Long Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Carrying Value of Long Term Debt Instruments


				As at December 31,
	Issue date	Maturity date	Par value	2025	2024
3.050% Senior notes(1),(2)	August 27, 2020	August 27, 2060	US$1,155	$1,583	$1,659
5.375% Senior notes(1),(3)	March 4, 2016	March 4, 2046	US$750	1,017	1,067
4.986% Senior notes(1),(4)	December 11, 2025	December 11, 2035	US$1,000	1,362	-
3.703% Senior notes(1),(4)	March 16, 2022	March 16, 2032	US$750	1,024	1,074
2.396% Senior notes(1),(5)	June 1, 2020	June 1, 2027	US$200	274	287
2.484% Senior notes(1),(5)	May 19, 2020	May 19, 2027	US$500	684	717
3.527% Senior notes(1),(3)	December 2, 2016	December 2, 2026	US$270	370	388
4.150% Senior notes(1),(3)	March 4, 2016	March 4, 2026	US$1,000	1,371	1,437
Total				$7,685	$6,629

(1)These U.S. dollar senior notes have been designated as hedges of the Company’s net investment in its U.S. operations which reduces the earnings volatility that

would otherwise arise from the re-measurement of these senior notes into Canadian dollars.

(2)MFC may redeem the notes in whole, but not in part, on August 27, 2025, and thereafter on every August 27 at a redemption price equal to par, together with

accrued and unpaid interest. Issuance costs are amortized to the earliest par redemption date.

(3)MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable

U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to the respective maturity date, plus a specified number of basis

points, together with accrued and unpaid interest. The specified number of basis points is as follows: 5.375% notes – 40 bps, 3.527% notes – 20 bps, and 4.150%

notes – 35 bps. Issuance costs are amortized over the term of the debt.

(4)MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable

U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to three months before the respective maturity date, plus a specified

number of basis points, together with accrued and unpaid interest. The specified number of basis points is as follows: 3.703% notes – 25 bps, and 4.986% notes –

15 bps. For the period from three months before the respective maturity date, MFC may redeem the senior notes, in whole or in part, at a redemption price equal

to par, together with accrued and unpaid interest. Issuance costs are amortized over the term of the debt.

(5)MFC may redeem the senior notes in whole or in part, at any time, at a redemption price equal to the greater of par and a price based on the yield of a comparable

U.S. Treasury bond with a tenor approximately equal to the period, from the redemption date to two months before the respective maturity date, plus a specified

number of basis points, together with accrued and unpaid interest. The specified number of basis points is as follows: 2.396% notes – 30 bps, and 2.484% notes –

30 bps. For the period from two months before the respective maturity date, MFC may redeem the senior notes, in whole or in part, at a redemption price equal to

par, together with accrued and unpaid interest. Issuance costs are amortized over the term of the debt.

Summary of Aggregate Maturities of Long-term Debt


As at December 31,	Less than 1 year	1 to 3 years	3 to 5 years	Over 5 years	Total
As at December 31,	Less than 1 year	1 to 3 years	3 to 5 years	Over 5 years	Total
2025	$1,741	$958	$-	$4,986	$7,685
2024	-	2,829	-	3,800	6,629