Slides
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Manulife Second Quarter 2026 Financial & Operating Results August 6 , 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”), the expected closing time of the reinsurance transaction described herein and its expected impact, 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; the receipt of required regulatory approvals with respect to the reinsurance transaction described herein; our ability to execute our digital plans and to deploy future digital use cases, including with respect to AI, and our inability to withdraw cash from subsidiaries. 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 2Q26 Management’s Discussion and Analysis under “Risk Management and Risk Factors Update” and “Critical Actuarial and Accounting Policies”, 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 Patrick Graham 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
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Strong 2Q26 results reflect disciplined execution and the strength of our diversified portfolio 6 APE sales1 ▲21% New business value1 ▲10% New business CSM1 ▲16% Core EPS1,3 ▲16% Core ROE3 16.3% EPS1 ▲22% Book value per share ▲10% Adjusted book value per share3 ▲15% Financial leverage ratio3 22.2% Growth Profitability Balance sheet Note: All changes reflect 2Q26 results compared with 2Q25 results. All footnotes are on slide 33. Global WAM net flows2 $0.4B ROE 18.0% MLI’s LICAT ratio4 136%
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Differentiating through superior distribution and product innovation • Grew Asia MDRT1 membership by 9% • Enhanced Global HNW insurance offerings • Expanded ETF-based investment offerings for North American retail customers • Broadened the reach of our U.S. life insurance solutions Meaningful progress in executing our strategy 7 Note: See “Caution regarding forward-looking statements” above. All footnotes are on slide 33. Progressing as an AI-powered organization, backed by industry recognition • Named #1 life insurer for AI maturity for the second consecutive year, and top-three insurer overall2, in the 2026 Evident AI Index for Insurance • Recognized3 for our innovative use of AI in underwriting in Canada • Launched new agentic AI solutions in Global WAM Advancing our health and longevity leadership • Introduced a Longevity Preparedness Tool for our U.S. insurance and retirement businesses • Enhanced health and wellness offerings for select Global WAM clients in Canada • Activated our Bupa 4 partnership in Hong Kong, providing customers with greater choice for healthcare
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Transacting on a third LTC block, further reducing our risk profile and highlighting ability to transact on a standalone basis through innovative actions 8 Overview of transacted1 LTC block characteristics Counterparty Average issue date 2000 Average attained age on active life reserves (ALR) 83 ALR % of reserves 64% Lifetime benefits (%) 33% Inflation protection by policy count (%) 91% IFRS reserves (C$ billion) $3.23 • Third LTC reinsurance transaction and first on a standalone LTC block • Full risk transfer on biometric risk4, with no asset transfer • Upon closing, will have cumulatively reduced LTC risk by 24%5, significantly reducing risk profile • Counterparty is Munich Re Life US2, a highly-rated global reinsurer • 80% quota share on biometric risk • Similar pricing to prior deals, with modest negative cede of 5%6, further validating reserves and assumptions • Transaction largely neutral to capital, with immaterial impact to both core earnings and net income attributed to shareholders of ~C$30 million in the first year and reducing over time 7 Continue to focus on improving our long-term care portfolio through organic initiatives, driving value for shareholders Munich Re Life US2 Note: See “Caution regarding forward-looking statements” above. All footnotes are on slide 33.
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9 Financial and operating results Colin Simpson Chief Financial Officer
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Strong top-line momentum with double-digit growth in insurance new business metrics and positive net flows in Global WAM 10 1,705 2,071 345 426 180 201 2Q25 2Q26 2,230 2,698 +21% U.S. Canada Asia APE sales1 (C$ millions) New business CSM2 Global WAM net flows1 2.1 6.72.0 (4.9) (3.2) (1.4) 2Q25 2Q26 0.9 0.4 Retirement Retail Institutional (C$ billions) New business value1 (C$ millions)(C$ millions) Note: All footnotes are on slide 33. 663 777 100 129119 118 2Q25 2Q26 882 1,024 +16% U.S. Canada Asia 622 701 161 16263 66 2Q25 2Q26 846 929 +10% U.S. Canada Asia
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Continued business growth supports double-digit increase in core earnings 11 2Q25 2Q26 Risk adjustment release 205 221 CSM recognized for service provided 533 650 Expected earnings on short-term insurance business 204 202 Impact of new insurance business (20) (17) Insurance experience gains (losses) (38) (76) Other 31 62 Core net insurance service result 915 1,042 Expected investment earnings 665 641 Change in expected credit loss (102) (1) Expected earnings on surplus 241 225 Other 15 27 Core net investment result 819 892 Core Global Wealth and Asset Management 552 606 Core Manulife Bank 53 52 Other core earnings (315) (312) Total core earnings (pre-tax) 2,024 2,280 Core income tax (expense) recovery (298) (357) Total core earnings 1,726 1,923 Items excluded from core earnings 63 187 Net income attributed to shareholders 1,789 2,110 Drivers of earnings1 (C$ millions) 2Q26 core earnings increased 12%2 from the prior year quarter: • Continued business growth in Asia, as well as the net positive impact of 2025 updates to actuarial methods and assumptions • Insurance experience reflects unfavourable Canada Group and Individual Insurance experience compared with net favourable experience in 2Q25, and less favourable experience in Asia, partially offset by improved claims experience in the U.S. • Lower charge in the provision for ECL, partially offset by lower investment spreads in the U.S. • Growth in Global WAM pre-tax earnings reflects AUM growth and contributions from the Comvest acquisition, which more than offset the impact of the eMPF transition in Hong Kong Note: All footnotes are on slide 33.
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Core EPS1 (C$) Strong core EPS growth of 16%1; net income supported by net favourable market experience 12 Earnings for the second quarter 2026 (C$ millions, except per share amounts) 1,726 1,923 2Q25 2Q26 +12% Core earnings1 (C$ millions) 2Q26 Post-tax 2Q26 Per share Core earnings1 1,923 1.09 Items excluded from core earnings: Realized gains (losses) on debt instruments (18) (0.01) Derivatives and hedge accounting ineffectiveness (1) - Actual less expected long-term returns on public equity 421 0.25 Actual less expected long-term returns on ALDA (266) (0.16) Other investment results 65 0.04 Market experience gains (losses) 201 0.12 Updates to actuarial methods and assumptions that flow directly through income - - Restructuring charge - - Amortization of acquisition-related intangible assets2 (16) (0.01) Reinsurance transactions, tax-related items and other 2 - Net income attributed to shareholders 2,110 1.20 0.95 1.09 2Q25 2Q26 +16% Note: All footnotes are on slide 34.
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Asia: Double-digit growth across new business metrics; strong core earnings growth 13 Net income3 (US$ millions) Core earnings2 (US$ millions) 5 339259 114 97 163 159 2Q25 2Q26 520 616 +21% Regional Office Hong Kong Japan Asia Other5 New business value1 (US$ millions) 242 272 32 4733 3886 12458 25 2Q25 2Q26 451 506 +13% Hong Kong Japan Mainland China Singapore Other4 APE sales1 (US$ millions) 512 703 94 133201 188282 346144 126 2Q25 2Q26 1,233 1,496 +21% New business CSM2 (US$ millions) 207 233 53 8845 48101 16474 28 2Q25 2Q26 480 561 +17% Hong Kong Japan Mainland China Singapore Other 4 • Higher APE sales reflects strong growth in Hong Kong, Singapore and Japan; growth in new business CSM and new business value were impacted by changes in business mix • Strong core earnings growth reflects continued business growth and the net positive impact of 2025 updates to actuarial methods and assumptions, partially offset by less favourable insurance experience Note: All footnotes are on slide 34. 600 768 2Q25 2Q26 Hong Kong Japan Mainland China Singapore Other4
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Global WAM: Record gross flows and positive net flows; solid core earnings growth supported by margin expansion 14 Core EBITDA margin3 (%) Average AUMA2 (C$ billions) 30.1 31.2 2Q25 2Q26 +110 bps 2.1 6.72.0 (4.9)(3.2) (1.4) 2Q25 2Q26 0.9 0.4 Retirement Retail Institutional 1,005 1,162 2Q25 2Q26 +15% Net flows by business line1 (C$ billions) Core earnings4 (C$ millions) Net income5 (C$ millions) • Net inflows of $0.4 billion were primarily driven by strong Institutional inflows, including contributions from CQS and Comvest, partially offset by higher redemptions in Retirement and to a lesser extent Retail • Core earnings growth driven by higher average AUMA and contributions from the Comvest acquisition, partially offset by the impact of the eMPF transition in Hong Kong and higher expenses supporting business growth Note: All footnotes are on slide 34. 482 514 2Q25 2Q26 463 505 2Q25 2Q26 +9%
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Canada: Strong new business performance; core earnings impacted by unfavourable insurance experience 15 57 58 136 185 152 183 2Q25 2Q26 345 426 +23% Individual Insurance Group Insurance Annuities 100 129 2Q25 2Q26 +29% • Higher APE sales reflects higher sales in large-case Group Insurance and participating life insurance • Lower core earnings reflects unfavourable claims experience, and higher expenses in Group Insurance to support the growing business and transformational investments. This was partially offset by the net positive impact of 2025 updates to actuarial methods and assumptions, a release in the ECL provision, and higher investment spreads 161 162 2Q25 2Q26 +1% Note: All footnotes are on slide 34. 326 282 56 60 37 37 2Q25 2Q26 419 379 -10% Manulife Bank Annuities Insurance 390 306 2Q25 2Q26 Core earnings2 (C$ millions) New business value1 (C$ millions) APE sales1 (C$ millions) New business CSM2 (C$ millions) Net income3 (C$ millions)
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U.S.: Solid growth in APE sales 16 114 194 27 24 2Q25 2Q26 141 218 +55% U.S. Annuities U.S. Insurance Note: All footnotes are on slide 34. • Higher APE sales supported by product enhancements and distribution expansion; new business CSM and new business value were impacted by changes in product mix • Core earnings growth reflects improved claims experience in both life and long-term care as well as a lower charge in the ECL provision, partially offset by lower investment spreads 130 145 2Q25 2Q26 +12% 26 110 2Q25 2Q26 Net income3 (US$ millions) Core earnings2 (US$ millions) New business value1 (US$ millions) APE sales1 (US$ millions) New business CSM2 (US$ millions) 86 85 2Q25 2Q26 -1% 46 48 2Q25 2Q26 +4%
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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$) 24.90 26.07 25.91 26.30 27.48 10.88 12.15 12.36 12.71 13.64 2Q25 3Q25 4Q25 1Q26 2Q26 35.78 38.22 38.27 39.01 41.12 +15% CSM balance per common share Book value per common share 1 Note: All footnotes are on slide 34. 0.8 0.7 0.7 0.8 0.8 0.6 0.6 0.6 0.4 0.6 2Q25 3Q25 4Q25 1Q26 2Q26 1.4 1.3 1.4 1.2 1.4 Share buyback Common share dividends Capital returned to shareholders (C$ billions)
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Maintained robust balance sheet, providing financial flexibility 18 Note: All footnotes are on slide 34. Capital metrics Capital over supervisory target (C$ billions) LICAT ratio (%) 23 25 26 136 136 136 0 20 40 60 80 100 120 140 0 5 10 15 20 25 30 2Q25 1Q26 2Q26 Financial leverage ratio1 (%) 23.6 22.5 22.2 2Q25 1Q26 2Q26 Medium-term target of 25%
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Continued focus on executing on all targets 19 2023 2024 2025 2Q26 YTD Core ROE1 15.9% 16.2% 16.5% 16.4% Remittances2 $5.5B $7.0B $6.4B N/A New business CSM growth3 12% 32% 28% 16% CSM balance growth3 21% 3% 16% 20% Core EPS growth1,4 17% 10% 8% 14% Expense efficiency ratio1 45.5% 44.8% 44.8% 45.2% Financial leverage ratio1 24.3% 24.0% 23.9% 22.2% Core dividend payout ratio1 42% 42% 42% 45% EPS growth4,5 47% 8% 6% 52% ROE 11.9% 12.0% 12.0% 14.1% Common share dividend payout ratio 56% 56% 57% 52% 2027 targets 18%+ $22B+ cumulative Medium-term targets 15% 8-10% 10-12% <45% 25% 35-45% Note: See “Caution regarding forward-looking statements” above. Growth rates shown are compared with the respective prior year periods. Actual remittance results reflect reported annual remittances. The 2027 target for remittances is a cumulative target, which reflects cumulative remittances between 2024-2027. Certain 2024 figures and growth rates have been updated to align with the presentation of Global Minimum Taxes in 2025. See slide 32 for additional information and a list of the impacted measures in this presentation. All footnotes are on slide 35.
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Question & Answer session 20
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21 Appendix • Financial KPI summary • Overview of LTC block characteristics • Insurance experience, ECL and OCI • Changes in CSM • Global WAM investment performance • Invested assets • Sensitivities • Non-GAAP and other financial measures • Footnotes
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2Q26 financial KPI summary 22 (C$ millions, unless noted) 2Q25 2Q26 Change APE sales1 (C$ billions) $2.2 $2.7 ▲ 21% New business CSM2 $882 $1,024 ▲ 16% New business value1 $846 $929 ▲ 10% CSM balance growth2 6% 20% ▲ 14 pps Global WAM net flows1 (C$ billions) $0.9 $0.4 ▼ $0.5 Global WAM core EBITDA margin3 30.1% 31.2% ▲ 110 bps Global WAM average AUMA1 (C$ billions) $1,005 $1,162 ▲ 15% Net income attributed to shareholders $1,789 $2,110 ▲ $321 Core earnings2,4 $1,726 $1,923 ▲ 12% Core EPS2,3 $0.95 $1.09 ▲ 16% Core ROE3 15.0% 16.3% ▲ 1.3 pps Expense efficiency ratio3 45.5% 44.5% ▼ 1.0 pps Book value per share (C$) $24.90 $27.48 ▲ 10% CSM balance per share3 (C$) $10.88 $13.64 ▲ 25% Adjusted book value per share3 (C$) $35.78 $41.12 ▲ 15% MLI’s LICAT ratio 136% 136% – Financial leverage ratio3 23.6% 22.2% ▼ 1.4 pps Dividend per common share 44.0¢ 48.5¢ ▲ 10% Growth Profitability Balance Sheet Note: All footnotes are on slide 35.
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Overview of LTC block characteristics 23 Current Transaction Transaction with RGA1 Transaction with Global Atlantic2 Cumulative Transacted LTC blocks Retained LTC blocks Overview Average issue date 2000 2008 1999 2002 2005 Benefits % Lifetime benefit by policy count 33% 6% 19% 8% 9% Inflation Protection % Inflation protection by policy count 91% 86% 74% 81% 54% Attained Age Average attained age of active life reserve (ALR) 83 77 85 82 74 Average attained age of disabled life reserve (DLR) 88 83 89 89 85 IFRS Reserves Total reserves 3 (C$ billions) 3.24 2.45 5.46 11.1 35.8 Note: All footnotes are on slide 35.
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Insurance experience impacts on core earnings and CSM 24 2Q26 insurance experience gains/(losses) (C$ millions, pre-tax) Core earnings impact1 CSM (net of NCI) impact Total Impact Asia (3) 4 1 Canada (32) (41) (73) U.S. (45) 29 (16) Insurance operating segments (80) (8) (88) Corporate & Other 4 - 4 Total (76) (8) (84) • Insurance experience is reflected in core earnings and in the CSM – the impacts should be considered together • Total net unfavourable insurance experience primarily reflects unfavourable mortality experience in U.S. Life, and unfavourable experience in Canada Individual and Group Insurance, partially offset by favourable LTC experience Note: All footnotes are on slide 35.
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Change in ECL, (charges)/recoveries (C$ millions, pre-tax) Change in ECL for 2Q26 was largely neutral (102) 44 12 (39) (1) 2Q25 3Q25 4Q25 1Q26 2Q26 Change in ECL for 2Q26, (charges)/recoveries (C$ millions, pre-tax) Stage 1 Stage 2 Stage 3 Total Net transfers between stages - (4) 4 - Net new originations or purchases (10) (1) - (11) Changes to risk, parameters and models Credit migration 1 (2) (36) (37) Parameter and model updates, and other 28 15 4 47 Total change in ECL1 19 8 (28) (1) 25 Note: For more information on credit risk see Note 7(a) in our Consolidated Financial Statements for the quarter ended June 30, 2026. All footnotes are on slide 35.
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Net gain in other comprehensive income driven by currency translation 26 2Q26 total comprehensive income (C$ millions) Net income attributed to shareholders 2,110 Other comprehensive income (OCI) Net insurance/reinsurance finance income (expense) (707) Fair value through OCI investments gains (losses) 931 Net impact 224 Unrealized foreign exchange gains (losses) of net foreign operations 728 Other changes in OCI attributed to shareholders and other equity holders 122 Total OCI 1,074 Total comprehensive income attributed to shareholders 3,184 Net gain in other comprehensive income driven by: • The currency translation of foreign operations (due to the favourable impact of a weaker Canadian dollar against most foreign currencies), which does not reflect the fundamental performance of our business • Net favourable impact from equity market performance, partially offset by the flattening of the risk-free curve
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Generated strong annualized organic growth in CSM of 10%1 27 1H26 changes in CSM (C$ millions, pre-tax) 2,043 525 66 1,103 CSM opening balance, net of NCI (Dec 31, 2025) 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 (June 30, 2026) 24,969 (1,443) 27,263 Organic CSM movement: + 1,191 • Strong annualized organic growth of 10% in CSM during 1H26 was supported by contributions from new business CSM1, which increased 16% year-over-year • Inorganic CSM movement reflects favourable impacts from changes in foreign currency exchange rates and equity market performance • CSM balance of $27.3 billion (net of NCI) in 2Q26 increased 6% compared with December 31, 20251 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 2Q26 MD&A. All footnotes are on slide 35.
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28 Global WAM: Solid long-term investment performance Public asset class 3-year 5-year 10-year % of total Equity 51% 55% 71% 82% Fixed income 24% 76% 26% 81% Allocation1 25% 67% 46% 99% Total2 62% 55% 87% % of assets above peer/index 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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29 Corporate Bonds 27% Public Equities 10% Energy 0.5% Timberland & Farmland 1%Private Equity & Other 4% Infrastructure 4% Loans to Bank Clients 0.5% Mortgages1 12% Securitized MBS/ABS 1% Private Placement Debt 11% Government Bonds 18% Cash & Short-Term Securities 6% Real Estate 3% Real Estate Interests 1% Other 1% High-quality and diverse asset mix • 95% of debt securities and private placement debt are investment grade • 69% 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 • 52% of the portfolio is commercial mortgages with LTV ratio of 59% in Canada and 58% in the U.S. Robust risk management framework • Has supported our underwriting and favourable credit quality Diversified high-quality asset mix avoids risk concentrations Total invested assets (C$485.8 billion, carrying values as of June 30, 2026) Fixed Income & Other Alternative Long-Duration Assets (“ALDA”) Public Equities Note: All footnotes are on slide 36.
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30 Interest rate-related sensitivities remain within our risk appetite limits Potential impacts1 of an immediate parallel change in “interest rates”: (C$ millions, post-tax except CSM) 1Q26 2Q26 -50bp +50bp -50bp +50bp CSM net of NCI 200 (300) 200 (300) Net income attributed to shareholders 100 (100) 100 (100) Other comprehensive income attributed to shareholders (300) 300 (200) 200 Total comprehensive income attributed to shareholders (200) 200 (100) 100 MLI’s LICAT ratio (1) 1 - - Potential impact1 of a parallel change in “corporate spreads”: (C$ millions, post-tax except CSM) -50bp +50bp -50bp +50bp CSM net of NCI (200) - (200) - Net income attributed to shareholders - - - - Other comprehensive income attributed to shareholders 100 - 100 100 Total comprehensive income attributed to shareholders 100 - 100 100 MLI’s LICAT ratio (3) 2 (3) 2 Potential impact1 of a parallel change in “swap spreads”: (C$ millions, post-tax except CSM) -20bp +20bp -20bp +20bp CSM net of NCI - - - - 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 (1) 1 - - Note: Please refer to “Caution Related to Sensitivities” in our 2Q26 MD&A. All footnotes are on slide 36.
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31 Potential immediate impact1 on CSM and total comprehensive income arising from a 10% change in public equity returns 2Q26 (C$ millions) -10% +10% CSM net of NCI (pre-tax) Net income (post-tax) Other comprehensive income (post-tax) Total comprehensive income (post-tax) CSM net of NCI (pre-tax) Net income (post-tax) Other comprehensive income (post-tax) Total comprehensive income (post-tax) S&P (270) (310) (230) (540) 270 310 220 530 TSX (80) (60) (40) (100) 70 60 40 100 EAFE (excluding Japan) (110) (10) (30) (40) 100 10 30 40 MSCI Asia (50) (10) - (10) 50 10 - 10 HSI (40) (30) - (30) 40 30 - 30 SHCOMP (80) (60) - (60) 80 60 - 60 TOPIX (20) (10) (20) (30) 20 10 20 30 MXSG (40) - - - 40 - - - VNINDEX (30) (10) - (10) 30 10 - 10 Total (720) (500) (320) (820) 700 500 310 810 Note: Please refer to “Caution Related to Sensitivities” in our 2Q26 MD&A. All footnotes are on slide 36.
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Non-GAAP and other financial measures 32 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”); CSM; 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 growth; growth in the CSM net of NCI from organic CSM movement; 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 section “Non-GAAP and Other Financial Measures” of the 2Q26 and 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 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 core earnings, core ROE, core EPS, core dividend payout ratio, financial leverage ratio 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 33 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 June 30, 2026. LICAT ratio is disclosed under the Office of the Superintendent of Financial Institutions (“OSFI’s”) Life Insurance Capital Adequacy Test Public Disclosure Requirements guidelin e. 7 1 Million Dollar Round Table (MDRT). Rankings announced in July 2026 and are based on 2025 full year performance. Year -over-year change for Manulife Asia. 2 Among 30 major insurers across North America and Europe. 3 Recognized as the Model Insurer for Data, Analytics & AI by Celent. The Award recognizes our innovative use of AI in underwriting through the Manulife Automated Underwriting Decision Engine (MAUDE) in Canada. 4 Bupa International Limited (BUPA). 8 1 Data as of June 30th, 2026. 2 A subsidiary of leading global reinsurer Munich Re. 3 IFRS reserve figure of C$3.2B at 80% quota share, reflecting IFRS 17 current estimate of present value of future cash flows + risk adjustment + contractual service margin. Based on exchange rate of US$1.00 to C$1.41875. 4 IFRS reserve figure of C$3.2B at 80% quota share. 5 Impact of a change in reserves would be reported through the contractual service margin, net income attributed to shareholder s, and other comprehensive income attributed to shareholders. In reference to the cumulative reduction in LTC morbidity sensitivity across all three transactions at the time of the respective announcement. Note sensitivity for this transaction based on 2Q26. Transaction is expected to close in 4Q26 pending regulatory approvals. 6 On IFRS basis. 7 Core earnings is a non-GAAP financial measure. For more information, see “Non -GAAP and Other Financial Measures” below. Based on exchange rate of US$1.00 to C$1.38398. 10 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. 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.
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Footnotes 34 Slide Footnote 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 di stribution agreements. This item was excluded from core earnings commencing 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 2Q26 MD&A. 13 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. 3 Net income attributed to shareholders. 4 Includes Cambodia, Indonesia, International High Net Worth, Malaysia, Myanmar, the Philippines, and Vietnam. 5 Includes Cambodia, Indonesia, International High Net Worth, Mainland China, Malaysia, Myanmar, Singapore, the Philippines, an d Vietnam. 14 1 For more information on net flows see “Non-GAAP and Other Financial Measures” above. 2 Percentage change in average AUMA is stated on a constant exchange rate basis. For more information, see “Non -GAAP and Other Financial Measures” above. 3 Core EBITDA margin is a non-GAAP ratio. 4 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. 5 Net income attributed to shareholders. 15 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. 3 Net income attributed to shareholders. 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. 3 Net income attributed to shareholders. 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.
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Footnotes 35 Slide Footnote 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 Percentage change in core EPS and EPS stated on a constant exchange rate basis are non-GAAP ratios. 5 2023 growth compared with Transitional EPS in 2022. For more information on 2022 Transitional results, refer to our 2023 MD&A . 22 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, 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. 23 Note: All data as of June 30th, 2026. 1 Refers to the $5.4 billion reinsurance transaction with RGA, including $2.4 billion of LTC that was announced in November 2024 and closed i n January 2025. 2 Refers to the $13 billion reinsurance transaction, including $6 billion of LTC, with Global Atlantic that was announced in December 202 3 and closed in February 2024. 3 Reflecting IFRS 17 current estimate of present value of future cash flows + risk adjustment + contractual service margin. Based on exchange rate of US$1.00 to C$1.41875. 4 At 80% quota share. 5 At 75% quota share. 6 At 80% quota share. 24 1 Core earnings is a non-GAAP financial measure. For more information, see “Non-GAAP and Other Financial Measures” above. 25 1 The total change in ECL is attributed to shareholders only. 27 1 Percentage growth / decline in our CSM net of NCI balance from organic CSM movement, as well as new business CSM and CSM balance growth rates stated on a constant exchange rate basis are non-GAAP ratios.
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Footnotes 36 Slide Footnote 28 1 Allocation includes asset allocation and balanced strategies. 2 Investment performance data is as of June 30, 2026. The total assets represents C$375 billion. Data is sourced from Morningst ar, 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 warranted 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 calcul ated net of fees for performance. Fund of funds are included in this disclosure, so there will be double counting of assets for affiliated underlying funds. 29 1 Includes government-insured mortgages ($9.0 billion or 15% of total mortgages). 30 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 2Q26 MD&A. 31 1 All estimated sensitivities are approximated based on a single parameter. No simple formula can accurately estimate future impact. 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.