Manulife Financial
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Manulife Financial (MFC) investor relations material

Manulife Financial Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Achieved record core earnings in 2025, with double-digit growth in new business CSM and profitability, supported by strong Asia and Global WAM performance, despite net outflows in Global WAM.

  • Advanced strategic priorities with significant AI investments, expansion into India and Indonesia, and acquisitions in private credit and asset management.

  • Enhanced customer offerings and digital platforms, renewed key partnerships, and became the first international life insurer in Dubai International Financial Centre.

Financial highlights

  • Core EPS rose 8% to $4.21, with core ROE at 16.5% for 2025 and 17.1% in 4Q25; adjusted book value per share grew 6% to $38.27.

  • Net income attributed to shareholders increased to $5.6B, and remittances totaled $6.4B.

  • Returned $5.4B to shareholders and announced a 10.2% increase in quarterly dividend.

  • LICAT ratio at 136% and financial leverage ratio at 23.9%, indicating robust capital and flexibility.

  • Announced a new NCIB to repurchase up to 2.5% of outstanding shares.

Outlook and guidance

  • Reaffirmed 2027 targets: core ROE 18%+, cumulative remittances $22B+, new business CSM growth 15%, and core EPS growth 10-12%.

  • Expect 60%-70% of core earnings to materialize as cash remittances going forward.

  • Management remains confident in achieving medium-term targets despite macroeconomic and geopolitical uncertainties.

Explain Global WAM's shift to net outflows in 2025?
Why U.S. core earnings fell despite strong new business?
Future earnings impact of 2025 strategic investments?
Asia sales mix impact on NBV margin?
U.S. mortality impact on LTC dispositions?
Capital deployment to reach 18%+ ROE target
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Frequently asked questions

A Well-Respected Canadian Financial Corporation

Manulife Financial Corporation, commonly known as Manulife, is a cornerstone of the Canadian financial services sector. Founded in 1887 in Toronto, this storied institution began its legacy as a life insurance company. Today, it has flourished into a multinational financial services conglomerate, offering a comprehensive suite of products, from life and health insurance to wealth and asset management. In the Canadian insurance landscape, Manulife holds a significant place, being one of the largest providers. Its longevity and history have made them a trusted company domestically, but also outside of Canada's borders.

The History

The history of the company is fascinating and expansive. The company was first incorporated by an act of parliament in 1887 and was spearheaded by Sir John A. Macdonald. He was Canada's first prime minister and Manulife's first president at the same time, and the idea was to provide robust life insurance offerings to Canadians. Over the years, Manulife distinguished itself through several innovative milestones. In 1897, it became the first Canadian insurer to operate in Asia, marking the start of its international presence. By the mid-20th century, Manulife had expanded its portfolio to include not only life insurance but also wealth management and banking services.

Manulife’s Services

At its core, Manulife provides financial services. While it started primarily as a life insurance provider, its offerings have since expanded. Today, the company provides a variety of services that range from individual life and health insurance to wealth and asset management. Additionally, Manulife also offers solutions for group benefits, supplying businesses with diverse employee benefits solutions. In an effort to continue to move with the times, Manulife has also integrated digital platforms into its operations.

International Expansion

Manulife's reach is not limited to Canada, even if that’s where a bulk of its operations have been conducted historically. In pursuit of broader markets and opportunities, the company has ventured into international territories. Asia became an early focus for Manulife's expansion and today they have a notable presence in countries such as China, Japan, and the Philippines. In the United States, Manulife operates under the "John Hancock" name, where it offers various insurance and competes with companies like AIG and Lemonade. The company's approach to global growth has been systematic, combining organic development and expansion with strategic acquisitions.

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