Slides
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Third Quarter 2025 Financial & Operating Results November 13, 2025
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Caution regarding forward-looking statements 2 From time to time, MFC 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 the Company’s strategic priorities and targets, its medium-term financial and operating targets, expected long term returns on alternative-long duration assets (“ALDA”), entering into the Indian insurance market, 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, 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 as 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 inability to withdraw cash from subsidiaries and the receipt of regulatory approvals for entering the Indian insurance market. 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 in our 3Q25 Management’s Discussion and Analysis under “Risk Management and Risk Factors Update” and “Critical and Actuarial and Accounting Policies”, 2024 Management’s Discussion and Analysis under “Risk Management and Risk Factors” and “Critical Actuarial and Accounting Policies”, and in the “Risk Management” note to the Consolidated Financial Statements in our most recent annual and interim reports and elsewhere in our filings with Canadian and U.S. securities regulators. The forward-looking statements in this presentation 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. 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.
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Conference call participants 3 Phil Witherington President & Chief Executive Officer. Marc Costantini Global Head of Strategy & Inforce Management Stephanie Fadous Chief Actuary Steve Finch President & CEO, Manulife Asia Naveed Irshad President & CEO, Manulife Canada Trevor Kreel Chief Investment Officer Paul Lorentz President & CEO, Manulife Wealth and Asset Management Colin Simpson Chief Financial Officer Brooks Tingle President & CEO, John Hancock Halina von dem Hagen Chief Risk Officer
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4 • Overview and strategic update Phil Witherington, President & Chief Executive Officer • Financial and operating results Colin Simpson, Chief Financial Officer • Question & Answer session Agenda
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5 Overview and strategic update Phil Witherington President & Chief Executive Officer DRAFT
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A refreshed growth-focused strategy to position Manulife for long-term success 6 Note: See “Caution regarding forward-looking statements” above. All footnotes are on slide 34. • Refreshed strategy to drive high-quality sustainable growth, a diversified portfolio of high-performing business, and attractive total shareholder returns • New and elevated strategic priorities will support our ambition of being the #1 choice for customers: • Asia and Global WAM remain compelling growth opportunities • Will enter the India insurance market1, through a Joint Venture with Mahindra • Will invest to grow in Canada and the U.S. to sustain a globally diversified and balanced portfolio • Becoming an AI-powered organization, with deployment at scale • Empowering customer health, wealth and longevity improvements through value-added solutions and services • Executing our strategy further strengthens confidence in achieving 2027 financial targets
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Strong 3Q25 results highlight the strength and diversity of our portfolio 7 APE sales1 ▲8% New business value1 ▲11% Global WAM net flows2 $(6.2)B New business CSM1 ▲25% Core EPS1,3 ▲16% Core ROE3 18.1% EPS1 ▲2% ROE 16.0% Book value per share ▲7% Adjusted book value per share3 ▲12% MLI’s LICAT ratio5 138% Financial leverage ratio3 22.7% Growth Profitability Balance sheet Note: All changes reflect 3Q25 results compared with 3Q24 results. Certain 2024 figures and growth rates have been updated to align with the presentation of Global Minimum Taxes (“GMT”) in 2025 throughout the presentation. See slide 33 for additional information and a list of the impacted measures in this presentation. “Core EPS growth excl. ECL” excludes the impact of the release in the ECL provision. See corresponding footnotes for further details. All footnotes are on slide 34. Core EPS Excl. ECL1,3,4 ▲11%
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Core earnings contribution from our highest potential businesses1,2 reached 76% in 3Q25 YTD, driven by continued strength in Asia and Global WAM 8 Note: See “Caution regarding forward-looking statements” above. All footnotes are on slide 34. Asia core earnings3 Global WAM core earnings3 414 465 449 428 457 492 520 550 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 (US$ millions) 353 349 386 479 459 454 463 525 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 (C$ millions) • Strong track record of delivering consistent core earnings growth • Achieved record core earnings in 3Q25, generating 29% growth year-over-year, with continued strong growth momentum • NBV margin4 improved year-over-year to 39.0% • 3Q25 core earnings remained strong, achieving 8th consecutive quarter of double-digit pre-tax year-over-year growth • Focused on disciplined growth, generating positive operating leverage given expense management • Generated core EBITDA margin 5 of 30.9% in 3Q25 (310-bp year-over-year expansion)
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9 Financial and operating results Colin Simpson Chief Financial Officer
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Strong new business performance with new business CSM growth of 15% or greater across all insurance segments 10 1,872 2,000 343 374132 202 3Q24 3Q25 2,347 2,576 +8% U.S. Canada Asia APE sales1 (C$ millions) 593 712 95 10971 145 3Q24 3Q25 759 966 +25% New business CSM2 Global WAM net flows1 0.7 (1.6) 3.9 (3.9) (0.7) 0.6 3Q24 3Q25 5.2 (6.2) Retirement Retail Institutional (C$ billions) New business value1 618 675 143 15945 72 3Q24 3Q25 806 906 +11% U.S. Canada Asia (C$ millions) U.S. Canada Asia (C$ millions) Note: All footnotes are on slide 34.
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Continued strong business growth, partially offset byunfavourable insurance experience 11 3Q24 3Q25 Risk adjustment release 205 212 CSM recognized for service provided 507 609 Expected earnings on short-term insurance business 246 254 Impact of new insurance business (13) (13) Insurance experience gains (losses) 51 (55) Other 34 32 Core net insurance service result 1,030 1,039 Expected investment earnings 684 667 Change in expected credit loss (55) 44 Expected earnings on surplus 247 238 Other 17 1 Core net investment result 893 950 Core Global Wealth and Asset Management 505 607 Core Manulife Bank 57 54 Other core earnings (342) (333) Total core earnings (pre-tax) 2,143 2,317 Core income tax (expense) recovery (315) (282) Total core earnings 1,828 2,035 Items excluded from core earnings 11 (236) Net income attributed to shareholders 1,839 1,799 Drivers of earnings1 (C$ millions) 3Q25 core earnings increased 10%2 from the prior year quarter: • Continued business growth in Asia and Canada as well as the net favourable impact of the annual review of actuarial methods and assumptions in 3Q25 • Unfavourable insurance experience mainly driven by unfavourable U.S. life insurance claims experience • Growth in core net investment result due to a release in the expected credit loss (“ECL ”) provision compared with an increase in 3Q24 • Growth in Global WAM pre-tax earnings supported by AUMA growth and disciplined expense management • Lower taxes reflecting an adjustment to the year-to-date accrual for withholding taxes following the announcement of the Comvest acquisition • The U.S. reinsurance transaction with RGA reduced core earnings by $12 million 3 compared with prior year quarter • Excluding the impact of the change in ECL, core earnings growth would have been 6% year-over-year 4 Note: All footnotes are on slide 34.
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Core EPS1 (C$) Market experience was neutral and net income modestly impacted by the annual review of actuarial methods and assumptions 12 Earnings for the third quarter 2025 (C$ millions, except per share amounts) 1,828 2,035 3Q24 3Q25 +10% Core earnings1 (C$ millions) 3Q25 Post-tax 3Q25 Per share Core earnings1 2,035 1.16 Items excluded from core earnings: Realized gains (losses) on debt instruments 6 - Derivatives and hedge accounting ineffectiveness (8) - Actual less expected long-term returns on public equity 291 0.17 Actual less expected long-term returns on ALDA (289) (0.17) Other investment results (2) - Market experience gains (losses) (2) - Changes in actuarial methods and assumptions that flow directly through income (216) (0.13) Restructuring charge - - Amortization of acquisition-related intangible assets2 (6) - Reinsurance transactions, tax-related items and other (12) (0.01) Net income attributed to shareholders 1,799 1.02 1.00 1.16 3Q24 3Q25 +16% Note: All footnotes are on slide 34.
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Asia: Solid growth across new business metrics with continued strong growth in core earnings 13 Net income (US$ millions) Core earnings2 (US$ millions) 233 298 81 103123 157 (9) 3Q24 (8) 3Q25 428 550 +29% Asia Other Japan Hong Kong Regional Office New business value1 (US$ millions) 232 256 46 32 175 202 3Q24 3Q25 453 490 +7% Asia Other Japan Hong Kong APE sales1 (US$ millions) 570 535 118 99 684 818 3Q24 3Q25 1,372 1,452 +5% Asia Other Japan Hong Kong New business CSM2 (US$ millions) 186 209 63 55 186 252 3Q24 3Q25 435 516 +18% Asia Other Japan Hong Kong • Higher sales reflect higher sales volumes in Asia Other • Strong core earnings growth primarily reflects continued business growth, the net impact of the annual review of actuarial methods and assumptions, improved insurance experience, and a release in the ECL provision compared with an increase in 3Q24 Note: All footnotes are on slide 35. 606 649 3Q24 3Q25
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Global WAM: Continued margin expansion and core earnings growth supported by strong growth in AUM and disciplined expense management 14 Core EBITDA margin2 (%) Average AUMA1 (C$ billions) 27.8 30.9 3Q24 3Q25 +310 bps 0.7 (1.6) 3.9 (3.9) 0.6 (0.7) 3Q24 3Q25 5.2 (6.2) Retirement Retail Institutional 963 1,066 3Q24 3Q25 +10% Net flows by business line1 (C$ billions) Core earnings3 (C$ millions) Net income (C$ millions) • Net outflows of $6.2 billion were primarily driven by Retail, related to our North American intermediaries and our Canada wealth platform, as well as U.S. Retirement • Record level of core earnings supported by higher average AUMA, higher performance fees, and continued expense discipline, partially offset by lower favourable tax true-ups and tax benefits Note: All footnotes are on slide 35. 498 523 3Q24 3Q25 479 525 3Q24 3Q25 +9%
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APE sales1 (C$ millions) Canada: Solid core earnings growth with strong top-line results 15 Net income (C$ millions) Core earnings2 (C$ millions) 56 58 155 155 132 161 3Q24 3Q25 343 374 +9% Individual Insurance Group Insurance Annuities New business CSM2 (C$ millions) 95 109 3Q24 3Q25 +15% • Higher sales reflects continued strong growth in Individual Insurance, primarily due to higher participating life insurance sales • Solid growth in core earnings reflects higher investment spreads, business growth in Group Insurance, favourable insurance experience in Individual Insurance, and the net impact of the annual review of actuarial methods and assumptions, partially offset by less favourable insurance experience in Group Insurance New business value1 (C$ millions) 143 159 3Q24 3Q25 +11% Note: All footnotes are on slide 35. 320 326 51 62 41 40 3Q24 3Q25 412 428 +4% Manulife Bank Annuities Insurance 430 449 3Q24 3Q25
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U.S.: Strong new business results; core earnings impacted by net unfavourable insurance experience and lower investment spreads, partially offset by ECL 16 Net income (US$ millions) Core earnings2 (US$ millions) 5 (54) 3Q24 3Q25 268 218 34 23 3Q24 3Q25 302 241 -20% U.S. Annuities U.S. Insurance APE sales1 (US$ millions) New business CSM2 (US$ millions) 52 106 3Q24 3Q25 +104% Note: All footnotes are on slide 35. • Strong sales growth primarily reflects broad-based demand for our suite of products, which contributed to the strong growth in new business CSM and new business value • Lower core earnings primarily reflects unfavourable life insurance claims experience and lower investment spreads, partially offset by a release in the ECL provision compared with an increase in 3Q24, and favourable lapse experience • The RGA U.S. Reinsurance Transaction reduced core earnings by US$8 million compared with prior year quarter New business value1 (US$ millions) 97 146 3Q24 3Q25 +51% 34 52 3Q24 3Q25 +53%
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Higher year-over-year adjusted book value per share while returning capital to shareholders 17 Adjusted book value per common share1 (C$) 24.40 25.63 25.88 24.90 26.07 9.87 10.62 10.78 10.88 12.15 3Q24 4Q24 1Q25 2Q25 3Q25 34.27 36.25 36.66 35.78 38.22 +12% CSM balance per common share Book value per common share 1 Note: All footnotes are on slide 35. 0.7 0.7 0.7 0.8 0.7 1.0 1.4 0.5 0.6 0.6 3Q24 4Q24 1Q25 2Q25 3Q25 1.7 2.1 1.2 1.4 1.3 Share buyback Common share dividends Capital returned to shareholders (C$ billions)
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Maintained robust balance sheet, providing financial flexibility 18 Note: All footnotes are on slide 35. Capital metrics Capital over supervisory target (C$ billions) LICAT ratio (%) 23 23 26 137 136 138 0 20 40 60 80 100 120 140 0 5 10 15 20 25 30 3Q24 2Q25 3Q25 Financial leverage ratio1 (%) 23.9 23.6 22.7 3Q24 2Q25 3Q25 Medium-term target of 25%
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Maintained focus on executing on all targets 19 2023 2024 3Q25 YTD Core ROE1 15.9% 16.2% 16.2% Remittances2 $5.5B $7.0B N/A New business CSM growth3 12% 32% 31% CSM balance growth3 21% 3% 16% Core EPS growth1,4 17% 10% 7% Expense efficiency ratio1 45.5% 44.8% 44.8% Financial leverage ratio1 24.3% 24.0% 22.7% Core dividend payout ratio1 42% 42% 43% EPS growth4 47% 8% 12% ROE 11.9% 12.0% 11.8% Common share dividend payout ratio 56% 56% 59% 2027 targets 18%+ $22B+ cumulative Medium-term targets 15% 8-10% 10-12% <45% 25% 35-45% Note: See “Caution regarding forward-looking statements” above. Growth rates shown are compared with the respective prior year periods. Actual remittance results reflect reported annual remittances. The 2027 target for remittances is a cumulative remittances target, which reflects cumulative remittances between 2024-2027. All footnotes are on slide 35.
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Question & Answer session 20
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21 • Financial KPI summary • Annual actuarial review update • Insurance experience, ECL and OCI • Changes in CSM • Global WAM investment performance • Invested assets • Sensitivities • Non-GAAP and other financial measures • Footnotes Appendix
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3Q25 financial KPI summary 22 (C$ millions, unless noted) 3Q24 3Q25 Change APE sales1 (C$ billions) $2.3 $2.6 ▲ 8% New business CSM2 $759 $966 ▲ 25% New business value1 $806 $906 ▲ 11% CSM balance growth2 19% 16% ▼ 3 pps Global WAM net flows1 (C$ billions) $5.2 $(6.2) ▼ $11.4 Global WAM core EBITDA margin3 27.8% 30.9% ▲ 310 bps Global WAM average AUMA1 (C$ billions) $963 $1,066 ▲ 10% Net income attributed to shareholders $1,839 $1,799 ▼ $40 Core earnings2,4 $1,828 $2,035 ▲ 10% Core EPS2,3 $1.00 $1.16 ▲ 16% Core ROE3 16.6% 18.1% ▲ 1.5 pps Expense efficiency ratio3 44.4% 43.1% ▼ 1.3 pps Book value per share (C$) $24.40 $26.07 ▲ 7% CSM balance per share3 (C$) $9.87 $12.15 ▲ 23% Adjusted book value per share3 (C$) $34.27 $38.22 ▲ 12% MLI’s LICAT ratio 137% 138% ▲ 1 pps Financial leverage ratio3 23.9% 22.7% ▼ 1.2 pps Dividend per common share 40.0¢ 44.0¢ ▲ 10% Growth Profitability Balance Sheet Note: All footnotes are on slide 35.
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Pre-tax Post-tax Net income attributed to participating policyholders (88) (67) Net income attributed to shareholders (244) (216) OCI attributed to participating policyholders (91) (70) OCI attributed to shareholders (52) (73) CSM 1,080 Total impact 6052 Net favourable impact of $605 million from the annual review of actuarial methods and assumptions, including long-term care (“LTC”) 23 Impact of changes in actuarial methods and assumptions (C$ millions) By category Hong Kong health insurance product reserving approach (463) Methodology and other updates (207) Lapse and policyholder behaviour updates 181 Long-term care review (77) Mortality and morbidity updates (39) Total impact (605)2 By segment Asia (418) Canada (382) U.S. 179 Corporate and other 16 Total impact (605)2 Impact of changes in actuarial methods and assumptions on fulfilment cashflows1 (C$ millions, pre-tax) • Modestly favourable impact on LICAT • On a run-rate basis, we expect a modestly favourable impact on core earnings each quarter Note: All footnotes are on slide 36.
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Comprehensive LTC review had an approximately net neutral impact on fulfilment cashflows 24 Impact of LTC review on fulfilment cashflows (US$ billions, pre-tax) 2.3 2Q25 Fulfilment cashflows Utilization (1.0)Termination, incidence, mortality (1.1)Future premium increase approvals (0.3)Approved premium increases in excess of prior assumption 0.1Other updates 2Q25 fulfilment cashflows post LTC review 27.0 27.0 • Pre-tax fulfilment cashflows impacted by higher utilization driven by cost-of-care inflation, partially offset by higher levels of termination • We embedded US$1.1 billion of assumed future premium rate increases in our fulfilment cashflows which is <30% of our total ask to the states, both net of amounts due to reinsurers • Approved premium rate increases exceeded those assumed in last triennial review by US$0.3 billion. We continue to take a prudent approach to reflecting future rate increases in reserves Note: Total Insurance Contract Liabilities, which includes the fulfilment cashflows and the contractual service margin, post LTC review and net of reinsurance, is US$27.8 billion.
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Insurance experience impacts on core earnings and CSM 25 3Q25 insurance experience gains/(losses) (C$ millions, pre-tax) Core earnings impact1 CSM (net of NCI) impact Total Impact Asia (6) 19 13 Canada 18 (16) 2 U.S. (63) 21 (42) Insurance operating segments (51) 24 (27) Corporate & Other (4) - (4) Total (55) 24 (31) • Insurance experience is reflected in core earnings and in the CSM – the impacts need to be considered together • Total net unfavourable insurance experience primarily reflects adverse mortality experience in U.S. life • Overall LTC experience was a modest gain Note: All footnotes are on slide 36.
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Change in ECL, (charges)/recoveries (C$ millions, pre-tax) Change in ECL for 3Q25 was a release, reflecting parameter and model updates (55) (5) (46) (102) 44 3Q24 4Q24 1Q25 2Q25 3Q25 Change in ECL for 3Q25, (charges)/recoveries (C$ millions, pre-tax) Stage 1 Stage 2 Stage 3 Total Net transfers between stages (1) 9 (8) - Net new originations or purchases (6) 2 1 (3) Changes to risk, parameters and models Credit migration 5 19 (19) 5 Parameter and model updates, and other 39 4 (1) 42 Total change in ECL1 37 34 (27) 44 26 Note: For more information on credit risk see Note 7(b) in our Consolidated Financial Statements for the quarter ended September 30, 2025. All footnotes are on slide 36.
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Net gains in other comprehensive income largely reflect currency translation and a steepening risk-free curve 27 3Q25 total comprehensive income (C$ millions) Net income attributed to shareholders 1,799 Other comprehensive income (OCI) Net insurance/reinsurance finance income (expense) (943) Fair value through OCI investments gains (losses) 1,415 Net impact 472 Unrealized foreign exchange gains (losses) of net foreign operations 724 Other changes in OCI attributed to shareholders and other equity holders 50 Total OCI 1,246 Total comprehensive income attributed to shareholders 3,045 Net gain in other comprehensive income driven by: • The currency translation of foreign operations (due to the weakening of the Canadian dollar against most foreign currencies), which does not reflect the fundamental performance of our business • Net favourable impacts from steepening of the risk-free curve and equity market performance • Net unfavourable impact from the annual review of actuarial methods and assumptions
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Generated strong annualized organic growth in CSM of 11%1 28 3Q25 YTD changes in CSM (C$ millions, pre-tax) 2,755 710 138 877 CSM opening balance, net of NCI (Dec 31, 2024) Impact of new insurance business Expected movements related to finance income or expenses CSM recognized for service provided Insurance experience gains (losses) and other Inorganic CSM movement CSM closing balance, net of NCI (Sept 30, 2025) 22,127 (1,889) 24,718 Organic CSM movement: + 1,714 • Strong annualized growth of 11% in organic CSM during 3Q25 YTD1 was supported by contributions from new business CSM, which increased 31% year- over-year on a YTD basis • Inorganic CSM movement primarily reflects the net favourable impacts of the annual review of actuarial methods and assumptions and equity market performance, partially offset by the unfavourable impacts of changes in foreign currency exchange rates • CSM balance of $24.7 billion (net of NCI) in 3Q25 increased 13% compared with December 31, 2024 1 Note: All balances are net of non-controlling interests. For an explanation of the components of CSM movement other than new business CSM see “Non-GAAP and Other Financial Measures” in our 3Q25 MD&A. All footnotes are on slide 36.
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29 Global WAM: Solid long-term investment performance Public asset class 3-year 5-year 10-year % of total Equity 52% 73% 63% 81% Fixed income 22% 78% 76% 78% Allocation1 26% 43% 70% 99% Total2 100% 66% 68% 86% % of assets above peer 76-100%51-75%0-50% Note: Past performance is not indicative of future results and is not indicative of individual fund performance, nor intended for marketing purposes. All footnotes are on slide 36. • Our strategies are performing in line with expectations given the current market conditions and our long-term performance track records remain solid 3
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30 Diversified high-quality asset mix avoids risk concentrations Note: All footnotes are on slide 36. High-quality and diverse asset mix • 96% of debt securities and private placement debt are investment grade • 70% are rated A or higher • Large holdings in defensive government and utility bonds ALDA generates enhanced yield; minimizes need to pursue riskier fixed income strategy • Portfolio is positioned at the low end of the risk return spectrum with ~70% in real assets and ~30% in private equity • ~50% of ALDA supports participating or pass-through products High-quality mortgage portfolio is diversified • 53% of the portfolio is commercial mortgages with LTV ratio of 60% in Canada and 58% in the U.S Robust risk management framework • Has supported our underwriting and favourable credit quality Total invested assets (C$459 billion, carrying values as of Sept 30, 2025) Fixed Income & Other Alternative Long-Duration Assets (“ALDA”) Corporate Bonds 28% Public Equities 9% Energy 0.5% Timberland & Farmland 1%Private Equity & Other 4% Infrastructure 4% Real Estate 3% Real Estate Interests 1% Other 1% Loans to Bank Clients 1% Cash & Short-Term Securities 5% Mortgages1 12% Securitized MBS/ABS 0.5% Private Placement Debt 11% Government Bonds 19% Public Equities
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31 Interest rate-related sensitivities remain within our risk appetite limits Potential impacts1 of an immediate parallel change in “interest rates”: (C$ millions, post-tax except CSM) 2Q25 3Q25 -50bp +50bp -50bp +50bp CSM 100 (300) 100 (200) Net income attributed to shareholders 100 (100) 100 (100) Other comprehensive income attributed to shareholders (100) 100 - - Total comprehensive income attributed to shareholders - - 100 (100) MLI’s LICAT ratio (1) - - - Potential impact1 of a parallel change in “corporate spreads”: (C$ millions, post-tax except CSM) -50bp +50bp -50bp +50bp CSM (100) - (200) - Net income attributed to shareholders - - - - Other comprehensive income attributed to shareholders (100) 200 - 100 Total comprehensive income attributed to shareholders (100) 200 - 100 MLI’s LICAT ratio (3) 3 (3) 3 Potential impact1 of a parallel change in “swap spreads”: (C$ millions, post-tax except CSM) -20bp +20bp -20bp +20bp CSM - - - - Net income attributed to shareholders 100 (100) 100 (100) Other comprehensive income attributed to shareholders (200) 200 (300) 300 Total comprehensive income attributed to shareholders (100) 100 (200) 200 MLI’s LICAT ratio - - - - Note: Please refer to “Caution Related to Sensitivities” in our 3Q25 MD&A. All footnotes are on slide 36.
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32 Potential immediate impact1 on CSM and total comprehensive income arising from a 10% change in public equity returns 3Q25 (C$ millions) -10% +10% CSM (pre-tax) Net income (post-tax) Other comprehensive income (post-tax) Total comprehensive income (post-tax) CSM (pre-tax) Net income (post-tax) Other comprehensive income (post-tax) Total comprehensive income (post-tax) S&P (250) (250) (210) (460) 250 240 200 440 TSX (70) (50) (40) (90) 70 50 40 90 EAFE (excluding Japan) (110) (20) (30) (50) 100 30 30 60 MSCI Asia (110) (30) (10) (40) 110 30 10 40 HSI (40) (30) - (30) 40 30 - 30 SHCOMP (70) (60) - (60) 70 60 - 60 Total (650) (440) (290) (730) 640 440 280 720 Note: Please refer to “Caution Related to Sensitivities” in our 3Q25 MD&A. All footnotes are on slide 36.
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Non-GAAP and other financial measures 33 Manulife prepares its Consolidated Financial Statements in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. 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); pre-tax core earnings; core earnings before interest, taxes, depreciation and amortization (“core EBITDA”); core Drivers of Earnings (“DOE”) line items for core net insurance service result, core net investment result, other core earnings, and core income tax (expense) recovery; post-tax contractual service margin (“post-tax CSM”); post-tax contractual service margin net of NCI (“post-tax CSM net of NCI”); assets under management and administration (“AUMA”); and adjusted book value. Non-GAAP ratios include core return on common shareholders’ equity (“core ROE”); diluted core earnings per common share (“core EPS”); financial leverage ratio; adjusted book value per common share; common share core dividend payout ratio (“core dividend payout ratio”); CSM balance per common share; expense efficiency ratio; and core EBITDA margin. In addition, non-GAAP ratios include the percentage growth/decline on a constant exchange rate (“CER”) basis in any of the above non- GAAP financial measures, net income attributed to shareholders, general expenses, DOE line item for net insurance service result, CSM, CSM net of NCI, impact of new insurance business, new business CSM net of NCI, and diluted earnings per common share. Other specified financial measures include new business value (“NBV”); new business value margin (“NBV margin”); sales; annualized premium equivalent (“APE”) sales; net flows; average assets under management and administration (“average AUMA”); remittances; any of the foregoing specified financial measures stated on a CER basis; and percentage growth/decline in any of the foregoing specified financial measures on a CER basis. For more information on the non-GAAP and other financial measures in this document, please see “Non-GAAP and Other Financial Measures” of the 3Q25 and 2024 MD&A which are incorporated by reference and available on the SEDAR+ website at www.sedarplus.ca . Global Minimum Taxes (“GMT”) On June 20, 2024, the Canadian government passed the Global Minimum Tax Act into law. Canada’s GMT is applied retroactively to fiscal periods commencing on or after December 31, 2023. As additional local jurisdictions are expected to enact the GMT in 2025, GMT is now recognized in net income in the reporting segments whose earnings are subject to this tax. GMT is reported in both core earnings and items excluded from core earnings in line with our definition of core earnings in section E3 Non-GAAP and Other Financial Measures of the 3Q25 MD&A. To improve the comparability of results between 2025 and 2024, we have updated certain 2024 non-GAAP and other financial measures to reflect the impact of GMT, including quarterly core earnings, core ROE, core EPS, core dividend payout ratio, financial leverage ratio, adjusted book value per common share, CSM balance per common share, new business value, and post- tax CSM net of NCI. For further information, please see section A7 “Global Minimum Taxes (GMT)” of the 3Q25 MD&A, which is incorporated by reference.
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Footnotes 34 Slide Footnote 6 1 Subject to receipt of regulatory approvals. 7 1 Percentage changes in diluted earnings per common share (“EPS”), core EPS, core EPS excluding ECL, and new business CSM net of non -controlling interests (“NCI”) stated on a constant exchange rate basis are non-GAAP ratios. Percentage changes in annualized premium equivalent (“APE”) sales, and new business value (“NBV”) are stated on a constant ex change rate basis. For more information on APE sales and NBV, see “Non-GAAP and Other Financial Measures” above. 2 For more information on net flows, see "Non-GAAP and Other Financial Measures" above. 3 Core EPS, core EPS excluding ECL, core ROE, adjusted book value per common share and financial leverage ratio are non-GAAP ratios. 4 The impact of ECL provisions reflect a net release of $35 million post-tax in 3Q25, compared with a net charge of $45 million post-tax in 3Q24. 5 Life Insurance Capital Adequacy Test (“LICAT”) ratio of The Manufacturers Life Insurance Company (“MLI”) as at September 30, 2025. LICAT ratio is disclosed under the Office of the Superintendent of Financial Institutions Canada’s (“OSFI’s”) Life Insurance Capital Adequacy Test Public Disclosure Requirements guideline. 8 1 Highest potential businesses include Asia, Global WAM, Canada group benefits, and North American behavioural insurance produc ts. 2 Percentages of core earnings from highest potential businesses are non -GAAP ratios. 3 Core earnings is a non-GAAP financial measure. For more information, see “Non-GAAP and Other Financial Measures” above. Percentage change in core earnings stated on a constant exchange rate basis is a non-GAAP ratio. 4 For more information on NBV margin, see "Non-GAAP and Other Financial Measures" above. 5 Core EBITDA margin is a non-GAAP ratio. 10 1 Percentage change in APE sales and NBV are stated on a constant exchange rate basis. For more information on APE sales, NBV and net flows, see “Non-GAAP and Other Financial Measures” above. 2 Percentage change in new business CSM net of NCI stated on a constant exchange rate basis is a non-GAAP ratio. 11 1 Core drivers of earnings (“DOE”) line items for core net insurance service result, core net investment result, other core earn ings, and core income tax (expense) recovery are non-GAAP financial measures. For more information, see “Non-GAAP and Other Financial Measures” above. 2 Core earnings is a non-GAAP financial measure. For more information, see “Non-GAAP and Other Financial Measures” above. Percentage change in core earnings stated on a constant exchange rate basis is a non-GAAP ratio. 3 The LTC reinsurance transaction with RGA (“RGA U.S. Reinsurance Transaction”) reduced core earnings by C$12 million in 3Q25 c ompared with 3Q24. 4 Core earning excluding ECL is a non-GAAP financial measure. For more information, see “Non-GAAP and Other Financial Measures” above. Percentage change in core earnings excluding ECL stated on a constant exchange rate basis is a non-GAAP ratio. The impact of ECL provisions reflect a net release of $35 million post-tax in 3Q25, compared with a net charge of $45 million post-tax in 3Q24. 12 1 Core earnings is a non-GAAP financial measure. For more information, see “Non-GAAP and Other Financial Measures” above. Core EPS is a non-GAAP ratio. Percentage changes are stated on a constant exchange rate basis. 2 Includes the amortization of intangible assets acquired in a business combination, except for amortization of software and distr ibution agreements. This item is excluded from core earnings commencing in 3Q25. Prior periods have not been restated and use the definition of core earnings in effect for those periods. The impact of not restating prior period results is not material. See our definition of core earnings in section E3 “Non-GAAP and Other Financial Measures” of the 3Q25 MD&A.
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Footnotes 35 Slide Footnote 13 1 Percentage changes in APE sales and NBV are stated on a constant exchange rate basis. For more information on APE sales and N BV, see “Non-GAAP and Other Financial Measures” above. 2 Core earnings is a non-GAAP financial measure. For more information, see “Non-GAAP and Other Financial Measures” above. Percentage changes in core earnings and new business CSM net of NCI stated on a constant exchange rate basis are non-GAAP ratios. 14 1 Percentage change in average AUMA is stated on a constant exchange rate basis. For more information on net flows and average AUMA, see “Non -GAAP and Other Financial Measures” above. 2 Core EBITDA margin is a non-GAAP ratio. 3 Core earnings is a non-GAAP financial measure. For more information, see “Non-GAAP and Other Financial Measures” above. Percentage change in core earnings stated on a constant exchange rate basis is a non-GAAP ratio. 15 1 Percentage changes in APE sales and NBV are stated on a constant exchange rate basis. For more information on APE sales and NBV, see “Non -GAAP and Other Financial Measures” above. 2 Core earnings is a non-GAAP financial measure. For more information, see “Non-GAAP and Other Financial Measures” above. Percentage changes in core earnings and new business CSM net of NCI stated on a constant exchange rate basis are non-GAAP ratios. 16 1 Percentage changes in APE sales and NBV are stated on a constant exchange rate basis. For more information on APE sales and NBV, see “Non -GAAP and Other Financial Measures” above. 2 Core earnings is a non-GAAP financial measure. For more information, see “Non-GAAP and Other Financial Measures” above. Percentage changes in core earnings and new business CSM net of NCI stated on a constant exchange rate basis are non-GAAP ratios. 17 1 Adjusted book value per common share and CSM balance per common share are non-GAAP ratios. Adjusted book value per common share represents book value per common share plus CSM balance (post-tax) net of NCI per common share. 18 1 Financial leverage ratio is a non-GAAP ratio. 19 1 Core ROE, core EPS growth, expense efficiency ratio, financial leverage ratio, and common share core dividend payout ratio (“core dividend payout ratio”) are non-GAAP ratios. 2 For more information on remittances, see "Non-GAAP and Other Financial Measures" above. 3 Net of NCI. Percentage changes in new business CSM and CSM balance growth stated on a constant exchange rate basis are non-GAAP ratios. 4 Based on a constant exchange rate basis. 22 1 Percentage changes in APE sales, NBV, and average AUMA are stated on a constant exchange rate basis. For more information on APE sales, NBV and net flows, see “Non-GAAP and Other Financial Measures” above. 2 Percentage changes in new business CSM net of NCI, CSM balance growth net of NCI (year -over-year change), core earnings and core EPS stated on a constant exchange rate basis are non-GAAP ratios. 3 Core EBITDA margin, CSM balance per common share, core EPS, core ROE, expense efficiency ratio, adjusted book value per common share, and financial leverage ratio are non-GAAP ratios. 4 Core earnings is a non-GAAP financial measure. For more information, see “Non-GAAP and Other Financial Measures” above.
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Footnotes 36 Slide Footnote 23 1 Fulfilment cash flows include an estimate of future cash flows; an adjustment to reflect the time value of money and the financi al risk related to the future cash flows if not included in the estimate of future cash flows; and a risk adjustment for non-financial risk. Additional information on fulfilment cash flows can be found in Note 5 in our Consolidated Financial Statements for the quarter ended September 30, 2025. Please refer to section D2 of the 3Q25 MD&A for more information. 2 Net of NCI. 25 1 Core earnings is a non-GAAP financial measure. For more information, see “Non-GAAP and Other Financial Measures” above. 26 1 The total change in ECL is attributed to shareholders only. 28 1 Annualized organic CSM, new business CSM and CSM balance growth rates stated on a constant exchange rate basis are non-GAAP ratios. 29 1 Allocation includes asset allocation and balanced strategies. 2 Investment performance data is as of September 30, 2025. The total assets represents C$344.0 billion. Data is sourced from Mo rningstar, Inc. All rights reserved. The information contained herein: 1) is proprietary to Morningstar and/or its content providers; 2) may not be copied or distributed; and 3) is not war ranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 3 The universe represented is based on a screen of the Morningstar OpenEnd and ETF universes, excluding money market funds, alt ernatives, private markets and virtual classes. Performance of a representative share class as defined by the Morningstar primary flag is utilized as a proxy to determine if the fund ou tperforms peers (i.e., ranks in the top half of Morningstar peer groups). The order of criteria as directed in user preferences is available at investor request. Performance rankings are calculated n et of fees for performance. Fund of funds are included in this disclosure, so there will be double counting of assets for affiliated underlying funds. 30 1 Includes government-insured mortgages (C$8.6 billion or 15% of total mortgages). 31 1 All estimated sensitivities are approximate and based on a single parameter. No simple formula can accurately estimate ultimate future impact. Refer to the “Interest Rate and Spread Risk Sensitivities and Exposure Measures” section in our 3Q25 MD&A. 32 1 All estimated sensitivities are approximated based on a single parameter. No simple formula can accurately estimate future im pact. Changes in public equity prices may impact other items including, but not limited to, asset-based fees earned on assets under management and administration or policyholder account value, and estimated profits and amortization of deferred policy acquisition and other costs. These items are not hedged.