assets – full year						$	23,105

As at ($ millions)		Mar 31, 2022				Dec 31, 2021				Sep 30, 2021				Jun 30, 2021				Mar 31, 2021
Total equity		$	56,849			$	58,869			$	55,951			$	54,254			$	51,992
Exclude AOCI gain/(loss) on cash flow hedges			(70	)			(156	)			(159	)			(166	)			(117	)
Total equity excluding AOCI on cash flow hedges			56,919				59,025				56,110				54,420				52,109
Qualifying capital instruments			6,950				6,980				6,986				6,936				7,432
Consolidated capital		$	63,869			$	66,005			$	63,096			$	61,356			$	59,541

		Quarterly Results																				Full Year Results
($ millions, pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Global WAM core earnings (post-tax)		$	324			$	387			$	351			$	356			$	312			$	1,406
Addback taxes, acquisition costs, other expenses and deferred sales commissions
Core income tax (expense) recovery (see above)			61				52				66				64				52				234
Acquisition costs, other expenses			81				79				86				79				79				323
Deferred sales commissions			24				25				26				22				26				99
Core EBITDA		$	490			$	543			$	529			$	521			$	469			$	2,062
CER adjustment(1)			-				1				2			3					(6	)			-
Core EBITDA, CER basis		$	490			$	544			$	531			$	524			$	463			$	2,062
Core EBITDA by business line
Retirement		$	277			$	306			$	313			$	305			$	286			$	1,210
Retail			201				220				199				196				175				790
Institutional asset management			12				17				17				20				8				62
Total		$	490			$	543			$	529			$	521			$	469			$	2,062
Core EBITDA by geographic source
Asia		$	113			$	115			$	134			$	131			$	131			$	511
Canada			171				185				172				169				156				682
U.S.			206				243				223				221				182				869
Total		$	490			$	543			$	529			$	521			$	469			$	2,062
Core EBITDA by business line, CER basis
Retirement		$	277			$	307			$	314			$	312			$	286			$	1,219
Retail			201				220				199				193				169				781
Institutional asset management			12				17				18				19				8				62
Total, CER basis		$	490			$	544			$	531			$	524			$	463			$	2,062
Core EBITDA by geographic source, CER basis
Asia		$	113			$	115			$	136			$	127			$	124			$	502
Canada			171				185				171				169				157				682
U.S.			206				244				224				228				182				878
Total, CER basis		$	490			$	544			$	531			$	524			$	463			$	2,062

(1)	The impact of updating foreign exchange rates to that which was used in 1Q22.

		Quarterly Results																				Full Year Results
($ millions, unless otherwise stated)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Core EBITDA margin
Core EBITDA		$	490			$	543			$	529			$	521			$	469			$	2,062
Global WAM revenue		$	1,586			$	1,727			$	1,680			$	1,607			$	1,527			$	6,541
Core EBITDA margin			30.9	%			31.4	%			31.5	%			32.4	%			30.7	%			31.5	%

							Quarterly Results																Full Year Results
($ millions, and based on actual foreign exchange rates in effect in the applicable reporting period, unlessotherwise stated)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Expense Efficiency Ratio
Core general expenses		$	1,877			$	1,973			$	1,904			$	1,794			$	1,882			$	7,553
Core earnings (pre-tax)			1,876				2,054				1,811				2,036				1,995				7,896
Total - Core earnings (pre-tax) and Core general   expenses		$	3,753			$	4,027			$	3,715			$	3,830			$	3,877			$	15,449
Expense Efficiency Ratio			50.0	%			49.0	%			51.3	%			46.8	%			48.5	%			48.9	%
Core general expenses
General expenses - Financial Statements		$	1,898			$	2,000			$	1,904			$	1,892			$	2,032			$	7,828
Less: General expenses included in items   excluded from core earnings
Restructuring charge			-				-				-				-				150				150
Integration and acquisition			8				-				-				-				-				-
Legal provisions and Other expenses			13				27				-				98				-				125
Total		$	21			$	27			$	-			$	98			$	150			$	275
Core general expenses		$	1,877			$	1,973			$	1,904			$	1,794			$	1,882			$	7,553
Core general expenses		$	1,877			$	1,973			$	1,904			$	1,794			$	1,882			$	7,553
CER adjustment(1)			-				4				1				27				(14	)			18
Core general expenses, CER basis		$	1,877			$	1,977			$	1,905			$	1,821			$	1,868			$	7,571

(1)	The impact of updating foreign exchange rates to that which was used in 1Q22.

		Quarterly Results																				Full Year Results
($ millions, unless otherwise stated)			1Q22				4Q21				3Q21				2Q21				1Q21				2021
Income before income taxes		$	3,711			$	2,481			$	1,480			$	3,292			$	872			$	8,125
Less: Income before income taxes for segments   other than Global WAM			3,325				2,043				1,062				2,873				506				6,484
Global WAM income before income taxes			386				438				418				419				366				1,641
Items unrelated to net fee income			600				616				599				548				561				2,324
Global WAM net fee income			986				1,054				1,017				967				927				3,965
Less: Net fee income from other segments			118				122				118				109				109				458
Global WAM net fee income excluding net fee   income from other segments			868				932				899				858				818				3,507
Net annualized fee income		$	3,516			$	3,698			$	3,565			$	3,441			$	3,318			$	3,507
Average Assets under Management and    Administration		$	820,393			$	835,494			$	815,927			$	775,849			$	765,033			$	798,022
Net fee income yield (bps)			42.9				44.3				43.7				44.4				43.4				43.9

E4	Caution regarding forward-looking statements

E5	Quarterly financial information

As at and for the three months ended		Mar 31,				Dec 31,				Sept 30,				Jun 30,				Mar 31,				Dec 31,				Sept 30,				Jun 30,
($ millions, except per share amounts or otherwise stated, unaudited)		2022				2021				2021				2021				2021				2020				2020				2020
Revenue
Premium income
Life and health insurance(1)		$	9,521			$	9,159			$	9,269			$	8,716			$	8,986			$	8,651			$	5,302			$	7,560
Annuities and pensions(2)			(19	)			901				714				698				622				672				704				673
Net premium income			9,502				10,060				9,983				9,414				9,608				9,323				6,006				8,233
Investment income			3,417				4,350				3,964				4,099				3,214				4,366				3,521				5,262
Realized and unrealized gains and losses   on assets supporting insurance and   investment contract liabilities(3)			(18,540	)			4,460				(958	)			9,551				(17,056	)			1,683				1,100				11,626
Other revenue			1,991				2,741				2,994				2,760				2,637				2,497				2,749				2,365
Total revenue		$	(3,630	)		$	21,611			$	15,983			$	25,824			$	(1,597	)		$	17,869			$	13,376			$	27,486
Income (loss) before income taxes		$	3,711			$	2,481			$	1,480			$	3,292			$	872			$	2,065			$	2,170			$	832
Income tax (expense) recovery			(809	)			(430	)			(166	)			(610	)			(7	)			(224	)			(381	)			7
Net income (loss)		$	2,902			$	2,051			$	1,314			$	2,682			$	865			$	1,841			$	1,789			$	839
Net income (loss) attributed to   shareholders		$	2,970			$	2,084			$	1,592			$	2,646			$	783			$	1,780			$	2,068			$	727
Basic earnings (loss) per common share		$	1.51			$	1.04			$	0.80			$	1.33			$	0.38			$	0.90			$	1.04			$	0.35
Diluted earnings (loss) per common   share		$	1.50			$	1.03			$	0.80			$	1.33			$	0.38			$	0.89			$	1.04			$	0.35
Segregated funds deposits		$	12,328			$	10,920			$	10,929			$	10,301			$	12,395			$	9,741			$	9,158			$	8,784
Total assets (in billions)		$	865			$	918			$	898			$	879			$	859			$	880			$	876			$	866
Weighted average common shares (in   millions)			1,938				1,943				1,942				1,942				1,941				1,940				1,940				1,939
Diluted weighted average common   shares (in millions)			1,942				1,946				1,946				1,946				1,945				1,943				1,942				1,941
Dividends per common share		$	0.330			$	0.330			$	0.280			$	0.280			$	0.280			$	0.280			$	0.280			$	0.280
CDN$ to US$1 - Statement of Financial   Position			1.2496				1.2678				1.2741				1.2394				1.2575				1.2732				1.3339				1.3628
CDN$ to US$1 - Statement of Income			1.2663				1.2601				1.2602				1.2282				1.2660				1.3030				1.3321				1.3854

(1)	Includes ceded premiums related to the reinsurance of a block of our legacy U.S. Bank-Owned Life Insurance of US$2.4 billion in 3Q20.

(2)	Includes lower revenue related to the reinsurance of a block of our legacy U.S. variable annuity business of US$0.9 billion in 1Q22.

(3)

For fixed income assets supporting insurance and investment contract liabilities and for equities supporting pass-through products and derivatives related to variable hedging programs, the impact of realized and unrealized gains (losses) on the assets is largely offset in the change in insurance and investment contract liabilities.

E6

Other

As at
(Canadian $ in millions, unaudited)		March 31, 2022				December 31, 2021
Assets
Cash and short-term securities		$	22,069			$	22,594
Debt securities			208,587				224,139
Public equities			25,449				28,067
Mortgages			52,287				52,014
Private placements			42,650				42,842
Policy loans			6,308				6,397
Loans to Bank clients			2,667				2,506
Real estate			13,334				13,233
Other invested assets			36,050				35,306
Total invested assets (note 3)			409,401				427,098
Other assets
Accrued investment income			2,801				2,641
Outstanding premiums			1,300				1,294
Derivatives (note 4)			10,302				17,503
Reinsurance assets			44,390				44,579
Deferred tax assets			5,313				5,254
Goodwill and intangible assets			9,726				9,915
Miscellaneous			9,957				9,571
Total other assets			83,789				90,757
Segregated funds net assets (note 14)			371,928				399,788
Total assets		$	865,118			$	917,643
Liabilities and Equity
Liabilities
Insurance contract liabilities (note 5)		$	368,889			$	392,275
Investment contract liabilities (note 5)			3,095				3,117
Deposits from Bank clients			21,714				20,720
Derivatives (note 4)			10,037				10,038
Deferred tax liabilities			3,057				2,769
Other liabilities			16,855				18,205
			423,647				447,124
Long-term debt (note 7)			5,744				4,882
Capital instruments (note 8)			6,950				6,980
Segregated funds net liabilities (note 14)			371,928				399,788
Total liabilities			808,269				858,774
Equity
Preferred shares and other equity (note 9)			5,670				6,381
Common shares (note 9)			22,933				23,093
Contributed surplus			262				262
Shareholders' and other equity holders' retained earnings			25,559				23,492
Shareholders' accumulated other comprehensive income (loss):
Pension and other post-employment plans			(101	)			(114	)
Available-for-sale securities			(1,582	)			848
Cash flow hedges			(70	)			(156	)
Real estate revaluation reserve			23				23
Translation of foreign operations			3,763				4,579
Total shareholders' and other equity			56,457				58,408
Participating policyholders' equity			(1,322	)			(1,233	)
Non-controlling interests			1,714				1,694
Total equity			56,849				58,869
Total liabilities and equity		$	865,118			$	917,643
The accompanying notes are an integral part of these unaudited Interim Consolidated Financial Statements.

For the three months ended March 31,
(Canadian $ in millions except per share amounts, unaudited)		2022				2021
Revenue
Premium income
Gross premiums		$	11,654			$	10,992
Premiums ceded to reinsurers			(2,152	)			(1,384	)
Net premiums			9,502				9,608
Investment income (note 3)
Investment income			3,417				3,214
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and on the macro hedge program			(18,540	)			(17,056	)
Net investment income (loss)			(15,123	)			(13,842	)
Other revenue (note 10)			1,991				2,637
Total revenue			(3,630	)			(1,597	)
Contract benefits and expenses
To contract holders and beneficiaries
Gross claims and benefits (note 5)			8,517				7,643
Increase (decrease) in insurance contract liabilities			(17,528	)			(13,025	)
Increase (decrease) in investment contract liabilities			(14	)			2
Benefits and expenses ceded to reinsurers			(2,002	)			(1,788	)
(Increase) decrease in reinsurance assets			(599	)			158
Net benefits and claims			(11,626	)			(7,010	)
General expenses			1,898				2,032
Investment expenses			441				480
Commissions			1,597				1,677
Interest expense			243				250
Net premium taxes			106				102
Total contract benefits and expenses			(7,341	)			(2,469	)
Income before income taxes			3,711				872
Income tax (expense) recovery			(809	)			(7	)
Net income		$	2,902			$	865
Net income (loss) attributed to:
Non-controlling interests		$	21			$	91
Participating policyholders			(89	)			(9	)
Shareholders and other equity holders			2,970				783
		$	2,902			$	865
Net income attributed to shareholders		$	2,970			$	783
Preferred share dividends and other equity distributions			(52	)			(43	)
Common shareholders' net income		$	2,918			$	740
Earnings per share
Basic earnings per common share (note 9)		$	1.51			$	0.38
Diluted earnings per common share (note 9)			1.50				0.38
Dividends per common share			0.33				0.28
The accompanying notes are an integral part of these unaudited Interim Consolidated Financial Statements.

For the three months ended March 31,
(Canadian $ in millions, unaudited)		2022				2021
Net income		$	2,902			$	865
Other comprehensive income (loss) ("OCI"), net of tax
Items that may be subsequently reclassified to net income:
Foreign exchange gains (losses) on:
Translation of foreign operations			(910	)			(905	)
Net investment hedges			94				96
Available-for-sale financial securities:
Unrealized gains (losses) arising during the period			(2,534	)			(2,645	)
Reclassification of net realized (gains) losses and impairments to net income			100				(48	)
Cash flow hedges:
Unrealized gains (losses) arising during the period			74				98
Reclassification of realized gains (losses) to net income			12				14
Share of other comprehensive income (losses) of associates			-				2
Total items that may be subsequently reclassified to net income			(3,164	)			(3,388	)
Items that will not be reclassified to net income:
Change in actuarial gains (losses) on pension and other post-employment plans			13				85
Real estate revaluation reserve			-				(11	)
Total items that will not be reclassified to net income			13				74
Other comprehensive income (loss), net of tax			(3,151	)			(3,314	)
Total comprehensive income (loss), net of tax		$	(249	)		$	(2,449	)
Total comprehensive income (loss) attributed to:
Non-controlling interests		$	17			$	88
Participating policyholders			(89	)			(10	)
Shareholders and other equity holders			(177	)			(2,527	)

For the three months ended March 31,
(Canadian $ in millions, unaudited)		2022				2021
Income tax expense (recovery) on:
Unrealized gains (losses) on available-for-sale financial securities		$	(453	)		$	(451	)
Reclassification of realized gains (losses) and recoveries (impairments) to net income on available- for-sale financial securities			32				(7	)
Unrealized gains (losses) on cash flow hedges			15				20
Reclassification of realized gains (losses) to net income on cash flow hedges			3				5
Unrealized foreign exchange gains (losses) on net investment hedges			11				15
Share of other comprehensive income (loss) of associates			-				(1	)
Change in pension and other post-employment plans			8				28
Total income tax expense (recovery)		$	(384	)		$	(391	)
The accompanying notes are an integral part of these unaudited Interim Consolidated Financial Statements.

For the three months ended March 31,
(Canadian $ in millions, unaudited)		2022				2021
Preferred shares and other equity
Balance, beginning of period		$	6,381			$	3,822
Issued (note 9)			-				2,000
Redeemed (note 9)			(711	)			-
Issuance costs, net of tax			-				(18	)
Balance, end of period			5,670				5,804
Common shares
Balance, beginning of period			23,093				23,042
Repurchased (note 9)			(171	)			-
Issued on exercise of stock options and deferred share units			11				38
Balance, end of period			22,933				23,080
Contributed surplus
Balance, beginning of period			262				261
Exercise of stock options and deferred share units			(2	)			(7	)
Stock option expense			2				4
Balance, end of period			262				258
Shareholders' and other equity holders' retained earnings
Balance, beginning of period			23,492				18,887
Net income attributed to shareholders and other equity holders			2,970				783
Common shares repurchased			(206	)			-
Preferred share dividends and other equity distributions			(52	)			(43	)
Preferred shares redeemed (note 9)			(14	)			-
Common share dividends			(631	)			(544	)
Balance, end of period			25,559				19,083
Shareholders' accumulated other comprehensive income (loss) ("AOCI")
Balance, beginning of period			5,180				6,323
Change in unrealized foreign exchange gains (losses) on net foreign operations			(816	)			(808	)
Change in actuarial gains (losses) on pension and other post-employment plans			13				85
Change in unrealized gains (losses) on available-for-sale financial securities			(2,430	)			(2,690	)
Change in unrealized gains (losses) on derivative instruments designated as cash flow hedges			86				112
Change in real estate revaluation reserve			-				(11	)
Share of other comprehensive income (losses) of associates			-				2
Balance, end of period			2,033				3,013
Total shareholders' and other equity, end of period			56,457				51,238
Participating policyholders' equity
Balance, beginning of period			(1,233	)			(784	)
Net income (loss) attributed to participating policyholders			(89	)			(9	)
Other comprehensive income (losses) attributed to policyholders			-				(1	)
Balance, end of period			(1,322	)			(794	)
Non-controlling interests
Balance, beginning of period			1,694				1,455
Net income attributed to non-controlling interests			21				91
Other comprehensive income (losses) attributed to non-controlling interests			(4	)			(3	)
Contributions (distributions), net			3				5
Balance, end of period			1,714				1,548
Total equity, end of period		$	56,849			$	51,992
The accompanying notes are an integral part of these unaudited Interim Consolidated Financial Statements.

For the three months ended March 31,
(Canadian $ in millions, unaudited)		2022				2021
Operating activities
Net income		$	2,902			$	865
Adjustments:
Increase (decrease) in insurance contract liabilities			(16,080	)			(13,025	)
Increase (decrease) in investment contract liabilities			(14	)			2
(Increase) decrease in reinsurance assets			233				158
Amortization of (premium) discount on invested assets			34				34
Other amortization			133				132
Net realized and unrealized (gains) losses and impairment on assets			19,731				18,313
Gain on U.S. variable annuity reinsurance transaction (pre-tax) (Note 5)			(1,065	)			-
Deferred income tax expense (recovery)			533				(506	)
Stock option expense			2				4
Cash provided by operating activities before undernoted items			6,409				5,977
Cash decrease due to U.S. variable annuity reinsurance transaction (Note 5)			(1,263	)			-
Changes in policy related and operating receivables and payables			(2,621	)			(2,086	)
Cash provided by (used in) operating activities			2,525				3,891
Investing activities
Purchases and mortgage advances			(33,821	)			(33,231	)
Disposals and repayments			30,318				24,098
Change in investment broker net receivables and payables			515				238
Net cash flows from acquisition and disposal of subsidiaries and businesses			-				(4	)
Cash provided by (used in) investing activities			(2,988	)			(8,899	)
Financing activities
Issue of long-term debt, net (note 7)			946				-
Redemption of capital instruments (note 8)			-				(350	)
Secured borrowings			291				73
Change in repurchase agreements and securities sold but not yet purchased			(78	)			1,150
Changes in deposits from Bank clients, net			1,005				(846	)
Lease payments			(33	)			(32	)
Shareholders' dividends and other equity distributions			(697	)			(587	)
Common shares repurchased			(377	)			-
Common shares issued, net (note 9)			11				38
Preferred shares and other equity issued, net (note 9)			-				1,982
Preferred shares redeemed, net (note 9)			(711	)			-
Contributions from (distributions to) non-controlling interests, net			3				5
Cash provided by (used in) financing activities			360				1,433
Cash and short-term securities
Increase (decrease) during the period			(103	)			(3,575	)
Effect of foreign exchange rate changes on cash and short-term securities			(255	)			(328	)
Balance, beginning of period			21,930				25,583
Balance, end of period			21,572				21,680
Cash and short-term securities
Beginning of period
Gross cash and short-term securities			22,594				26,167
Net payments in transit, included in other liabilities			(664	)			(584	)
Net cash and short-term securities, beginning of period			21,930				25,583
End of period
Gross cash and short-term securities			22,069				22,443
Net payments in transit, included in other liabilities			(497	)			(763	)
Net cash and short-term securities, end of period		$	21,572			$	21,680
Supplemental disclosures on cash flow information
Interest received		$	2,712			$	2,749
Interest paid			212				189
Income taxes paid			535				52
The accompanying notes are an integral part of these unaudited Interim Consolidated Financial Statements.

(a)	Reporting entity

(b)	Basis of preparation

(a)	Changes in accounting and reporting policy

(I)	Annual Improvements 2018–2020 Cycle

(II)	Amendments to IFRS 3 “Business Combinations”

(III)

Amendments to IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”

(b)	Future accounting and reporting changes

(I)	IFRS 17 “Insurance Contracts” and IFRS 9 “Financial Instruments”

•

Under IFRS 17 the discount rate used to estimate the present value of insurance contract liabilities is based on the characteristics of the liability, whereas under CALM, the Company uses the rates of returns for current and projected assets supporting insurance contract liabilities to value the liabilities. The difference in the discount rate approach also impacts the timing of investment results. Under IFRS 17, the impact of investing activities will emerge into earnings over the life of the assets, whereas under CALM, the impact of investing activities is capitalized into reserves and therefore earnings in the period they occur.

•	Under IFRS 17 the discount rate is not related to the expected return on Alternative Long-Duration Assets (“ALDA”) and public equity assets, and as a result, the earnings sensitivity of a change in return assumptions for ALDA and public equity will be significantly reduced.

•

Under IFRS 17 the Company will elect the option to record changes in insurance contract liabilities arising from changes in interest rates through other comprehensive income and will classify debt instruments as fair value through other comprehensive income under IFRS 9. Under CALM, changes in insurance contract liabilities are recorded in net income.

•

Under IFRS 17 new business gains are recorded on the Consolidated Statements of Financial Position (in the Contractual Service Margin (“CSM”) component of the insurance contract liability) and amortized into income as services are provided. New business losses are recorded into income immediately. Under CALM, both new business gains and new business losses are recognized in income immediately. The overall impact of establishing the CSM, as well as other measurement impacts on our assets and liabilities, is expected to decrease equity upon transition of approximately 20%.

(a)	Carrying values and fair values of invested assets

As at March 31, 2022		FVTPL(1)				AFS(2)				Other(3)				Total carrying value				Total fair value
Cash and short-term securities(4)		$	1,988			$	13,903			$	6,178			$	22,069			$	22,069
Debt securities(3),(5),(6)
Canadian government and agency			17,105				4,220				-				21,325				21,325
U.S. government and agency			10,329				17,390				841				28,560				28,482
Other government and agency			21,071				2,764				-				23,835				23,835
Corporate			125,302				6,315				461				132,078				132,014
Mortgage/asset-backed securities			2,638				151				-				2,789				2,789
Public equities			23,405				2,044				-				25,449				25,449
Mortgages			-				-				52,287				52,287				51,806
Private placements(6)			-				-				42,650				42,650				42,882
Policy loans			-				-				6,308				6,308				6,308
Loans to Bank clients			-				-				2,667				2,667				2,657
Real estate
Own use property			-				-				1,783				1,783				3,015
Investment property			-				-				11,551				11,551				11,551
Other invested assets
Alternative long-duration assets(7)			21,554				82				10,334				31,970				32,637
Various other			132				-				3,948				4,080				4,080
Total invested assets		$	223,524			$	46,869			$	139,008			$	409,401			$	410,899
As at December 31, 2021		FVTPL(1)				AFS(2)				Other(3)				Total carrying value				Total fair value
Cash and short-term securities(4)		$	2,214			$	14,339			$	6,041			$	22,594			$	22,594
Debt securities(3),(5),(6)
Canadian government and agency			18,706				3,964				-				22,670				22,670
U.S. government and agency			12,607				18,792				852				32,251				32,254
Other government and agency			21,888				2,871				-				24,759				24,759
Corporate			133,763				7,332				468				141,563				141,560
Mortgage/asset-backed securities			2,758				138				-				2,896				2,896
Public equities			25,716				2,351				-				28,067				28,067
Mortgages			-				-				52,014				52,014				54,089
Private placements(6)			-				-				42,842				42,842				47,276
Policy loans			-				-				6,397				6,397				6,397
Loans to Bank clients			-				-				2,506				2,506				2,503
Real estate
Own use property			-				-				1,812				1,812				3,024
Investment property			-				-				11,421				11,421				11,421
Other invested assets
Alternative long-duration assets(7)			21,022				89				10,093				31,204				31,863
Various other			135				-				3,967				4,102				4,102
Total invested assets		$	238,809			$	49,876			$	138,413			$	427,098			$	435,475

(1)

FVTPL classification was elected for securities backing insurance contract liabilities to substantially reduce any accounting mismatch arising from changes in the fair value of these assets and changes in the value of the related insurance contract liabilities. If this election had not been made and instead the available-for-sale (“AFS”) classification was selected, there would be an accounting mismatch because changes in insurance contract liabilities are recognized in net income rather than in OCI.

(2)	Securities that are designated as AFS are not actively traded by the Company but sales do occur as circumstances warrant. Such sales result in a reclassification of any accumulated unrealized gain (loss) in AOCI to net income as a realized gain (loss).

(3)	Primarily includes assets classified as loans and carried at amortized cost, own use properties, investment properties, equity method accounted investments, and leveraged leases. Also includes debt securities classified as held-to-maturity which are accounted for at amortized cost.

(4)	Includes short-term securities with maturities of less than one year at acquisition amounting to $6,060 (December 31, 2021 – $7,314) cash equivalents with maturities of less than 90 days at acquisition amounting to $9,831 (December 31, 2021 – $9,239) and cash of $6,178 (December 31, 2021 – $6,041).

(5)	Debt securities include securities which were acquired with maturities of less than one year and less than 90 days of $1,674 and $30, respectively (December 31, 2021 – $2,196 and $347, respectively).

(6)

Floating rate invested assets above which are subject to interest rate benchmark reform, but have not yet transitioned to replacement reference rates, include debt securities benchmarked to CDOR and USD LIBOR of $220 and $920 (December 31, 2021 - $176 and $1,002 respectively), and private placements benchmarked to USD LIBOR, AUD BBSW and NZD BKBM of $1,958, $168 and $43 (December 31, 2021 - $1,984, $166 and $43, respectively). Exposures indexed to USD LIBOR represent floating rate invested assets with maturity dates beyond June 30, 2023 while all other exposures represent floating rate invested assets with maturity dates beyond December 31, 2021. The interest rate benchmark reform is expected to have an impact on the valuation of invested assets whose value is tied to the affected interest rate benchmarks. The Company has assessed its exposure at the contract level, by benchmark and instrument type. The Company is monitoring market developments with respect to alternative reference rates and the time horizon during which they will evolve. As of March 31, 2022, the interest rate benchmark reform has not resulted in significant changes in the Company’s risk management strategy.

(7)	Alternative long-duration assets (“ALDA”) include investments in private equity of $11,771, infrastructure of $10,373, oil and gas of $1,915, timber and agriculture of $5,253 and various other invested assets of $2,658 (December 31, 2021 – $11,598, $9,824, $1,950, $5,259 and $2,573, respectively).

(b)	Investment income

For the three months ended March 31,		2022				2021
Interest income		$	2,919			$	2,895
Dividend, rental income and other income			930				689
Impairments, provisions and recoveries, net			(16	)			(35	)
Realized and unrealized gains (losses) on surplus assets excluding the macro hedge program			(416	)			(335	)
			3,417				3,214
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities and, on the macro hedge program
Debt securities			(14,307	)			(9,559	)
Public equities			(864	)			996
Mortgages			64				45
Private placements			211				222
Real estate			297				(41	)
Other invested assets			372				662
Derivatives, including macro hedge program			(4,313	)			(9,381	)
			(18,540	)			(17,056	)
Total investment income (loss)		$	(15,123	)		$	(13,842	)

(c)	Fair value measurement

As at March 31, 2022		Total fair value				Level 1				Level 2				Level 3
Cash and short-term securities
FVTPL		$	1,988			$	-			$	1,988			$	-
AFS			13,903				-				13,903				-
Other			6,178				6,178				-				-
Debt securities
FVTPL
Canadian government and agency			17,105				-				17,105				-
U.S. government and agency			10,329				-				10,329				-
Other government and agency			21,071				-				21,071				-
Corporate			125,302				-				125,289				13
Residential mortgage-backed securities			7				-				7				-
Commercial mortgage-backed securities			1,023				-				1,023				-
Other asset-backed securities			1,608				-				1,582				26
AFS
Canadian government and agency			4,220				-				4,220				-
U.S. government and agency			17,390				-				17,390				-
Other government and agency			2,764				-				2,754				10
Corporate			6,315				-				6,315				-
Residential mortgage-backed securities			1				-				1				-
Commercial mortgage-backed securities			71				-				71				-
Other asset-backed securities			79				-				79				-
Public equities
FVTPL			23,405				23,404				-				1
AFS			2,044				2,044				-				-
Real estate - investment property(1)			11,551				-				-				11,551
Other invested assets(2)			24,894				287				-				24,607
Segregated funds net assets(3)			371,928				335,692				31,857				4,379
Total		$	663,176			$	367,605			$	254,984			$	40,587

As at December 31, 2021		Total fair value				Level 1				Level 2				Level 3
Cash and short-term securities
FVTPL		$	2,214			$	-			$	2,214			$	-
AFS			14,339				-				14,339				-
Other			6,041				6,041				-				-
Debt securities
FVTPL
Canadian government and agency			18,706				-				18,706				-
U.S. government and agency			12,607				-				12,607				-
Other government and agency			21,888				-				21,888				-
Corporate			133,763				-				133,723				40
Residential mortgage-backed securities			8				-				8				-
Commercial mortgage-backed securities			1,103				-				1,103				-
Other asset-backed securities			1,647				-				1,619				28
AFS
Canadian government and agency			3,964				-				3,964				-
U.S. government and agency			18,792				-				18,792				-
Other government and agency			2,871				-				2,871				-
Corporate			7,332				-				7,331				1
Residential mortgage-backed securities			1				-				1				-
Commercial mortgage-backed securities			79				-				79				-
Other asset-backed securities			58				-				58				-
Public equities
FVTPL			25,716				25,716				-				-
AFS			2,351				2,349				2				-
Real estate - investment property(1)			11,421				-				-				11,421
Other invested assets(2)			24,300				257				-				24,043
Segregated funds net assets(3)			399,788				361,447				34,060				4,281
Total		$	708,989			$	395,810			$	273,365			$	39,814

(1)

For real estate investment properties, the significant unobservable inputs are capitalization rates (ranging from 2.25% to 9.00% during the period and ranging from 2.25% to 9.00% during the year 2021) and terminal capitalization rates (ranging from 3.25% to 9.25% during the period and ranging from 3.25% to 9.25% during the year 2021). Holding other factors constant, a lower capitalization or terminal capitalization rate will tend to increase the fair value of an investment property. Changes in fair value based on variations in unobservable inputs generally cannot be extrapolated because the relationship between the directional changes of each input is not usually linear.

(2)

Other invested assets measured at fair value are held primarily in infrastructure and timber sectors. The significant inputs used in the valuation of the Company’s infrastructure investments are primarily future distributable cash flows, terminal values and discount rates. Holding other factors constant, an increase to future distributable cash flows or terminal values would tend to increase the fair value of an infrastructure investment, while an increase in the discount rate would have the opposite effect. Discount rates during the period ranged from 7.00% to 15.6% (for the year ended December 31, 2021 – ranged from 7.25% to 20.0%). Disclosure of distributable cash flow and terminal value ranges are not meaningful given the disparity in estimates by project. The significant inputs used in the valuation of the Company’s investments in timberland properties are timber prices and discount rates. Holding other factors constant, an increase to timber prices would tend to increase the fair value of a timberland investment, while an increase in the discount rates would have the opposite effect. Discount rates during the period ranged from 4.5% to 7.0% (for the year ended December 31, 2021 – ranged from 4.5% to 7.0%). A range of prices for timber is not meaningful as the market price depends on factors such as property location and proximity to markets and export yards.

(3)	Segregated funds net assets are measured at fair value. The Company’s Level 3 segregated funds assets are predominantly in real estate investment properties and timberland properties valued as described above.

As at March 31, 2022		Carrying value				Total fair value				Level 1				Level 2				Level 3
Mortgages		$	52,287			$	51,806			$	-			$	-			$	51,806
Private placements			42,650				42,882				-				38,222				4,660
Policy loans			6,308				6,308				-				6,308				-
Loans to Bank clients			2,667				2,657				-				2,657				-
Real estate - own use property			1,783				3,015				-				-				3,015
Public Bonds HTM			1,302				1,160				-				1,160				-
Other invested assets(1)			11,156				11,823				129				-				11,694
Total invested assets disclosed at fair value		$	118,153			$	119,651			$	129			$	48,347			$	71,175
As at December 31, 2021		Carrying value				Total fair value				Level 1				Level 2				Level 3
Mortgages		$	52,014			$	54,089			$	-			$	-			$	54,089
Private placements			42,842				47,276				-				42,110				5,166
Policy loans			6,397				6,397				-				6,397				-
Loans to Bank clients			2,506				2,503				-				2,503				-
Real estate - own use property			1,812				3,024				-				-				3,024
Public Bonds HTM			1,320				1,320				-				1,320				-
Other invested assets(1)			11,006				11,665				120				-				11,545
Total invested assets disclosed at fair value		$	117,897			$	126,274			$	120			$	52,330			$	73,824

(1)	Other invested assets disclosed at fair value include $3,442 (December 31, 2021 - $3,457) of leveraged leases which are disclosed at their carrying values as fair value is not routinely calculated on these investments.

For the three months ended March 31, 2022		Balance, January 1, 2022				Total gains (losses) included in net income(1)				Total gains (losses) included in AOCI(2)				Purchases				Sales				Settlements				Transfer in(3)				Transfer out(3)				Currency movement				Balance, March 31, 2022				Change in unrealized gains (losses) on assets still held
Debt securities
FVTPL
Corporate		$	40			$	-			$	-			$	-			$	-			$	-			$	-			$	(27	)		$	-			$	13			$	-
Other securitized assets			28				1				-				-				-				(2	)			-				-				(1	)			26				1
AFS
Other government & agency			-				-				-				-				-				-				10				-				-				10				-
Corporate			1				-				-				-				-				-				-				(1	)			-				-				-
Public equities
FVTPL			-				1				-				-				-				-				-				-				-				1				-
Investment property			11,421				281				-				50				(102	)			-				-				-				(99	)			11,551				284
Other invested assets			24,043				285				9				1,014				(31	)			(369	)			4				-				(348	)			24,607				439
Total invested assets			35,533				568				9				1,064				(133	)			(371	)			14				(28	)			(448	)			36,208				724
Derivatives, net			2,101				(1,672	)			21				-				-				(94	)			-				(388	)			5				(27	)			(1,720	)
Segregated funds net assets			4,281				126				-				68				(51	)			(12	)			-				-				(33	)			4,379				34
Total		$	41,915			$	(978	)		$	30			$	1,132			$	(184	)		$	(477	)		$	14			$	(416	)		$	(476	)		$	40,560			$	(962	)

For the three months ended March 31, 2021		Balance, January 1, 2021				Total gains (losses) included in net income(1)				Total gains (losses) included in AOCI(2)				Purchases				Sales				Settlements				Transfer in(3)				Transfer out(3)				Currency movement				Balance, March 31, 2021				Change in unrealized gains (losses) on assets still held
Debt securities
FVTPL
Corporate		$	510			$	8			$	-			$	-			$	(73	)		$	-			$	-			$	(397	)		$	(2	)		$	46			$	(16	)
Other securitized assets			45				2				-				-				(9	)			-				-				-				(1	)			37				1
AFS
Corporate			3				1				(1	)			-				(1	)			-				-				-				-				2				-
Investment property			10,982				(43	)			-				59				(15	)			-				-				-				(102	)			10,881				(44	)
Other invested assets			19,049				611				1				869				(148	)			(272	)			-				-				(284	)			19,826				646
Total invested assets			30,589				579				-				928				(246	)			(272	)			-				(397	)			(389	)			30,792				587
Derivatives, net			3,443				(3,110	)			31				8				-				(34	)			-				(258	)			(20	)			60				(3,135	)
Segregated funds net assets			4,202				52				-				18				(49	)			-				-				-				(28	)			4,195				25
Total		$	38,234			$	(2,479	)		$	31			$	954			$	(295	)		$	(306	)		$	-			$	(655	)		$	(437	)		$	35,047			$	(2,523	)

(1)	These amounts are included in net investment income on the Consolidated Statements of Income except for the amount related to segregated funds net assets, where the amount is recorded in changes in segregated funds net assets, refer to note 14.

(2)	These amounts are included in AOCI on the Consolidated Statements of Financial Position.

(3)	The Company uses fair values of the assets at the beginning of the year for assets transferred into and out of Level 3 except for derivatives, where the Company uses fair value at the end of the period and at the beginning of the year, respectively.

			March 31, 2022												December 31, 2021
As at			Notional amount				Fair value								Notional amount				Fair value
Type of hedge	Instrument type						Assets				Liabilities								Assets				Liabilities
Qualifying hedge accounting relationships
Fair value hedges	Interest rate swaps		$	-			$	-			$	-			$	-			$	-			$	-
	Foreign currency swaps			56				1				-				57				1				1
Cash flow hedges	Foreign currency swaps			1,208				-				289				1,251				5				379
	Equity contracts			285				16				-				145				10				-
Net investment hedges	Forward contracts			611				-				18				671				9				-
Total derivatives in qualifying hedge accounting relationships				2,160				17				307				2,124				25				380
Derivatives not designated in qualifying hedge accounting relationships
Interest rate swaps				257,704				7,449				6,398				300,556				11,832				7,347
Interest rate futures				8,659				-				-				11,944				-				-
Interest rate options				8,663				339				-				10,708				514				-
Foreign currency swaps				36,756				895				1,578				36,405				790				1,722
Currency rate futures				2,281				-				-				3,086				-				-
Forward contracts				45,149				891				1,706				45,295				2,674				562
Equity contracts				15,095				710				48				18,577				1,667				27
Credit default swaps				62				1				-				44				1				-
Equity futures				5,183				-				-				11,359				-				-
Total derivatives not designated in qualifying hedge accounting relationships				379,552				10,285				9,730				437,974				17,478				9,658
Total derivatives			$	381,712			$	10,302			$	10,037			$	440,098			$	17,503			$	10,038

		Remaining term to maturity
As at March 31, 2022		Less than 1 year				1 to 3 years				3 to 5 years				Over 5 years				Total
Derivative assets		$	1,051			$	839			$	526			$	7,886			$	10,302
Derivative liabilities			1,025				832				457				7,723				10,037
		Remaining term to maturity
As at December 31, 2021		Less than 1 year				1 to 3 years				3 to 5 years				Over 5 years				Total
Derivative assets		$	2,500			$	1,803			$	1,000			$	12,200			$	17,503
Derivative liabilities			294				387				379				8,978				10,038

As at March 31, 2022		Fair value				Level 1				Level 2				Level 3
Derivative assets
Interest rate contracts		$	8,590			$	-			$	7,711			$	879
Foreign exchange contracts			985				-				985				-
Equity contracts			726				-				661				65
Credit default swaps			1				-				1				-
Total derivative assets		$	10,302			$	-			$	9,358			$	944
Derivative liabilities
Interest rate contracts		$	7,984			$	-			$	7,021			$	963
Foreign exchange contracts			2,005				-				2,004				1
Equity contracts			48				-				41				7
Total derivative liabilities		$	10,037			$	-			$	9,066			$	971
As at December 31, 2021		Fair value				Level 1				Level 2				Level 3
Derivative assets
Interest rate contracts		$	14,971			$	-			$	12,510			$	2,461
Foreign exchange contracts			854				-				854				-
Equity contracts			1,677				-				1,616				61
Credit default swaps			1				-				1				-
Total derivative assets		$	17,503			$	-			$	14,981			$	2,522
Derivative liabilities
Interest rate contracts		$	7,829			$	-			$	7,419			$	410
Foreign exchange contracts			2,182				-				2,181				1
Equity contracts			27				-				17				10
Total derivative liabilities		$	10,038			$	-			$	9,617			$	421

(a)	Insurance and investment contracts

(b)	Investment contracts – Fair value measurement

(c)	Gross claims and benefits

For the three months ended March 31,		2022				2021
Death, disability and other claims		$	5,238			$	4,716
Maturity and surrender benefits			2,366				2,066
Annuity payments			811				842
Policyholder dividends and experience rating refunds			325				229
Net transfers from segregated funds			(223	)			(210	)
Total		$	8,517			$	7,643

(d)	Reinsurance transaction

(a)	Risk disclosures included in the First Quarter’s MD&A

(b)	Credit risk

(I)	Credit quality

As at March 31, 2022		AAA				AA					A			BBB				BB				B and lower				Total
Commercial mortgages
Retail		$	121			$	1,341			$	4,879			$	2,158			$	213			$	2			$	8,714
Office			104				1,190				5,988				1,384				82				38				8,786
Multi-family residential			509				2,008				3,688				724				32				-				6,961
Industrial			52				422				2,954				369				-				-				3,797
Other			207				990				782				700				45				-				2,724
Total commercial   mortgages			993				5,951				18,291				5,335				372				40				30,982
Agricultural mortgages			-				-				115				235				-				-				350
Private placements			926				5,681				16,038				16,287				989				2,729				42,650
Total		$	1,919			$	11,632			$	34,444			$	21,857			$	1,361			$	2,769			$	73,982
As at December 31, 2021		AAA				AA					A			BBB				BB				B and lower				Total
Commercial mortgages
Retail		$	113			$	1,340			$	5,179			$	1,936			$	228			$	2			$	8,798
Office			56				1,256				6,004				1,291				87				40				8,734
Multi-family residential			557				1,869				3,771				767				32				-				6,996
Industrial			47				376				2,808				328				-				-				3,559
Other			212				1,010				787				956				47				-				3,012
Total commercial    mortgages			985				5,851				18,549				5,278				394				42				31,099
Agricultural mortgages			-				-				119				242				-				-				361
Private placements			976				5,720				16,147				16,220				1,161				2,618				42,842
Total		$	1,961			$	11,571			$	34,815			$	21,740			$	1,555			$	2,660			$	74,302

		March 31, 2022												December 31, 2021
As at		Insured				Uninsured				Total				Insured				Uninsured				Total
Residential mortgages
Performing		$	7,332			$	13,610			$	20,942			$	7,264			$	13,272			$	20,536
Non-performing(1)			5				8				13				6				12				18
Loans to Bank clients
Performing			n/a				2,665				2,665				n/a				2,506				2,506
Non-performing(1)			n/a				2				2				n/a				-				-
Total		$	7,337			$	16,285			$	23,622			$	7,270			$	15,790			$	23,060

(1)	Non-performing refers to payments that are 90 days or more past due.

(II)	Past due or credit impaired financial assets

		Past due but not impaired
As at March 31, 2022		Less than 90 days				90 days and greater				Total				Total impaired				Allowance for credit losses
Debt securities
FVTPL		$	-			$	-			$	-			$	2			$	-
AFS			131				-				131				-				-
Private placements			164				-				164				219				21
Mortgages and loans to Bank clients			58				-				58				45				22
Other financial assets			35				25				60				1				-
Total		$	388			$	25			$	413			$	267			$	43
		Past due but not impaired
As at December 31, 2021		Less than 90 days				90 days and greater				Total				Total impaired				Allowance for credit losses
Debt securities
FVTPL		$	20			$	-			$	20			$	2			$	-
AFS			-				-				-				-				-
Private placements			63				-				63				175				22
Mortgages and loans to Bank clients			61				-				61				51				22
Other financial assets			261				47				308				-				-
Total		$	405			$	47			$	452			$	228			$	44

(c)	Securities lending, repurchase and reverse repurchase transactions

(d)	Credit default swaps

As at March 31, 2022		Notional amount(1)				Fair value				Weighted average maturity (in years)(2)
Single name CDS(3),(4) – Corporate debt
A		$	36			$	1				3
BBB			26				-				2
Total single name CDS		$	62			$	1				3
Total CDS protection sold		$	62			$	1				3

As at December 31, 2021		Notional amount(1)				Fair value				Weighted average maturity (in years)(2)
Single name CDS(3),(4) – Corporate debt
A		$	16			$	-				1
BBB			28				1				2
Total single name CDS		$	44			$	1				2
Total CDS protection sold		$	44			$	1				2

(1)	Notional amounts represent the maximum future payments the Company would have to pay its counterparties assuming a default of the underlying credit and zero recovery on the underlying issuer obligations.

(2)	The weighted average maturity of the CDS is weighted based on notional amounts.

(3)	Ratings are based on S&P where available followed by Moody’s, DBRS, and Fitch. If no rating is available from a rating agency, an internally developed rating is used.

(4)	The Company held no purchased credit protection.

(e)	Derivatives

(f)	Offsetting financial assets and financial liabilities

						Related amounts not set off in the Consolidated Statements of Financial Position
As at March 31, 2022		Gross amounts of financial instruments(1)				Amounts subject to an enforceable master netting arrangement or similar agreements				Financial and cash collateral pledged (received)(2)				Net amount including financing entity(3)				Net amounts excluding financing entity
Financial assets
Derivative assets		$	10,886			$	(7,288	)		$	(3,444	)		$	154			$	154
Securities lending			1,214				-				(1,194	)			-				-
Reverse repurchase agreements			1,347				(310	)			(1,037	)			-				-
Total financial assets		$	13,447			$	(7,598	)		$	(5,675	)		$	154			$	154
Financial liabilities
Derivative liabilities		$	(10,793	)		$	7,288			$	3,300			$	(205	)		$	(82	)
Repurchase agreements			(454	)			310				144				-				-
Total financial liabilities		$	(11,247	)		$	7,598			$	3,444			$	(205	)		$	(82	)
						Related amounts not set off in the Consolidated Statements of Financial Position
As at December 31, 2021		Gross amounts of financial instruments(1)				Amounts subject to an enforceable master netting arrangement or similar agreements				Financial and cash collateral pledged (received)(2)				Net amount including financing entity(3)				Net amounts excluding financing entity
Financial assets
Derivative assets		$	18,226			$	(8,410	)		$	(9,522	)		$	294			$	294
Securities lending			564				-				(564	)			-				-
Reverse repurchase agreements			1,490				(183	)			(1,307	)			-				-
Total financial assets		$	20,280			$	(8,593	)		$	(11,393	)		$	294			$	294
Financial liabilities
Derivative liabilities		$	(10,940	)		$	8,410			$	2,250			$	(280	)		$	(79	)
Repurchase agreements			(536	)			183				353				-				-
Total financial liabilities		$	(11,476	)		$	8,593			$	2,603			$	(280	)		$	(79	)

(1)	Financial assets and liabilities include accrued interest of $592 and $756 respectively (December 31, 2021 – $725 and $902, respectively).

(2)

Financial and cash collateral exclude over-collateralization. As at March 31, 2022, the Company was over-collateralized on OTC derivative assets, OTC derivative liabilities, securities lending and reverse repurchase agreements and repurchase agreements in the amounts of $507, $1,583, $49 and $1, respectively (December 31, 2021 – $599, $875, $36 and $2, respectively). As at March 31, 2022, collateral pledged (received) does not include collateral-in-transit on OTC instruments or include initial margin on exchange traded contracts or cleared contracts.

(3)	Includes derivative contracts entered between the Company and its unconsolidated financing entity. The Company does not exchange collateral on derivative contracts entered with this entity.

As at March 31, 2022		Gross amounts of financial instruments				Amounts subject to an enforceable netting arrangement				Net amounts of financial instruments
Credit linked note		$	1,076			$	(1,076	)		$	-
Variable surplus note			(1,076	)			1,076				-
As at December 31, 2021		Gross amounts of financial instruments				Amounts subject to an enforceable netting arrangement				Net amounts of financial instruments
Credit linked note		$	1,054			$	(1,054	)		$	-
Variable surplus note			(1,054	)			1,054				-

(a)	Carrying value of long-term debt instruments

					March 31,				December 31,
As at	Issue date	Maturity date	Par value		2022				2021
3.050% Senior notes(1)	August 27, 2020	August 27, 2060	US$1,155		$	1,435			$	1,455
5.375% Senior notes(1)	March 4, 2016	March 4, 2046	US$750			926				939
3.703% Senior notes(1),(2)	March 16, 2022	March 16, 2032	US$750			931				-
2.396% Senior notes(1)	June 1, 2020	June 1, 2027	US$200			249				253
2.484% Senior notes(1)	May 19, 2020	May 19, 2027	US$500			621				630
3.527% Senior notes(1)	December 2, 2016	December 2, 2026	US$270			337				342
4.150% Senior notes(1)	March 4, 2016	March 4, 2026	US$1,000			1,245				1,263
Total					$	5,744			$	4,882

(1)	These U.S. dollar senior notes have been designated as hedges of the Company’s net investment in its U.S. operations which reduces the earnings volatility that would otherwise arise from the re-measurement of these senior notes into Canadian dollars.

(2)

Issued by MFC during the first quarter, interest is payable semi-annually. The Company may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a corresponding U.S. Treasury bond, from redemption date to December 16, 2031, plus 25 bps, together with accrued and unpaid interest.

(b)	Fair value measurement

(a)	Carrying value of capital instruments

As at	Issue date		Earliest par redemption date			Maturity date		Par value				March 31, 2022				December 31, 2021
JHFC Subordinated notes(1)	December 14, 2006		n/a			December 15, 2036		$	650			$	647			$	647
2.818% MFC Subordinated debentures(1)	May 12, 2020		May 13, 2030			May 13, 2035		$	1,000				995				995
4.061% MFC Subordinated notes(1),(2)	February 24, 2017		February 24, 2027			February 24, 2032		US$	750				934				947
2.237% MFC Subordinated debentures(1)	May 12, 2020		May 12, 2025			May 12, 2030		$	1,000				997				997
3.00% MFC Subordinated notes(1)	November 21, 2017		November 21, 2024			November 21, 2029		S$	500				460				469
3.049% MFC Subordinated debentures(1)	August 18, 2017		August 20, 2024			August 20, 2029		$	750				749				748
3.317% MFC Subordinated debentures(1)	May 9, 2018		May 9, 2023			May 9, 2028		$	600				599				599
3.181% MLI Subordinated debentures(1)	November 20, 2015		November 22, 2022			November 22, 2027		$	1,000				1,000				999
7.375% JHUSA Surplus notes	February 25, 1994		n/a			February 15, 2024		US$	450				569				579
Total												$	6,950			$	6,980

(1)

The Company is monitoring regulatory and market developments globally with respect to the interest rate benchmark reform. As these rates could potentially be discontinued in the future, the Company will take appropriate actions in due course to accomplish the necessary transitions or replacements. As at March 31, 2022, capital instruments of $647 (December 31, 2021 - $647) have interest rate referencing CDOR. In addition, capital instruments of $4,340, $934, and $460 (December 31, 2021 - $4,338, $947, and $469, respectively) have interest rate reset in the future referencing CDOR, the USD Mid-Swap rate, and the SGD swap rate, respectively.

(2)	Designated as a hedge of the Company’s net investment in its U.S. operations which reduces the earnings volatility that would otherwise arise from the re-measurement of the subordinated notes into Canadian dollars.

(b)	Fair value measurement

(a)	Preferred shares and other equity instruments

																			Net amount(4)
															Face amount				March 31, 2022				December 31, 2021
As at	Issue date		Annual dividend rate/ interest rate(1)				Earliest redemption date(2),(3)				Number of shares (in millions)
Preferred shares
Class A preferred shares
Series 2	February 18, 2005			4.65	%			n/a				14			$	350			$	344			$	344
Series 3	January 3, 2006			4.50	%			n/a				12				300				294				294
Class 1 preferred shares
Series 3(5),(6)	March 11, 2011			2.348	%		June 19, 2026					7				163				160				160
Series 4(7)	June 20, 2016		floating				June 19, 2026					1				37				36				36
Series 7(8)	February 22, 2012			4.312	%		March 19, 2022					10				250				-				244
Series 9(5),(6)	May 24, 2012			4.351	%		September 19, 2022					10				250				244				244
Series 11(5),(6)	December 4, 2012			4.731	%		March 19, 2023					8				200				196				196
Series 13(5),(6)	June 21, 2013			4.414	%		September 19, 2023					8				200				196				196
Series 15(5),(6)	February 25, 2014			3.786	%		June 19, 2024					8				200				195				195
Series 17(5),(6)	August 15, 2014			3.80	%		December 19, 2024					14				350				343				343
Series 19(5),(6)	December 3, 2014			3.675	%		March 19, 2025					10				250				246				246
Series 23(8)	November 22, 2016			4.85	%		March 19, 2022					19				475				-				467
Series 25(5),(6)	February 20, 2018			4.70	%		June 19, 2023					10				250				245				245
Other equity instruments
Limited recourse capital notes
Series 1(9)	February 19, 2021			3.375	%		May 19, 2026					n/a				2,000				1,982				1,982
Series 2(10)	November 12, 2021			4.100	%		February 19, 2027					n/a				1,200				1,189				1,189
Total												131			$	6,475			$	5,670			$	6,381

(1)	Holders of Class A and Class 1 preferred shares are entitled to receive non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors. Non-deferrable interest is payable to LRCN – Series 1 holders semi-annually at the Company’s discretion.

(2)

Redemption of all preferred shares is subject to regulatory approval. MFC may redeem each series, in whole or in part, at par, on the earliest redemption date or every five years thereafter, except for Class A Series 2, Class A Series 3 and Class 1 Series 4 preferred shares. Class A Series 2 and Series 3 preferred shares are past their respective earliest redemption date and MFC may redeem these shares, in whole or in part, at par at any time, subject to regulatory approval, as noted. MFC may redeem the Class 1 Series 4, in whole or in part, at any time, at $25.00 per share if redeemed on June 19, 2026 (the earliest redemption date) and on June 19 every five years thereafter, or at $25.50 per share if redeemed on any other date after June 19, 2021, subject to regulatory approval, as noted.

(3)

Redemption of all LRCN series is subject to regulatory approval. MFC may at its option redeem each series in whole or in part, at a redemption price equal to par, together with accrued and unpaid interest. The redemption period for Series 1 is every five years during the period from May 19 and including June 19, commencing in 2026. The redemption period for Series 2 is every five years during the period from February 19 and including March 19, commencing in 2027.

(4)	Net of after-tax issuance costs.

(5)

On the earliest redemption date and every five years thereafter, the annual dividend rate will be reset to the five-year Government of Canada bond yield plus a yield specified for each series. The specified yield for Class 1 preferred shares is: Series 3 – 1.41%, Series 9 – 2.86%, Series 11 – 2.61%, Series 13 – 2.22%, Series 15 – 2.16%, Series 17 – 2.36%, Series 19 – 2.30%, and Series 25 – 2.55%.

(6)

On the earliest redemption date and every five years thereafter, Class 1 preferred shares are convertible at the option of the holder into a new series that is one number higher than their existing series, and the holders are entitled to non-cumulative preferential cash dividends, payable quarterly if and when declared by the Board of Directors, at a rate equal to the three-month Government of Canada Treasury bill yield plus the rate specified in footnote 5 above.

(7)	The floating dividend rate for the Class 1 Series 4 shares equals the three-month Government of Canada Treasury bill yield plus 1.41%.

(8)	MFC redeemed in full the Class 1 Series 7 and Class 1 Series 23 preferred shares at par, on March 19, 2022, the earliest par redemption date.

(9)

The LRCN – Series 1 bear interest at a fixed rate of 3.375% payable semi-annually, until June 18, 2026. On June 19, 2026 and every five years thereafter until June 19, 2076, the interest rate on the LRCN – Series 1 will be reset at an interest rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.839%. Non-deferrable interest is payable semi-annually on the LRCN – Series 1 at the Company’s discretion. Non-payment of interest or principal when due will result in a recourse event, with the noteholders’ sole remedy being receipt of their proportionate share of Class 1 Series 27 preferred shares held in a newly formed consolidated trust (the Limited Recourse Trust). All claims of the holders of LRCN – Series 1 against MFC will be extinguished upon receipt of the corresponding trust assets. The Class 1 Series 27 preferred shares are eliminated on the Company’s Consolidated Statements of Financial Position while being held within the Limited Recourse Trust.

(10)

The LRCN – Series 2 bear interest at a fixed rate of 4.10% payable semi-annually, until March 18, 2027. On March 19, 2027 and every five years thereafter until March 19, 2077, the interest rate on the LRCN – Series 2 will be reset at an interest rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.704%. Non-deferrable interest is payable semi-annually on the LRCN – Series 2 at the Company’s discretion. Non-payment of interest or principal when due will result in a recourse event, with the noteholders’ sole remedy being receipt of their proportionate share of Class 1 Series 28 preferred shares held in a newly formed consolidated trust (the Limited Recourse Trust). All claims of the holders of LRCN – Series 2 against MFC will be extinguished upon receipt of the corresponding trust assets. The Class 1 Series 28 preferred shares are eliminated on the Company’s Consolidated Statements of Financial Position while being held within the Limited Recourse Trust.

(b)	Common shares

For the		three months ended				year ended
Number of common shares (in millions)		March 31, 2022				December 31, 2021
Balance, beginning of period			1,943				1,940
Purchased for cancellation			(14	)			-
Issued on exercise of stock options and deferred share units			-				3
Balance, end of period			1,929				1,943

For the three months ended March 31, 2022		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total
Investment management and other related fees		$	59			$	61			$	114			$	801			$	(62	)		$	973
Transaction processing, administration, and   service fees			74				229				3				622				1				929
Distribution fees and other			43				5				18				202				(11	)			257
Total included in other revenue			176				295				135				1,625				(72	)			2,159
Revenue from non-service lines			116				83				(294	)			(1	)			(72	)			(168	)
Total other revenue		$	292			$	378			$	(159	)		$	1,624			$	(144	)		$	1,991
Real estate management services included  in net investment income		$	12			$	35			$	33			$	-			$	2			$	82

For the three months ended March 31, 2021		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total
Investment management and other related fees		$	56			$	55			$	122			$	744			$	(56	)		$	921
Transaction processing, administration, and   service fees			71				214				4				599				(4	)			884
Distribution fees and other			55				4				17				193				(6	)			263
Total included in other revenue			182				273				143				1,536				(66	)			2,068
Revenue from non-service lines			335				78				156				(3	)			3				569
Total other revenue		$	517			$	351			$	299			$	1,533			$	(63	)		$	2,637
Real estate management services included   in net investment income		$	10			$	34			$	29			$	-			$	2			$	75

		Pension plans								Retiree welfare plans(1)
For the three months ended March 31,		2022				2021				2022				2021
Defined benefit current service cost		$	11			$	11			$	-			$	-
Defined benefit administrative expenses			3				2				-				-
Service cost			14				13				-				-
Interest on net defined benefit (asset) liability			-				1				-				-
Defined benefit cost			14				14				-				-
Defined contribution cost			25				22				-				-
Net benefit cost reported in earnings		$	39			$	36			$	-			$	-
Actuarial (gain) loss on economic assumption changes		$	(306	)		$	(231	)		$	(40	)		$	(30	)
Investment (gain) loss (excluding interest income)			293				160				29				16
Change in effect of asset limit			9				-				-				-
Remeasurement (gain) loss recorded in AOCI, net of tax		$	(4	)		$	(71	)		$	(11	)		$	(14	)

(1)	There are no significant current service costs for the retiree welfare plans as they are closed and mostly frozen. The remeasurement gain or loss on these plans is due to the volatility of discount rates and investment returns.

(b)	Guarantees

(I)	Guarantees regarding Manulife Finance (Delaware), L.P. (“MFLP”)

(II)	Guarantees regarding The Manufacturers Life Insurance Company

For the three months ended March 31, 2022		MFC (Guarantor)				MLI consolidated				Other subsidiaries of MFC on a combined basis				Consolidation adjustments				Total consolidated amounts				MFLP
Total revenue		$	(3	)		$	(3,625	)		$	-			$	(2	)		$	(3,630	)		$	10
Net income (loss) attributed to shareholders and other equity holders			2,970				3,040				-				(3,040	)			2,970				1
For the three months ended March 31, 2021		MFC (Guarantor)				MLI consolidated				Other subsidiaries of MFC on a combined basis				Consolidation adjustments				Total consolidated amounts				MFLP
Total revenue		$	-			$	(1,591	)		$	-			$	(6	)		$	(1,597	)		$	10
Net income (loss) attributed to shareholders			783				866				-				(866	)			783				2

As at March 31, 2022		MFC (Guarantor)				MLI consolidated				Other subsidiaries of MFC on a combined basis				Consolidation adjustments				Total consolidated amounts				MFLP
Invested assets		$	87			$	409,304			$	10			$	-			$	409,401			$	3
Total other assets			69,676				86,337				3,203				(75,427	)			83,789				1,010
Segregated funds net assets			-				371,928				-				-				371,928				-
Insurance contract liabilities			-				368,889				-				-				368,889				-
Investment contract liabilities			-				3,095				-				-				3,095				-
Segregated funds net liabilities			-				371,928				-				-				371,928				-
Total other liabilities			13,306				53,895				-				(2,844	)			64,357				773
As at December 31, 2021		MFC (Guarantor)				MLI consolidated				Other subsidiaries of MFC on a combined basis				Consolidation adjustments				Total consolidated amounts				MFLP
Invested assets		$	78			$	427,010			$	10			$	-			$	427,098			$	3
Total other assets			68,866				91,412				3,203				(72,724	)			90,757				1,088
Segregated funds net assets			-				399,788				-				-				399,788				-
Insurance contract liabilities			-				392,275				-				-				392,275				-
Investment contract liabilities			-				3,117				-				-				3,117				-
Segregated funds net liabilities			-				399,788				-				-				399,788				-
Total other liabilities			10,536				53,962				-				(904	)			63,594				852

(III)

Guarantees regarding John Hancock Life Insurance Company (U.S.A.) (“JHUSA”)

(a)	By Segment

For the three months ended
March 31, 2022		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total
Revenue
Life and health insurance		$	5,565			$	2,374			$	1,542			$	-			$	40			$	9,521
Annuities and pensions			687				103				(809	)			-				-				(19	)
Net premium income			6,252				2,477				733				-				40				9,502
Net investment income (loss)			(3,532	)			(5,138	)			(5,918	)			(38	)			(497	)			(15,123	)
Other revenue			292				378				(159	)			1,624				(144	)			1,991
Total revenue			3,012				(2,283	)			(5,344	)			1,586				(601	)			(3,630	)
Contract benefits and expenses
Life and health insurance			395				758				(6,095	)			-				39				(4,903	)
Annuities and pensions			638				(4,849	)			(2,508	)			(4	)			-				(6,723	)
Net benefits and claims			1,033				(4,091	)			(8,603	)			(4	)			39				(11,626	)
Interest expense			55				63				16				-				109				243
Other expenses			1,243				865				666				1,204				64				4,042
Total contract benefits and expenses			2,331				(3,163	)			(7,921	)			1,200				212				(7,341	)
Income (loss) before income taxes			681				880				2,577				386				(813	)			3,711
Income tax recovery (expense)			(85	)			(225	)			(510	)			(61	)			72				(809	)
Net income (loss)			596				655				2,067				325				(741	)			2,902
Less net income (loss) attributed to:
Non-controlling interests			20				-				-				1				-				21
Participating policyholders			(197	)			108				-				-				-				(89	)
Net income (loss) attributed to shareholders		$	773			$	547			$	2,067			$	324			$	(741	)		$	2,970
Total assets		$	152,839			$	160,106			$	268,858			$	242,485			$	40,830			$	865,118

For the three months ended
March 31, 2021		Asia				Canada				U.S.				Global WAM				Corporate and Other				Total
Revenue
Life and health insurance		$	5,413			$	2,114			$	1,427			$	-			$	32			$	8,986
Annuities and pensions			506				110				6				-				-				622
Net premium income			5,919				2,224				1,433				-				32				9,608
Net investment income (loss)			(596	)			(5,152	)			(7,724	)			(6	)			(364	)			(13,842	)
Other revenue			517				351				299				1,533				(63	)			2,637
Total revenue			5,840				(2,577	)			(5,992	)			1,527				(395	)			(1,597	)
Contract benefits and expenses
Life and health insurance			2,826				1,686				(5,487	)			-				2				(973	)
Annuities and pensions			424				(5,201	)			(1,272	)			12				-				(6,037	)
Net benefits and claims			3,250				(3,515	)			(6,759	)			12				2				(7,010	)
Interest expense			61				62				10				-				117				250
Other expenses			1,411				821				673				1,149				237				4,291
Total contract benefits and expenses			4,722				(2,632	)			(6,076	)			1,161				356				(2,469	)
Income (loss) before income taxes			1,118				55				84				366				(751	)			872
Income tax recovery (expense)			(178	)			17				19				(53	)			188				(7	)
Net income (loss)			940				72				103				313				(563	)			865
Less net income (loss) attributed to:
Non-controlling interests			90				-				-				1				-				91
Participating policyholders			(107	)			91				7				-				-				(9	)
Net income (loss) attributed to shareholders		$	957			$	(19	)		$	96			$	312			$	(563	)		$	783
Total assets		$	144,419			$	160,687			$	275,683			$	240,800			$	37,423			$	859,012

(b)	By Geographic Location

For the three months ended
March 31, 2022		Asia				Canada				U.S.				Other				Total
Revenue
Life and health insurance		$	5,589			$	2,295			$	1,542			$	95			$	9,521
Annuities and pensions			687				103				(809	)			-				(19	)
Net premium income			6,276				2,398				733				95				9,502
Net investment income (loss)			(3,761	)			(5,455	)			(5,933	)			26				(15,123	)
Other revenue			578				833				551				29				1,991
Total revenue		$	3,093			$	(2,224	)		$	(4,649	)		$	150			$	(3,630	)

For the three months ended
March 31, 2021		Asia				Canada				U.S.				Other				Total
Revenue
Life and health insurance		$	5,437			$	2,027			$	1,427			$	95			$	8,986
Annuities and pensions			506				110				6				-				622
Net premium income			5,943				2,137				1,433				95				9,608
Net investment income (loss)			(571	)			(5,556	)			(7,742	)			27				(13,842	)
Other revenue			787				841				1,009				-				2,637
Total revenue		$	6,159			$	(2,578	)		$	(5,300	)		$	122			$	(1,597	)

As at		March 31, 2022				December 31, 2021
Investments at market value
Cash and short-term securities		$	4,032			$	3,955
Debt securities			16,492				18,651
Equities			16,120				16,844
Mutual funds			331,766				354,882
Other investments			4,700				4,613
Accrued investment income			294				2,340
Other assets and liabilities, net			(1,087	)			(1,089	)
Total segregated funds net assets		$	372,317			$	400,196
Composition of segregated funds net assets
Held by policyholders		$	371,928			$	399,788
Held by the Company			389				408
Total segregated funds net assets		$	372,317			$	400,196

For the three months ended March 31,		2022				2021
Net policyholder cash flow
Deposits from policyholders		$	12,328			$	12,395
Net transfers to general fund			(223	)			(210	)
Payments to policyholders			(13,007	)			(13,040	)
			(902	)			(855	)
Investment related
Interest and dividends			1,868				1,718
Net realized and unrealized investment gains (losses)			(24,171	)			7,598
			(22,303	)			9,316
Other
Management and administration fees			(1,093	)			(1,091	)
Impact of changes in foreign exchange rates			(3,581	)			(3,115	)
			(4,674	)			(4,206	)
Net additions (deductions)			(27,879	)			4,255
Segregated funds net assets, beginning of period			400,196				367,809
Segregated funds net assets, end of period		$	372,317			$	372,064

As at March 31, 2022		MFC (Guarantor)				JHUSA (Issuer)				Other subsidiaries				Consolidation adjustments				Consolidated MFC
Assets
Invested assets		$	87			$	111,737			$	297,951			$	(374	)		$	409,401
Investments in unconsolidated subsidiaries			69,423				8,781				20,792				(98,996	)			-
Reinsurance assets			-				60,786				10,736				(27,132	)			44,390
Other assets			253				12,728				48,159				(21,741	)			39,399
Segregated funds net assets			-				187,345				186,503				(1,920	)			371,928
Total assets		$	69,763			$	381,377			$	564,141			$	(150,163	)		$	865,118
Liabilities and equity
Insurance contract liabilities		$	-			$	155,576			$	241,122			$	(27,809	)		$	368,889
Investment contract liabilities			-				1,255				1,841				(1	)			3,095
Other liabilities			2,828				19,040				51,282				(21,487	)			51,663
Long-term debt			5,744				-				-				-				5,744
Capital instruments			4,734				569				1,647				-				6,950
Segregated funds net liabilities			-				187,345				186,503				(1,920	)			371,928
Shareholders' and other equity holders' equity			56,457				17,592				81,354				(98,946	)			56,457
Participating policyholders' equity			-				-				(1,322	)			-				(1,322	)
Non-controlling interests			-				-				1,714				-				1,714
Total liabilities and equity		$	69,763			$	381,377			$	564,141			$	(150,163	)		$	865,118

As at December 31, 2021		MFC (Guarantor)				JHUSA (Issuer)				Other subsidiaries				Consolidation adjustments				Consolidated MFC
Assets
Invested assets		$	78			$	116,705			$	310,679			$	(364	)		$	427,098
Investments in unconsolidated subsidiaries			68,655				9,107				20,788				(98,550	)			-
Reinsurance assets			-				63,838				11,309				(30,568	)			44,579
Other assets			211				18,085				49,956				(22,074	)			46,178
Segregated funds net assets			-				204,493				197,220				(1,925	)			399,788
Total assets		$	68,944			$	412,228			$	589,952			$	(153,481	)		$	917,643
Liabilities and equity
Insurance contract liabilities		$	-			$	166,535			$	257,044			$	(31,304	)		$	392,275
Investment contract liabilities			-				1,227				1,890				-				3,117
Other liabilities			899				21,806				50,836				(21,809	)			51,732
Long-term debt			4,882				-				-				-				4,882
Capital instruments			4,755				579				1,646				-				6,980
Segregated funds net liabilities			-				204,493				197,220				(1,925	)			399,788
Shareholders' and other equity holders' equity			58,408				17,588				80,855				(98,443	)			58,408
Participating policyholders' equity			-				-				(1,233	)			-				(1,233	)
Non-controlling interests			-				-				1,694				-				1,694
Total liabilities and equity		$	68,944			$	412,228			$	589,952			$	(153,481	)		$	917,643

For the three months ended
March 31, 2022		MFC (Guarantor)				JHUSA (Issuer)				Other subsidiaries				Consolidation adjustments				Consolidated MFC
Revenue
Net premium income		$	-			$	1,971			$	7,529			$	2			$	9,502
Net investment income (loss)			(12	)			(4,290	)			(10,808	)			(13	)			(15,123	)
Other revenue			9				(595	)			1,697				880				1,991
Total revenue			(3	)			(2,914	)			(1,582	)			869				(3,630	)
Contract benefits and expenses
Net benefits and claims			-				(4,470	)			(6,883	)			(273	)			(11,626	)
Commissions, investment and general expenses			8				783				3,456				(311	)			3,936
Other expenses			90				60				(1,254	)			1,453				349
Total contract benefits and expenses			98				(3,627	)			(4,681	)			869				(7,341	)
Income (loss) before income taxes			(101	)			713				3,099				-				3,711
Income tax (expense) recovery			31				(133	)			(707	)			-				(809	)
Income (loss) after income taxes			(70	)			580				2,392				-				2,902
Equity in net income (loss) of unconsolidated subsidiaries			3,040				368				948				(4,356	)			-
Net income (loss)		$	2,970			$	948			$	3,340			$	(4,356	)		$	2,902
Net income (loss) attributed to:
Non-controlling interests		$	-			$	-			$	21			$	-			$	21
Participating policyholders			-				-				(89	)			-				(89	)
Shareholders and other equity holders			2,970				948				3,408				(4,356	)			2,970
		$	2,970			$	948			$	3,340			$	(4,356	)		$	2,902

For the three months ended
March 31, 2021		MFC (Guarantor)				JHUSA (Issuer)				Other subsidiaries				Consolidation adjustments				Consolidated MFC
Revenue
Net premium income		$	-			$	1,078			$	8,526			$	4			$	9,608
Net investment income (loss)			(29	)			(6,733	)			(7,069	)			(11	)			(13,842	)
Other revenue			29				290				316				2,002				2,637
Total revenue			-				(5,365	)			1,773				1,995				(1,597	)
Contract benefits and expenses
Net benefits and claims			-				(5,562	)			(3,827	)			2,379				(7,010	)
Commissions, investment and general expenses			6				896				3,633				(346	)			4,189
Other expenses			107				44				239				(38	)			352
Total contract benefits and expenses			113				(4,622	)			45				1,995				(2,469	)
Income (loss) before income taxes			(113	)			(743	)			1,728				-				872
Income tax (expense) recovery			30				184				(221	)			-				(7	)
Income (loss) after income taxes			(83	)			(559	)			1,507				-				865
Equity in net income (loss) of unconsolidated subsidiaries			866				380				(179	)			(1,067	)			-
Net income (loss)		$	783			$	(179	)		$	1,328			$	(1,067	)		$	865
Net income (loss) attributed to:
Non-controlling interests		$	-			$	-			$	91			$	-			$	91
Participating policyholders			-				-				(9	)			-				(9	)
Shareholders and other equity holders			783				(179	)			1,246				(1,067	)			783
		$	783			$	(179	)		$	1,328			$	(1,067	)		$	865

For the three months ended March 31, 2022		MFC (Guarantor)				JHUSA (Issuer)				Other subsidiaries				Consolidation adjustments				Consolidated MFC
Operating activities
Net income (loss)		$	2,970			$	948			$	3,340			$	(4,356	)		$	2,902
Adjustments:
Equity in net income of unconsolidated subsidiaries			(3,040	)			(368	)			(948	)			4,356				-
Increase (decrease) in insurance contract liabilities			-				(6,972	)			(9,108	)			-				(16,080	)
Increase (decrease) in investment contract liabilities			-				-				(14	)			-				(14	)
(Increase) decrease in reinsurance assets excluding coinsurance transactions			-				3,015				(2,782	)			-				233
Amortization of (premium) discount on invested assets			-				12				22				-				34
Other amortization			2				30				101				-				133
Net realized and unrealized (gains) losses and impairment on assets			11				5,490				14,230				-				19,731
Gain on U.S. variable annuity reinsurance transaction (pre-tax)			-				(1,065	)			-				-				(1,065	)
Deferred income tax expense (recovery)			(31	)			206				358				-				533
Stock option expense			-				(2	)			4				-				2
Cash provided by (used in) operating activities before undernoted items			(88	)			1,294				5,203				-				6,409
Dividends from unconsolidated subsidiary			-				96				-				(96	)			-
Cash decrease due to U.S. variable annuity reinsurance transaction			-				(1,263	)			-				-				(1,263	)
Changes in policy related and operating receivables and payables			(38	)			1,015				(3,598	)			-				(2,621	)
Cash provided by (used in) operating activities			(126	)			1,142				1,605				(96	)			2,525
Investing activities
Purchases and mortgage advances			-				(9,337	)			(24,484	)			-				(33,821	)
Disposals and repayments			-				7,409				22,909				-				30,318
Changes in investment broker net receivables and payables			-				154				361				-				515
Investment in common shares of subsidiaries			(962	)			-				-				962				-
Net cash flows from acquisition and disposal of subsidiaries and businesses			-				-				-				-				-
Notes receivable from parent			-				-				(1,895	)			1,895				-
Notes receivable from subsidiaries			31				(6	)			-				(25	)			-
Cash provided by (used in) investing activities			(931	)			(1,780	)			(3,109	)			2,832				(2,988	)
Financing activities
Issue of long-term debt, net			946				-				-				-				946
Secured borrowings			-				-				291				-				291
Change in repurchase agreements and securities sold but not yet purchased			-				-				(78	)			-				(78	)
Changes in deposits from Bank clients, net			-				-				1,005				-				1,005
Lease payments			-				(2	)			(31	)			-				(33	)
Shareholders' dividends and other equity distributions			(697	)			-				-				-				(697	)
Common shares repurchased			(377	)			-				-				-				(377	)
Common shares issued, net			11				-				962				(962	)			11
Preferred shares redeemed, net			(711	)			-				-				-				(711	)
Contributions from (distributions to) non-controlling interests, net			-				-				3				-				3
Dividends paid to parent			-				-				(96	)			96				-
Notes payable to parent			-				-				(25	)			25				-
Notes payable to subsidiaries			1,895				-				-				(1,895	)			-
Cash provided by (used in) financing activities			1,067				(2	)			2,031				(2,736	)			360
Cash and short-term securities
Increase (decrease) during the period			10				(640	)			527				-				(103	)
Effect of foreign exchange rate changes on cash and short-term securities			(1	)			(47	)			(207	)			-				(255	)
Balance, beginning of period			78				3,565				18,287				-				21,930
Balance, end of period			87				2,878				18,607				-				21,572
Cash and short-term securities
Beginning of period
Gross cash and short-term securities			78				4,087				18,429				-				22,594
Net payments in transit, included in other liabilities			-				(522	)			(142	)			-				(664	)
Net cash and short-term securities, beginning of period			78				3,565				18,287				-				21,930
End of period
Gross cash and short-term securities			87				3,270				18,712				-				22,069
Net payments in transit, included in other liabilities			-				(392	)			(105	)			-				(497	)
Net cash and short-term securities, end of period		$	87			$	2,878			$	18,607			$	-			$	21,572
Supplemental disclosures on cash flow information:
Interest received		$	13			$	924			$	1,820			$	(45	)		$	2,712
Interest paid			124				23				110				(45	)			212
Income taxes paid (refund)			-				(29	)			564				-				535

For the three months ended March 31, 2021		MFC (Guarantor)				JHUSA (Issuer)				Other subsidiaries				Consolidation adjustments				Consolidated MFC
Operating activities
Net income (loss)		$	783			$	(179	)		$	1,328			$	(1,067	)		$	865
Adjustments:
Equity in net income of unconsolidated subsidiaries			(866	)			(380	)			179				1,067				-
Increase (decrease) in insurance contract liabilities			-				(7,494	)			(5,531	)			-				(13,025	)
Increase (decrease) in investment contract liabilities			-				12				(10	)			-				2
(Increase) decrease in reinsurance assets excluding coinsurance transactions			-				1,865				(1,707	)			-				158
Amortization of (premium) discount on invested assets			-				4				30				-				34
Other amortization			2				31				99				-				132
Net realized and unrealized (gains) losses and impairment on assets			28				7,897				10,388				-				18,313
Deferred income tax expense (recovery)			(30	)			(123	)			(353	)			-				(506	)
Stock option expense			-				(1	)			5				-				4
Cash provided by (used in) operating activities before undernoted items			(83	)			1,632				4,428				-				5,977
Dividends from unconsolidated subsidiary			-				93				-				(93	)			-
Changes in policy related and operating receivables and payables			(5	)			(2,518	)			437				-				(2,086	)
Cash provided by (used in) operating activities			(88	)			(793	)			4,865				(93	)			3,891
Investing activities
Purchases and mortgage advances			-				(9,038	)			(24,193	)			-				(33,231	)
Disposals and repayments			-				7,616				16,482				-				24,098
Changes in investment broker net receivables and payables			-				(108	)			346				-				238
Investment in common shares of subsidiaries			(4,000	)			-				-				4,000				-
Net cash flows from acquisition and disposal of subsidiaries and businesses			-				-				(4	)			-				(4	)
Notes receivable from parent			-				-				(764	)			764				-
Notes receivable from subsidiaries			(101	)			-				-				101				-
Cash provided by (used in) investing activities			(4,101	)			(1,530	)			(8,133	)			4,865				(8,899	)
Financing activities
Redemption of capital instruments			-				-				(350	)			-				(350	)
Secured borrowings			-				-				73				-				73
Change in repurchase agreements and securities sold but not yet purchased			-				1,099				51				-				1,150
Changes in deposits from Bank clients, net			-				-				(846	)			-				(846	)
Lease payments			-				(2	)			(30	)			-				(32	)
Shareholders' dividends paid in cash			(587	)			-				-				-				(587	)
Common shares issued, net			38				-				4,000				(4,000	)			38
Other equity issued, net			1,982				-				-				-				1,982
Preferred shares issued, net			2,000				-				(2,000	)			-				-
Contributions from (distributions to) non-controlling interests, net			-				-				5				-				5
Dividends paid to parent			-				-				(93	)			93				-
Notes payable to parent			-				-				101				(101	)			-
Notes payable to subsidiaries			764				-				-				(764	)			-
Cash provided by (used in) financing activities			4,197				1,097				911				(4,772	)			1,433
Cash and short-term securities
Increase (decrease) during the period			8				(1,226	)			(2,357	)			-				(3,575	)
Effect of foreign exchange rate changes on cash and short- term securities			(1	)			(58	)			(269	)			-				(328	)
Balance, beginning of period			47				4,907				20,629				-				25,583
Balance, end of period			54				3,623				18,003				-				21,680
Cash and short-term securities
Beginning of period
Gross cash and short-term securities			47				5,213				20,907				-				26,167
Net payments in transit, included in other liabilities			-				(306	)			(278	)			-				(584	)
Net cash and short-term securities, beginning of period			47				4,907				20,629				-				25,583
End of period
Gross cash and short-term securities			54				4,072				18,317				-				22,443
Net payments in transit, included in other liabilities			-				(449	)			(314	)			-				(763	)
Net cash and short-term securities, end of period		$	54			$	3,623			$	18,003			$	-			$	21,680
Supplemental disclosures on cash flow information:
Interest received		$	9			$	1,047			$	1,738			$	(45	)		$	2,749
Interest paid			120				5				109				(45	)			189
Income taxes paid (refund)			-				(84	)			136				-				52