Slides
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Fourth Quarter and Full Year 2025 Financial & Operating Results February 12, 2026
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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, the anticipated benefits and value derived from the use of AI, potential future common share repurchases, 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; our ability to execute our digital plans and to deploy future digital use cases, including with respect to AI; the receipt of the approval of the TSX for the NCIB; our inability to withdraw cash from subsidiaries and the fact that the amount and timing of any future common share repurchases will depend on the earnings, cash requirements and financial condition of Manulife, market conditions, capital requirements (including under LICAT capital standards), common share issuance requirements, applicable law and regulations (including Canadian and U.S. securities laws and Canadian insurance company regulations); receipt of regulatory approvals and satisfaction of closing conditions for the Schroders Indonesia acquisition 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 2025 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 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. Stephanie Fadous Chief Actuary Steve Finch President & CEO, Manulife Asia Naveed Irshad President & CEO, Manulife Canada; Global Head, Inforce Management and Group Reinsurance 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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Delivered strong financial and operating results in 2025 6 APE sales1 ▲14% New business value1 ▲18% Global WAM net flows2 $(14.3)B New business CSM1 ▲28% Core EPS1,3 ▲8% Core ROE3 16.5% EPS1 ▲6% ROE 12.0% Book value per share ▲1% Adjusted book value per share3 ▲6% MLI’s LICAT ratio4 136% Financial leverage ratio3 23.9% Growth Profitability Balance sheet Note: See “Caution regarding forward-looking statements” above. All changes reflect FY25 results compared with FY24 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 41 for additional information and a list of the impacted measures in this presentation. The new Normal Course Issuer Bid (“NCIB”) is subject to the approval of the Toronto Stock Exchange and expected to commence in late-February 2026. All footnotes are on slide 42. Announced a 10% increase in the quarterly dividend and a new NCIB program that would permit the repurchase of up to 2.5% of outstanding common shares
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Executing against our new and elevated strategic priorities to deliver sustainable long-term growth 7 Note: See “Caution regarding forward-looking statements” above. All footnotes are on slide 42. Winning Team and Culture Diversified Business Portfolio Championing a customer-first culture and investing in next generation skills • Ranked in the top quartile for employee engagement for the sixth consecutive year1 • Included in TIME World’s Best Companies (2025) list • Awarded the 2025 Gallup Exceptional Workplace Award for the third year in a row • Recognized by Forbes as one of the World’s Top Companies for Women Driving a balanced, diversified business model that builds on our strong foundation to fuel high-quality, sustainable growth • Agreed to establish a 50:50 life insurance joint venture with Mahindra to enter the India insurance market 2 • Acquired 75% of Comvest Credit Partners, a U.S. private credit manager with $17.5 billion of AUM as at the acquisition date3 • Entered into an agreement to acquire PT Schroder Investment Management Indonesia4 • Established an office in the Dubai International Financial Centre dedicated to high-net-worth customers
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Driving positive customer outcomes, while making it easier for stakeholders to engage with us 8 Note: See “Caution regarding forward-looking statements” above. Empowering Customer Health, Wealth, and Longevity Superior Distribution Becoming the most trusted partner in health, wealth and financial well-being • Agreed to establish a strategic collaboration with Bupa International Limited in Hong Kong to expand customer access to high-quality healthcare while enhancing convenience, value and affordability • Became the first insurer in Canada to offer access to GRAIL ’s Galleri ® multi-cancer early detection test • Empowered eligible John Hancock Vitality members with resources to proactively manage their health • Introduced exclusive health and wellness offers to more than 3 million U.S. Retirement plan participants Making it easier for customers to buy, advisors to sell, and partners to grow • Renewed our bancassurance partnership in the Philippines with Chinabank • Enhanced the Manulife iFUNDS platform in Singapore, empowering advisors to deliver more personalized and insightful financial guidance • Partnered with M3 to offer our Affinity Mortgage Protection Plan through M3’s broker network • Expanded our U.S. wholesaling team to pursue more targeted growth strategies and accelerate penetration in select markets
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9 Strategically investing in high-return AI initiatives to become an AI-Powered organization Note: See “Caution regarding forward-looking statements” above. All footnotes are on slide 42. Virtual Assistants Conversational AI solutions that answer questions and execute tasks for employees, customers and advisors Use Cases: Deploying AI-enabled assistants globally; e.g., leveraging an AI Research Assistant for our public market investment research teams across Global WAM to enhance investment analysis Underwriting AI solutions that accelerate medical reviews, quotes and formal and informal underwriting Use Cases: Leveraging AI across North America to significantly accelerate preliminary assessments and approvals; e.g., the U.S. generates AI-driven preliminary assessments in <15 minutes AI for operational tasks Eliminating or significantly reducing manual processing Use Cases: Identifying and reducing manual tasks globally; e.g., eliminated 400K+ of manual intake and indexing across U.S. claims and servicing in 2025 Distribution AI solutions for recruiting, onboarding, training and virtual coaching Use Cases: Launched AI solutions to support our global distribution teams; e.g., rolled out AI-enabled agency tools across certain Asian markets to provide faster access to information, and U.S. Retirement’s AI-powered sales solution is delivering real-time insights to enhance sales operations and productivity Developer Efficiency Enabling developers with AI tools to boost productivity Use Case: Leveraged Github CoPilot across the company to write 6 million lines of code in 2025, with 79% adoption rate among developers Advice Customer and advisor self-service and advice solutions Exploring ways to use AI to close the advice-access gap and drive meaningful, ongoing investor engagement Our core focus areas are deploying AI at scale and will continue driving value Operational Efficiency Improved Outcomes Enabling Growth $1B+ Targeted Enterprise AI Value by 20271 7x Expected return on AI investment over 5-years2 $300M Enterprise AI Value generated in 2025
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10 Financial and operating results Colin Simpson Chief Financial Officer
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Solid new business performance with strong growth in new business CSM 11 1,661 1,608 376 383 211 231 4Q24 4Q25 2,248 2,222 -1% U.S. Canada Asia APE sales1 (C$ millions) New business CSM2 Global WAM net flows1 1.8 3.41.3 (7.2) (1.9) (5.6) 4Q24 4Q25 1.2 (9.5) Retirement Retail Institutional (C$ billions) New business value1 (C$ millions)(C$ millions) Note: All footnotes are on slide 42. 586 697 116 135140 188 4Q24 4Q25 842 1,020 +21% U.S. Canada Asia 551 606 168 174 89 94 4Q24 4Q25 808 874 +8% U.S. Canada Asia
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Continued strong business growth resulting in a higher insurance service result 12 4Q24 4Q25 Risk adjustment release 205 221 CSM recognized for service provided 521 628 Expected earnings on short-term insurance business 195 211 Impact of new insurance business (25) (20) Insurance experience gains (losses) 123 56 Other 10 30 Core net insurance service result 1,029 1,126 Expected investment earnings 671 637 Change in expected credit loss (5) 12 Expected earnings on surplus 284 249 Other 17 19 Core net investment result 967 917 Core Global Wealth and Asset Management 542 583 Core Manulife Bank 60 51 Other core earnings (346) (356) Total core earnings (pre-tax) 2,252 2,321 Core income tax (expense) recovery (345) (328) Total core earnings 1,907 1,993 Items excluded from core earnings (269) (494) Net income attributed to shareholders 1,638 1,499 Drivers of earnings1 (C$ millions) 4Q25 core earnings increased 5%2 from the prior year quarter: • Continued business growth in Asia and Canada, as well as the net impact of 2025 updates to actuarial methods and assumptions • Less favourable insurance experience mainly driven by unfavourable U.S. life insurance claims experience in 4Q25 • Lower core net investment result, largely reflecting lower investment spreads • Growth in Global WAM pre-tax earnings supported by AUMA growth, the Comvest acquisition, and continued expense discipline, partially dampened by the impact of the eMPF transition Note: All footnotes are on slide 42.
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Core EPS1 (C$) Solid core EPS growth of 9%1, while net income impacted by unfavourable market experience 13 Earnings for the fourth quarter 2025 (C$ millions, except per share amounts) 1,907 1,993 4Q24 4Q25 +5% Core earnings1 (C$ millions) 4Q25 Post-tax 4Q25 Per share Core earnings1 1,993 1.12 Items excluded from core earnings: Realized gains (losses) on debt instruments 27 0.02 Derivatives and hedge accounting ineffectiveness (162) (0.09) Actual less expected long-term returns on public equity (63) (0.04) Actual less expected long-term returns on ALDA (232) (0.14) Other investment results (11) (0.01) Market experience gains (losses) (441) (0.26) Updates to actuarial methods and assumptions that flow directly through income - - Restructuring charge (12) (0.01) Amortization of acquisition-related intangible assets2 (12) (0.01) Reinsurance transactions, tax-related items and other (29) (0.02) Net income attributed to shareholders 1,499 0.83 1.03 1.12 4Q24 4Q25 +9% Note: All footnotes are on slide 42.
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Asia: Continued strong core earnings growth 14 Net income (US$ millions) Core earnings2 (US$ millions) 230 318 87 108151 164 (11) (26) 4Q24 4Q25 457 564 +24% Asia Other Japan Hong Kong Regional Office New business value1 (US$ millions) 222 210 28 68 144 156 4Q24 4Q25 394 434 +10% Asia Other Japan Hong Kong APE sales1 (US$ millions) 558 401 96 159 533 593 4Q24 4Q25 1,187 1,153 -3% Asia Other Japan Hong Kong New business CSM2 (US$ millions) 214 175 47 114 158 211 4Q24 4Q25 419 500 +19% Asia Other Japan Hong Kong • Modest decline in APE sales as double-digit growth in Japan and Asia Other was more than offset by lower sales in Hong Kong; favourable changes in business mix drove strong growth in new business CSM and new business value • Strong core earnings growth primarily reflects continued business growth and the net impact of 2025 updates to actuarial methods and assumptions Note: All footnotes are on slide 43. 417 447 4Q24 4Q25
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Global WAM: Continued core earnings growth supported by AUM growth and margin expansion 15 Core EBITDA margin2 (%) Average AUMA1 (C$ billions) 28.6 29.2 4Q24 4Q25 +60 bps 1.8 3.41.3 (7.2) (1.9) (5.6) 4Q24 4Q25 1.2 (9.5) Retirement Retail Institutional 1,015 1,115 4Q24 4Q25 +10% Net flows by business line1 (C$ billions) Core earnings3 (C$ millions) Net income (C$ millions) • Net outflows of $9.5 billion were primarily driven by large case redemptions. There were redemptions in North America Retirement, as well as net outflows in our North American Retail business. This was partially offset by strong Institutional inflows, including contributions from CQS and Comvest. • Core earnings growth driven by higher net fee income from higher average AUMA and the acquisition of Comvest, and continued expense discipline, partially offset by the impact of the eMPF transition in Hong Kong and lower performance fees Note: All footnotes are on slide 43. 384 452 4Q24 4Q25 459 490 4Q24 4Q25 +7%
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APE sales1 (C$ millions) Canada: Solid growth in new business metrics and core earnings 16 Net income (C$ millions) Core earnings2 (C$ millions) 60 70 143 126 173 187 4Q24 4Q25 376 383 +2% Individual Insurance Group Insurance Annuities New business CSM2 (C$ millions) 116 135 4Q24 4Q25 +16% • Higher sales reflects strong growth in Individual Insurance and Annuity sales, partially offset by lower large-case Group Insurance sales • Solid growth in core earnings reflects favourable insurance experience in Individual Insurance, higher investment spreads, business growth in Group Insurance, and the net impact of 2025 updates to actuarial methods and assumptions, partially offset by less favourable insurance experience in Group Insurance New business value1 (C$ millions) 168 174 4Q24 4Q25 +4% Note: All footnotes are on slide 43. 295 320 51 5744 36 4Q24 4Q25 390 413 +6% Manulife Bank Annuities Insurance 439 252 4Q24 4Q25
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U.S.: Strong new business results; core earnings impacted by lower investment spreads and net unfavourable insurance experience 17 Net income (US$ millions) Core earnings2 (US$ millions) 73 58 4Q24 4Q25 256 200 38 29 4Q24 4Q25 294 229 -22% U.S. Annuities U.S. Insurance APE sales1 (US$ millions) New business CSM2 (US$ millions) 100 134 4Q24 4Q25 +34% Note: All footnotes are on slide 43. • Sales growth primarily reflects continued broad-based demand for our suite of products • Lower core earnings primarily reflects lower investment spreads and unfavourable life insurance claims experience New business value1 (US$ millions) 151 165 4Q24 4Q25 +9% 63 68 4Q24 4Q25 +8%
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Strong cash generation while continuing to return capital to shareholders 18 2.7 2.8 3.0 1.6 3.2 2.4 2023 2024 2025 4.3 6.1 5.4 Share buyback Common share dividends Capital returned to shareholders (C$ billions) Note: See “Caution regarding forward-looking statements” above. All footnotes are on slide 43. Remittances1 (C$ billions) 5.5 7.0 6.4 2023 2024 2025 Dividend per common share (C$) 1.46 1.60 1.76 2023 2024 2025 2026 Pro- forma2 1.94 +10% CAGR +10%
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Maintained robust balance sheet, providing financial flexibility 19 Note: All footnotes are on slide 43. Capital metrics Capital over supervisory target (C$ billions) LICAT ratio (%) 24 26 24 137 138 136 0 20 40 60 80 100 120 140 0 5 10 15 20 25 30 4Q24 3Q25 4Q25 Financial leverage ratio2 (%) 24.0 22.7 23.9 4Q24 3Q25 4Q25 Medium-term target of 25% Adjusted book value per common share1 (C$) 25.63 26.07 25.91 10.62 12.15 12.36 4Q24 3Q25 4Q25 36.25 38.22 38.27 +6% CSM balance per common share Book value per common share 1
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Making strong progress on delivering targets 20 2023 2024 2025 Core ROE1 15.9% 16.2% 16.5% Remittances2 $5.5B $7.0B $6.4B New business CSM growth3 12% 32% 28% CSM balance growth3 21% 3% 16% Core EPS growth1,4 17% 10% 8% Expense efficiency ratio1 45.5% 44.8% 44.8% Financial leverage ratio1 24.3% 24.0% 23.9% Core dividend payout ratio1 42% 42% 42% EPS growth4 47% 8% 6% ROE 11.9% 12.0% 12.0% Common share dividend payout ratio 56% 56% 57% 2027 targets 18%+ $22B+ cumulative Medium-term targets 15% 8-10% 10-12% <45% 25% 35-45% Note: See “Caution regarding forward-looking statements” above. Growth rates shown are compared with the respective prior year periods. Actual remittance results reflect reported annual remittances. The 2027 target for remittances is a cumulative remittances target, which reflects cumulative remittances between 2024-2027. All footnotes are on slide 43.
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Question & Answer session 21
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22 • Financial KPI summary and other targets • Insurance experience, ECL and OCI • Changes in CSM • Full year financial results • Global WAM investment performance • Invested assets • Sensitivities • Non-GAAP and other financial measures • Footnotes Appendix
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4Q25 and 2025 financial KPI summary 23 Growth Profitability Balance Sheet Note: All footnotes are on slide 44. (C$ millions, unless noted) 4Q24 4Q25 Change 2024 2025 Change APE sales1 (C$ billions) $2.2 $2.2 ▼ 1% $8.4 $9.7 ▲ 14% New business CSM2 $842 $1,020 ▲ 21% $2,887 $3,775 ▲ 28% New business value1 $808 $874 ▲ 8% $2,946 $3,533 ▲ 18% CSM balance growth2 3% 16% ▲13 pps 3% 16% ▲13 pps Global WAM net flows1 (C$ billions) $1.2 $(9.5) ▼ $10.7 $13.3 $(14.3) ▼ $27.6 Global WAM core EBITDA margin3 28.6% 29.2% ▲ 60 bps 27.1% 29.7% ▲ 260 bps Global WAM average AUMA1 (C$ billions) $1,015 $1,115 ▲ 10% $946 $1,071 ▲ 11% Net income attributed to shareholders $1,638 $1,499 ▼ $139 $5,385 $5,572 ▲ $187 Core earnings2,4 $1,907 $1,993 ▲ 5% $7,182 $7,521 ▲ 3% Core EPS2,3 $1.03 $1.12 ▲ 9% $3.85 $4.21 ▲ 8% Core ROE3 16.5% 17.1% ▲ 0.6 pps 16.2% 16.5% ▲ 0.3 pps Expense efficiency ratio3 44.4% 44.7% ▲ 0.3 pps 44.8% 44.8% - Book value per share (C$) $25.63 $25.91 ▲ 1% $25.63 $25.91 ▲ 1% CSM balance per share3 (C$) $10.62 $12.36 ▲ 16% $10.62 $12.36 ▲ 16% Adjusted book value per share3 (C$) $36.25 $38.27 ▲ 6% $36.25 $38.27 ▲ 6% MLI’s LICAT ratio 137% 136% ▼ 1 pps 137% 136% ▼ 1 pps Financial leverage ratio3 24.0% 23.9% ▼ 0.1 pps 24.0% 23.9% ▼ 0.1 pps Dividend per common share 40.0¢ 44.0¢ ▲ 10% $1.60 $1.76 ▲ 10%
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On track to achieve our ambitious core ROE1 objectives 24 Asia (%) Global WAMU.S. (%) Canada (%) (%) Note: All footnotes are on slide 43. 14 17 2023 2024 2025 1515.9 16.2 16.5 2023 2024 2025 Total company (%) 16 18 21 2023 2024 2025 25 26 28 2023 2024 2025 15 10 2023 2024 2025 16
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Performance against other 2025 and 2027 targets 25 2024 2025 Core earnings contribution from highest potential businesses1,2 68% 75% Core earnings contribution from long-term care insurance and variable annuities businesses2 10% 9% Straight-through-processing (“STP”)3 89% 90% Net promotor score (“NPS”) 27 27 Core earnings contribution from Asia region2 41% 47% 2025 targets 75% <15% 88% 2027 targets 37 50% Note: See “Caution regarding forward-looking statements” above. All footnotes are on slide 44.
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Insurance experience impacts on core earnings and CSM 26 4Q25 insurance experience gains/(losses) (C$ millions, pre-tax) Core earnings impact1 CSM (net of NCI) impact Total Impact Asia 13 (4) 9 Canada 37 (8) 29 U.S. (36) (19) (55) Insurance operating segments 14 (31) (17) Corporate & Other 42 - 42 Total 56 (31) 25 • Insurance experience is reflected in core earnings and in the CSM – the impacts need to be considered together • Total net favourable insurance experience primarily reflects a release of P&C provisions related to past incurred events in Corporate and claims gains in Canada, partially offset by unfavourable lapse and claims experience in U.S. life • Overall LTC insurance experience was a modest gain Note: All footnotes are on slide 44.
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Change in ECL, (charges)/recoveries (C$ millions, pre-tax) Change in ECL for 4Q25 was a modest release (5) (46) (102) 44 12 4Q24 1Q25 2Q25 3Q25 4Q25 Change in ECL for 4Q25, (charges)/recoveries (C$ millions, pre-tax) Stage 1 Stage 2 Stage 3 Total Net transfers between stages (3) 3 - - Net new originations or purchases (13) 1 13 1 Changes to risk, parameters and models Credit migration 9 (4) (41) (36) Parameter and model updates, and other 44 1 2 47 Total change in ECL1 37 1 (26) 12 27 Note: For more information on credit risk see Note 8(c) in our Consolidated Financial Statements for the quarter ended December 31, 2025. All footnotes are on slide 44.
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Net losses in other comprehensive income driven by currency translation 28 4Q25 total comprehensive income (C$ millions) Net income attributed to shareholders 1,499 Other comprehensive income (OCI) Net insurance/reinsurance finance income (expense) 773 Fair value through OCI investments gains (losses) (732) Net impact 41 Unrealized foreign exchange gains (losses) of net foreign operations (428) Other changes in OCI attributed to shareholders and other equity holders (7) Total OCI (394) Total comprehensive income attributed to shareholders 1,105 Net loss in other comprehensive income driven by: • The currency translation of foreign operations (due to the strengthening of the Canadian dollar against most foreign currencies), which does not reflect the fundamental performance of our business
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Generated strong organic growth in CSM of 10%1 29 2025 changes in CSM (C$ millions, pre-tax) • Strong growth of 10% in organic CSM during 20251 was supported by contributions from new business CSM, which increased 28% year-over-year • Inorganic CSM movement primarily reflects the net impact of 2025 updates to actuarial methods and assumptions and equity market performance, partially offset by changes in foreign currency exchange rates • CSM balance of $25.0 billion (net of NCI) in 4Q25 increased 16% compared with December 31, 2024 1 Note: All balances are net of non-controlling interests. For an explanation of the components of CSM movement other than new business CSM see “Non-GAAP and Other Financial Measures” in our 2025 MD&A. All footnotes are on slide 44. 3,775 963 116 585 CSM opening balance, net of NCI (Dec 31, 2024) Impact of new insurance business Expected movements related to finance income or expenses CSM recognized for service provided Insurance experience gains (losses) and other Inorganic CSM movement CSM closing balance, net of NCI (Dec 31, 2025) 22,127 (2,597) 24,969 Organic CSM movement: +2,257
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Strong new business performance with new business CSM growth exceeding 20% across all insurance segments in 2025 30 6,073 7,340 1,689 1,593623 784 2024 2025 8,385 9,717 +14% U.S. Canada Asia APE sales1 (C$ millions) 2,148 2,787 357 435 382 553 2024 2025 2,887 3,775 +28% New business CSM2 Global WAM net flows1 5.7 7.4 6.8 (9.4) 0.7 (12.3) 2024 2025 13.3 (14.3) Retirement Retail Institutional (C$ billions) New business value1 2,078 2,560 627 674241 299 2024 2025 2,946 3,533 +18% U.S. Canada Asia (C$ millions) U.S. Canada Asia (C$ millions) Note: All footnotes are on slide 44.
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Continued strong business growth 31 2024 2025 Risk adjustment release 857 850 CSM recognized for service provided 2,048 2,299 Expected earnings on short-term insurance business 828 872 Impact of new insurance business (108) (66) Insurance experience gains (losses) 138 (73) Other 85 123 Core net insurance service result 3,848 4,005 Expected investment earnings 2,743 2,664 Change in expected credit loss (30) (92) Expected earnings on surplus 1,039 984 Other 67 43 Core net investment result 3,819 3,599 Core Global Wealth and Asset Management 1,907 2,282 Core Manulife Bank 235 208 Other core earnings (1,317) (1,334) Total core earnings (pre-tax) 8,492 8,760 Core income tax (expense) recovery (1,310) (1,239) Total core earnings 7,182 7,521 Items excluded from core earnings (1,797) (1,949) Net income attributed to shareholders 5,385 5,572 Drivers of earnings1 (C$ millions) 2025 core earnings increased 3%2 from the prior year: • Continued business growth in Asia and Canada as well as the net impact of 2025 updates to actuarial methods and assumptions • Unfavourable U.S. life insurance claims experience • Lower core net investment result, largely reflecting lower investment spreads • Growth in Global WAM pre-tax earnings supported by AUMA growth, higher performance fees and disciplined expense management • Lower taxes reflecting an adjustment to the accrual for withholding taxes following the announcement of the Comvest acquisition • The U.S. reinsurance transaction with RGA reduced core earnings by $33 million 3 compared with prior year Note: All footnotes are on slide 44.
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Core EPS1 (C$) Solid core EPS growth of 8%1, while net income dampened by unfavourable market experience 32 Earnings for the full year 2025 (C$ millions, except per share amounts) 7,182 7,521 2024 2025 +3% Core earnings1 (C$ millions) 2025 Post-tax 2025 Per share Core earnings1 7,521 4.21 Items excluded from core earnings: Realized gains (losses) on debt instruments (753) (0.44) Derivatives and hedge accounting ineffectiveness (173) (0.10) Actual less expected long-term returns on public equity 237 0.14 Actual less expected long-term returns on ALDA (968) (0.57) Other investment results (5) - Market experience gains (losses) (1,662) (0.97) Updates to actuarial methods and assumptions that flow directly through income (216) (0.13) Restructuring charge (12) (0.01) Amortization of acquisition-related intangible assets2 (18) (0.01) Reinsurance transactions, tax-related items and other (41) (0.02) Net income attributed to shareholders 5,572 3.07 3.85 4.21 2024 2025 +8% Note: All footnotes are on slide 45.
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Asia: Strong top-line and core earnings growth 33 Net income (US$ millions) Core earnings2 (US$ millions) 901 1,131 362 395114 12941 61216 238126 12173 80 (34) 2024 (29) 2025 1,799 2,126 +18% 1,717 2,131 2024 2025 Hong Kong Japan International HNW Mainland China Singapore Vietnam Other Emerging Markets Regional Office New business value1 (US$ millions) 737 966 165 165122 121166 185267 34264 56 (5) 2024 (3) 2025 1,516 1,832 +20% APE sales1 (US$ millions) 1,626 1,965 391 460170 155896 1,180955 1,118 95 69296 303 2024 2025 4,429 5,250 +18% New business CSM2 (US$ millions) 670 811 212 279137 136198 254285 443 12 1653 55 2024 2025 1,567 1,994 +27% • Growth in sales, new business CSM and new business value reflects strong results across the region led by Hong Kong, mainland China, Singapore and Japan • Strong core earnings growth across most of our markets, reflecting continued business growth, the net impact of 2025 updates to actuarial methods and assumptions, and favourable insurance experience Note: All footnotes are on slide 45.
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Global WAM: Continued margin expansion and core earnings growth supported by strong growth in AUM 34 Core EBITDA margin2 (%) Average AUMA1 (C$ billions) 27.1 29.7 2024 2025 +260 bps 5.7 7.4 6.8 (9.4) 0.7 (12.3) 2024 2025 13.3 (14.3) Retirement Retail Institutional 946 1,071 2024 2025 +11% Net flows by business line1 (C$ billions) Core earnings3 (C$ millions) Net income (C$ millions) • Net outflows of $14.3 billion were primarily driven by net outflows in our North American Retail business, as well as plan redemptions in North America Retirement, partially offset by strong Institutional inflows, including contributions from CQS and Comvest • Strong core earnings growth reflects higher average AUMA, higher performance fees and continued expense discipline, partially offset by lower favourable tax true-ups and tax benefits, the impact of the eMPF transition in Hong Kong and lower fee spreads Note: All footnotes are on slide 45. 1,597 1,900 2024 2025 1,673 1,932 2024 2025 +14%
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APE sales1 (C$ millions) Canada: Solid core earnings growth with strong new business CSM growth 35 Net income (C$ millions) Core earnings2 (C$ millions) 243 261 923 702 523 630 2024 2025 1,689 1,593 -6% Individual Insurance Group Insurance Annuities New business CSM2 (C$ millions) 357 435 2024 2025 +22% • Lower sales reflects strong growth in Individual Insurance, primarily due to higher participating life insurance sales, more than offset by lower Group Insurance sales, driven by the non-recurrence of a significant large-case sale in the prior year • Core earnings growth mainly driven by business growth, higher investment spreads, and improved insurance experience in Individual Insurance, partially offset by less favourable insurance experience in Group Insurance • The RGA Canadian Reinsurance Transaction reduced core earnings by $19 million compared with prior year New business value1 (C$ millions) 627 674 2024 2025 +7% Note: All footnotes are on slide 45. 1,188 1,252 210 233170 149 2024 2025 1,568 1,634 +4% Manulife Bank Annuities Insurance 1,221 1,313 2024 2025
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U.S.: Strong new business results; core earnings impacted by unfavourable insurance experience and lower investment spreads 36 Net income (US$ millions) Core earnings2 (US$ millions) 96 (367) 2024 2025 1,064 761 170 101 2024 2025 1,234 862 -30% U.S. Annuities U.S. Insurance APE sales1 (US$ millions) New business CSM2 (US$ millions) 278 396 2024 2025 +42% Note: All footnotes are on slide 45. • Strong sales growth primarily reflects broad-based demand for our suite of products • Lower core earnings was mainly due to a combination of factors, including unfavourable life insurance claims experience and lower investment spreads • The RGA U.S. Reinsurance Transaction reduced core earnings by US$20 million compared with prior year New business value1 (US$ millions) 454 561 2024 2025 +24% 175 214 2024 2025 +22%
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37 Global WAM: Solid long-term investment performance % 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 45. • Our strategies are performing in line with expectations given the current market conditions and our long-term performance track records remain solid 3 Public asset class 3-year 5-year 10-year % of total Equity 51% 68% 73% 75% Fixed income 22% 80% 76% 80% Allocation1 27% 60% 44% 99% Total2 100% 68% 66% 83%
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38 Diversified high-quality asset mix avoids risk concentrations Note: All footnotes are on slide 46. 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 59% in Canada and 57% in the U.S Robust risk management framework • Has supported our underwriting and favourable credit quality Total invested assets (C$459.9 billion, carrying values as of December 31, 2025) Fixed Income & Other Alternative Long-Duration Assets (“ALDA”) Public Equities Corporate Bonds 28% Public Equities 9% Energy 0.5% Timberland & Farmland 1%Private Equity & Other 4% Infrastructure 4% Real Estate 3% Real Estate Interests 1% Other 1% Loans to Bank Clients 1% Cash & Short-Term Securities 6% Mortgages1 12% Securitized MBS/ABS 0.5% Private Placement Debt 11% Government Bonds 18%
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39 Interest rate-related sensitivities remain within our risk appetite limits Potential impacts1 of an immediate parallel change in “interest rates”: (C$ millions, post-tax except CSM) 3Q25 4Q25 -50bp +50bp -50bp +50bp CSM 100 (200) 200 (300) 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 (200) - (200) 100 Net income attributed to shareholders - - - - Other comprehensive income attributed to shareholders - 100 100 - Total comprehensive income attributed to shareholders - 100 100 - 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 (300) 300 (300) 300 Total comprehensive income attributed to shareholders (200) 200 (200) 200 MLI’s LICAT ratio - - - - Note: Please refer to “Caution Related to Sensitivities” in our 2025 MD&A. All footnotes are on slide 46.
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40 Potential immediate impact1 on CSM and total comprehensive income arising from a 10% change in public equity returns 4Q25 (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) (220) (470) 250 250 220 470 TSX (70) (50) (40) (90) 70 50 40 90 EAFE (excluding Japan) (120) (30) (30) (60) 110 20 30 50 MSCI Asia (120) (30) (10) (40) 120 30 10 40 HSI (40) (30) - (30) 40 30 - 30 SHCOMP (70) (60) - (60) 70 60 - 60 Total (670) (450) (300) (750) 660 440 300 740 Note: Please refer to “Caution Related to Sensitivities” in our 2025 MD&A. All footnotes are on slide 46.
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Non-GAAP and other financial measures 41 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; core EBITDA margin; and core earnings contribution from highest potential businesses, core earnings contribution from LTC and VA businesses, and core earnings contribution from Asia region (Insurance & WAM). 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. Core ROE for operating segments Core ROE for Manulife’s operating segments is a non-GAAP ratio which measures profitability of those segments and is calculated as segment core earnings available to common shareholders as a percentage of the average common shareholders’ allocated equity. The methodology used to allocate total Manulife average common shareholders’ equity to operating segments considers a number of factors including the level of equity and capital consumption of the segments. For more information on the non-GAAP and other financial measures in this document, please see section “Non-GAAP and Other Financial Measures” of the 2025 MD&A which is 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 have enacted the GMT in 2025, GMT has been 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 “Non-GAAP and Other Financial Measures” of the 2025 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 “Global Minimum Taxes (GMT)” of the 2025 MD&A, which is incorporated by reference.
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Footnotes 42 Slide Footnote 6 1 Percentage changes in diluted earnings per common share (“EPS”), core EPS, 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 ROE, adjusted book value per common share and financial leverage ratio are non-GAAP ratios. 4 Life Insurance Capital Adequacy Test (“LICAT”) ratio of The Manufacturers Life Insurance Company (“MLI”) as at December 31, 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. 7 1 Based on the annual global employee engagement survey conducted by Gallup. Ranking is measured by the engagement grand mean as compared to Gallup’s Finance and Insurance Company level database. 2 Subject to the receipt of regulatory approvals. 3 Assets under management (“AUM”) is a non-GAAP financial measure. For more information, see “Non-GAAP and other financial measures” above. 4 Subject to the receipt of regulatory approvals and satisfaction of customary closing conditions. 9 1 Includes realized run-rate expense reductions, top-line revenue uplift from AI-powered workflows, fraud reduction, and growth absorption. 2 Expected 5-year return for initiatives starting in 2025 and 2026. 11 1 Percentage change in APE sales and NBV are stated on a constant exchange rate basis. For more information, 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. 12 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. 13 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 as these amounts are not considered material, and use the definition of core earnings in effect for those periods. For more information, see section “Non-GAAP and Other Financial Measures” of the 2025 MD&A.
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Footnotes 43 Slide Footnote 14 1 Percentage changes in APE sales and NBV are stated on a constant exchange rate basis. 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 changes in core earnings and new business CSM net of NCI stated on a constant exchange rate basis are non-GAAP ratios. 15 1 Percentage change in average AUMA is stated on a constant exchange rate basis. For more information, 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. 16 1 Percentage changes in APE sales and NBV are stated on a constant exchange rate basis. 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 changes in core earnings and new business CSM net of NCI stated on a constant exchange rate basis are non-GAAP ratios. 17 1 Percentage changes in APE sales and NBV are stated on a constant exchange rate basis. 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 changes in core earnings and new business CSM net of NCI stated on a constant exchange rate basis are non-GAAP ratios. 18 1 For more information on remittances, see "Non-GAAP and Other Financial Measures" above. 2 Reflects the annualized impact of the announced 10% increase in our dividend per common share effective March 2026. 19 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. 2 Financial leverage ratio is a non-GAAP ratio. 20 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 Percentage changes in core EPS and EPS stated on a constant exchange rate basis are non-GAAP ratios.
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Footnotes 44 Slide Footnote 23 1 Percentage changes in APE sales, NBV, and average AUMA are stated on a constant exchange rate basis. For more information, 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, core EPS, core ROE, expense efficiency ratio, CSM balance per common share, 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. 24 1 Core ROE and core ROE for operating segments are non-GAAP ratios. 25 1 Highest potential businesses include Asia segment, Global WAM, Canada group benefits, and North American behavioural insuranc e products. 2 Core earnings contribution from highest potential businesses, core earnings contribution from LTC and VA businesses, and core earnings contribution from Asia region (Insurance & WAM) are non-GAAP ratios. 3 Straight-through-processing represents customer interactions that are completely digital and includes money movement. 26 1 Core earnings is a non-GAAP financial measure. For more information, see “Non-GAAP and Other Financial Measures” above. 27 1 The total change in ECL is attributed to shareholders only. 29 1 Organic CSM, new business CSM and CSM balance growth rates stated on a constant exchange rate basis are non-GAAP ratios. 30 1 Percentage change in APE sales and NBV are stated on a constant exchange rate basis. For more information, 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. 31 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$33 million in 2025 c ompared with 2024.
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Footnotes 45 Slide Footnote 32 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 as these amounts are not considered material, and use the definition of core earnings in effect for those periods. For more information, see section “Non-GAAP and Other Financial Measures” of the 2025 MD&A. 33 1 Percentage changes in APE sales and NBV are stated on a constant exchange rate basis. 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 changes in core earnings and new business CSM net of NCI stated on a constant exchange rate basis are non-GAAP ratios. 34 1 Percentage change in average AUMA is stated on a constant exchange rate basis. For more information, 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. 35 1 Percentage changes in APE sales and NBV are stated on a constant exchange rate basis. 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 changes in core earnings and new business CSM net of NCI stated on a constant exchange rate basis are non-GAAP ratios. 36 1 Percentage changes in APE sales and NBV are stated on a constant exchange rate basis. 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 changes in core earnings and new business CSM net of NCI stated on a constant exchange rate basis are non-GAAP ratios. 37 1 Allocation includes asset allocation and balanced strategies. 2 Investment performance data is as of December 31, 2025. The total assets represents C$338.2 billion. Data is sourced from Mor ningstar, 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, alternatives, 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.
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Footnotes 46 Slide Footnote 38 1 Includes government-insured mortgages (C$8.7 billion or 15% of total mortgages as at December 31, 2025). 39 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 2025 MD&A. 40 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.