Manulife Reports Second Quarter 2024 Results

TSX/NYSE/PSE: MFC SEHK: 945                                                                              C$ unless otherwise stated

TORONTO, Aug. 7, 2024 /PRNewswire/ – Manulife Financial Corporation (“Manulife” or the “Company”) reported its second quarter results for the period ended June 30, 2024, delivering positive momentum in core earnings, new business and book value growth.

Key highlights for the second quarter of 2024 (“2Q24”) include:

Core earnings1 of $1.7 billion, up 6% on a constant exchange rate basis2 from the second quarter of 2023 (“2Q23”)
Net income attributed to shareholders of $1.0 billion, in-line with 2Q23
Core EPS3 of $0.91, up 9%2 from 2Q23. EPS of $0.52, up 1%2 from 2Q23
Excluding the impact of Global Minimum Taxes (“GMT”)4, core EPS3 was $0.94, up 12%2 from 2Q23
Core ROE3 of 15.7% and ROE of 9.0%
LICAT ratio5 of 139%
APE sales up 17%6, new business CSM up 6%2 and new business value (“NBV”) up 23%6 from 2Q237
Global Wealth and Asset Management net inflows6 of $0.1 billion, down from $2.2 billion in 2Q23
Bought back 31 million, or $1.1 billion worth of common shares as of July 31, 2024, and plan to buy back the maximum 90 million shares through the current NCIB, representing a capital return of more than $3 billion8

“At our Investor Day in June, we communicated our goals of raising the bar on our financial targets. We are pleased to demonstrate continued positive momentum in the second quarter, with core EPS and new business value growth of 9% and 23%, respectively. As part of our transformation toward a higher return and lower risk business, we are proud to have closed the largest UL reinsurance transaction in Canada9 and the acquisition of CQS. Momentum also continued in our growth engines, with Asia delivering strong growth in core earnings, new business CSM and new business value margin6 year-over-year, and Global WAM delivering positive net flows and an improved core EBITDA margin3. We continue to demonstrate that we have a strong track record of execution, and I am confident about the future and our ability to execute against our strategy and deliver value to our shareholders.”

—    Roy Gori, Manulife President & Chief Executive Officer

“Adjusted book value per common share3 continued to grow and was up 15% year-over-year. Core ROE of 15.7% in the second quarter reflected strong profitability despite the impact of GMT. Our capital position remained strong with a LICAT ratio of 139%. We have repurchased more than 31 million common shares and are planning on buying back the full 90 million shares under our current program, representing a capital return of over $3 billion.”

—    Colin Simpson, Manulife Chief Financial Officer

Results at a Glance

($ millions, unless otherwise stated)

Quarterly Results

YTD Results

2Q24

2Q23

Change2,6

2024

2023

Change

Net income attributed to shareholders

$

1,042

$

1,025

(1) %

$

1,908

$

2,431

(22) %

Core earnings

$

1,737

$

1,637

6 %

$

3,491

$

3,168

11 %

EPS ($)

$

0.52

$

0.50

1 %

$

0.97

$

1.23

(21) %

Core EPS ($)

$

0.91

$

0.83

9 %

$

1.85

$

1.63

14 %

ROE

9.0 %

9.3 %

-0.3 pps

8.5 %

11.4 %

-2.9 pps

Core ROE

15.7 %

15.5 %

0.2 pps

16.2 %

15.2 %

1.0 pps

Book value per common share ($)

$

23.71

$

21.30

11 %

$

23.71

$

21.30

11 %

Adjusted BV per common share ($)

$

33.96

$

29.42

15 %

$

33.96

$

29.42

15 %

Financial leverage ratio (%)3

24.6 %

25.8 %

-1.2 pps

24.6 %

25.8 %

-1.2 pps

APE sales

$

1,907

$

1,633

17 %

$

3,790

$

3,233

19 %

New business CSM

$

628

$

592

6 %

$

1,286

$

1,034

25 %

NBV

$

723

$

585

23 %

$

1,392

$

1,094

28 %

Global WAM net flows ($ billions)

$

0.1

$

2.2

(96) %

$

6.8

$

6.6

4 %

Results by Segment

($ millions, unless otherwise stated)

Quarterly Results

YTD Results

2Q24

2Q23

Change6

2024

2023

Change

Asia (US$)

Net income attributed to shareholders

$

424

$

96

289 %

$

694

$

480

41 %

Core earnings

472

353

40 %

960

714

40 %

APE sales

920

879

7 %

1,870

1,747

10 %

New business CSM

349

323

10 %

713

545

34 %

NBV

370

315

19 %

713

590

23 %

Canada

Net income attributed to shareholders

$

79

$

227

(65) %

$

352

$

536

(34) %

Core earnings

402

374

7 %

766

727

5 %

APE sales

520

322

61 %

970

615

58 %

New business CSM

76

57

33 %

146

103

42 %

NBV

159

106

50 %

316

198

60 %

U.S. (US$)

Net income attributed to shareholders

$

98

$

136

(28) %

$

18

$

274

(93) %

Core earnings

303

341

(11) %

638

626

2 %

APE sales

93

97

(4) %

206

196

5 %

New business CSM

54

77

(30) %

126

147

(14) %

NBV

41

40

3 %

78

74

5 %

Global WAM

Net income attributed to shareholders

$

350

$

317

9 %

$

715

$

614

16 %

Core earnings

399

320

23 %

756

607

24 %

Gross flows ($ billions)6

41.4

35.2

17 %

86.9

74.0

18 %

Average AUMA ($ billions)6

933.1

814.9

13 %

916.7

809.5

13 %

Core EBITDA margin (%)

26.3 %

24.6 %

170 bps

25.9 %

23.5 %

240 bps

Strategic Highlights

We are expanding our customer reach through strategic partnerships and new product offerings

In Global WAM, we completed the acquisition of CQS, the U.K.-based multi-sector alternative credit manager, which we have co-branded as Manulife | CQS Investment Management and have leveraged these expanded capabilities to launch the John Hancock Multi Asset Credit Fund in U.S. Retail. This fund is a strong addition to our growing lineup of liquid and semi-liquid alternative offerings and our larger credit franchise.

In the U.S., we announced a strategic partnership with Annexus – one of the nation’s leading independent product design and distribution companies – to expand our portfolio of indexed account offerings and reach a wider market with our Protection Indexed Universal Life solution.

We are deploying Generative AI and delivering on our Digital, Customer Leader strategic priority

In Asia, we enhanced agent-customer interactions through the launch of an innovative Generative AI agent sales tool in Singapore that enables our agents to automatically create personalized engagement strategies to offer customers the right solutions at the right time based on their needs, preferences, demographic data, and transaction histories.

In Global WAM, we piloted our Manulife Mandatory Provident Fund (“MPF”) Robo-Advisor in Hong Kong Retirement, a new portal that aims to provide automated portfolio insights and personalized investment tips to our MPF members. This initiative is part of our ongoing commitment to enhancing customer experiences in MPF investment management through digital innovation and strengthening member education.

In Canada, we enhanced our Manulife mobile app for group benefits members by adding mental health features and live support. These services were added in alliance with TELUS Health10 and provide eligible members and their families immediate, personal assistance in navigating the healthcare system to help them understand the types of support available.

In the U.S., we deployed a Generative AI knowledge management chatbot and automated call summarization for our customer service representatives within our Annuities contact center, contributing to an immediate improvement to average handle time. This initiative is part of our continuing efforts to enhance customer experience and streamline processes.

We are helping our customers live longer, healthier, and better lives

In the U.S., we advanced our commitment to provide preventative health screenings to customers and further differentiated our solutions by becoming the first U.S. life insurer to offer discounted and prioritized access to Prenuvo – a whole body MRI scan for the early detection of cancer and other diseases – to eligible John Hancock Vitality members.

In Canada, we released our 2023 Wellness Report which highlighted health trends and challenges that affected Canadian employees of our group benefits plan sponsors. This report supports our plan sponsors with valuable, data-driven insights so they can ensure their plan designs are targeting areas of highest concern to help drive better health outcomes for plan members.

Strong earnings results reflect continued business growth, more than offsetting the impact of GMT and reinsurance transactions11

Core earnings of $1.7 billion in 2Q24, up 6% from 2Q23

Our positive momentum continued in 2Q24 with a 6% increase year-over-year, as strong business growth more than offset the impact of GMT.

Asia core earnings were up 40%, benefitting from continued business growth momentum and updates to actuarial methods and assumptions in the second half of 2023.
Global WAM core earnings grew 23%, driven by higher fee income from favourable market impacts and positive net flows, and a favourable tax true-up.
In Canada, strong growth in Group Insurance and favourable net insurance experience contributed to a 7% growth in 2Q24 core earnings.
In the U.S., adverse net insurance experience and foregone core earnings from the long-term care reinsurance transaction announced in December 2023 resulted in an 11% decrease in 2Q24 core earnings.
In Corporate and Other, core earnings decreased $138 million, reflecting the impact of GMT, higher interest on allocated capital to operating segments and higher workforce-related expenses.

Net Income attributed to shareholders of $1.0 billion in 2Q24, consistent with 2Q23

Net income was in-line compared with 2Q23, as improved market experience and core earnings growth were offset by a $0.3 billion realized loss due to the sale of debt instruments related to the RGA reinsurance transaction. This realized loss was broadly offset by an associated change in other comprehensive income, resulting in a neutral impact to book value. This, along with lower-than-expected returns on alternative long-duration assets mainly related to private equity and real estate investments, contributed to a net charge in market experience in 2Q24.

Continued momentum in new insurance business results and positive net flows in Global WAM

We delivered another quarter of strong new business growth in our insurance businesses with APE sales and NBV hitting record levels in 2Q24, demonstrating the strength and benefits of our diversified portfolio. Overall, our APE sales, new business CSM and NBV increased year-over-year by 17%, 6% and 23%, respectively.

Asia continued to generate positive momentum and grew APE sales, new business CSM and NBV by 7%, 10% and 19%, respectively, reflecting higher sales volumes in Japan and Hong Kong in 2Q24. The year-over-year improvement of 3.4 percentage points in NBV margin reflected our pricing discipline and changes in business mix.
Canada delivered excellent growth and record level NBV this quarter. Compared with 2Q23, APE sales and NBV increased 61% and 50%, respectively, driven by higher sales volumes in all business units, led by a large-case Group Insurance sale. New business CSM was up 33% driven by margin expansion in Individual Insurance and higher sales volumes in segregated fund products.
In the U.S., APE sales decreased 4% year-over-year with a shift in product mix, while NBV was up 3%. New business CSM decreased 30% due to change in product mix and the impact of higher interest rates.

Global WAM net inflows of $0.1 billion in 2Q24, mainly reflecting the strength in our Institutional business, offset by outflows in our Retirement business. Compared with 2Q23, net inflows was $2.1 billion lower.

Retirement net outflows of $1.3 billion in 2Q24 compared with net inflows of $0.7 billion in 2Q23, as higher member contributions were more than offset by increased member withdrawals and a large-case retirement plan redemption in the U.S.
Retail net outflows of $0.1 billion in 2Q24 were in line with 2Q23, as increased demand for investment products amid equity market recovery and improved investor sentiment was offset by higher redemptions.
Institutional Asset Management net inflows of $1.4 billion in 2Q24 compared with net inflows of $1.6 billion in 2Q23 as net inflows from CQS were more than offset by higher redemptions in fixed income mandates and lower sales in alternative mandates.

Organic Contractual Service Margin (“CSM”) growth contributing to higher CSM balance  

CSM12 was $20,758 million as at June 30, 2024

CSM increased $318 million compared with December 31, 2023. Organic CSM movement contributed $453 million of the increase in the first half of 2024, primarily driven by the impact of new business and interest accretion, partially offset by amortization recognized in core earnings and adverse insurance experience. Inorganic CSM movement was a decrease of $135 million for the same period, primarily driven by the impact of reinsurance transactions, partially offset by favourable impacts of changes in foreign currency exchange rates and equity market performance. Post-tax CSM net of NCI1 was $18,290 million as at June 30, 2024.

______________________________

1

Core earnings and post-tax contractual service margin net of NCI (“post-tax CSM net of NCI”) are non-GAAP financial measures. For more information on non-GAAP and other financial measures, see “Non-GAAP and other financial measures” below and in our 2Q24 Management’s Discussion and Analysis (“2Q24 MD&A”).

2

Percentage growth / declines in core earnings, diluted core earnings per common share (“core EPS”), diluted earnings (loss) per share (“EPS”), core EPS excluding the impact of GMT, new business contractual service margin net of NCI (“new business CSM”), and net income attributed to shareholders are stated on a constant exchange rate basis and are non-GAAP ratios.

3

Core EPS, core EPS excluding the impact of GMT, core ROE, core EBITDA margin, adjusted book value per common share (“adjusted BV per common share”) and financial leverage ratio are non-GAAP ratios.

4

On June 20, 2024, Canada enacted the Global Minimum Tax Act. The impact was reflected in Corporate & Other in situations where GMT was not substantively enacted in local jurisdictions where we operate as of June 30, 2024.

5

Life Insurance Capital Adequacy Test (“LICAT”) ratio of The Manufacturers Life Insurance Company (“MLI”) as at June 30, 2024. 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.

6

For more information on annualized premium equivalent (“APE”) sales, NBV, Global Wealth and Asset Management (“Global WAM”) net flows, new business value margin (“NBV margin”), gross flows, and average asset under management and administration (“average AUMA”), see “Non-GAAP and other financial measures” below. In this news release, percentage growth/decline in APE sales, NBV, net flows, gross flows and average AUMA are stated on a constant exchange rate basis.

7

Refer to “Results at a Glance” for 2Q24 and 2Q23 results.

8

NCIB stands for Normal Course Issuer Bid. The estimated capital return is calculated based on MFC share price as of market close on July 31, 2024. See “Caution regarding forward-looking statements” below.

9

Also referred to as the RGA reinsurance transaction.

10

Telus Health (Canada) Ltd.

11

See section A1 “Profitability” in our 2Q24 MD&A for more information on notable items attributable to core earnings and net income attributed to shareholders.

12

Net of non-controlling interests.

Quarterly Results Conference Call

Manulife will host a conference call and live webcast on its second quarter 2024 results on August 8, 2024, at 8:00 a.m. (ET). To access the conference call, dial 1-800-806-5484 or 1-416-340-2217 (Passcode: 6941503#). Please call in 15 minutes before the scheduled start time. You will be required to provide your name and organization to the operator. You may access the webcast at manulife.com/en/investors/results-and-reports.

The archived webcast will be available following the call at the same URL as above. A replay of the call will also be available until September 7, 2024, by dialing 1-800-408-3053 or 1-905-694-9451 (Passcode: 3700999#).

The Second Quarter 2024 Statistical Information Package is also available on the Manulife website at www.manulife.com/en/investors/results-and-reports.

This earnings news release should be read in conjunction with the Company’s Second Quarter 2024 Report to Shareholders, including our unaudited interim Consolidated Financial Statements for the three and six months ended June 30, 2024, prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, which is available on our website at https://www.manulife.com/en/investors/results-and-reports.html. The Company’s 2Q24 MD&A and additional information relating to the Company is available on the SEDAR+ website at http://www.sedarplus.ca and on the U.S. Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Any information contained in, or otherwise accessible through, websites mentioned in this news release does not form a part of this document unless it is expressly incorporated by reference.

Earnings

The following table presents net income attributed to shareholders, consisting of core earnings and details of the items excluded from core earnings:

Quarterly Results

YTD Results

($ millions)

2Q24

1Q24

2Q23

2024

2023

Core earnings

Asia

$            647

$           657

$            473

$        1,304

$         962

Canada

402

364

374

766

727

U.S.

415

452

458

867

843

Global Wealth and Asset Management

399

357

320

756

607

Corporate and Other

(126)

(76)

12

(202)

29

Total core earnings

$        1,737

$        1,754

$         1,637

$        3,491

$        3,168

Items excluded from core earnings:

Market experience gains (losses)

(665)

(779)

(570)

(1,444)

(635)

Change in actuarial methods and assumptions that flow directly through income

Restructuring charge

Reinsurance transactions, tax-related items and other

(30)

(109)

(42)

(139)

(102)

Net income attributed to shareholders 

$        1,042

$        866

$         1,025

$        1,908

$        2,431

Non-GAAP and other financial measures  

The Company 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); core earnings available to common shareholders; core earnings before interest, taxes, depreciation and amortization (“core EBITDA”); core revenue; adjusted book value; post-tax contractual service margin; and post-tax contractual service margin net of NCI (“post-tax CSM net of NCI”). In addition, non-GAAP financial measures include the following stated on a constant exchange rate (“CER”) basis: any of the foregoing non-GAAP financial measures; net income attributed to shareholders; and common shareholders’ net income.

Non-GAAP ratios include core return on common shareholders’ equity (“core ROE”); diluted core earnings per common share (“core EPS”); core EPS excluding the impact of Global Minimum Taxes (“GMT”); adjusted book value per common share; financial leverage ratio; core EBITDA margin; and percentage growth/decline on a constant exchange rate basis in any of the above non-GAAP financial measures and non-GAAP ratios; net income attributed to shareholders; diluted earnings per common share (“EPS”); and new business CSM. 

Other specified financial measures include NBV; APE sales; gross flows; net flows; average assets under management and administration (“average AUMA”); new business value margin (“NBV margin”); and percentage growth/decline in these foregoing specified financial measures. In addition, explanations of the components of the CSM movement, other than the new business CSM were provided in the 2Q24 MD&A.

Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under GAAP and, therefore, might not be comparable to similar financial measures disclosed by other issuers. Therefore, they should not be considered in isolation or as a substitute for any other financial information prepared in accordance with GAAP. For more information on non-GAAP financial measures, including those referred to above, see the section “Non-GAAP and other financial measures” in our 2Q24 MD&A, which is incorporated by reference.

Reconciliation of core earnings to net income attributed to shareholders – 2Q24($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

2Q24

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Income (loss) before income taxes

$        763

$        141

$        156

$        383

$        (59)

$     1,384

Income tax (expenses) recoveries

Core earnings

(64)

(107)

(95)

(46)

(8)

(320)

Items excluded from core earnings

(51)

68

74

14

(37)

68

Income tax (expenses) recoveries

(115)

(39)

(21)

(32)

(45)

(252)

Net income (post-tax)

648

102

135

351

(104)

1,132

Less: Net income (post-tax) attributed to

Non-controlling interests

38

1

39

Participating policyholders

28

23

51

Net income (loss) attributed to shareholders (post-tax)

582

79

135

350

(104)

1,042

Less: Items excluded from core earnings (post-tax)

Market experience gains (losses)

(58)

(364)

(280)

(7)

44

(665)

Changes in actuarial methods and assumptions that flow directly through income

Restructuring charge

Reinsurance transactions, tax related items and other

(7)

41

(42)

(22)

(30)

Core earnings (post-tax)

$        647

$        402

$        415

$        399

$      (126)

$     1,737

Income tax on core earnings (see above)

64

107

95

46

8

320

Core earnings (pre-tax)

$        711

$        509

$        510

$        445

$      (118)

$     2,057

Core earnings, CER basis and U.S. dollars – 2Q24($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

2Q24

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Core earnings (post-tax)

$        647

$        402

$        415

$        399

$      (126)

$     1,737

CER adjustment(1)

Core earnings, CER basis (post-tax)

$        647

$        402

$        415

$        399

$      (126)

$     1,737

Income tax on core earnings, CER basis(2)

64

107

95

46

8

320

Core earnings, CER basis (pre-tax)

$        711

$        509

$        510

$        445

$      (118)

$     2,057

Core earnings (U.S. dollars) – Asia and U.S. segments

Core earnings (post-tax)(3), US $

$        472

$        303

CER adjustment US $(1)

Core earnings, CER basis (post-tax), US $

$        472

$        303

(1)

The impact of updating foreign exchange rates to that which was used in 2Q24.

(2)

Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q24.

(3)

Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 2Q24.

Reconciliation of core earnings to net income attributed to shareholders – 1Q24($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

1Q24

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Income (loss) before income taxes

$        594

$        381

$      (154)

$        426

$            5

$     1,252

Income tax (expenses) recoveries

Core earnings

(67)

(91)

(103)

(58)

33

(286)

Items excluded from core earnings

(83)

8

149

(3)

(65)

6

Income tax (expenses) recoveries

(150)

(83)

46

(61)

(32)

(280)

Net income (post-tax)

444

298

(108)

365

(27)

972

Less: Net income (post-tax) attributed to

Non-controlling interests

55

55

Participating policyholders

26

25

51

Net income (loss) attributed to shareholders (post-tax)

363

273

(108)

365

(27)

866

Less: Items excluded from core earnings (post-tax)

Market experience gains (losses)

(250)

(91)

(534)

6

90

(779)

Changes in actuarial methods and assumptions that flow directly through income

Restructuring charge

Reinsurance transactions, tax related items and other

(44)

(26)

2

(41)

(109)

Core earnings (post-tax)

$        657

$        364

$        452

$        357

$        (76)

$     1,754

Income tax on core earnings (see above)

67

91

103

58

(33)

286

Core earnings (pre-tax)

$        724

$        455

$        555

$        415

$      (109)

$     2,040

Core earnings, CER basis and U.S. dollars – 1Q24($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

1Q24

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Core earnings (post-tax)

$        657

$        364

$        452

$        357

$        (76)

$     1,754

CER adjustment(1)

1

7

3

11

Core earnings, CER basis (post-tax)

$        658

$        364

$        459

$        360

$        (76)

$     1,765

Income tax on core earnings, CER basis(2)

67

91

104

58

(33)

287

Core earnings, CER basis (pre-tax)

$        725

$        455

$        563

$        418

$      (109)

$     2,052

Core earnings (U.S. dollars) – Asia and U.S. segments

Core earnings (post-tax)(3), US $

$        488

$        335

CER adjustment US $(1)

(7)

Core earnings, CER basis (post-tax), US $

$        481

$        335

(1)

The impact of updating foreign exchange rates to that which was used in 2Q24.

(2)

Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q24.

(3)

Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 1Q24.

Reconciliation of core earnings to net income attributed to shareholders – 2Q23($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

2Q23

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Income (loss) before income taxes

$        345

$        312

$        220

$        362

$        197

$     1,436

Income tax (expenses) recoveries

Core earnings

(73)

(97)

(110)

(45)

18

(307)

Items excluded from core earnings

(18)

33

73

1

(47)

42

Income tax (expenses) recoveries

(91)

(64)

(37)

(44)

(29)

(265)

Net income (post-tax)

254

248

183

318

168

1,171

Less: Net income (post-tax) attributed to

Non-controlling interests

25

1

26

Participating policyholders

99

21

120

Net income (loss) attributed to shareholders (post-tax)

130

227

183

317

168

1,025

Less: Items excluded from core earnings (post-tax)

Market experience gains (losses)

(297)

(147)

(275)

(7)

156

(570)

Changes in actuarial methods and assumptions that flow directly through income

Restructuring charge

Reinsurance transactions, tax related items and other

(46)

4

(42)

Core earnings (post-tax)

$        473

$        374

$        458

$        320

$          12

$     1,637

Income tax on core earnings (see above)

73

97

110

45

(18)

307

Core earnings (pre-tax)

$        546

$        471

$        568

$        365

$          (6)

$     1,944

Core earnings, CER basis and U.S. dollars – 2Q23($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

2Q23

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Core earnings (post-tax)

$        473

$        374

$        458

$        320

$          12

$     1,637

CER adjustment(1)

(11)

1

9

3

2

Core earnings, CER basis (post-tax)

$        462

$        375

$        467

$        323

$          12

$     1,639

Income tax on core earnings, CER basis(2)

70

97

111

45

(17)

306

Core earnings, CER basis (pre-tax)

$        532

$        472

$        578

$        368

$          (5)

$     1,945

Core earnings (U.S. dollars) – Asia and U.S. segments

Core earnings (post-tax)(3), US $

$        353

$        341

CER adjustment US $(1)

(16)

Core earnings, CER basis (post-tax), US $

$        337

$        341

(1)

The impact of updating foreign exchange rates to that which was used in 2Q24.

(2)

Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q24.

(3)

Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 2Q23.

Reconciliation of core earnings to net income attributed to shareholders – YTD 2024($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

YTD 2024

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Income (loss) before income taxes

$     1,357

$        522

$            2

$        809

$        (54)

$     2,636

Income tax (expenses) recoveries

Core earnings

(131)

(198)

(198)

(104)

25

(606)

Items excluded from core earnings

(134)

76

223

11

(102)

74

Income tax (expenses) recoveries

(265)

(122)

25

(93)

(77)

(532)

Net income (post-tax)

1,092

400

27

716

(131)

2,104

Less: Net income (post-tax) attributed to

Non-controlling interests

93

1

94

Participating policyholders

54

48

102

Net income (loss) attributed to shareholders (post-tax)

945

352

27

715

(131)

1,908

Less: Items excluded from core earnings (post-tax)

Market experience gains (losses)

(308)

(455)

(814)

(1)

134

(1,444)

Changes in actuarial methods and assumptions that flow directly through income

Restructuring charge

Reinsurance transactions, tax related items and other

(51)

41

(26)

(40)

(63)

(139)

Core earnings (post-tax)

$     1,304

$        766

$        867

$        756

$      (202)

$     3,491

Income tax on core earnings (see above)

131

198

198

104

(25)

606

Core earnings (pre-tax)

$     1,435

$        964

$     1,065

$        860

$      (227)

$     4,097

Core earnings, CER basis and U.S. dollars – YTD 2024($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

YTD 2024

Asia

Canada

U.S.

Global
WAM

Corporate and Other

Total

Core earnings (post-tax)

$     1,304

$        766

$        867

$        756

$      (202)

$     3,491

CER adjustment(1)

1

7

3

11

Core earnings, CER basis (post-tax)

$     1,305

$        766

$        874

$        759

$      (202)

$     3,502

Income tax on core earnings, CER basis(2)

131

198

199

104

(25)

607

Core earnings, CER basis (pre-tax)

$     1,436

$        964

$     1,073

$        863

$      (227)

$     4,109

Core earnings (U.S. dollars) – Asia and U.S. segments

Core earnings (post-tax)(3), US $

$        960

$         638

CER adjustment US $(1)

(7)

Core earnings, CER basis (post-tax), US $

$        953

$        638

(1)

The impact of updating foreign exchange rates to that which was used in 2Q24.

(2)

Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q24.

(3)

Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for the two respective quarters that make up 2024 year-to-date core earnings.

Reconciliation of core earnings to net income attributed to shareholders – YTD 2023($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

YTD 2023

Asia

Canada

U.S.

Global
 WAM

Corporate
and Other

Total

Income (loss) before income taxes

$        958

$        735

$        439

$        707

$        316

$     3,155

Income tax (expenses) recoveries

Core earnings

(141)

(182)

(196)

(90)

32

(577)

Items excluded from core earnings

(55)

19

126

(2)

(85)

3

Income tax (expenses) recoveries

(196)

(163)

(70)

(92)

(53)

(574)

Net income (post-tax)

762

572

369

615

263

2,581

Less: Net income (post-tax) attributed to

Non-controlling interests

79

1

80

Participating policyholders

34

36

70

Net income (loss) attributed to shareholders (post-tax)

649

536

369

614

263

2,431

Less: Items excluded from core earnings (post-tax)

Market experience gains (losses)

(267)

(191)

(441)

2

262

(635)

Changes in actuarial methods and assumptions that flow directly through income

Restructuring charge

Reinsurance transactions, tax related items and other

(46)

(33)

5

(28)

(102)

Core earnings (post-tax)

$        962

$        727

$        843

$        607

$          29

$     3,168

Income tax on core earnings (see above)

141

182

196

90

(32)

577

Core earnings (pre-tax)

$     1,103

$        909

$     1,039

$        697

$          (3)

$     3,745

Core earnings, CER basis and U.S. dollars – YTD 2023($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

YTD 2023

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Core earnings (post-tax)

$        962

$        727

$        843

$        607

$          29

$     3,168

CER adjustment(1)

(26)

14

5

1

(6)

Core earnings, CER basis (post-tax)

$        936

$        727

$        857

$        612

$          30

$     3,162

Income tax on core earnings, CER basis(2)

135

182

198

90

(31)

574

Core earnings, CER basis (pre-tax)

$     1,071

$        909

$     1,055

$        702

$          (1)

$     3,736

Core earnings (U.S. dollars) – Asia and U.S. segments

Core earnings (post-tax)(3), US $

$        714

$        626

CER adjustment US $(1)

(31)

Core earnings, CER basis (post-tax), US $

$        683

$        626

(1)

The impact of updating foreign exchange rates to that which was used in 2Q24.

(2)

Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q24.

(3)

Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for the two respective quarters that make up 2023 year-to-date core earnings.

Core earnings available to common shareholders($ millions, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Quarterly Results

YTD Results

Full Year
Results

2Q24

1Q24

4Q23

3Q23

2Q23

2024

2023

2023

Core earnings

$    1,737

$    1,754

$    1,773

$    1,743

$    1,637

$    3,491

$    3,168

$    6,684

Less: Preferred share dividends and other equity distributions

99

55

99

54

98

154

150

303

Core earnings available to common shareholders

1,638

1,699

1,674

1,689

1,539

3,337

3,018

6,381

CER adjustment(1)

11

(1)

13

2

11

(6)

6

Core earnings available to common shareholders, CER basis

$    1,638

$    1,710

$    1,673

$    1,702

$    1,541

$    3,348

$    3,012

$    6,387

(1)

The impact of updating foreign exchange rates to that which was used in 2Q24.

Core ROE($ millions, unless otherwise stated)

Quarterly Results

YTD Results

Full Year
Results

2Q24

1Q24

4Q23

3Q23

2Q23

2024

2023

2023

Core earnings available to common shareholders

$    1,638

$    1,699

$    1,674

$    1,689

$    1,539

$    3,337

$    3,018

$    6,381

Annualized core earnings available to common shareholders

$    6,588

$    6,833

$    6,641

$    6,701

$    6,173

$    6,711

$    6,086

$    6,381

Average common shareholders’ equity (see below)

$  41,947

$  40,984

$  40,563

$  39,897

$  39,881

$  41,466

$  40,173

$  40,201

Core ROE (annualized) (%)

15.7 %

16.7 %

16.4 %

16.8 %

15.5 %

16.2 %

15.2 %

15.9 %

Average common shareholders’ equity

Total shareholders’ and other equity

$  48,965

$  48,250

$  47,039

$  47,407

$  45,707

$  48,965

$  45,707

$  47,039

Less: Preferred shares and other equity

6,660

6,660

6,660

6,660

6,660

6,660

6,660

6,660

Common shareholders’ equity

$  42,305

$  41,590

$  40,379

$  40,747

$  39,047

$  42,305

$  39,047

$  40,379

Average common shareholders’ equity

$  41,947

$  40,984

$  40,563

$  39,897

$  39,881

$  41,466

$  40,173

$  40,201

Core earnings available to common shareholders excluding the impact of GMT

For the three months ended June 30,

($ millions and post-tax)

2024

Core earnings available to common shareholders

$         1,638

Less: GMT included in core earnings

(46)

Core earnings available to common shareholders excluding the impact GMT 

$         1,684

CSM and post-tax CSM information($ millions pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

As at

June 30,
2024

Mar 31,
2024

Dec 31,
2023

Sept 30,
2023

June 30,
2023

CSM

$       21,760

$       22,075

$       21,301

$       18,149

$       18,103

Less: CSM for NCI

1,002

986

861

780

680

CSM, net of NCI

$       20,758

$       21,089

$       20,440

$       17,369

$       17,423

CER adjustment(1)

23

264

18

214

CSM, net of NCI, CER basis

$       20,758

$       21,112

$       20,704

$       17,387

$       17,637

Post-tax CSM

CSM

$       21,760

$       22,075

$       21,301

$       18,149

$       18,103

Marginal tax rate on CSM

(2,576)

(2,650)

(2,798)

(2,474)

(2,645)

Post-tax CSM

$       19,184

$       19,425

$       18,503

$       15,675

$       15,458

CSM, net of NCI

$       20,758

$       21,089

$       20,440

$       17,369

$       17,423

Marginal tax rate on CSM net of NCI

(2,468)

(2,542)

(2,692)

(2,377)

(2,546)

Post-tax CSM net of NCI

$       18,290

$       18,547

$       17,748

$       14,992

$       14,877

(1)

The impact of reflecting CSM and CSM net of NCI using the foreign exchange rates for the Statement of Financial Position in effect for 2Q24.

New business CSM(1) detail, CER basis($ millions pre-tax, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Quarterly Results

YTD Results

Full Year
Results

2Q24

1Q24

4Q23

3Q23

2Q23

2024

2023

2023

New business CSM

Hong Kong

$    200

$    168

$       199

$    167

$    191

$         368

$         310

$         676

Japan

90

48

42

29

19

138

55

126

Asia Other

188

275

173

206

222

463

368

747

International High Net Worth

231

Mainland China

138

Singapore

244

Vietnam

87

Other Emerging Markets

47

Asia

478

491

414

402

432

969

733

1,549

Canada

76

70

70

51

57

146

103

224

U.S.

74

97

142

54

103

171

198

394

Total new business CSM

$    628

$    658

$       626

$    507

$    592

$      1,286

$      1,034

$      2,167

New business CSM, CER adjustment(2),(3)

Hong Kong

$         –

$        2

$           2

$        4

$        4

$             2

$             5

$              –

Japan

(1)

(3)

(2)

(2)

(1)

(7)

(8)

Asia Other

2

3

2

(4)

(5)

International High Net Worth

1

Mainland China

(1)

Singapore

Vietnam

(4)

Other Emerging Markets

(1)

Asia

3

(1)

5

2

3

(6)

(13)

Canada

(1)

1

(1)

(1)

U.S.

2

1

1

1

2

3

(1)

Total new business CSM

$         –

$        5

$         (1)

$        7

$        2

$             5

$           (4)

$         (14)

New business CSM, CER basis

Hong Kong

$    200

$    170

$       201

$    171

$    195

$         370

$         315

$         676

Japan

90

47

39

27

17

137

48

118

Asia Other

188

277

173

209

222

465

364

742

International High Net Worth

232

Mainland China

137

Singapore

244

Vietnam

83

Other Emerging Markets

46

Asia

478

494

413

407

434

972

727

1,536

Canada

76

70

69

52

56

146

102

224

U.S.

74

99

143

55

104

173

201

393

Total new business CSM, CER basis

$    628

$    663

$       625

$    514

$    594

$      1,291

$      1,030

$      2,153

(1)

New business CSM is net of NCI.

(2)

The impact of updating foreign exchange rates to that which was used in 2Q24.

(3)

New business CSM for Asia Other is reported by country annually, on a full year basis. Other Emerging Markets within Asia Other include Indonesia, the Philippines, Malaysia, Thailand, Cambodia and Myanmar.

Net income financial measures on a CER basis($ Canadian millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Quarterly Results

YTD Results

Full Year
Results

2Q24

1Q24

4Q23

3Q23

2Q23

2024

2023

2023

Net income (loss) attributed to shareholders:

Asia

$     582

$     363

$     615

$        84

$      130

$     945

$      649

$    1,348

Canada

79

273

365

290

227

352

536

1,191

U.S.

135

(108)

198

72

183

27

369

639

Global WAM

350

365

365

318

317

715

614

1,297

Corporate and Other

(104)

(27)

116

249

168

(131)

263

628

Total net income (loss) attributed to shareholders

1,042

866

1,659

1,013

1,025

1,908

2,431

5,103

Preferred share dividends and other equity distributions

(99)

(55)

(99)

(54)

(98)

(154)

(150)

(303)

Common shareholders’ net income (loss)

$     943

$     811

$  1,560

$      959

$      927

$  1,754

$   2,281

$    4,800

CER adjustment(1)

Asia

$         –

$        4

$      10

$         5

$        20

$        4

$        23

$        38

Canada

2

(2)

1

2

2

(1)

(2)

U.S.

(2)

15

(2)

17

17

Global WAM

4

1

5

5

4

6

12

Corporate and Other

2

1

(2)

(16)

2

(19)

(20)

Total net income (loss) attributed to shareholders

10

10

9

26

10

26

45

Preferred share dividends and other equity distributions

Common shareholders’ net income (loss)

$         –

$      10

$      10

$         9

$        26

$      10

$        26

$        45

Net income (loss) attributed to shareholders, CER basis

Asia

$     582

$     367

$     625

$        89

$      150

$     949

$      672

$    1,386

Canada

79

275

363

291

229

354

535

1,189

U.S.

135

(110)

198

72

198

25

386

656

Global WAM

350

369

366

323

322

719

620

1,309

Corporate and Other

(104)

(25)

117

247

152

(129)

244

608

Total net income (loss) attributed to shareholders, CER basis

1,042

876

1,669

1,022

1,051

1,918

2,457

5,148

Preferred share dividends and other equity distributions, CER basis

(99)

(55)

(99)

(54)

(98)

(154)

(150)

(303)

Common shareholders’ net income (loss), CER basis

$     943

$     821

$  1,570

$      968

$      953

$  1,764

$   2,307

$    4,845

Asia net income attributed to shareholders, U.S. dollars

Asia net income (loss) attributed to shareholders, US $(2)

$     424

$     270

$     452

$        63

$        96

$     694

$      480

$       995

CER adjustment, US $(1)

(2)

5

1

13

(2)

10

16

Asia net income (loss) attributed to shareholders, U.S. $, CER basis(1)

$     424

$     268

$     457

$        64

$      109

$     692

$      490

$    1,011

(1)

The impact of updating foreign exchange rates to that which was used in 2Q24.

(2)

Asia net income attributed to shareholders (post-tax) in Canadian dollars is translated to U.S. dollars using the U.S. dollar Statement of Income rate for the respective reporting period.

Adjusted book value

As at

($ millions)

June 30,
2024

Mar 31,
2024

Dec 31,
2023

Sept 30,
2023

June 30,
2023

Common shareholders’ equity

$   42,305

$   41,590

$   40,379

$   40,747

$   39,047

Post-tax CSM, net of NCI

18,290

18,547

17,748

14,992

14,877

Adjusted book value

$   60,595

$   60,137

$   58,127

$   55,739

$   53,924

Reconciliation of Global WAM core earnings to core EBITDA

($ millions, pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Quarterly Results

YTD Results

Full Year
Results

2Q24

1Q24

4Q23

3Q23

2Q23

2024

2023

2023

Global WAM core earnings (post-tax)

$    399

$    357

$    353

$    361

$    320

$    756

$    607

$     1,321

Add back taxes, acquisition costs, other expenses and deferred sales commissions

Core income tax (expenses) recoveries (see above)

46

58

55

59

45

104

90

204

Amortization of deferred acquisition costs and other depreciation

49

42

45

41

40

91

80

166

Amortization of deferred sales commissions

19

20

21

19

19

39

40

80

Core EBITDA

$    513

$    477

$    474

$    480

$    424

$    990

$    817

$     1,771

CER adjustment(1)

5

6

4

5

5

11

Core EBITDA, CER basis

$    513

$    482

$    474

$    486

$    428

$    995

$    822

$     1,782

(1)

The impact of updating foreign exchange rates to that which was used in 2Q24.

Core EBITDA margin and core revenue

Quarterly Results

YTD Results

Full Year
Results

($ millions, unless otherwise stated)

2Q24

1Q24

4Q23

3Q23

2Q23

2024

2023

2023

Core EBITDA margin

Core EBITDA

$    513

$    477

$    474

$    480

$    424

$    990

$    817

$    1,771

Core revenue

$ 1,948

$ 1,873

$ 1,842

$ 1,783

$ 1,722

$ 3,821

$ 3,478

$    7,103

Core EBITDA margin

26.3 %

25.5 %

25.7 %

26.9 %

24.6 %

25.9 %

23.5 %

24.9 %

Global WAM core revenue

Other revenue per financial statements

$ 1,849

$ 1,808

$ 1,719

$ 1,645

$ 1,691

$ 3,657

$ 3,382

$    6,746

Less: Other revenue in segments other than Global WAM

40

58

31

(64)

44

98

70

37

Other revenue in Global WAM (fee income)

$ 1,809

$ 1,750

$ 1,688

$ 1,709

$ 1,647

$ 3,559

$ 3,312

$    6,709

Investment income per financial statements

$ 4,261

$ 4,251

$ 4,497

$ 4,028

$ 4,135

$ 8,512

$ 7,655

$  16,180

Realized and unrealized gains (losses) on assets supporting
  insurance and investment contract liabilities per financial statements

564

538

2,674

(2,430)

950

1,102

2,894

3,138

Total investment income

4,825

4,789

7,171

1,598

5,085

9,614

10,549

19,318

Less: Investment income in segments other than Global WAM

4,687

4,649

6,941

1,578

5,010

9,336

10,367

18,886

Investment income in Global WAM

$    138

$    140

$    230

$      20

$      75

$    278

$    182

$       432

Total other revenue and investment income in Global WAM

$ 1,947

$ 1,890

$ 1,918

$ 1,729

$ 1,722

$ 3,837

$ 3,494

$    7,141

Less: Total revenue reported in items excluded from core earnings

  Market experience gains (losses)

(9)

8

63

(54)

7

(1)

19

28

  Revenue related to integration and acquisitions

8

9

13

(7)

17

(3)

10

Global WAM core revenue

$ 1,948

$ 1,873

$ 1,842

$ 1,783

$ 1,722

$ 3,821

$ 3,478

$    7,103

CAUTION REGARDING FORWARD-LOOKING STATEMENTS: 

From time to time, Manulife 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 our ability to achieve our medium-term financial and operating targets and planned common share buybacks, 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); the ongoing prevalence of COVID-19, including any variants, as well as actions that have been, or may be taken by governmental authorities in response to COVID-19, including the impacts of any variants; 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 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 non-North American operations; geopolitical uncertainty, including international conflicts; 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; and 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), and other factors deemed relevant by Manulife, and may be subject to regulatory approval or conditions.

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 under “Risk Management and Risk Factors” and “Critical Actuarial and Accounting Policies” in the Management’s Discussion and Analysis in our most recent annual report, under “Risk Management and Risk Factors Update” and “Critical Actuarial and Accounting Policies” in the Management’s Discussion and Analysis in our most recent interim report, and in the “Risk Management” note to the Consolidated Financial Statements in our most recent annual and interim reports, as well as 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.

SOURCE Manulife Financial Corporation

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