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Form 20-F

◻

Form 40-F

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Exhibit	Description of Exhibit
99.1	Third Quarter Report to Shareholders
99.2	Certification Chief Executive Officer
99.3	Certification Chief Financial Officer

	MANULIFE FINANCIAL CORPORATION
	By:            /s/ James D. Gallagher
	Name:       James D. Gallagher
	Title:         General Counsel
Date:  November 3, 2021

Exhibit	Description of Exhibit
99.1	Third Quarter Report to Shareholders
99.2	Certification Chief Executive Officer
99.3	Certification Chief Financial Officer

◾	Net income attributed to shareholders of $1.6 billion in 3Q21, down $476 million from the third quarter of 2020 (“3Q20”). 3Q21 results included strong investment gains that offset a $532 million charge from the previously announced Ultimate Reinvestment Rate (“URR”) reduction.

◾	Core earnings1 of $1.5 billion in 3Q21, up 10% on a constant exchange rate basis2 from 3Q20

◾	Core ROE1 of 12.0% and ROE of 12.6% in 3Q21

◾	NBV1 of $539 million in 3Q21, up 22% from 3Q20

◾	APE sales1 of $1.4 billion in 3Q21, up 5% from 3Q20

◾	Global Wealth and Asset Management (“Global WAM”) net inflows1 of $9.8 billion in 3Q21, compared with net outflows of $2.2 billion in 3Q20

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1

Core earnings, core return on common shareholders’ equity (“core ROE”), new business value (“NBV”), annualized premium equivalent (“APE”) sales, and net flows are non-GAAP measures. See “Performance and non-GAAP measures” in our Third Quarter 2021 Management’s Discussion and Analysis (“3Q21 MD&A”) for additional information.

2

All percentage growth / declines in financial metrics in this news release are reported on a constant exchange rate basis. Constant exchange rate basis excludes the impact of currency fluctuations and is a non-GAAP measure. See “Performance and non-GAAP measures” in our 3Q21 MD&A for additional information.

		Quarterly Results								YTD Results
($ millions, unless otherwise stated)			3Q21				3Q20				2021				2020
Profitability:
Net income attributed to shareholders		$	1,592			$	2,068			$	5,021			$	4,091
Core earnings(1)		$	1,517			$	1,453			$	4,828			$	4,042
Diluted earnings per common share ($)		$	0.80			$	1.04			$	2.51			$	2.04
Diluted core earnings per common share ($)(1)		$	0.76			$	0.73			$	2.41			$	2.01
Return on common shareholders’ equity (“ROE”)			12.6	%			16.4	%			13.7	%			10.8	%
Core ROE(1)			12.0	%			11.4	%			13.2	%			10.6	%
Expense efficiency ratio(1)			51.3	%			51.2	%			48.9	%			52.9	%
Performance:
Asia new business value		$	399			$	365			$	1,275			$	1,019
Canada new business value		$	71			$	67			$	225			$	190
U.S. new business value		$	69			$	28			$	188			$	104
Total new business value(1)		$	539			$	460			$	1,688			$	1,313
Asia APE sales		$	930			$	1,005			$	3,160			$	2,873
Canada APE sales		$	303			$	289			$	932			$	903
U.S. APE sales		$	203			$	136			$	544			$	431
Total APE sales(1)		$	1,436			$	1,430			$	4,636			$	4,207
Global Wealth and Asset Management net flows ($ billions)(1)		$	9.8			$	(2.2	)		$	19.8			$	6.1
Global Wealth and Asset Management gross flows ($ billions)(1)		$	35.2			$	27.5			$	108.7			$	98.7
Global Wealth and Asset Management assets under management and administration ($ billions)(1)		$	823.6			$	715.4			$	823.6			$	715.4
Financial Strength:
MLI’s LICAT ratio			138	%			155	%			138	%			155	%
Financial leverage ratio			25.5	%			26.7	%			25.5	%			26.7	%
Book value per common share ($)		$	25.78			$	25.49			$	25.78			$	25.49
Book value per common share excluding AOCI ($)		$	23.41			$	21.13			$	23.41			$	21.13

(1)	This item is a non-GAAP measure. See “Performance and non-GAAP measures” in our 3Q21 MD&A for additional information.

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1	Core investment gains and average assets under management and administration (“average AUMA”) are non-GAAP measures. See “Performance and non-GAAP measures” in our 3Q21 MD&A for additional information.

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2	Gross flows is a non-GAAP measure. See “Performance and non-GAAP measures” in our 3Q21 MD&A for additional information.

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. Mosten litigation and regulatory update 10. Strategic priorities 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. Actuarial methods and assumptions 3. Sensitivity of earnings to asset related assumption 4. Accounting and reporting changes E. OTHER 1. Outstanding common shares - selected information 2. Legal and regulatory proceedings 3. Performance and non-GAAP measures 4. Caution regarding forward-looking statements 5. Quarterly financial information 6. Other

		Quarterly Results												YTD Results
($ millions, unless otherwise stated)			3Q21				2Q21				3Q20				2021				2020
Net income attributed to shareholders		$	1,592			$	2,646			$	2,068			$	5,021			$	4,091
Core earnings(1)		$	1,517			$	1,682			$	1,453			$	4,828			$	4,042
Diluted earnings per common share ($)		$	0.80			$	1.33			$	1.04			$	2.51			$	2.04
Diluted core earnings per common share (“Core EPS”) ($)(1)		$	0.76			$	0.83			$	0.73			$	2.41			$	2.01
Return on common shareholders’ equity (“ROE”)			12.6	%			22.2	%			16.4	%			13.7	%			10.8	%
Core ROE(1)			12.0	%			13.9	%			11.4	%			13.2	%			10.6	%
Expense efficiency ratio(1)			51.3	%			46.8	%			51.2	%			48.9	%			52.9	%

(1)	This item is a non-GAAP measure. See “Performance and non-GAAP measures” below.

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1	This item is a non-GAAP measure. See “Performance and non-GAAP measures” below.

2

Percentage growth / declines in core earnings, core general expenses, pre-tax core earnings, APE sales, gross flows, NBV, assets under management and administration, assets under management, core EBITDA and Global Wealth and Asset Management revenue are stated on a constant exchange rate basis. Constant exchange rate basis is a non-GAAP measure. See “Performance and non-GAAP measures” below.

3

Policyholder experience includes gains of $5 million post-tax in 3Q21 (3Q20 – gains of $13 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(1)		Quarterly Results												YTD Results
($ millions, unaudited)			3Q21				2Q21				3Q20				2021				2020
Asia		$	533			$	526			$	559			$	1,629			$	1,539
Canada			311				318				279				893				858
U.S.			490				478				498				1,469				1,516
Global Wealth and Asset Management			351				356				308				1,019				796
Corporate and Other (excluding core investment gains)			(268	)			(96	)			(191	)			(482	)			(667	)
Core investment gains(1),(2)			100				100				-				300				-
Total core earnings		$	1,517			$	1,682			$	1,453			$	4,828			$	4,042

(1)	This item is a non-GAAP measure. See “Performance and non-GAAP measures” below.

(2)

As outlined in our definition of core earnings in section E3: 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.

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1

Year-to-date policyholder experience includes gains of $24 million post-tax in 2021 (2020 – gains of $47 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 VHIS products. These gains did not have a material impact on year-to-date core earnings as they were mostly offset by new business strain.

Items excluded from core earnings		Quarterly Results												YTD Results
($ millions, unaudited)			3Q21				2Q21				3Q20				2021				2020
Investment-related experience outside of core earnings(1)		$	700			$	739			$	147			$	1,516			$	(1,377	)
Direct impact of equity markets and interest rates and variable annuity guarantee liabilities(2)			(597	)			217				390				(1,215	)			1,255
Direct impact of equity markets and variable annuity guarantee liabilities			(15	)			177				162				165				(579	)
Fixed income reinvestment rates assumed in the valuation of policy liabilities			(44	)			76				142				(800	)			(169	)
Sale of AFS bonds and, impact of derivative positions in the Corporate and Other segment			(6	)			(36	)			86				(48	)			2,003
Changes to the ultimate reinvestment rate			(532	)			-				-				(532	)			-
Change in actuarial methods and assumptions(3)			(41	)			-				(198	)			(41	)			(198	)
Reinsurance transactions(4)			13				8				276				29				297
Restructuring charge			-				-				-				(115	)			-
Tax-related items and other			-				-				-				19				72
Items excluded from core earnings		$	75			$	964			$	615			$	193			$	49

(1)

Total investment-related experience in 3Q21 was a net gain of $800 million, compared with a net gain of $147 million in 3Q20, and in accordance with our definition of core earnings, we included $100 million of investment-related experience gains in core earnings and a $700 million gain in items excluded from core earnings in 3Q21 (no core investment gains and a gain of $147 million, respectively, in 3Q20). Investment-related experience gains in 3Q21 reflected higher-than-expected returns (including fair value changes) on ALDA primarily driven by fair value gains on private equity investments, the favourable impact of fixed income reinvestment activities and favourable credit experience. Investment-related experience gains in 3Q20 reflected the favourable impact of fixed income reinvestment activities and higher-than-expected returns (including fair value changes) on ALDA primarily driven by fair value gains on private equity, partially offset by modest credit losses and the estimated impact of the sale of NAL Resources Limited, a wholly owned oil & gas subsidiary, to Whitecap Resources Inc., which closed on January 4, 2021.

(2)

The direct impact of markets was a net charge of $597 million in 3Q21 and included a $532 million charge related to changes to the URR. In June 2021, the Canadian Actuarial Standards Board issued a new promulgation with reductions to the URR and updates to the calibration criteria for stochastic risk-free rates. The updated standard included a reduction of 15 basis points in the URR and a corresponding change to stochastic risk-free rate modeling and was effective October 15, 2021. The long-term URR for risk-free rates in Canada is prescribed at 2.9% and we use the same assumption for the U.S. Our assumption for Japan is 1.5%. The net charges for fixed income reinvestment rates reflected the steepening of the yield curve in Canada and lower interest rates in China, partially offset by widening corporate and swap spreads in the U.S. The direct impact of markets was a net gain of $390 million in 3Q20 driven by strong equity market performance, higher fixed income reinvestment rates and gains on the sale of AFS bonds. The gain from fixed income reinvestment rates reflected nonparallel movement in swap spreads, partially offset by narrowing corporate spreads, primarily in the U.S.

(3)	Refer to section D2 “Actuarial methods and assumptions” below for detail.

(4)	Reinsurance transactions in Asia contributed gains of $13 million in 3Q21. In 3Q20, reinsurance transactions in the U.S., Asia and Canada contributed gains of $262 million, $8 million and $6 million, respectively.

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1	This item is a non-GAAP measure. See “Performance and non-GAAP measures” below.

							Quarterly Results								YTD Results
($ millions, unless otherwise stated) (unaudited)			3Q21				2Q21				3Q20				2021				2020
Asia APE sales		$	930			$	950			$	1,005			$	3,160			$	2,873
Canada APE sales		$	303			$	274			$	289			$	932			$	903
U.S. APE sales		$	203			$	191			$	136			$	544			$	431
Total APE sales		$	1,436			$	1,415			$	1,430			$	4,636			$	4,207
Asia new business value		$	399			$	399			$	365			$	1,275			$	1,019
Canada new business value		$	71			$	76			$	67			$	225			$	190
U.S. new business value		$	69			$	75			$	28			$	188			$	104
Total new business value		$	539			$	550			$	460			$	1,688			$	1,313
Global Wealth and Asset Management net flows ($ billions)		$	9.8			$	8.6			$	(2.2	)		$	19.8			$	6.1
Global Wealth and Asset Management gross flows ($ billions)		$	35.2			$	33.7			$	27.5			$	108.7			$	98.7
Global Wealth and Asset Management assets under management and administration ($ billions)		$	823.6			$	798.5			$	715.4			$	823.6			$	715.4

(1)	These items are non-GAAP measures. See “Performance and non-GAAP measures” below.

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1	This item is a non-GAAP measure. See “Performance and non-GAAP measures” below.

2	Asia Other excludes Japan and Hong Kong.

		Quarterly Results												YTD Results
(unaudited)			3Q21				2Q21				3Q20				2021				2020
MLI’s LICAT ratio			138	%			137	%			155	%			138	%			155	%
Financial leverage ratio			25.5	%			25.9	%			26.7	%			25.5	%			26.7	%
Consolidated capital ($ billions)(1)		$	63.1			$	61.4			$	62.1			$	63.1			$	62.1
Book value per common share ($)		$	25.78			$	24.76			$	25.49			$	25.78			$	25.49
Book value per common share excluding AOCI ($)		$	23.41			$	22.89			$	21.13			$	23.41			$	21.13

(1)	This item is a non-GAAP measure. See “Performance and non-GAAP measures” below.

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1	This item is a non-GAAP measure. See “Performance and non-GAAP measures” below.

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.

		Quarterly Results												YTD Results
($ millions, unaudited)			3Q21				2Q21				3Q20				2021				2020
Gross premiums		$	11,233			$	10,614			$	10,376			$	32,839			$	30,639
Premiums ceded to reinsurers			(1,250	)			(1,200	)			(4,370	)			(3,834	)			(7,045	)
Net premium income			9,983				9,414				6,006				29,005				23,594
Investment income			3,964				4,099				3,521				11,277				12,067
Other revenue			2,994				2,760				2,749				8,391				8,094
Revenue before realized and unrealized investment gains and losses			16,941				16,273				12,276				48,673				43,755
Realized and unrealized gains and losses on assets supporting insurance and investment contract liabilities and on the macro hedge program(1)			(958	)			9,551				1,100				(8,463	)			17,284
Total revenue		$	15,983			$	25,824			$	13,376			$	40,210			$	61,039

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

A5	Assets under management and administration (“AUMA”)1

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1	This item is a non-GAAP measure. See “Performance and non-GAAP measures” below.

A6	Impact of fair value accounting

A7	Impact of foreign currency exchange rates

A8	Business highlights

A10	Strategic priorities2

•	Accelerate Growth – we remain committed to generating two-thirds of core earnings from our highest

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potential businesses by 2022 and will target a 75% contribution by 2025. We also aspire to generate one-half of core earnings from our Asia region (Asia segment and Asia WAM) by 2025.

•

Digital, Customer Leader – we remain committed to a Net Promotor Score (“NPS”)1 of +31 by 2022, and will target NPS of +37 by 2025. We also introduced a new metric, straight-through-processing (“STP”)2, which represents customer interactions that are completely digital, and aim to achieve STP of 88% by 2025.

•	Expense Efficiency – we have already delivered on our original 2022 target of $1 billion in expense efficiencies. We remain focused on driving efficient growth and are committed to consistently achieving an expense efficiency ratio of less than 50% by 2022 and beyond.

•

Portfolio Optimization – we have already surpassed our original target to release $5 billion of capital by 2022 and will continue to focus on portfolio optimization. Together with a focus on increasing the core earnings from our highest potential businesses, we will continue to focus on optimizing our legacy businesses in the next phase of our strategy and we plan to reduce the combined contributions from long-term care insurance and variable annuities businesses to less than 15% of core earnings by 2025 through organic optimization.

B1

Asia

($ millions, unless otherwise stated)		Quarterly Results												YTD Results
Canadian dollars			3Q21				2Q21				3Q20				2021				2020
Net income attributed to shareholders(1)		$	822			$	633			$	651			$	2,412			$	1,123
Core earnings(1)			533				526				559				1,629				1,539
Annualized premium equivalent sales			930				950				1,005				3,160				2,873
New business value			399				399				365				1,275				1,019
Revenue			6,658				9,122				7,161				21,620				20,149
Revenue before realized and unrealized investment gains and losses(2)			7,191				6,603				6,353				21,015				18,583
Assets under management ($ billions)(3)			149.8				141.9				134.5				149.8				134.5
U.S. dollars
Net income attributed to shareholders(1)		US$	654			US$	515			US$	489			US$	1,924			US$	832
Core earnings(1)			424				427				420				1,301				1,138
Annualized premium equivalent sales			738				773				755				2,521				2,128
New business value			317				325				274				1,018				754
Revenue			5,285				7,426				5,378				17,321				14,852
Revenue before realized and unrealized investment gains and losses(2)			5,708				5,376				4,770				16,785				13,749
Assets under management ($ billions)(3)			117.6				114.6				100.8				117.6				100.8

(1)	See “Performance and non-GAAP measures” for a reconciliation between net income (loss) attributed to shareholders and core earnings.

(2)	See section A6 “Impact of fair value accounting”.

(3)	This item is a non-GAAP measure. See “Performance and non-GAAP measures” below.

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1

Relationship Net Promoter Score. In 2021, we adjusted the weightings in our relationship NPS methodology to more closely align with our focus on our highest potential businesses with a second quarter of 2021 (“2Q21”) NPS of +19. This adjustment had no impact on the 2017 NPS baseline of +1 and would have modestly increased the score in 2018, 2019, and 2020.

2	Straight-through processing includes money movement.

3	This item is a non-GAAP measure. See “Performance and non-GAAP measures” below.

•

Hong Kong APE sales in 3Q21 were US$221 million, a 12% increase compared with 3Q20, reflecting strong growth in our bank channel, demand from mainland Chinese visitors through our Macau branch, and an expanded agency force. Sales continued to be dampened by COVID-19 containment measures as cross-border travel between Hong Kong and China remains constrained. Hong Kong NBV was US$156 million in 3Q21, an increase of 42% compared with 3Q20 due to higher sales volumes, favourable interest rates and product management actions. Hong Kong NBV margin was 70.6% in 3Q21, an increase of 14.6 percentage points compared with 3Q20.

•

Japan APE sales in 3Q21 were US$76 million, a decrease of 50% compared with 3Q20, as a result of lower COLI product sales. Japan NBV in 3Q21 of US$17 million decreased 47% compared with 3Q20 due to lower sales, partially offset by lower COLI mix. Japan NBV margin was 21.1% in 3Q21, an increase of 1.2 percentage points compared with 3Q20.

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1	This item is a non-GAAP measure. See “Performance and non-GAAP measures” below.

•

Asia Other APE sales in 3Q21 were US$441 million, an 8% increase compared with 3Q20. Higher sales in bancassurance were partially offset by lower agency sales, which were adversely affected by COVID-19 containment measures in markets such as Vietnam and Indonesia. Asia Other NBV in 3Q21 of US$144 million increased 7% compared with 3Q20, primarily due to higher sales volumes. Asia Other NBV margin was 36.9% in 3Q21, a decrease of 0.6 percentage points compared with 3Q20.

		Quarterly Results												YTD Results
($ millions, unless otherwise stated)			3Q21				2Q21				3Q20				2021				2020
Net income (loss) attributed to shareholders(1)		$	(26	)		$	783			$	291			$	738			$	(433	)
Core earnings(1)			311				318				279				893				858
Annualized premium equivalent sales			303				274				289				932				903
Manulife Bank average net lending assets ($ billions)(2)			23.0				22.8				22.7				23.0				22.5
Revenue			2,911				5,932				3,313				6,266				14,632
Revenue before realized and unrealized investment income gains and losses(3)			3,847				3,920				3,553				11,317				10,032
Assets under management ($ billions)			157.8				157.5				157.5				157.8				157.5

(1)	See “Performance and non-GAAP measures” below for a reconciliation between net income (loss) attributed to shareholders and core earnings.

(2)	This item is a non-GAAP measure. See “Performance and non-GAAP measures” below.

(3)	See section A6 “Impact of fair value accounting”.

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1	This item is a non-GAAP measure. See “Performance and non-GAAP measures” below.

•	Individual insurance APE sales in 3Q21 of $116 million increased $34 million or 41% compared with 3Q20, primarily due to higher par product sales and a large affinity markets sale.

•	Group insurance APE sales in 3Q21 of $100 million decreased $54 million or 35% compared with 3Q20, primarily due to variability in the large-case group insurance market.

•	Annuities APE sales in 3Q21 of $87 million increased $34 million or 64% compared with 3Q20, due to increased customer demand for our lower risk segregated funds. We are focused on growth in lower risk segregated fund products, which accounted for 90% of Annuities APE sales in 3Q21.

•	launched within group benefits, a digital process of collecting medical evidence required to review and approve short-term absence claims from doctors,

•	rolled-out Microsoft’s Azure Machine Learning technology, allowing us to leverage large data sets to mine insights, drive business growth, and improve customer experience. This technology represents a meaningful shift to greater cloud capabilities, and

•	added new features to our website including live-chat and Health & Dental comparison tools for our prospective Affinity clients to better support them in finding the right plan for their needs.

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($ millions, unless otherwise stated)		Quarterly Results												YTD Results
Canadian dollars			3Q21				2Q21				3Q20				2021				2020
Net income attributed to shareholders(1)		$	697			$	793			$	891			$	1,586			$	1,163
Core earnings(1)			490				478				498				1,469				1,516
Annualized premium equivalent sales			203				191				136				544				431
Revenue			4,650				8,882				1,398				7,540				19,665
Revenue before realized and unrealized investment income gains and losses(2)			4,175				3,915				883				11,623				8,518
Assets under management ($ billions)			240.9				233.7				244.6				240.9				244.6
U.S. dollars
Net income attributed to shareholders(1)		US$	553			US$	646			US$	669			US$	1,275			US$	906
Core earnings(1)			389				389				374				1,174				1,118
Annualized premium equivalent sales			161				155				102				435				318
Revenue			3,689				7,232				1,050				6,188				14,467
Revenue before realized and unrealized investment income gains and losses(2)			3,312				3,185				664				9,288				6,262
Assets under management ($ billions)			189.1				188.5				183.4				189.1				183.4

(1)	See “Performance and non-GAAP measures” below for a reconciliation between net income (loss) attributed to shareholders and core earnings.

(2)	See section A6 “Impact of fair value accounting”.

•	rolled-out Microsoft’s Azure Machine Learning technology, allowing us to leverage large data sets to mine insights, drive business growth, and improve customer experience. This technology represents a meaningful shift to greater cloud capabilities.

		Quarterly Results												YTD Results
($ millions, unless otherwise stated)			3Q21				2Q21				3Q20				2021				2020
Net income attributed to shareholders(1)		$	351			$	356			$	308			$	1,019			$	796
Core earnings(1)			351				356				308				1,019				796
Core EBITDA(2)			529				521				446				1,519				1,217
Core EBITDA margin(%)(2)			31.5	%			32.4	%			30.4	%			31.6	%			28.6	%
Sales
Wealth and asset management gross flows			35,229				33,739				27,475				108,677				98,718
Wealth and asset management net flows			9,824				8,628				(2,219	)			19,809				6,088
Revenue			1,680				1,607				1,465				4,814				4,252
Assets under management and administration ($ billions)			823.6				798.5				715.4				823.6				715.4
Average assets under management and administration ($ billions)(3)			815.9				775.8				707.9				786.0				686.4

(1)	See “Performance and non-GAAP measures” below for a reconciliation between net income (loss) attributed to shareholders and core earnings.

(2)	Core EBITDA and core EBITDA margin are non-GAAP measures. Core EBITDA is core earnings before interest, taxes, depreciation and amortization and core EBITDA margin is core EBITDA divided by total revenue. See “Performance and non-GAAP measures” below.

(3)	Average assets under management and administration (“Average AUMA”) is a non-GAAP measure reflecting the average of Global WAM’s AUMA during the reporting period. See “Performance and non-GAAP measures” below.

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1	LIMRA second quarter 2021 industry survey. Ranking reflects variable, universal and total Life products based on 100% of recurring premium plus 10% of single premium plus 10% of excess premium.

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1	This item is a non-GAAP measure. See “Performance and non-GAAP measures” below.

•

were accepted as a signatory to the UK Stewardship Code, which is regarded as one of the most comprehensive set of sustainable investment standards in the industry. This result is a testament to the strength of our investment approach and our ability to pursue sustainable investment solutions for our clients, and

		Quarterly Results												YTD Results
($ millions, unless otherwise stated)			3Q21				2Q21				3Q20				2021				2020
Net income (loss) attributed to shareholders(1)		$	(252	)		$	81			$	(73	)		$	(734	)		$	1,442
Core loss excluding core investment gains(1)		$	(268	)		$	(96	)		$	(191	)		$	(482	)		$	(667	)
Core investment gains			100				100				-				300				-
Total core gain (loss)		$	(168	)		$	4			$	(191	)		$	(182	)		$	(667	)
Revenue		$	84			$	281			$	39			$	(30	)		$	2,341

(1)	See “Performance and non-GAAP measures” for a reconciliation between net income (loss) attributed to shareholders and core earnings.

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1	Effective January 1, 2021, Manulife’s AUMA managed by Global WAM includes certain private equity, private credit and infrastructure asset classes. Total AUMA managed by Global WAM as at December 31, 2020 has been restated for comparability.

		September 30, 2021(1)												December 31, 2020(1)
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		$	4,480			$	3,588			$	992			$	4,555			$	3,642			$	1,064
Guaranteed minimum withdrawal benefit			39,585				41,703				2,475				42,570				44,075				3,128
Guaranteed minimum accumulation benefit			19,474				19,904				27				18,463				18,945				8
Gross living benefits(4)			63,539				65,195				3,494				65,588				66,662				4,200
Gross death benefits(5)			11,147				21,486				704				10,652				19,548				710
Total gross of reinsurance			74,686				86,681				4,198				76,240				86,210				4,910
Living benefits reinsured			3,838				3,088				833				3,917				3,157				895
Death benefits reinsured			658				557				263				685				534				282
Total reinsured			4,496				3,645				1,096				4,602				3,691				1,177
Total, net of reinsurance		$	70,190			$	83,036			$	3,102			$	71,638			$	82,519			$	3,733

As at September 30, 2021
($ millions)			-30	%			-20	%			-10	%			+10	%			+20	%			+30	%
Underlying sensitivity to net income attributed to   shareholders(4)
Variable annuity guarantees		$	(2,730	)		$	(1,600	)		$	(700	)		$	510			$	880			$	1,130
General fund equity investments(5)			(1,440	)			(880	)			(430	)			430				850				1,280
Total underlying sensitivity before hedging			(4,170	)			(2,480	)			(1,130	)			940				1,730				2,410
Impact of macro and dynamic hedge assets(6)			2,280				1,340				590				(510	)			(900	)			(1,200	)
Net potential impact on net income attributed to   shareholders after impact of hedging		$	(1,890	)		$	(1,140	)		$	(540	)		$	430			$	830			$	1,210
As at December 31, 2020
($ millions)			-30	%			-20	%			-10	%			+10	%			+20	%			+30	%
Underlying sensitivity to net income attributed to   shareholders(4)
Variable annuity guarantees		$	(3,150	)		$	(1,850	)		$	(800	)		$	600			$	1,040			$	1,350
General fund equity investments(5)			(1,350	)			(840	)			(410	)			380				760				1,130
Total underlying sensitivity before hedging			(4,500	)			(2,690	)			(1,210	)			980				1,800				2,480
Impact of macro and dynamic hedge assets(6)			2,420				1,410				600				(620	)			(1,110	)			(1,480	)
Net potential impact on net income attributed to   shareholders after impact of hedging		$	(2,080	)		$	(1,280	)		$	(610	)		$	360			$	690			$	1,000

		Impact on MLI's LICAT total ratio
Percentage points			-30	%			-20	%			-10	%			+10	%			+20	%			+30	%
September 30, 2021			(2	)			(1	)			-				-				1				1
December 31, 2020			(3	)			(1	)			(1	)			-				-				(1	)

(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 is shown assuming 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.

		September 30, 2021								December 31, 2020
As at			-50bp				+50bp				-50bp				+50bp
Net income attributed to shareholders ($ millions)
Excluding change in market value of AFS fixed income assets held in the  Corporate and Other segment		$	nil			$	(100	)		$	nil			$	(100	)
From fair value changes in AFS fixed income assets held in the Corporate and  Other segment, if realized			1,900				(1,700	)			2,100				(1,900	)
MLI's LICAT total ratio (Percentage points)
LICAT total ratio change in percentage points(5)			4				(4	)			8				(7	)

(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)		September 30, 2021								December 31, 2020
As at			-50bp				+50bp				-50bp				+50bp
Net income attributed to shareholders ($ millions)(6)		$	(500	)		$	500			$	(1,000	)		$	900
MLI’s LICAT total ratio (change in percentage points)(7)			(3	)			4				(4	)			4

Swap spreads

September 30, 2021

December 31, 2020

As at

-20bp

+20bp

-20bp

+20bp

Net income attributed to shareholders ($ millions)

$

nil

$

nil

$

nil

$

nil

MLI’s LICAT total ratio (change in percentage points)(7)

nil

nil

nil

nil

(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.

As at		September 30, 2021								December 31, 2020
($ millions)			-10%				+10%				-10%				+10%
Net income attributed to shareholders
Real estate, agriculture and timber assets		$	(1,400	)		$	1,300			$	(1,600	)		$	1,400
Private equities and other ALDA			(1,900	)			1,800				(2,000	)			1,900
Total		$	(3,300	)		$	3,100			$	(3,600	)		$	3,300
MLI’s LICAT total ratio (change in percentage points)			(4	)			3				(5	)			4

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

As at ($ millions, unless otherwise stated)		September 30, 2021				December 31, 2020
Net impaired fixed income assets		$	221			$	296
Net impaired fixed income assets as a % of total invested assets			0.053	%			0.072	%
Allowance for loan losses		$	53			$	107

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		Change in insurance contract liabilities, net of reinsurance
For the three and nine months ended September 30, 2021 ($ millions)		Total				Attributed to participating policyholders’ account(1)				Attributed to shareholders’ account				Change in net income attributed to shareholders (post-tax)
U.S. variable annuity product review		$	51			$	-			$	51			$	(40	)
Mortality and morbidity updates			350				-				350				(257	)
Lapses and policyholder behaviour updates			686				18				668				(534	)
Expense updates			(653	)			(25	)			(628	)			503
Investment-related updates			(257	)			(2	)			(255	)			168
Other updates			110				231				(121	)			119
Net impact		$	287			$	222			$	65			$	(41	)

(1)	The change in insurance contract liabilities, net of reinsurance, attributable to the participating policyholders’ account was primarily driven by a reduction in the expected long-term interest rates within the valuation models to reflect the low interest rate environment.

		Increase (decrease) in after-tax net income attributed to shareholders
As at		September 30, 2021								December 31, 2020
($ 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)		$	500			$	(500	)		$	500			$	(500	)
100 basis point change in future annual returns for ALDA(2)			3,700				(4,500	)			4,200				(5,200	)
100 basis point change in equity volatility assumption for stochastic segregated fund modelling(3)			(200	)			200				(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 September 30, 2021 and December 31, 2020, unless otherwise noted, the growth rates inclusive of dividends in the major markets used in the stochastic valuation models for valuing segregated fund guarantees are 9.0% (9.2% as at December 31, 2020) 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 September 30, 2021 and December 31, 2020, unless otherwise noted, over a 20-year horizon, our best estimate return assumptions range between 5.25% and 11.5% (5.25 % and 11.65% as at December 31, 2020), with an average of 9.2% (9.3% as at December 31, 2020) based on the current asset mix backing our guaranteed insurance and annuity. As of September 30, 2021 and December 31, 2020, unless otherwise noted, 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% (6.1% as at December 31, 2020) 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 September 30, 2021 and December 31, 2020, unless otherwise noted, 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%.

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 calculated from the introduction of core earnings in 2012 to the end of 2020 was $380 million, a decrease from the average of $527 million (2012-2019) due to losses on investment-related experience (compared with average gains in prior years, including the core investment gains).

•

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.

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 2020 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.	Impact of enacted or substantially enacted income tax rate changes.