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Manulife News Release C $ unless otherwise stated November 3 , 2021 TSX / NYSE / PSE : MFC SEHK : 945 This earnings news release for Manulife Financial Corporation ( " Manulife " or the " Company " ) should be read in conjunction with the Company's Third Quarter 2021 Report to Shareholders , including our unaudited Interim Consolidated Financial Statements for the three and nine months ended September 30 , 2021 , prepared in accordance with International Financial Reporting Standards ( " IFRS " ) as issued by the International Accounting Standards Board ( " IASB " ) , which are available on our website at www.manulife.com/en/investors/results-and-reports . Additional information relating to the Company is available on the SEDAR website at http://www.sedar.com and on the U.S. Securities and Exchange Commission's ( " SEC " ) website at http://www.sec.gov . Manulife reports 3Q21 net income of $ 1.6 billion and core earnings of $ 1.5 billion , double - digit new business value growth and strong net flows in Global Wealth and Asset Management with contributions across all business lines and geographies Today , Manulife announced its third quarter of 2021 ( " 3Q21 ” ) results . Key highlights include : " " 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 earnings 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 sales 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 " The diversity and resilience of our franchise was evident once again in the third quarter , as we continued to deliver against our medium - term targets , " said Manulife President & Chief Executive Officer Roy Gori . " We delivered core earnings growth of 10 % and solid net income of $ 1.6 billion in 3Q21 , and on a year - to - date basis delivered core return on equity of 13.2 % . " " The impact of the pandemic continues to vary across the globe with North American markets beginning to experience a recovery , while many markets in Asia implemented further restrictions in the third quarter , ” said Phil Witherington , Chief Financial Officer . “ Despite the challenging environment , Asia generated double - digit NBV growth and Global WAM was supported by strong net inflows of $ 9.8 billion in the quarter and delivered an 18 % increase in core earnings compared with the prior year quarter . " 1 2 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 " below and in our Third Quarter 2021 Management's Discussion and Analysis ( " 3Q21 MD & A " ) for additional information . 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 " below and in our 3Q21 MD & A for additional information . November 3 , 2021 - Press Release Reporting Third Quarter Results 1