Manulife Financial Corp 6-K, filed Nov 4, 2026
Manulife Financial Corp (MFC)
6-K
2026-11-04
For: 2026-09-30
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Added on
November 04, 2026
About this 6-K
Manulife Financial Corp filed this 6-K on November 4, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2026
Commission File Number: 1-14942
MANULIFE FINANCIAL CORPORATION
(Translation of registrant's name into English)
200 Bloor Street East
North Tower 10
Toronto, Ontario, Canada M4W 1E5
(416) 926-3000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
| Form 20-F | ¨ | Form 40-F | x | ||||||||
DOCUMENTS FILED AS PART OF THIS FORM 6-K
The following documents, filed as exhibits to this Form 6-K, are incorporated by reference as part of this Form 6-K:
| Exhibit | Description of Exhibit | ||||
99.1 | News release - third quarter results dated November 4, 2026 | ||||
| 99.2 | News release - quarterly dividend announcement dated November 4, 2026 | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| MANULIFE FINANCIAL CORPORATION | ||||||||
By: | /s/ Eddy Mezzetta | |||||||
Name: | Eddy Mezzetta | |||||||
Title: | Vice President and Chief Counsel, Corporate Law | |||||||
Date: November 4, 2026 | ||||||||
1
Manulife Reports
Third Quarter 2026 Results
TSX/NYSE/PSE: MFC SEHK: 945 C$ unless otherwise stated
TORONTO, ON – November 4, 2026 – Manulife Financial Corporation (“Manulife” or the “Company”) reported its
third quarter results for the period ended September 30, 2026, delivering record core earnings1 and continued
strong momentum in Asia.
Key highlights for the third quarter of 2026 (“3Q26”) include:
•Core earnings of $2.1 billion, up 4% on a CER basis2 compared with the third quarter of 2025 (“3Q25”)
•Net income attributed to shareholders of $1.4 billion, down $0.4 billion from 3Q25
•Core EPS3 of $1.24, up 6%2 from 3Q25. EPS of $0.82, down 21%2 from 3Q25
•Core ROE3 of 17.8% and ROE of 11.8%
•LICAT ratio4 of 136%
•APE sales5, new business CSM2 and new business value (“NBV”)5 were broadly in line with 3Q25
•Global Wealth and Asset Management (“Global WAM”) net outflows5 of $3.6 billion, compared with $6.2 billion of
net outflows in 3Q25
“We delivered strong third quarter results, achieving record core EPS and 17.8% core ROE, driven by double-
digit core earnings growth in Asia and meaningful contributions from our North American insurance businesses.
These results reflect the disciplined execution of the strategy we launched a year ago and our ability to deliver
sustained growth in an uncertain environment.”
“During the quarter, we expanded customer choice through enhanced investment and protection offerings,
completed Manulife | Comvest’s largest fundraise in the history of Comvest's private credit platform, scaled AI-
enabled capabilities that are delivering measurable outcomes for customers and advisors, and advanced new
health and longevity solutions and partnerships. Together, these actions are strengthening our competitive
position, deepening customer relationships, and creating long-term value for shareholders.”
— Phil Witherington, Manulife President & Chief Executive Officer
“We remained disciplined in our capital deployment during the quarter, returning $1.3 billion to shareholders
while maintaining a strong balance sheet, with a LICAT ratio of 136% and a financial leverage ratio3 below our
medium-term target. In addition, we completed our annual review of actuarial methods and assumptions,
resulting in a net favourable impact and reinforcing the robustness of our reserves.”
“As we continue to invest in growth across our businesses, we also further improved our expense efficiency
during the quarter. Our financial flexibility and consistent execution position us well to sustain long-term value
creation.”
— Colin Simpson, Manulife Chief Financial Officer
2
Results at a Glance
($ millions, unless otherwise stated) | Quarterly Results | YTD Results | ||||
3Q26 | 3Q25 | Change2,5 | 2026 | 2025 | Change2,5 | |
Net income attributed to shareholders | $1,424 | $1,799 | (22)% | $4,681 | $4,073 | 15% |
Core earnings | $2,125 | $2,035 | 4% | $5,884 | $5,528 | 8% |
EPS ($) | $0.82 | $1.02 | (21)% | $2.67 | $2.25 | 18% |
Core EPS ($) | $1.24 | $1.16 | 6% | $3.39 | $3.10 | 11% |
ROE | 11.8% | 16.0% | (4.2) pps | 13.3% | 11.8% | 1.5 pps |
Core ROE | 17.8% | 18.1% | (0.3) pps | 16.9% | 16.2% | 0.7 pps |
Book value per common share ($) | $28.06 | $26.07 | 8% | $28.06 | $26.07 | 8% |
Adjusted book value per common share ($)3 | $41.78 | $38.22 | 9% | $41.78 | $38.22 | 9% |
Financial leverage ratio (%)3 | 23.0% | 22.7% | 0.3 pps | 23.0% | 22.7% | 0.3 pps |
APE sales | $2,626 | $2,576 | (0)% | $8,145 | $7,495 | 9% |
New business CSM | $957 | $966 | (2)% | $3,000 | $2,755 | 9% |
NBV | $907 | $906 | (1)% | $2,780 | $2,659 | 5% |
Global WAM net flows ($ billions) | $(3.6) | $(6.2) | 43% | $(7.5) | $(4.8) | (60)% |
Results by Segment
($ millions, unless otherwise stated) | Quarterly Results | YTD Results | ||||
3Q26 | 3Q25 | Change5 | 2026 | 2025 | Change5 | |
Asia (US$) | ||||||
Net income attributed to shareholders | $510 | $649 | (23)% | $1,711 | $1,684 | 1% |
Core earnings | 635 | 550 | 17% | 1,849 | 1,562 | 20% |
APE sales | 1,455 | 1,452 | (1)% | 4,550 | 4,097 | 10% |
New business CSM | 518 | 516 | 0% | 1,664 | 1,494 | 11% |
NBV | 491 | 490 | 0% | 1,530 | 1,398 | 9% |
Canada | ||||||
Net income attributed to shareholders | $205 | $449 | (54)% | $749 | $1,061 | (29)% |
Core earnings | 440 | 428 | 3% | 1,171 | 1,221 | (4)% |
APE sales | 384 | 374 | 3% | 1,226 | 1,210 | 1% |
New business CSM | 114 | 109 | 5% | 346 | 300 | 15% |
NBV | 159 | 159 | 0% | 473 | 500 | (5)% |
U.S. (US$) | ||||||
Net income attributed to shareholders | $137 | $(54) | - | $348 | $(425) | - |
Core earnings | 254 | 241 | 5% | 713 | 633 | 13% |
APE sales | 147 | 146 | 1% | 447 | 396 | 13% |
New business CSM | 85 | 106 | (20)% | 253 | 262 | (3)% |
NBV | 45 | 52 | (13)% | 137 | 146 | (6)% |
Global WAM | ||||||
Net income attributed to shareholders | $463 | $523 | (13)% | $1,380 | $1,448 | (4)% |
Core earnings | 503 | 525 | (5)% | 1,456 | 1,442 | 2% |
Gross flows ($ billions)5 | 56.1 | 47.3 | 16% | 170.8 | 141.4 | 21% |
Average AUMA ($ billions)5 | 1,198 | 1,066 | 11% | 1,158 | 1,038 | 12% |
Core EBITDA margin (%)3 | 29.6% | 30.9% | -130 bps | 30.0% | 29.8% | 20 bps |
3
Strategic Highlights
We are expanding customer access to wealth solutions through product enhancements and expansion
In Canada, we expanded our segregated fund lineup by adding eight new funds and broadened access to eleven
existing funds. The enhanced suite increases investment choice and flexibility for customers and advisors, helping
Canadians diversify their portfolios, build long-term wealth, and pursue their evolving financial goals.
In Global WAM, we raised US$5.4 billion of capital through the close of Comvest Credit Partners VII. This marked
Manulife | Comvest’s largest fundraise in the history of Comvest’s private credit platform6, attracting commitments
from both existing and new institutional investors and expanding the platform’s global investor relationships.
In the U.S., we broadened our ability to meet a wider range of customer protection and long-term planning needs
through enhancements to our indexed universal life and survivorship indexed universal life solutions, and the
introduction of three differentiated term life insurance solutions. Together, these enhancements and new offerings
expand our protection portfolio and provide financial professionals with greater choice and flexibility to address
evolving customer needs.
We are scaling and advancing solutions as an AI-powered organization while further enhancing AI
governance and responsible use
We expanded our strategic partnership with Microsoft through a new five-year agreement. The agreement includes
extending Microsoft 365 Copilot to more than 30,000 employees to further enable productivity and innovation, as
well as deploying Microsoft Agent 365 to strengthen enterprise AI governance and drive AI solutions at enterprise
scale.
In Asia, we continued to extend proven AI-enabled advisory capabilities into new markets, bringing these
capabilities to the Chinese Mainland and Malaysia to help agents analyze customer and family coverage, identify
protection gaps across life, health, and investment goals, recognize life-event triggers, and prepare for customer
meetings. In Malaysia, the tool also generates personalized talking points, including needs-based analysis
questions, and recommends next steps linked to customers' financial planning goals.
In Global WAM, we completed the rollout of an AI-enabled advisor engagement platform to all external wholesalers
and investment specialists across North America Retail, identifying four times more product opportunities and
capturing richer advisor insights. The platform also improved productivity through automated documentation,
reducing meeting administration and follow-up activities, saving approximately 30 minutes per session.
In the U.S., we scaled our Quick Quote underwriting support tool to automate more than 70% of preliminary
assessments, up from nearly 50% in the first quarter of 2026, rapidly expanding our proven AI-enabled
underwriting capability to reduce average turnaround time and optimize our utilization of underwriting expertise.
We are advancing our health and longevity leadership through innovative strategic partnerships,
expanded wellness offerings and simpler access to healthcare
In Asia, we signed a Memorandum of Understanding (“MOU”) with Ant Health7, setting out a collaboration
framework covering health management services, cross-boundary healthcare support, digital health capabilities
and insurance technology. In October, we launched the first initiative under the MOU, offering cashless direct
billing through Alipay for eligible customers at participating healthcare providers in the Chinese Mainland, making
healthcare access easier.
In Canada, we began offering AI-enabled virtual physiotherapy in partnership with Sword®, a global AI health
company, to eligible Group Benefits members on disability with musculoskeletal conditions. This initiative helps
address barriers to care through convenient, personalized support from licensed Canadian clinicians while
supporting faster recovery and return-to-work outcomes.
In the U.S., we strengthened our leadership in longevity and differentiated behavioural insurance by expanding the
health and wellness offerings available through John Hancock Vitality, including Prenuvo’s advanced heart health
scan and ŌURA’s latest smart ring, providing customers access to additional tools and insights to help them live
longer, healthier, better lives.
4
Continued business growth drove record core earnings8
Core earnings of $2.1 billion in 3Q26, up 4% from 3Q25
The increase in core earnings reflected strong business growth in Asia and the U.S., higher revenues in Global
WAM, improved insurance experience, and the net positive impact of 3Q26 updates to actuarial methods and
assumptions, partially offset by increased expected credit loss (“ECL”) provisions and the impact of the eMPF
transition in Hong Kong.
•Asia core earnings increased 17%, reflecting continued business growth, the net positive impact of 3Q26
updates to actuarial methods and assumptions, improved impact of new business and improved claims
experience, partially offset by increased ECL provisions.
•Global WAM core earnings decreased 5%, as higher net fee income from favourable market impacts over the
past 12 months and contributions from the Manulife | Comvest business were more than offset by the impact
of the eMPF transition in Hong Kong, higher workforce-related expenses and investment in business growth,
favourable tax true-ups in 3Q25, and lower performance fees.
•Canada core earnings increased 3%, reflecting more favourable claims experience in Individual Insurance,
higher Manulife Bank earnings and higher investment spreads, partially offset by unfavourable claims
experience in Group Insurance and increased ECL provisions.
•U.S. core earnings increased 5%, reflecting favourable life insurance claims experience, including net positive
impacts from the 3Q26 updates to actuarial methods and assumptions, business growth and favourable tax
items, partially offset by increased ECL provisions and unfavourable lapse experience.
•Corporate and Other core earnings decreased by $55 million, driven by the non-recurrence of a 3Q25
withholding tax adjustment and lower earnings on surplus assets, partially offset by favourable tax-related true-
ups.
Net income attributed to shareholders of $1.4 billion in 3Q26, $0.4 billion lower compared with 3Q25
The $0.4 billion decrease in net income was driven by a larger net charge on market experience and a net charge
from our Vietnam operations9, partially offset by core earnings growth. The net charge from market experience in
3Q26 reflected lower than expected returns on alternative long-duration assets, mainly related to private equity,
real estate, and farmland investments, as well as lower than expected returns on public equities and losses from
derivatives and hedge accounting ineffectiveness.
Resilient new business results highlight the benefits of our diversified business model
APE sales, new business CSM and NBV were broadly in line with the prior year
•Asia delivered strong sales growth in Hong Kong and Japan, offset by lower sales in the Chinese Mainland.
APE sales, new business CSM and NBV were broadly in line with 3Q25. NBV margin was 35.3%.5
•In Canada, APE sales increased 3% and NBV was in line with 3Q25, largely driven by higher Individual
Insurance sales, partially offset by lower Group Insurance sales. New business CSM increased 5%, reflecting
higher sales volumes in Individual Insurance and higher margins in Annuities, partially offset by lower margins
in Individual Insurance.
•U.S. APE sales were in line with 3Q25, while changes in product mix resulted in a decrease in new business
CSM and NBV of 20% and 13%, respectively.
Global WAM net outflows of $3.6 billion in 3Q26, compared with net outflows of $6.2 billion in 3Q25
•Retirement net outflows were $4.9 billion in 3Q26 compared with net outflows of $1.6 billion in 3Q25. The
variance is attributable to higher retirement plan redemptions in the U.S., higher net member withdrawals
reflecting higher account balances from market growth across all regions, and lower new plan sales in
Canada.
•Retail net flows were neutral in 3Q26 compared with net outflows of $3.9 billion in 3Q25. The variance is
primarily driven by higher net flows through our retail wealth business and third-party intermediaries in
Canada, and higher net flows in the Chinese Mainland, partially offset by lower net flows through third-party
intermediaries in the U.S.
•Institutional Asset Management net inflows were $1.4 billion in 3Q26 compared with net outflows of $0.7 billion
in 3Q25. The variance reflects higher net flows from fixed income mandates, private credit mandates in the
Manulife | Comvest business, equity and infrastructure mandates, partially offset by lower net flows from
money market mandates in the Chinese Mainland and from Manulife | CQS products.
5
New business growth continued to drive positive organic CSM movement and a higher CSM balance
CSM10 was $27,318 million as at September 30, 2026
CSM increased $2,349 million compared with December 31, 2025. Organic CSM movement contributed $1,622
million of the increase, representing a 9% annualized growth in our CSM net of NCI balance11, primarily driven by
the impact of new business, interest accretion, and net favourable insurance experience, partially offset by
amortization recognized in core earnings. Inorganic CSM movement was an increase of $727 million, driven by the
favourable impacts of changes in foreign currency exchange rates, partially offset by the net unfavourable impact
of markets. Post-tax CSM net of NCI1 was $22,701 million as at September 30, 2026.
Annual review of actuarial methods and assumptions
We completed our annual review of actuarial methods and assumptions, which resulted in a net favourable impact
of a $128 million12 decrease in pre-tax fulfilment cash flows. Under International Financial Reporting Standards (as
issued by the International Accounting Standards Board) (“IFRS”) 17, the impact of the annual review of actuarial
methods and assumptions is reported in several places. The $128 million decrease in pre-tax fulfilment cash flows
was comprised of a decrease in pre-tax net income attributed to shareholders of $217 million ($175 million post-
tax), a decrease in pre-tax net income attributed to participating policyholders of $4 million ($3 million post-tax), an
increase in CSM of $47 million, an increase in pre-tax other comprehensive income attributed to shareholders of
$306 million ($240 million post-tax), and a decrease in pre-tax other comprehensive income attributed to
participating policyholders of $4 million ($2 million post-tax).
The actuarial review this year included valuation model enhancements and assumption updates for U.S. life
insurance riders, morbidity and mortality assumptions in Vietnam, valuation model updates for participating
products in Asia, lapse assumptions for investment-linked products in Singapore, mortality assumptions in our U.S.
life insurance business, and other methodology refinements.
(1)Core earnings and post-tax contractual service margin (“CSM”) net of non-controlling interests (“NCI”) (“post-tax CSM net of NCI”) are non-GAAP financial
measures. For more information on non-GAAP and other financial measures, see “Non-GAAP and other financial measures” below and in our 3Q26
Management’s Discussion and Analysis (“3Q26 MD&A”).
(2)Percentage growth/declines in core earnings, diluted core earnings per common share (“core EPS”), diluted earnings (loss) per share (“EPS”), new business
CSM, and net income attributed to shareholders are stated on a constant exchange rate (“CER”) basis and are non-GAAP ratios.
(3)Core EPS, core return on common shareholders’ equity (“ROE”), expense efficiency ratio, adjusted book value per common share, financial leverage ratio, and
core earnings before interest, taxes, depreciation and amortization (“EBITDA”) margin are non-GAAP ratios.
(4)Life Insurance Capital Adequacy Test (“LICAT”) ratio of The Manufacturers Life Insurance Company (“MLI”) as at September 30, 2026. LICAT ratio is disclosed
under the Office of the Superintendent of Financial Institutions LICAT Public Disclosure Requirements guideline.
(5)For more information on annualized premium equivalent (“APE”) sales, NBV, net flows, gross flows, average assets under management and administration
(“average AUMA”) and new business value margin (“NBV margin”), see “Non-GAAP and other financial measures” below. In this news release, percentage
growth/decline in APE sales, NBV, net flows, gross flows, and average AUMA are stated on a constant exchange rate basis.
(6)The largest fundraise in the history of Comvest Credit Partners, including prior to its combination with Manulife.
(7)AHA Healthcare Technology HK Limited.
(8)See section A1 “Profitability” in our 3Q26 MD&A for more information on notable items attributable to core earnings and net income attributed to shareholders.
(9)Reflects a net charge from a partial impairment of a bancassurance asset and a gain on the sale of a Vietnam insurance subsidiary.
(10)CSM net of NCI.
(11)Percentage growth / decline in our CSM net of NCI balance from organic CSM movement is stated on a constant exchange rate basis and is a non-GAAP ratio.
This percentage is calculated as the annualized year-to-date change in organic CSM net of NCI divided by the December 31, 2025 CSM net of NCI balance.
(12)This amount excludes the portion related to NCI.
6
Earnings Results Conference Call
Manulife will host a conference call and live webcast on its Third Quarter 2026 results on November 5, 2026, at
8:00 a.m. (ET). To access the conference call, dial 1-888-317-6003 or 1-647-846-2809 (Passcode: 0306024#).
Please call in 15 minutes before the scheduled start time. You will be required to provide your name and
organization to the operator. You may access the webcast at https://www.manulife.com/ca/en/about-us/investors/
results-and-reports.
The archived webcast will be available following the call at the same URL as above. A replay of the call will also be
available until February 5, 2027, by dialing 1-855-669-9658 or 1-412-317-0088 (Passcode: 8612393#).
The Third Quarter 2026 Statistical Information Package is also available on the Manulife website at https://
www.manulife.com/ca/en/about-us/investors/results-and-reports.
This earnings news release should be read in conjunction with the Company’s Third Quarter 2026 Report to
Shareholders, including our unaudited interim Consolidated Financial Statements for the three and nine months
ended September 30, 2026, prepared in accordance with IFRS, which is available on our website at https://
www.manulife.com/ca/en/about-us/investors/results-and-reports. The Company’s 3Q26 MD&A and additional
information relating to the Company is available on the SEDAR+ website at https://www.sedarplus.ca and on the
U.S. Securities and Exchange Commission’s (“SEC”) website at https://www.sec.gov.
Any information contained in, or otherwise accessible through, websites mentioned in this news release does not
form a part of this document unless it is expressly incorporated by reference.
Media Inquiries | Investor Relations | |||
Fiona McLean | Derek Theobalds | |||
(437) 441-7491 | (416) 254-1774 | |||
fiona_mclean@manulife.com | derek_theobalds@manulife.com | |||
7
Earnings
The following table presents net income attributed to shareholders, consisting of core earnings and details of the
items excluded from core earnings:
Quarterly Results | YTD Results | ||||
($ millions) | 3Q26 | 2Q26 | 3Q25 | 2026 | 2025 |
Core earnings | |||||
Asia | $890 | $853 | $759 | $2,563 | $2,184 |
Canada | 440 | 379 | 428 | 1,171 | 1,221 |
U.S. | 356 | 301 | 332 | 988 | 887 |
Global Wealth and Asset Management | 503 | 505 | 525 | 1,456 | 1,442 |
Corporate and Other | (64) | (115) | (9) | (294) | (206) |
Total core earnings | $2,125 | $1,923 | $2,035 | $5,884 | $5,528 |
Items excluded from core earnings | |||||
Market experience gains (losses) | (388) | 201 | (2) | (853) | (1,221) |
Updates to actuarial methods and assumptions that flow directly through income | (175) | - | (216) | (175) | (216) |
Restructuring charge | - | - | - | - | - |
Amortization of acquisition-related intangible assets | (18) | (16) | (6) | (52) | (6) |
Reinsurance transactions, tax-related items and other | (120) | 2 | (12) | (123) | (12) |
Net income attributed to shareholders | $1,424 | $2,110 | $1,799 | $4,681 | $4,073 |
Non-GAAP and other financial measures
The Company prepares its Consolidated Financial Statements in accordance with IFRS. We use a number of non-
GAAP and other financial measures to evaluate overall performance and to assess each of our businesses. This
section includes information required by National Instrument 52-112 – Non-GAAP and other Financial Measures
Disclosure in respect of “specified financial measures” (as defined therein).
Non-GAAP financial measures include core earnings (loss); core earnings available to common shareholders;
core earnings before interest, taxes, depreciation and amortization (“core EBITDA”); core expenses; adjusted book
value; post-tax contractual service margin; post-tax contractual service margin net of NCI (“post-tax CSM net of
NCI”); and core revenue. In addition, non-GAAP financial measures include the following stated on a constant
exchange rate (“CER”) basis: any of the foregoing non-GAAP financial measures; net income attributed to
shareholders; common shareholders’ net income; CSM; CSM net of NCI and new business CSM.
Non-GAAP ratios include core return on common shareholders’ equity (“core ROE”); diluted core earnings per
common share (“core EPS”); expense efficiency ratio; adjusted book value per common share; financial leverage
ratio; core EBITDA margin; growth in the CSM net of NCI from organic CSM movement; and percentage growth/
decline on a CER basis in any of the above non-GAAP financial measures and non-GAAP ratios; net income
attributed to shareholders; diluted earnings per common share (“EPS”); CSM; CSM net of NCI; and new business
CSM.
Other specified financial measures include NBV; APE sales; gross flows; net flows; average assets under
management and administration (“average AUMA”); NBV margin; and percentage growth/decline in these
foregoing specified financial measures. In addition, explanations of the components of the CSM movement, other
than new business CSM are provided in our 3Q26 MD&A.
Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under GAAP and,
therefore, might not be comparable to similar financial measures disclosed by other issuers. Therefore, they
should not be considered in isolation or as a substitute for any other financial information prepared in accordance
with GAAP. For more information on non-GAAP financial measures, including those referred to above, see the
section “Non-GAAP and other financial measures” in our 3Q26 MD&A, which is incorporated by reference.
8
Reconciliation of core earnings to net income attributed to shareholders – 3Q26
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
3Q26 | ||||||
Asia | Canada | U.S. | Global WAM | Corporate and Other | Total | |
Income (loss) before income taxes | $857 | $265 | $217 | $565 | $(151) | $1,753 |
Income tax (expenses) recoveries | ||||||
Core earnings | (107) | (114) | (69) | (104) | 61 | (333) |
Items excluded from core earnings | 18 | 71 | 44 | 12 | (56) | 89 |
Income tax (expenses) recoveries | (89) | (43) | (25) | (92) | 5 | (244) |
Net income (post-tax) | 768 | 222 | 192 | 473 | (146) | 1,509 |
Less: Net income (post-tax) attributed to | ||||||
Non-controlling interests | 8 | - | - | 10 | 3 | 21 |
Participating policyholders | 47 | 17 | - | - | - | 64 |
Net income (loss) attributed to shareholders (post- tax) | 713 | 205 | 192 | 463 | (149) | 1,424 |
Less: Items excluded from core earnings (post-tax) | ||||||
Market experience gains (losses) | (87) | (143) | (71) | (25) | (62) | (388) |
Updates to actuarial methods and assumptions that flow directly through income | 10 | (92) | (93) | - | - | (175) |
Restructuring charge | - | - | - | - | - | - |
Amortization of acquisition-related intangible assets | - | - | - | (18) | - | (18) |
Reinsurance transactions, tax-related items and other | (100) | - | - | 3 | (23) | (120) |
Core earnings (post-tax) | $890 | $440 | $356 | $503 | $(64) | $2,125 |
Income tax on core earnings (see above) | 107 | 114 | 69 | 104 | (61) | 333 |
Core earnings (pre-tax) | $997 | $554 | $425 | $607 | $(125) | $2,458 |
Core earnings, CER basis and U.S. dollars – 3Q26
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
3Q26 | ||||||
Asia | Canada | U.S. | Global WAM | Corporate and Other | Total | |
Core earnings (post-tax) | $890 | $440 | $356 | $503 | $(64) | $2,125 |
CER adjustment(1) | - | - | - | - | - | - |
Core earnings, CER basis (post-tax) | $890 | $440 | $356 | $503 | $(64) | $2,125 |
Income tax on core earnings, CER basis(2) | 107 | 114 | 69 | 104 | (61) | 333 |
Core earnings, CER basis (pre-tax) | $997 | $554 | $425 | $607 | $(125) | $2,458 |
Core earnings (U.S. dollars) – Asia and U.S. segments | ||||||
Core earnings (post-tax)(3), US $ | $635 | $254 | ||||
CER adjustment US $(1) | - | - | ||||
Core earnings, CER basis (post-tax), US $ | $635 | $254 | ||||
(1)The impact of updating foreign exchange rates to that which was used in 3Q26.
(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q26.
(3)Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for 3Q26.
9
Reconciliation of core earnings to net income attributed to shareholders – 2Q26
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
2Q26 | ||||||
Asia | Canada | U.S. | Global WAM | Corporate and Other | Total | |
Income (loss) before income taxes | $1,464 | $401 | $181 | $623 | $103 | $2,772 |
Income tax (expenses) recoveries | ||||||
Core earnings | (123) | (97) | (67) | (101) | 31 | (357) |
Items excluded from core earnings | (107) | 27 | 39 | (2) | (54) | (97) |
Income tax (expenses) recoveries | (230) | (70) | (28) | (103) | (23) | (454) |
Net income (post-tax) | 1,234 | 331 | 153 | 520 | 80 | 2,318 |
Less: Net income (post-tax) attributed to | ||||||
Non-controlling interests | 126 | - | - | 6 | 5 | 137 |
Participating policyholders | 46 | 25 | - | - | - | 71 |
Net income (loss) attributed to shareholders (post- tax) | 1,062 | 306 | 153 | 514 | 75 | 2,110 |
Less: Items excluded from core earnings (post-tax) | ||||||
Market experience gains (losses) | 209 | (70) | (150) | 22 | 190 | 201 |
Updates to actuarial methods and assumptions that flow directly through income | - | - | - | - | - | - |
Restructuring charge | - | - | - | - | - | - |
Amortization of acquisition-related intangible assets | - | - | - | (16) | - | (16) |
Reinsurance transactions, tax-related items and other | - | (3) | 2 | 3 | - | 2 |
Core earnings (post-tax) | $853 | $379 | $301 | $505 | $(115) | $1,923 |
Income tax on core earnings (see above) | 123 | 97 | 67 | 101 | (31) | 357 |
Core earnings (pre-tax) | $976 | $476 | $368 | $606 | $(146) | $2,280 |
Core earnings, CER basis and U.S. dollars – 2Q26
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
2Q26 | ||||||
Asia | Canada | U.S. | Global WAM | Corporate and Other | Total | |
Core earnings (post-tax) | $853 | $379 | $301 | $505 | $(115) | $1,923 |
CER adjustment(1) | 9 | - | 4 | 4 | - | 17 |
Core earnings, CER basis (post-tax) | $862 | $379 | $305 | $509 | $(115) | $1,940 |
Income tax on core earnings, CER basis(2) | 125 | 97 | 67 | 102 | (31) | 360 |
Core earnings, CER basis (pre-tax) | $987 | $476 | $372 | $611 | $(146) | $2,300 |
Core earnings (U.S. dollars) – Asia and U.S. segments | ||||||
Core earnings (post-tax)(3), US $ | $616 | $218 | ||||
CER adjustment US $(1) | (1) | - | ||||
Core earnings, CER basis (post-tax), US $ | $615 | $218 | ||||
(1)The impact of updating foreign exchange rates to that which was used in 3Q26.
(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q26.
(3)Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for 2Q26.
10
Reconciliation of core earnings to net income attributed to shareholders – 3Q25
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
3Q25 | ||||||
Asia | Canada | U.S. | Global WAM | Corporate and Other | Total | |
Income (loss) before income taxes | $1,268 | $551 | $(109) | $606 | $(87) | $2,229 |
Income tax (expenses) recoveries | ||||||
Core earnings | (93) | (119) | (79) | (82) | 91 | (282) |
Items excluded from core earnings | (140) | (5) | 113 | 1 | 3 | (28) |
Income tax (expenses) recoveries | (233) | (124) | 34 | (81) | 94 | (310) |
Net income (post-tax) | 1,035 | 427 | (75) | 525 | 7 | 1,919 |
Less: Net income (post-tax) attributed to | ||||||
Non-controlling interests | 128 | - | - | 2 | - | 130 |
Participating policyholders | 12 | (22) | - | - | - | (10) |
Net income (loss) attributed to shareholders (post- tax) | 895 | 449 | (75) | 523 | 7 | 1,799 |
Less: Items excluded from core earnings (post-tax) | ||||||
Market experience gains (losses) | 173 | (37) | (172) | 18 | 16 | (2) |
Updates to actuarial methods and assumptions that flow directly through income | (39) | 58 | (235) | - | - | (216) |
Restructuring charge | - | - | - | - | - | - |
Amortization of acquisition-related intangible assets | - | - | - | (6) | - | (6) |
Reinsurance transactions, tax-related items and other | 2 | - | - | (14) | - | (12) |
Core earnings (post-tax) | $759 | $428 | $332 | $525 | $(9) | $2,035 |
Income tax on core earnings (see above) | 93 | 119 | 79 | 82 | (91) | 282 |
Core earnings (pre-tax) | $852 | $547 | $411 | $607 | $(100) | $2,317 |
Core earnings, CER basis and U.S. dollars – 3Q25
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
3Q25 | ||||||
Asia | Canada | U.S. | Global WAM | Corporate and Other | Total | |
Core earnings (post-tax) | $759 | $428 | $332 | $525 | $(9) | $2,035 |
CER adjustment(1) | 1 | - | 6 | 4 | 1 | 12 |
Core earnings, CER basis (post-tax) | $760 | $428 | $338 | $529 | $(8) | $2,047 |
Income tax on core earnings, CER basis(2) | 94 | 119 | 80 | 82 | (90) | 285 |
Core earnings, CER basis (pre-tax) | $854 | $547 | $418 | $611 | $(98) | $2,332 |
Core earnings (U.S. dollars) – Asia and U.S. segments | ||||||
Core earnings (post-tax)(3), US $ | $550 | $241 | ||||
CER adjustment US $(1) | (8) | - | ||||
Core earnings, CER basis (post-tax), US $ | $542 | $241 | ||||
(1)The impact of updating foreign exchange rates to that which was used in 3Q26.
(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q26.
(3)Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for 3Q25.
11
Reconciliation of core earnings to net income attributed to shareholders – YTD 2026
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
YTD 2026 | ||||||
Asia | Canada | U.S. | Global WAM | Corporate and Other | Total | |
Income (loss) before income taxes | $3,097 | $991 | $557 | $1,677 | $(331) | $5,991 |
Income tax (expenses) recoveries | ||||||
Core earnings | (330) | (299) | (214) | (293) | 134 | (1,002) |
Items excluded from core earnings | (116) | 124 | 140 | 22 | (96) | 74 |
Income tax (expenses) recoveries | (446) | (175) | (74) | (271) | 38 | (928) |
Net income (post-tax) | 2,651 | 816 | 483 | 1,406 | (293) | 5,063 |
Less: Net income (post-tax) attributed to | ||||||
Non-controlling interests | 167 | - | - | 26 | 8 | 201 |
Participating policyholders | 114 | 67 | - | - | - | 181 |
Net income (loss) attributed to shareholders (post- tax) | 2,370 | 749 | 483 | 1,380 | (301) | 4,681 |
Less: Items excluded from core earnings (post-tax) | ||||||
Market experience gains (losses) | (103) | (327) | (414) | (25) | 16 | (853) |
Updates to actuarial methods and assumptions that flow directly through income | 10 | (92) | (93) | - | - | (175) |
Restructuring charge | - | - | - | - | - | - |
Amortization of acquisition-related intangible assets | - | - | - | (52) | - | (52) |
Reinsurance transactions, tax-related items and other | (100) | (3) | 2 | 1 | (23) | (123) |
Core earnings (post-tax) | $2,563 | $1,171 | $988 | $1,456 | $(294) | $5,884 |
Income tax on core earnings (see above) | 330 | 299 | 214 | 293 | (134) | 1,002 |
Core earnings (pre-tax) | $2,893 | $1,470 | $1,202 | $1,749 | $(428) | $6,886 |
Core earnings, CER basis and U.S. dollars – YTD 2026
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
YTD 2026 | ||||||
Asia | Canada | U.S. | Global WAM | Corporate and Other | Total | |
Core earnings (post-tax) | $2,563 | $1,171 | $988 | $1,456 | $(294) | $5,884 |
CER adjustment(1) | 23 | - | 10 | 10 | 1 | 44 |
Core earnings, CER basis (post-tax) | $2,586 | $1,171 | $998 | $1,466 | $(293) | $5,928 |
Income tax on core earnings, CER basis(2) | 333 | 299 | 217 | 295 | (135) | 1,009 |
Core earnings, CER basis (pre-tax) | $2,919 | $1,470 | $1,215 | $1,761 | $(428) | $6,937 |
Core earnings (U.S. dollars) – Asia and U.S. segments | ||||||
Core earnings (post-tax)(3), US $ | $1,849 | $713 | ||||
CER adjustment US $(1) | (3) | - | ||||
Core earnings, CER basis (post-tax), US $ | $1,846 | $713 | ||||
(1)The impact of updating foreign exchange rates to that which was used in 3Q26.
(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q26.
(3)Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for the respective quarters that make up 2026
year-to-date core earnings.
12
Reconciliation of core earnings to net income attributed to shareholders – YTD 2025
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
YTD 2025 | ||||||
Asia | Canada | U.S. | Global WAM | Corporate and Other | Total | |
Income (loss) before income taxes | $3,230 | $1,382 | $(809) | $1,709 | $(323) | $5,189 |
Income tax (expenses) recoveries | ||||||
Core earnings | (288) | (318) | (200) | (257) | 152 | (911) |
Items excluded from core earnings | (225) | 20 | 401 | (1) | (8) | 187 |
Income tax (expenses) recoveries | (513) | (298) | 201 | (258) | 144 | (724) |
Net income (post-tax) | 2,717 | 1,084 | (608) | 1,451 | (179) | 4,465 |
Less: Net income (post-tax) attributed to | ||||||
Non-controlling interests | 244 | - | - | 3 | (2) | 245 |
Participating policyholders | 124 | 23 | - | - | - | 147 |
Net income (loss) attributed to shareholders (post- tax) | 2,349 | 1,061 | (608) | 1,448 | (177) | 4,073 |
Less: Items excluded from core earnings (post-tax) | ||||||
Market experience gains (losses) | 257 | (216) | (1,260) | 23 | (25) | (1,221) |
Updates to actuarial methods and assumptions that flow directly through income | (39) | 58 | (235) | - | - | (216) |
Restructuring charge | - | - | - | - | - | - |
Amortization of acquisition-related intangible assets | - | - | - | (6) | - | (6) |
Reinsurance transactions, tax-related items and other | (53) | (2) | - | (11) | 54 | (12) |
Core earnings (post-tax) | $2,184 | $1,221 | $887 | $1,442 | $(206) | $5,528 |
Income tax on core earnings (see above) | 288 | 318 | 200 | 257 | (152) | 911 |
Core earnings (pre-tax) | $2,472 | $1,539 | $1,087 | $1,699 | $(358) | $6,439 |
Core earnings, CER basis and U.S. dollars – YTD 2025
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
YTD 2025 | ||||||
Asia | Canada | U.S. | Global WAM | Corporate and Other | Total | |
Core earnings (post-tax) | $2,184 | $1,221 | $887 | $1,442 | $(206) | $5,528 |
CER adjustment(1) | (24) | - | - | (2) | 1 | (25) |
Core earnings, CER basis (post-tax) | $2,160 | $1,221 | $887 | $1,440 | $(205) | $5,503 |
Income tax on core earnings, CER basis(2) | 286 | 318 | 199 | 256 | (151) | 908 |
Core earnings, CER basis (pre-tax) | $2,446 | $1,539 | $1,086 | $1,696 | $(356) | $6,411 |
Core earnings (U.S. dollars) – Asia and U.S. segments | ||||||
Core earnings (post-tax)(3), US $ | $1,562 | $633 | ||||
CER adjustment US $(1) | (20) | - | ||||
Core earnings, CER basis (post-tax), US $ | $1,542 | $633 | ||||
(1)The impact of updating foreign exchange rates to that which was used in 3Q26.
(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q26.
(3)Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for the respective quarters that make up 2025
year-to-date core earnings.
Core earnings available to common shareholders
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
Quarterly Results | YTD Results | Full Year Results | ||||||
3Q26 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2026 | 2025 | 2025 | |
Core earnings | $2,125 | $1,923 | $1,836 | $1,993 | $2,035 | $5,884 | $5,528 | $7,521 |
Less: Preferred share dividends and other equity distributions | 59 | 103 | 58 | 103 | 58 | 220 | 218 | 321 |
Core earnings available to common shareholders | 2,066 | 1,820 | 1,778 | 1,890 | 1,977 | 5,664 | 5,310 | 7,200 |
CER adjustment(1) | - | 17 | 27 | 2 | 12 | 44 | (25) | (23) |
Core earnings available to common shareholders, CER basis | $2,066 | $1,837 | $1,805 | $1,892 | $1,989 | $5,708 | $5,285 | $7,177 |
(1)The impact of updating foreign exchange rates to that which was used in 3Q26.
13
Core ROE
($ millions, unless otherwise stated)
Quarterly Results | YTD Results | Full Year Results | ||||||
3Q26 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2026 | 2025 | 2025 | |
Core earnings available to common shareholders | $2,066 | $1,820 | $1,778 | $1,890 | $1,977 | $5,664 | $5,310 | $7,200 |
Annualized core earnings available to common shareholders (post-tax) | $8,197 | $7,300 | $7,211 | $7,498 | $7,844 | $7,573 | $7,099 | $7,200 |
Average common shareholders’ equity (see below) | $46,038 | $44,818 | $43,717 | $43,759 | $43,238 | $44,858 | $43,693 | $43,709 |
Core ROE (annualized) (%) | 17.8% | 16.3% | 16.5% | 17.1% | 18.1% | 16.9% | 16.2% | 16.5% |
Average common shareholders’ equity | ||||||||
Total shareholders’ and other equity | $53,072 | $52,324 | $50,632 | $50,121 | $50,716 | $53,072 | $50,716 | $50,121 |
Less: Preferred shares and other equity | 6,660 | 6,660 | 6,660 | 6,660 | 6,660 | 6,660 | 6,660 | 6,660 |
Common shareholders’ equity | $46,412 | $45,664 | $43,972 | $43,461 | $44,056 | $46,412 | $44,056 | $43,461 |
Average common shareholders’ equity | $46,038 | $44,818 | $43,717 | $43,759 | $43,238 | $44,858 | $43,693 | $43,709 |
CSM and post-tax CSM information
($ millions pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
As at | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 |
CSM | $29,070 | $29,205 | $27,325 | $26,568 | $26,283 |
Less: CSM for NCI | 1,752 | 1,942 | 1,736 | 1,599 | 1,565 |
CSM, net of NCI | $27,318 | $27,263 | $25,589 | $24,969 | $24,718 |
CER adjustment(1) | - | 175 | 472 | 795 | 379 |
CSM, net of NCI, CER basis | $27,318 | $27,438 | $26,061 | $25,764 | $25,097 |
CSM by segment | |||||
Asia | $19,741 | $19,562 | $18,228 | $17,750 | $17,580 |
Asia NCI | 1,752 | 1,942 | 1,736 | 1,599 | 1,565 |
Canada | 4,351 | 4,509 | 4,432 | 4,459 | 4,490 |
U.S. | 3,220 | 3,188 | 2,927 | 2,760 | 2,649 |
Corporate and Other | 6 | 4 | 2 | - | (1) |
CSM | $29,070 | $29,205 | $27,325 | $26,568 | $26,283 |
CSM, CER adjustment(1) | |||||
Asia | $- | $173 | $422 | $696 | $326 |
Asia NCI | - | 22 | 79 | 120 | 123 |
Canada | - | - | - | - | - |
U.S. | - | 3 | 51 | 99 | 54 |
Corporate and Other | - | (1) | - | - | - |
Total | $- | $197 | $552 | $915 | $503 |
CSM, CER basis | |||||
Asia | $19,741 | $19,735 | $18,650 | $18,446 | $17,906 |
Asia NCI | 1,752 | 1,964 | 1,815 | 1,719 | 1,688 |
Canada | 4,351 | 4,509 | 4,432 | 4,459 | 4,490 |
U.S. | 3,220 | 3,191 | 2,978 | 2,859 | 2,703 |
Corporate and Other | 6 | 3 | 2 | - | (1) |
Total CSM, CER basis | $29,070 | $29,402 | $27,877 | $27,483 | $26,786 |
Post-tax CSM | |||||
CSM | $29,070 | $29,205 | $27,325 | $26,568 | $26,283 |
Marginal tax rate on CSM | (4,802) | (4,781) | (4,510) | (4,403) | (4,347) |
Post-tax CSM | $24,268 | $24,424 | $22,815 | $22,165 | $21,936 |
CSM, net of NCI | $27,318 | $27,263 | $25,589 | $24,969 | $24,718 |
Marginal tax rate on CSM net of NCI | (4,617) | (4,596) | (4,334) | (4,236) | (4,181) |
Post-tax CSM net of NCI | $22,701 | $22,667 | $21,255 | $20,733 | $20,537 |
(1)The impact of reflecting CSM and CSM net of NCI using the foreign exchange rates for the Statement of Financial Position in effect for 3Q26.
14
New business CSM(1) detail, CER basis
($ millions pre-tax, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
Quarterly Results | YTD Results | Full Year Results | ||||||
3Q26 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2026 | 2025 | 2025 | |
New business CSM | ||||||||
Hong Kong | $385 | $322 | $316 | $244 | $287 | $1,023 | $889 | $1,133 |
Japan | 104 | 122 | 167 | 159 | 76 | 393 | 231 | 390 |
Chinese Mainland | 43 | 66 | 114 | 55 | 112 | 223 | 301 | 356 |
Singapore | 155 | 228 | 165 | 159 | 182 | 548 | 460 | 619 |
Other(2) | 38 | 39 | 40 | 80 | 55 | 117 | 209 | 289 |
Asia | 725 | 777 | 802 | 697 | 712 | 2,304 | 2,090 | 2,787 |
Canada | 114 | 129 | 103 | 135 | 109 | 346 | 300 | 435 |
U.S. | 118 | 118 | 114 | 188 | 145 | 350 | 365 | 553 |
Total new business CSM | $957 | $1,024 | $1,019 | $1,020 | $966 | $3,000 | $2,755 | $3,775 |
New business CSM, CER adjustment(3) | ||||||||
Hong Kong | $- | $3 | $6 | $1 | $5 | $9 | $1 | $2 |
Japan | - | 1 | 1 | (4) | (5) | 2 | (16) | (21) |
Chinese Mainland | - | 1 | 6 | 3 | 9 | 7 | 20 | 23 |
Singapore | - | 2 | 3 | 2 | 4 | 5 | 11 | 13 |
Other(2) | - | 1 | - | (1) | (1) | 1 | (2) | (2) |
Asia | - | 8 | 16 | 1 | 12 | 24 | 14 | 15 |
Canada | - | - | - | - | - | - | - | - |
U.S. | - | - | 3 | - | 3 | 3 | 1 | 1 |
Total new business CSM | $- | $8 | $19 | $1 | $15 | $27 | $15 | $16 |
New business CSM, CER basis | ||||||||
Hong Kong | $385 | $325 | $322 | $245 | $292 | $1,032 | $890 | $1,135 |
Japan | 104 | 123 | 168 | 155 | 71 | 395 | 215 | 369 |
Chinese Mainland | 43 | 67 | 120 | 58 | 121 | 230 | 321 | 379 |
Singapore | 155 | 230 | 168 | 161 | 186 | 553 | 471 | 632 |
Other(2) | 38 | 40 | 40 | 79 | 54 | 118 | 207 | 287 |
Asia | 725 | 785 | 818 | 698 | 724 | 2,328 | 2,104 | 2,802 |
Canada | 114 | 129 | 103 | 135 | 109 | 346 | 300 | 435 |
U.S. | 118 | 118 | 117 | 188 | 148 | 353 | 366 | 554 |
Total new business CSM, CER basis | $957 | $1,032 | $1,038 | $1,021 | $981 | $3,027 | $2,770 | $3,791 |
(1)New business CSM is net of NCI.
(2)Other includes Cambodia, Indonesia, International High Net Worth, Malaysia, Myanmar, the Philippines and Vietnam.
(3)The impact of updating foreign exchange rates to that which was used in 3Q26.
15
Net income financial measures on a CER basis
($ Canadian millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
Quarterly Results | YTD Results | Full Year Results | ||||||
3Q26 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2026 | 2025 | 2025 | |
Net income (loss) attributed to shareholders: | ||||||||
Asia | $713 | $1,062 | $595 | $623 | $895 | $2,370 | $2,349 | $2,972 |
Canada | 205 | 306 | 238 | 252 | 449 | 749 | 1,061 | 1,313 |
U.S. | 192 | 153 | 138 | 81 | (75) | 483 | (608) | (527) |
Global WAM | 463 | 514 | 403 | 452 | 523 | 1,380 | 1,448 | 1,900 |
Corporate and Other | (149) | 75 | (227) | 91 | 7 | (301) | (177) | (86) |
Total net income (loss) attributed to shareholders | 1,424 | 2,110 | 1,147 | 1,499 | 1,799 | 4,681 | 4,073 | 5,572 |
Preferred share dividends and other equity distributions | (59) | (103) | (58) | (103) | (58) | (220) | (218) | (321) |
Common shareholders’ net income (loss) | $1,365 | $2,007 | $1,089 | $1,396 | $1,741 | $4,461 | $3,855 | $5,251 |
CER adjustment(1) | ||||||||
Asia | $- | $12 | $10 | $2 | $32 | $22 | $21 | $24 |
Canada | - | - | - | - | - | - | - | - |
U.S. | - | 2 | 3 | - | (3) | 5 | 12 | 12 |
Global WAM | - | 5 | 7 | - | 7 | 12 | (3) | (3) |
Corporate and Other | - | 4 | (5) | (1) | 1 | (1) | 16 | 14 |
Total net income (loss) attributed to shareholders | - | 23 | 15 | 1 | 37 | 38 | 46 | 47 |
Preferred share dividends and other equity distributions | - | - | - | - | - | - | - | - |
Common shareholders’ net income (loss) | $- | $23 | $15 | $1 | $37 | $38 | $46 | $47 |
Net income (loss) attributed to shareholders, CER basis | ||||||||
Asia | $713 | $1,074 | $605 | $625 | $927 | $2,392 | $2,370 | $2,996 |
Canada | 205 | 306 | 238 | 252 | 449 | 749 | 1,061 | 1,313 |
U.S. | 192 | 155 | 141 | 81 | (78) | 488 | (596) | (515) |
Global WAM | 463 | 519 | 410 | 452 | 530 | 1,392 | 1,445 | 1,897 |
Corporate and Other | (149) | 79 | (232) | 90 | 8 | (302) | (161) | (72) |
Total net income (loss) attributed to shareholders, CER basis | 1,424 | 2,133 | 1,162 | 1,500 | 1,836 | 4,719 | 4,119 | 5,619 |
Preferred share dividends and other equity distributions, CER basis | (59) | (103) | (58) | (103) | (58) | (220) | (218) | (321) |
Common shareholders' net income (loss), CER basis | $1,365 | $2,030 | $1,104 | $1,397 | $1,778 | $4,499 | $3,901 | $5,298 |
Asia net income attributed to shareholders, U.S. dollars | ||||||||
Asia net income (loss) attributed to shareholders, US $(2) | $510 | $768 | $433 | $447 | $649 | $1,711 | $1,684 | $2,131 |
CER adjustment, US $(1) | - | (1) | (1) | (1) | 14 | (2) | 9 | 8 |
Asia net income (loss) attributed to shareholders, U.S. $, CER basis(1) | $510 | $767 | $432 | $446 | $663 | $1,709 | $1,693 | $2,139 |
Net income (loss) attributed to shareholders (pre-tax) | ||||||||
Net income (loss) attributed to shareholders (post-tax) | $1,424 | $2,110 | $1,147 | $1,499 | $1,799 | $4,681 | $4,073 | $5,572 |
Tax on net income attributed to shareholders | 254 | 427 | 215 | 292 | 283 | 896 | 637 | 929 |
Net income (loss) attributed to shareholders (pre-tax) | 1,678 | 2,537 | 1,362 | 1,791 | 2,082 | 5,577 | 4,710 | 6,501 |
CER adjustment(1) | - | 23 | 19 | 6 | 7 | 42 | (3) | 3 |
Net income (loss) attributed to shareholders (pre-tax), CER basis | $1,678 | $2,560 | $1,381 | $1,797 | $2,089 | $5,619 | $4,707 | $6,504 |
(1)The impact of updating foreign exchange rates to that which was used in 3Q26.
(2)Asia net income attributed to shareholders (post-tax) in Canadian dollars is translated to U.S. dollars using the U.S. dollar Statement of Income rate for the
respective reporting period.
Adjusted book value
($ millions)
Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | |
As at | |||||
Common shareholders’ equity | $46,412 | $45,664 | $43,972 | $43,461 | $44,056 |
Post-tax CSM, net of NCI | 22,701 | 22,667 | 21,255 | 20,733 | 20,537 |
Adjusted book value | $69,113 | $68,331 | $65,227 | $64,194 | $64,593 |
16
Reconciliation of Global WAM core earnings to core EBITDA
($ millions, pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
Quarterly Results | YTD Results | Full Year Results | ||||||
3Q26 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2026 | 2025 | 2025 | |
Global WAM core earnings (post-tax) | $503 | $505 | $448 | $490 | $525 | $1,456 | $1,442 | $1,932 |
Add back taxes, acquisition costs, other expenses and deferred sales commissions | ||||||||
Core income tax (expenses) recoveries (see above) | 104 | 101 | 88 | 93 | 82 | 293 | 257 | 350 |
Amortization of deferred acquisition costs and other depreciation | 43 | 62 | 63 | 61 | 44 | 168 | 141 | 202 |
Amortization of deferred sales commissions | 27 | 25 | 24 | 24 | 21 | 76 | 63 | 87 |
Core EBITDA | $677 | $693 | $623 | $668 | $672 | $1,993 | $1,903 | $2,571 |
CER adjustment(1) | - | 6 | 8 | 1 | 7 | 14 | (2) | (1) |
Core EBITDA, CER basis | $677 | $699 | $631 | $669 | $679 | $2,007 | $1,901 | $2,570 |
(1)The impact of updating foreign exchange rates to that which was used in 3Q26.
Core EBITDA margin and core revenue
($ millions, unless otherwise stated)
Quarterly Results | YTD Results | Full Year Results | ||||||
3Q26 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2026 | 2025 | 2025 | |
Core EBITDA margin | ||||||||
Core EBITDA | $677 | $693 | $623 | $668 | $672 | $1,993 | $1,903 | $2,571 |
Core revenue | $2,288 | $2,220 | $2,146 | $2,285 | $2,175 | $6,654 | $6,384 | $8,669 |
Core EBITDA margin | 29.6% | 31.2% | 29.0% | 29.2% | 30.9% | 30.0% | 29.8% | 29.7% |
Global WAM core revenue | ||||||||
Other revenue per financial statements | $2,077 | $2,216 | $1,930 | $2,147 | $2,145 | $6,223 | $5,982 | $8,129 |
Less: Other revenue in segments other than Global WAM | (74) | 155 | (56) | 28 | 121 | 25 | 79 | 107 |
Other revenue in Global WAM (fee income) | $2,151 | $2,061 | $1,986 | $2,119 | $2,024 | $6,198 | $5,903 | $8,022 |
Investment income per financial statements | $5,087 | $4,875 | $4,536 | $5,358 | $4,682 | $14,498 | $13,656 | $19,014 |
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities per financial statements | (2,237) | 5,705 | (1,384) | 1,106 | 3,784 | 2,084 | 5,169 | 6,275 |
Total investment income | 2,850 | 10,580 | 3,152 | 6,464 | 8,466 | 16,582 | 18,825 | 25,289 |
Less: Investment income in segments other than Global WAM | 2,727 | 10,370 | 3,015 | 6,300 | 8,275 | 16,112 | 18,288 | 24,588 |
Investment income in Global WAM | $123 | $210 | $137 | $164 | $191 | $470 | $537 | $701 |
Total other revenue and investment income in Global WAM | $2,274 | $2,271 | $2,123 | $2,283 | $2,215 | $6,668 | $6,440 | $8,723 |
Less: Total revenue reported in items excluded from core earnings | ||||||||
Market experience gains (losses) | (33) | 28 | (28) | (1) | 24 | (33) | 30 | 29 |
Revenue related to integration and acquisitions | 19 | 23 | 5 | (1) | 16 | 47 | 26 | 25 |
Global WAM core revenue | $2,288 | $2,220 | $2,146 | $2,285 | $2,175 | $6,654 | $6,384 | $8,669 |
17
Core expenses
($ millions, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
Quarterly Results | YTD Results | Full Year Results | ||||||
3Q26 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2026 | 2025 | 2025 | |
Core expenses | ||||||||
General expenses – Statements of Income | $1,259 | $1,248 | $1,251 | $1,327 | $1,232 | $3,758 | $3,574 | $4,901 |
Directly attributable acquisition expense for contracts measured using the PAA method and products without a CSM(1) | 45 | 43 | 48 | 48 | 42 | 136 | 124 | 172 |
Directly attributable maintenance expense(1) | 557 | 559 | 552 | 542 | 524 | 1,668 | 1,570 | 2,112 |
Total expenses | 1,861 | 1,850 | 1,851 | 1,917 | 1,798 | 5,562 | 5,268 | 7,185 |
Less: General expenses included in items excluded from core earnings | ||||||||
Restructuring charge | - | - | - | 16 | - | - | - | 16 |
Amortization of acquisition-related intangible assets | 24 | 21 | 23 | 16 | 8 | 68 | 8 | 24 |
Integration and acquisition | - | - | - | 7 | 22 | - | 22 | 29 |
Legal provisions and other expenses | 4 | 3 | 1 | 5 | 10 | 8 | 15 | 20 |
Total | 28 | 24 | 24 | 44 | 40 | 76 | 45 | 89 |
Core expenses | $1,833 | $1,826 | $1,827 | $1,873 | $1,758 | $5,486 | $5,223 | $7,096 |
CER adjustment(2) | - | 10 | 19 | 2 | 12 | 29 | (3) | (1) |
Core expenses, CER basis | $1,833 | $1,836 | $1,846 | $1,875 | $1,770 | $5,515 | $5,220 | $7,095 |
Total expenses | $1,861 | $1,850 | $1,851 | $1,917 | $1,798 | $5,562 | $5,268 | $7,185 |
CER adjustment(2) | - | 10 | 19 | 2 | 13 | 29 | (2) | 1 |
Total expenses, CER basis | $1,861 | $1,860 | $1,870 | $1,919 | $1,811 | $5,591 | $5,266 | $7,186 |
(1)Expenses are components of insurance service expenses on the Statements of Income that flow directly through income.
(2)The impact of updating foreign exchange rates to that which was used in 3Q26.
18
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
From time to time, Manulife makes written and/or oral forward-looking statements, including in this document. In addition,
our representatives may make forward-looking statements orally to analysts, investors, the media and others. All such
statements are made pursuant to the “safe harbour” provisions of Canadian provincial securities laws and the U.S.
Private Securities Litigation Reform Act of 1995.
The forward-looking statements in this document include, but are not limited to, statements with respect to our ability to
achieve our medium-term financial and operating targets, and the expected benefits and value derived from the use of AI
and also relate to, among other things, our objectives, goals, strategies, intentions, plans, beliefs, expectations and
estimates, and can generally be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”,
“suspect”, “outlook”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “forecast”, “objective”, “seek”, “aim”,
“continue”, “goal”, “restore”, “embark” and “endeavour” (or the negative thereof) and words and expressions of similar
import, and include statements concerning possible or assumed future results. Although we believe that the expectations
reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue
reliance should not be placed on such statements and they should not be interpreted as confirming market or analysts’
expectations in any way.
Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ
materially from those expressed or implied in such statements.
Important factors that could cause actual results to differ materially from expectations include but are not limited to:
general business and economic conditions (including but not limited to the performance, volatility and correlation of equity
markets, interest rates, credit and swap spreads, inflation rates, currency rates, investment losses and defaults, market
liquidity and creditworthiness of guarantors, reinsurers and counterparties); changes in laws and regulations; changes in
accounting standards applicable in any of the territories in which we operate; changes in regulatory capital requirements;
our ability to obtain premium rate increases on in-force policies; our ability to execute strategic plans and changes to
strategic plans; downgrades in our financial strength or credit ratings; our ability to maintain our reputation; impairments of
goodwill or intangible assets or the establishment of provisions against future tax assets; the accuracy of estimates
relating to morbidity, mortality and policyholder behaviour; the accuracy of other estimates used in applying accounting
policies and actuarial methods and embedded value methods; our ability to implement effective hedging strategies and
unforeseen consequences arising from such strategies; our ability to source appropriate assets to back our long-dated
liabilities; level of competition and consolidation; our ability to market and distribute products through current and future
distribution channels; unforeseen liabilities or asset impairments arising from acquisitions and dispositions of businesses;
the realization of losses arising from the sale of investments classified fair value through other comprehensive income;
our liquidity, including the availability of financing to satisfy existing financial liabilities on expected maturity dates when
required; obligations to pledge additional collateral; the availability of letters of credit to provide capital management
flexibility; accuracy of information received from counterparties and the ability of counterparties to meet their obligations;
the availability, affordability and adequacy of reinsurance; legal and regulatory proceedings, including tax audits, tax
litigation or similar proceedings; our ability to adapt products and services to the changing market; our ability to attract and
retain key executives, employees and agents; the appropriate use and interpretation of complex models or deficiencies in
models used; political, legal, operational and other risks associated with our operations; geopolitical uncertainty, including
international conflicts and trade disputes; acquisitions and our ability to complete acquisitions including the availability of
equity and debt financing for this purpose; the disruption of or changes to key elements of the Company’s or public
infrastructure systems; environmental concerns, including climate change; our ability to protect our intellectual property
and exposure to claims of infringement; our ability to execute our digital plans and to deploy future digital use cases,
including with respect to AI, and our inability to withdraw cash from subsidiaries.
Additional information about material risk factors that could cause actual results to differ materially from expectations and
about material factors or assumptions applied in making forward-looking statements may be found under “Risk
Management and Risk Factors” and “Critical Actuarial and Accounting Policies” in the Management’s Discussion and
Analysis in our most recent annual report, under “Risk Management and Risk Factors Update” and “Critical Actuarial and
Accounting Policies” in the Management’s Discussion and Analysis in our most recent interim report, and in the “Risk
Management” note to the Consolidated Financial Statements in our most recent annual and interim reports, as well as
elsewhere in our filings with Canadian and U.S. securities regulators.
The forward-looking statements in this document are, unless otherwise indicated, stated as of the date hereof and are
presented for the purpose of assisting investors and others in understanding our financial position and results of
operations, our future operations, as well as our objectives and strategic priorities, and may not be appropriate for other
purposes. We do not undertake to update any forward-looking statements, except as required by law.
Exhibit 99.2
News
Release
C$ unless otherwise statedTSX/NYSE/PSE: MFC SEHK: 945
For Immediate Release
November 4, 2026
Manulife declares common share dividend
Toronto - Manulife’s Board of Directors today announced a quarterly common shareholders’ dividend of
$0.485 per share on the common shares of Manulife, payable on and after December 21, 2026, to
shareholders of record at the close of business on November 20, 2026.
In respect of the Company’s Canadian Dividend Reinvestment and Share Purchase Plan and its U.S.
Dividend Reinvestment and Share Purchase Plan, the Company will purchase common shares on the
open market in connection with the reinvestment of dividends and optional cash purchases under these
plans. The purchase price of these common shares will be based on the average of the actual cost to
purchase them and there are no applicable discounts.
About Manulife
Manulife Financial Corporation is a leading international financial services provider, headquartered in
Toronto, Canada. Anchored in our ambition to be the number one choice for customers, we operate as
Manulife across Canada and Asia, and primarily as John Hancock in the United States, providing financial
advice, insurance and health solutions for individuals, groups and businesses. Through Manulife Wealth &
Asset Management, we offer global investment solutions, financial advice, and retirement plan services to
individuals, institutions, and retirement plan members worldwide. At the end of 2025, we had more than
37,000 employees, over 106,000 agents, and thousands of distribution partners, serving over 37 million
customers with operations across 25 markets globally. We trade as ‘MFC’ on the Toronto, New York, and
Philippine stock exchanges, and under ‘945’ in Hong Kong stock exchange. Not all offerings are available
in all jurisdictions. For additional information, please visit manulife.com.
Media ContactInvestor Relations
Fiona McLeanDerek Theobalds
ManulifeManulife
437-441-7491416-254-1774
fiona_mclean@manulife.com derek_theobalds@manulife.com