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Manulife Reports
Third Quarter 2026 Results
TSX/NYSE/PSE: MFC    SEHK: 945                                                      C$ unless otherwise stated       
TORONTO, ON – November 4, 2026 – Manulife Financial Corporation (“Manulife” or the “Company”) reported its
third quarter results for the period ended September 30, 2026, delivering record core earnings1 and continued
strong momentum in Asia.
Key highlights for the third quarter of 2026 (“3Q26”) include:
•Core earnings of $2.1 billion, up 4% on a CER basis2 compared with the third quarter of 2025 (“3Q25”)
•Net income attributed to shareholders of $1.4 billion, down $0.4 billion from 3Q25
•Core EPS3 of $1.24, up 6%2 from 3Q25. EPS of $0.82, down 21%2 from 3Q25
•Core ROE3 of 17.8% and ROE of 11.8%
•LICAT ratio4 of 136%
•APE sales5, new business CSM2 and new business value (“NBV”)5 were broadly in line with 3Q25
•Global Wealth and Asset Management (“Global WAM”) net outflows5 of $3.6 billion, compared with $6.2 billion of
net outflows in 3Q25
“We delivered strong third quarter results, achieving record core EPS and 17.8% core ROE, driven by double-
digit core earnings growth in Asia and meaningful contributions from our North American insurance businesses.
These results reflect the disciplined execution of the strategy we launched a year ago and our ability to deliver
sustained growth in an uncertain environment.”
“During the quarter, we expanded customer choice through enhanced investment and protection offerings,
completed Manulife | Comvest’s largest fundraise in the history of Comvest's private credit platform, scaled AI-
enabled capabilities that are delivering measurable outcomes for customers and advisors, and advanced new
health and longevity solutions and partnerships. Together, these actions are strengthening our competitive
position, deepening customer relationships, and creating long-term value for shareholders.”
— Phil Witherington, Manulife President & Chief Executive Officer
“We remained disciplined in our capital deployment during the quarter, returning $1.3 billion to shareholders
while maintaining a strong balance sheet, with a LICAT ratio of 136% and a financial leverage ratio3 below our
medium-term target. In addition, we completed our annual review of actuarial methods and assumptions,
resulting in a net favourable impact and reinforcing the robustness of our reserves.”
“As we continue to invest in growth across our businesses, we also further improved our expense efficiency
during the quarter. Our financial flexibility and consistent execution position us well to sustain long-term value
creation.”
— Colin Simpson, Manulife Chief Financial Officer
 
 
2
Results at a Glance
($ millions, unless otherwise stated)
Quarterly Results
YTD Results
3Q26
3Q25
Change2,5
2026
2025
Change2,5
Net income attributed to shareholders
$1,424
$1,799
(22)%
$4,681
$4,073
15%
Core earnings
$2,125
$2,035
4%
$5,884
$5,528
8%
EPS ($)
$0.82
$1.02
(21)%
$2.67
$2.25
18%
Core EPS ($)
$1.24
$1.16
6%
$3.39
$3.10
11%
ROE
11.8%
16.0%
(4.2) pps
13.3%
11.8%
1.5 pps
Core ROE
17.8%
18.1%
(0.3) pps
16.9%
16.2%
0.7 pps
Book value per common share ($)
$28.06
$26.07
8%
$28.06
$26.07
8%
Adjusted book value per common share ($)3
$41.78
$38.22
9%
$41.78
$38.22
9%
Financial leverage ratio (%)3
23.0%
22.7%
0.3 pps
23.0%
22.7%
0.3 pps
APE sales
$2,626
$2,576
(0)%
$8,145
$7,495
9%
New business CSM
$957
$966
(2)%
$3,000
$2,755
9%
NBV
$907
$906
(1)%
$2,780
$2,659
5%
Global WAM net flows ($ billions)
$(3.6)
$(6.2)
43%
$(7.5)
$(4.8)
(60)%
Results by Segment
($ millions, unless otherwise stated)
Quarterly Results
YTD Results
3Q26
3Q25
Change5
2026
2025
Change5
Asia (US$)
Net income attributed to shareholders
$510
$649
(23)%
$1,711
$1,684
1%
Core earnings
635
550
17%
1,849
1,562
20%
APE sales
1,455
1,452
(1)%
4,550
4,097
10%
New business CSM
518
516
0%
1,664
1,494
11%
NBV
491
490
0%
1,530
1,398
9%
Canada
Net income attributed to shareholders
$205
$449
(54)%
$749
$1,061
(29)%
Core earnings
440
428
3%
1,171
1,221
(4)%
APE sales
384
374
3%
1,226
1,210
1%
New business CSM
114
109
5%
346
300
15%
NBV
159
159
0%
473
500
(5)%
U.S. (US$)
Net income attributed to shareholders
$137
$(54)
-
$348
$(425)
-
Core earnings
254
241
5%
713
633
13%
APE sales
147
146
1%
447
396
13%
New business CSM
85
106
(20)%
253
262
(3)%
NBV
45
52
(13)%
137
146
(6)%
Global WAM
Net income attributed to shareholders
$463
$523
(13)%
$1,380
$1,448
(4)%
Core earnings
503
525
(5)%
1,456
1,442
2%
Gross flows ($ billions)5
56.1
47.3
16%
170.8
141.4
21%
Average AUMA ($ billions)5
1,198
1,066
11%
1,158
1,038
12%
Core EBITDA margin (%)3
29.6%
30.9%
-130 bps
30.0%
29.8%
20 bps
3
Strategic Highlights
We are expanding customer access to wealth solutions through product enhancements and expansion
In Canada, we expanded our segregated fund lineup by adding eight new funds and broadened access to eleven
existing funds. The enhanced suite increases investment choice and flexibility for customers and advisors, helping
Canadians diversify their portfolios, build long-term wealth, and pursue their evolving financial goals.
In Global WAM, we raised US$5.4 billion of capital through the close of Comvest Credit Partners VII. This marked
Manulife | Comvest’s largest fundraise in the history of Comvest’s private credit platform6, attracting commitments
from both existing and new institutional investors and expanding the platform’s global investor relationships.
In the U.S., we broadened our ability to meet a wider range of customer protection and long-term planning needs
through enhancements to our indexed universal life and survivorship indexed universal life solutions, and the
introduction of three differentiated term life insurance solutions. Together, these enhancements and new offerings
expand our protection portfolio and provide financial professionals with greater choice and flexibility to address
evolving customer needs.
We are scaling and advancing solutions as an AI-powered organization while further enhancing AI
governance and responsible use
We expanded our strategic partnership with Microsoft through a new five-year agreement. The agreement includes
extending Microsoft 365 Copilot to more than 30,000 employees to further enable productivity and innovation, as
well as deploying Microsoft Agent 365 to strengthen enterprise AI governance and drive AI solutions at enterprise
scale.
In Asia, we continued to extend proven AI-enabled advisory capabilities into new markets, bringing these
capabilities to the Chinese Mainland and Malaysia to help agents analyze customer and family coverage, identify
protection gaps across life, health, and investment goals, recognize life-event triggers, and prepare for customer
meetings. In Malaysia, the tool also generates personalized talking points, including needs-based analysis
questions, and recommends next steps linked to customers' financial planning goals.
In Global WAM, we completed the rollout of an AI-enabled advisor engagement platform to all external wholesalers
and investment specialists across North America Retail, identifying four times more product opportunities and
capturing richer advisor insights. The platform also improved productivity through automated documentation,
reducing meeting administration and follow-up activities, saving approximately 30 minutes per session.
In the U.S., we scaled our Quick Quote underwriting support tool to automate more than 70% of preliminary
assessments, up from nearly 50% in the first quarter of 2026, rapidly expanding our proven AI-enabled
underwriting capability to reduce average turnaround time and optimize our utilization of underwriting expertise.
We are advancing our health and longevity leadership through innovative strategic partnerships,
expanded wellness offerings and simpler access to healthcare
In Asia, we signed a Memorandum of Understanding (“MOU”) with Ant Health7, setting out a collaboration
framework covering health management services, cross-boundary healthcare support, digital health capabilities
and insurance technology. In October, we launched the first initiative under the MOU, offering cashless direct
billing through Alipay for eligible customers at participating healthcare providers in the Chinese Mainland, making
healthcare access easier.
In Canada, we began offering AI-enabled virtual physiotherapy in partnership with Sword®, a global AI health
company, to eligible Group Benefits members on disability with musculoskeletal conditions. This initiative helps
address barriers to care through convenient, personalized support from licensed Canadian clinicians while
supporting faster recovery and return-to-work outcomes.
In the U.S., we strengthened our leadership in longevity and differentiated behavioural insurance by expanding the
health and wellness offerings available through John Hancock Vitality, including Prenuvo’s advanced heart health
scan and ŌURA’s latest smart ring, providing customers access to additional tools and insights to help them live
longer, healthier, better lives.
4
Continued business growth drove record core earnings8
Core earnings of $2.1 billion in 3Q26, up 4% from 3Q25
The increase in core earnings reflected strong business growth in Asia and the U.S., higher revenues in Global
WAM, improved insurance experience, and the net positive impact of 3Q26 updates to actuarial methods and
assumptions, partially offset by increased expected credit loss (“ECL”) provisions and the impact of the eMPF
transition in Hong Kong.
•Asia core earnings increased 17%, reflecting continued business growth, the net positive impact of 3Q26
updates to actuarial methods and assumptions, improved impact of new business and improved claims
experience, partially offset by increased ECL provisions.
•Global WAM core earnings decreased 5%, as higher net fee income from favourable market impacts over the
past 12 months and contributions from the Manulife | Comvest business were more than offset by the impact
of the eMPF transition in Hong Kong, higher workforce-related expenses and investment in business growth,
favourable tax true-ups in 3Q25, and lower performance fees. 
•Canada core earnings increased 3%, reflecting more favourable claims experience in Individual Insurance,
higher Manulife Bank earnings and higher investment spreads, partially offset by unfavourable claims
experience in Group Insurance and increased ECL provisions.
•U.S. core earnings increased 5%, reflecting favourable life insurance claims experience, including net positive
impacts from the 3Q26 updates to actuarial methods and assumptions, business growth and favourable tax
items, partially offset by increased ECL provisions and unfavourable lapse experience.
•Corporate and Other core earnings decreased by $55 million, driven by the non-recurrence of a 3Q25
withholding tax adjustment and lower earnings on surplus assets, partially offset by favourable tax-related true-
ups.
Net income attributed to shareholders of $1.4 billion in 3Q26, $0.4 billion lower compared with 3Q25
The $0.4 billion decrease in net income was driven by a larger net charge on market experience and a net charge
from our Vietnam operations9, partially offset by core earnings growth. The net charge from market experience in
3Q26 reflected lower than expected returns on alternative long-duration assets, mainly related to private equity,
real estate, and farmland investments, as well as lower than expected returns on public equities and losses from
derivatives and hedge accounting ineffectiveness.
Resilient new business results highlight the benefits of our diversified business model
APE sales, new business CSM and NBV were broadly in line with the prior year
•Asia delivered strong sales growth in Hong Kong and Japan, offset by lower sales in the Chinese Mainland.
APE sales, new business CSM and NBV were broadly in line with 3Q25. NBV margin was 35.3%.5
•In Canada, APE sales increased 3% and NBV was in line with 3Q25, largely driven by higher Individual
Insurance sales, partially offset by lower Group Insurance sales. New business CSM increased 5%, reflecting
higher sales volumes in Individual Insurance and higher margins in Annuities, partially offset by lower margins
in Individual Insurance.
•U.S. APE sales were in line with 3Q25, while changes in product mix resulted in a decrease in new business
CSM and NBV of 20% and 13%, respectively.
Global WAM net outflows of $3.6 billion in 3Q26, compared with net outflows of $6.2 billion in 3Q25
•Retirement net outflows were $4.9 billion in 3Q26 compared with net outflows of $1.6 billion in 3Q25. The
variance is attributable to higher retirement plan redemptions in the U.S., higher net member withdrawals
reflecting higher account balances from market growth across all regions, and lower new plan sales in
Canada.
•Retail net flows were neutral in 3Q26 compared with net outflows of $3.9 billion in 3Q25. The variance is
primarily driven by higher net flows through our retail wealth business and third-party intermediaries in
Canada, and higher net flows in the Chinese Mainland, partially offset by lower net flows through third-party
intermediaries in the U.S.
•Institutional Asset Management net inflows were $1.4 billion in 3Q26 compared with net outflows of $0.7 billion
in 3Q25. The variance reflects higher net flows from fixed income mandates, private credit mandates in the
Manulife | Comvest business, equity and infrastructure mandates, partially offset by lower net flows from
money market mandates in the Chinese Mainland and from Manulife | CQS products.
5
New business growth continued to drive positive organic CSM movement and a higher CSM balance
CSM10 was $27,318 million as at September 30, 2026
CSM increased $2,349 million compared with December 31, 2025. Organic CSM movement contributed $1,622
million of the increase, representing a 9% annualized growth in our CSM net of NCI balance11, primarily driven by
the impact of new business, interest accretion, and net favourable insurance experience, partially offset by
amortization recognized in core earnings. Inorganic CSM movement was an increase of $727 million, driven by the
favourable impacts of changes in foreign currency exchange rates, partially offset by the net unfavourable impact
of markets. Post-tax CSM net of NCI1 was $22,701 million as at September 30, 2026.
Annual review of actuarial methods and assumptions
We completed our annual review of actuarial methods and assumptions, which resulted in a net favourable impact
of a $128 million12 decrease in pre-tax fulfilment cash flows. Under International Financial Reporting Standards (as
issued by the International Accounting Standards Board) (“IFRS”) 17, the impact of the annual review of actuarial
methods and assumptions is reported in several places. The $128 million decrease in pre-tax fulfilment cash flows
was comprised of a decrease in pre-tax net income attributed to shareholders of $217 million ($175 million post-
tax), a decrease in pre-tax net income attributed to participating policyholders of $4 million ($3 million post-tax), an
increase in CSM of $47 million, an increase in pre-tax other comprehensive income attributed to shareholders of
$306 million ($240 million post-tax), and a decrease in pre-tax other comprehensive income attributed to
participating policyholders of $4 million ($2 million post-tax).
The actuarial review this year included valuation model enhancements and assumption updates for U.S. life
insurance riders, morbidity and mortality assumptions in Vietnam, valuation model updates for participating
products in Asia, lapse assumptions for investment-linked products in Singapore, mortality assumptions in our U.S.
life insurance business, and other methodology refinements.
(1)Core earnings and post-tax contractual service margin (“CSM”) net of non-controlling interests (“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 3Q26
Management’s Discussion and Analysis (“3Q26 MD&A”).
(2)Percentage growth/declines in core earnings, diluted core earnings per common share (“core EPS”), diluted earnings (loss) per share (“EPS”), new business
CSM, and net income attributed to shareholders are stated on a constant exchange rate (“CER”) basis and are non-GAAP ratios.
(3)Core EPS, core return on common shareholders’ equity (“ROE”), expense efficiency ratio, adjusted book value per common share, financial leverage ratio, and
core earnings before interest, taxes, depreciation and amortization (“EBITDA”) margin are non-GAAP ratios.
(4)Life Insurance Capital Adequacy Test (“LICAT”) ratio of The Manufacturers Life Insurance Company (“MLI”) as at September 30, 2026. LICAT ratio is disclosed
under the Office of the Superintendent of Financial Institutions LICAT Public Disclosure Requirements guideline.
(5)For more information on annualized premium equivalent (“APE”) sales, NBV, net flows, gross flows, average assets under management and administration
(“average AUMA”) and new business value margin (“NBV margin”), 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.
(6)The largest fundraise in the history of Comvest Credit Partners, including prior to its combination with Manulife.
(7)AHA Healthcare Technology HK Limited.
(8)See section A1 “Profitability” in our 3Q26 MD&A for more information on notable items attributable to core earnings and net income attributed to shareholders.
(9)Reflects a net charge from a partial impairment of a bancassurance asset and a gain on the sale of a Vietnam insurance subsidiary.
(10)CSM net of NCI.
(11)Percentage growth / decline in our CSM net of NCI balance from organic CSM movement is stated on a constant exchange rate basis and is a non-GAAP ratio.
This percentage is calculated as the annualized year-to-date change in organic CSM net of NCI divided by the December 31, 2025 CSM net of NCI balance.
(12)This amount excludes the portion related to NCI.
6
Earnings Results Conference Call
Manulife will host a conference call and live webcast on its Third Quarter 2026 results on November 5, 2026, at
8:00 a.m. (ET). To access the conference call, dial 1-888-317-6003 or 1-647-846-2809 (Passcode: 0306024#).
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 https://www.manulife.com/ca/en/about-us/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 February 5, 2027, by dialing 1-855-669-9658 or 1-412-317-0088 (Passcode: 8612393#).
The Third Quarter 2026 Statistical Information Package is also available on the Manulife website at https://
www.manulife.com/ca/en/about-us/investors/results-and-reports.
This earnings news release should be read in conjunction with the Company’s Third Quarter 2026 Report to
Shareholders, including our unaudited interim Consolidated Financial Statements for the three and nine months
ended September 30, 2026, prepared in accordance with IFRS, which is available on our website at https://
www.manulife.com/ca/en/about-us/investors/results-and-reports. The Company’s 3Q26 MD&A and additional
information relating to the Company is available on the SEDAR+ website at https://www.sedarplus.ca and on the
U.S. Securities and Exchange Commission’s (“SEC”) website at https://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.
Media Inquiries
Investor Relations
Fiona McLean
Derek Theobalds
(437) 441-7491
(416) 254-1774
fiona_mclean@manulife.com
derek_theobalds@manulife.com
7
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)
3Q26
2Q26
3Q25
2026
2025
Core earnings
Asia
$890
$853
$759
$2,563
$2,184
Canada
440
379
428
1,171
1,221
U.S.
356
301
332
988
887
Global Wealth and Asset Management
503
505
525
1,456
1,442
Corporate and Other
(64)
(115)
(9)
(294)
(206)
Total core earnings
$2,125
$1,923
$2,035
$5,884
$5,528
Items excluded from core earnings
Market experience gains (losses)
(388)
201
(2)
(853)
(1,221)
Updates to actuarial methods and assumptions that flow directly
through income
(175)
-
(216)
(175)
(216)
Restructuring charge
-
-
-
-
-
Amortization of acquisition-related intangible assets
(18)
(16)
(6)
(52)
(6)
Reinsurance transactions, tax-related items and other
(120)
2
(12)
(123)
(12)
Net income attributed to shareholders
$1,424
$2,110
$1,799
$4,681
$4,073
Non-GAAP and other financial measures
The Company prepares its Consolidated Financial Statements in accordance with IFRS. 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 expenses; adjusted book
value; post-tax contractual service margin; post-tax contractual service margin net of NCI (“post-tax CSM net of
NCI”);  and core revenue. 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; common shareholders’ net income; CSM; CSM net of NCI and new business CSM.
Non-GAAP ratios include core return on common shareholders’ equity (“core ROE”); diluted core earnings per
common share (“core EPS”); expense efficiency ratio; adjusted book value per common share; financial leverage
ratio; core EBITDA margin; growth in the CSM net of NCI from organic CSM movement; and percentage growth/
decline on a CER 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”); CSM; CSM net of NCI; and new business
CSM.
Other specified financial measures include NBV; APE sales; gross flows; net flows; average assets under
management and administration (“average AUMA”); NBV margin; and percentage growth/decline in these
foregoing specified financial measures. In addition, explanations of the components of the CSM movement, other
than new business CSM are provided in our 3Q26 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 3Q26 MD&A, which is incorporated by reference.
8
Reconciliation of core earnings to net income attributed to shareholders – 3Q26
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
3Q26
Asia
Canada
U.S.
Global WAM
Corporate
and Other
Total
Income (loss) before income taxes
$857
$265
$217
$565
$(151)
$1,753
Income tax (expenses) recoveries
Core earnings
(107)
(114)
(69)
(104)
61
(333)
Items excluded from core earnings
18
71
44
12
(56)
89
Income tax (expenses) recoveries
(89)
(43)
(25)
(92)
5
(244)
Net income (post-tax)
768
222
192
473
(146)
1,509
Less: Net income (post-tax) attributed to
Non-controlling interests
8
-
-
10
3
21
Participating policyholders
47
17
-
-
-
64
Net income (loss) attributed to shareholders (post-
tax)
713
205
192
463
(149)
1,424
Less: Items excluded from core earnings (post-tax)
Market experience gains (losses)
(87)
(143)
(71)
(25)
(62)
(388)
Updates to actuarial methods and assumptions that
flow directly through income
10
(92)
(93)
-
-
(175)
Restructuring charge
-
-
-
-
-
-
Amortization of acquisition-related intangible assets
-
-
-
(18)
-
(18)
Reinsurance transactions, tax-related items and other
(100)
-
-
3
(23)
(120)
Core earnings (post-tax)
$890
$440
$356
$503
$(64)
$2,125
Income tax on core earnings (see above)
107
114
69
104
(61)
333
Core earnings (pre-tax)
$997
$554
$425
$607
$(125)
$2,458
Core earnings, CER basis and U.S. dollars – 3Q26
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
3Q26
Asia
Canada
U.S.
Global WAM
Corporate
and Other
Total
Core earnings (post-tax)
$890
$440
$356
$503
$(64)
$2,125
CER adjustment(1)
-
-
-
-
-
-
Core earnings, CER basis (post-tax)
$890
$440
$356
$503
$(64)
$2,125
Income tax on core earnings, CER basis(2)
107
114
69
104
(61)
333
Core earnings, CER basis (pre-tax)
$997
$554
$425
$607
$(125)
$2,458
Core earnings (U.S. dollars) – Asia and U.S. segments
Core earnings (post-tax)(3), US $
$635
$254
CER adjustment US $(1)
-
-
Core earnings, CER basis (post-tax), US $
$635
$254
(1)The impact of updating foreign exchange rates to that which was used in 3Q26.
(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q26.
(3)Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for 3Q26.
9
Reconciliation of core earnings to net income attributed to shareholders – 2Q26
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
2Q26
Asia
Canada
U.S.
Global WAM
Corporate
and Other
Total
Income (loss) before income taxes
$1,464
$401
$181
$623
$103
$2,772
Income tax (expenses) recoveries
Core earnings
(123)
(97)
(67)
(101)
31
(357)
Items excluded from core earnings
(107)
27
39
(2)
(54)
(97)
Income tax (expenses) recoveries
(230)
(70)
(28)
(103)
(23)
(454)
Net income (post-tax)
1,234
331
153
520
80
2,318
Less: Net income (post-tax) attributed to
Non-controlling interests
126
-
-
6
5
137
Participating policyholders
46
25
-
-
-
71
Net income (loss) attributed to shareholders (post-
tax)
1,062
306
153
514
75
2,110
Less: Items excluded from core earnings (post-tax)
Market experience gains (losses)
209
(70)
(150)
22
190
201
Updates to actuarial methods and assumptions that
flow directly through income
-
-
-
-
-
-
Restructuring charge
-
-
-
-
-
-
Amortization of acquisition-related intangible assets
-
-
-
(16)
-
(16)
Reinsurance transactions, tax-related items and other
-
(3)
2
3
-
2
Core earnings (post-tax)
$853
$379
$301
$505
$(115)
$1,923
Income tax on core earnings (see above)
123
97
67
101
(31)
357
Core earnings (pre-tax)
$976
$476
$368
$606
$(146)
$2,280
Core earnings, CER basis and U.S. dollars – 2Q26
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
2Q26
Asia
Canada
U.S.
Global WAM
Corporate
and Other
Total
Core earnings (post-tax)
$853
$379
$301
$505
$(115)
$1,923
CER adjustment(1)
9
-
4
4
-
17
Core earnings, CER basis (post-tax)
$862
$379
$305
$509
$(115)
$1,940
Income tax on core earnings, CER basis(2)
125
97
67
102
(31)
360
Core earnings, CER basis (pre-tax)
$987
$476
$372
$611
$(146)
$2,300
Core earnings (U.S. dollars) – Asia and U.S. segments
Core earnings (post-tax)(3), US $
$616
$218
CER adjustment US $(1)
(1)
-
Core earnings, CER basis (post-tax), US $
$615
$218
(1)The impact of updating foreign exchange rates to that which was used in 3Q26.
(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q26.
(3)Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for 2Q26.
10
Reconciliation of core earnings to net income attributed to shareholders – 3Q25
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
3Q25
Asia
Canada
U.S.
Global WAM
Corporate
and Other
Total
Income (loss) before income taxes
$1,268
$551
$(109)
$606
$(87)
$2,229
Income tax (expenses) recoveries
Core earnings
(93)
(119)
(79)
(82)
91
(282)
Items excluded from core earnings
(140)
(5)
113
1
3
(28)
Income tax (expenses) recoveries
(233)
(124)
34
(81)
94
(310)
Net income (post-tax)
1,035
427
(75)
525
7
1,919
Less: Net income (post-tax) attributed to
Non-controlling interests
128
-
-
2
-
130
Participating policyholders
12
(22)
-
-
-
(10)
Net income (loss) attributed to shareholders (post-
tax)
895
449
(75)
523
7
1,799
Less: Items excluded from core earnings (post-tax)
Market experience gains (losses)
173
(37)
(172)
18
16
(2)
Updates to actuarial methods and assumptions that
flow directly through income
(39)
58
(235)
-
-
(216)
Restructuring charge
-
-
-
-
-
-
Amortization of acquisition-related intangible assets
-
-
-
(6)
-
(6)
Reinsurance transactions, tax-related items and other
2
-
-
(14)
-
(12)
Core earnings (post-tax)
$759
$428
$332
$525
$(9)
$2,035
Income tax on core earnings (see above)
93
119
79
82
(91)
282
Core earnings (pre-tax)
$852
$547
$411
$607
$(100)
$2,317
Core earnings, CER basis and U.S. dollars – 3Q25
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
3Q25
Asia
Canada
U.S.
Global WAM
Corporate
and Other
Total
Core earnings (post-tax)
$759
$428
$332
$525
$(9)
$2,035
CER adjustment(1)
1
-
6
4
1
12
Core earnings, CER basis (post-tax)
$760
$428
$338
$529
$(8)
$2,047
Income tax on core earnings, CER basis(2)
94
119
80
82
(90)
285
Core earnings, CER basis (pre-tax)
$854
$547
$418
$611
$(98)
$2,332
Core earnings (U.S. dollars) – Asia and U.S. segments
Core earnings (post-tax)(3), US $
$550
$241
CER adjustment US $(1)
(8)
-
Core earnings, CER basis (post-tax), US $
$542
$241
(1)The impact of updating foreign exchange rates to that which was used in 3Q26.
(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q26.
(3)Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for 3Q25.
11
Reconciliation of core earnings to net income attributed to shareholders – YTD 2026
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
YTD 2026
Asia
Canada
U.S.
Global WAM
Corporate
and Other
Total
Income (loss) before income taxes
$3,097
$991
$557
$1,677
$(331)
$5,991
Income tax (expenses) recoveries
Core earnings
(330)
(299)
(214)
(293)
134
(1,002)
Items excluded from core earnings
(116)
124
140
22
(96)
74
Income tax (expenses) recoveries
(446)
(175)
(74)
(271)
38
(928)
Net income (post-tax)
2,651
816
483
1,406
(293)
5,063
Less: Net income (post-tax) attributed to
Non-controlling interests
167
-
-
26
8
201
Participating policyholders
114
67
-
-
-
181
Net income (loss) attributed to shareholders (post-
tax)
2,370
749
483
1,380
(301)
4,681
Less: Items excluded from core earnings (post-tax)
Market experience gains (losses)
(103)
(327)
(414)
(25)
16
(853)
Updates to actuarial methods and assumptions that
flow directly through income
10
(92)
(93)
-
-
(175)
Restructuring charge
-
-
-
-
-
-
Amortization of acquisition-related intangible assets
-
-
-
(52)
-
(52)
Reinsurance transactions, tax-related items and other
(100)
(3)
2
1
(23)
(123)
Core earnings (post-tax)
$2,563
$1,171
$988
$1,456
$(294)
$5,884
Income tax on core earnings (see above)
330
299
214
293
(134)
1,002
Core earnings (pre-tax)
$2,893
$1,470
$1,202
$1,749
$(428)
$6,886
Core earnings, CER basis and U.S. dollars – YTD 2026
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
YTD 2026
Asia
Canada
U.S.
Global WAM
Corporate
and Other
Total
Core earnings (post-tax)
$2,563
$1,171
$988
$1,456
$(294)
$5,884
CER adjustment(1)
23
-
10
10
1
44
Core earnings, CER basis (post-tax)
$2,586
$1,171
$998
$1,466
$(293)
$5,928
Income tax on core earnings, CER basis(2)
333
299
217
295
(135)
1,009
Core earnings, CER basis (pre-tax)
$2,919
$1,470
$1,215
$1,761
$(428)
$6,937
Core earnings (U.S. dollars) – Asia and U.S. segments
Core earnings (post-tax)(3), US $
$1,849
$713
CER adjustment US $(1)
(3)
-
Core earnings, CER basis (post-tax), US $
$1,846
$713
(1)The impact of updating foreign exchange rates to that which was used in 3Q26.
(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q26.
(3)Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for the respective quarters that make up 2026
year-to-date core earnings.
12
Reconciliation of core earnings to net income attributed to shareholders – YTD 2025
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
YTD 2025
Asia
Canada
U.S.
Global WAM
Corporate
and Other
Total
Income (loss) before income taxes
$3,230
$1,382
$(809)
$1,709
$(323)
$5,189
Income tax (expenses) recoveries
Core earnings
(288)
(318)
(200)
(257)
152
(911)
Items excluded from core earnings
(225)
20
401
(1)
(8)
187
Income tax (expenses) recoveries
(513)
(298)
201
(258)
144
(724)
Net income (post-tax)
2,717
1,084
(608)
1,451
(179)
4,465
Less: Net income (post-tax) attributed to
Non-controlling interests
244
-
-
3
(2)
245
Participating policyholders
124
23
-
-
-
147
Net income (loss) attributed to shareholders (post-
tax)
2,349
1,061
(608)
1,448
(177)
4,073
Less: Items excluded from core earnings (post-tax)
Market experience gains (losses)
257
(216)
(1,260)
23
(25)
(1,221)
Updates to actuarial methods and assumptions that
flow directly through income
(39)
58
(235)
-
-
(216)
Restructuring charge
-
-
-
-
-
-
Amortization of acquisition-related intangible assets
-
-
-
(6)
-
(6)
Reinsurance transactions, tax-related items and other
(53)
(2)
-
(11)
54
(12)
Core earnings (post-tax)
$2,184
$1,221
$887
$1,442
$(206)
$5,528
Income tax on core earnings (see above)
288
318
200
257
(152)
911
Core earnings (pre-tax)
$2,472
$1,539
$1,087
$1,699
$(358)
$6,439
Core earnings, CER basis and U.S. dollars – YTD 2025
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
YTD 2025
Asia
Canada
U.S.
Global WAM
Corporate
and Other
Total
Core earnings (post-tax)
$2,184
$1,221
$887
$1,442
$(206)
$5,528
CER adjustment(1)
(24)
-
-
(2)
1
(25)
Core earnings, CER basis (post-tax)
$2,160
$1,221
$887
$1,440
$(205)
$5,503
Income tax on core earnings, CER basis(2)
286
318
199
256
(151)
908
Core earnings, CER basis (pre-tax)
$2,446
$1,539
$1,086
$1,696
$(356)
$6,411
Core earnings (U.S. dollars) – Asia and U.S. segments
Core earnings (post-tax)(3), US $
$1,562
$633
CER adjustment US $(1)
(20)
-
Core earnings, CER basis (post-tax), US $
$1,542
$633
(1)The impact of updating foreign exchange rates to that which was used in 3Q26.
(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q26.
(3)Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for the respective quarters that make up 2025
year-to-date core earnings.
Core earnings available to common shareholders
($ 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
3Q26
2Q26
1Q26
4Q25
3Q25
2026
2025
2025
Core earnings
$2,125
$1,923
$1,836
$1,993
$2,035
$5,884
$5,528
$7,521
Less: Preferred share dividends and other equity
distributions
59
103
58
103
58
220
218
321
Core earnings available to common shareholders
2,066
1,820
1,778
1,890
1,977
5,664
5,310
7,200
CER adjustment(1)
-
17
27
2
12
44
(25)
(23)
Core earnings available to common shareholders,
CER basis
$2,066
$1,837
$1,805
$1,892
$1,989
$5,708
$5,285
$7,177
(1)The impact of updating foreign exchange rates to that which was used in 3Q26.
13
Core ROE
($ millions, unless otherwise stated)
Quarterly Results
YTD Results
Full Year
Results
3Q26
2Q26
1Q26
4Q25
3Q25
2026
2025
2025
Core earnings available to common shareholders
$2,066
$1,820
$1,778
$1,890
$1,977
$5,664
$5,310
$7,200
Annualized core earnings available to common
shareholders (post-tax)
$8,197
$7,300
$7,211
$7,498
$7,844
$7,573
$7,099
$7,200
Average common shareholders’ equity (see below)
$46,038
$44,818
$43,717
$43,759
$43,238
$44,858
$43,693
$43,709
Core ROE (annualized) (%)
17.8%
16.3%
16.5%
17.1%
18.1%
16.9%
16.2%
16.5%
Average common shareholders’ equity
Total shareholders’ and other equity
$53,072
$52,324
$50,632
$50,121
$50,716
$53,072
$50,716
$50,121
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
$46,412
$45,664
$43,972
$43,461
$44,056
$46,412
$44,056
$43,461
Average common shareholders’ equity
$46,038
$44,818
$43,717
$43,759
$43,238
$44,858
$43,693
$43,709
CSM and post-tax CSM information
($ millions pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
As at
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
CSM
$29,070
$29,205
$27,325
$26,568
$26,283
Less: CSM for NCI
1,752
1,942
1,736
1,599
1,565
CSM, net of NCI
$27,318
$27,263
$25,589
$24,969
$24,718
CER adjustment(1)
-
175
472
795
379
CSM, net of NCI, CER basis
$27,318
$27,438
$26,061
$25,764
$25,097
CSM by segment
Asia
$19,741
$19,562
$18,228
$17,750
$17,580
Asia NCI
1,752
1,942
1,736
1,599
1,565
Canada
4,351
4,509
4,432
4,459
4,490
U.S.
3,220
3,188
2,927
2,760
2,649
Corporate and Other
6
4
2
-
(1)
CSM
$29,070
$29,205
$27,325
$26,568
$26,283
CSM, CER adjustment(1)
Asia
$-
$173
$422
$696
$326
Asia NCI
-
22
79
120
123
Canada
-
-
-
-
-
U.S.
-
3
51
99
54
Corporate and Other
-
(1)
-
-
-
Total
$-
$197
$552
$915
$503
CSM, CER basis
Asia
$19,741
$19,735
$18,650
$18,446
$17,906
Asia NCI
1,752
1,964
1,815
1,719
1,688
Canada
4,351
4,509
4,432
4,459
4,490
U.S.
3,220
3,191
2,978
2,859
2,703
Corporate and Other
6
3
2
-
(1)
Total CSM, CER basis
$29,070
$29,402
$27,877
$27,483
$26,786
Post-tax CSM
CSM
$29,070
$29,205
$27,325
$26,568
$26,283
Marginal tax rate on CSM
(4,802)
(4,781)
(4,510)
(4,403)
(4,347)
Post-tax CSM
$24,268
$24,424
$22,815
$22,165
$21,936
CSM, net of NCI
$27,318
$27,263
$25,589
$24,969
$24,718
Marginal tax rate on CSM net of NCI
(4,617)
(4,596)
(4,334)
(4,236)
(4,181)
Post-tax CSM net of NCI
$22,701
$22,667
$21,255
$20,733
$20,537
(1)The impact of reflecting CSM and CSM net of NCI using the foreign exchange rates for the Statement of Financial Position in effect for 3Q26.
14
New business CSM(1) detail, CER basis
($ 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
3Q26
2Q26
1Q26
4Q25
3Q25
2026
2025
2025
New business CSM
Hong Kong
$385
$322
$316
$244
$287
$1,023
$889
$1,133
Japan
104
122
167
159
76
393
231
390
Chinese Mainland
43
66
114
55
112
223
301
356
Singapore
155
228
165
159
182
548
460
619
Other(2)
38
39
40
80
55
117
209
289
Asia
725
777
802
697
712
2,304
2,090
2,787
Canada
114
129
103
135
109
346
300
435
U.S.
118
118
114
188
145
350
365
553
Total new business CSM
$957
$1,024
$1,019
$1,020
$966
$3,000
$2,755
$3,775
New business CSM, CER adjustment(3)
Hong Kong
$-
$3
$6
$1
$5
$9
$1
$2
Japan
-
1
1
(4)
(5)
2
(16)
(21)
Chinese Mainland
-
1
6
3
9
7
20
23
Singapore
-
2
3
2
4
5
11
13
Other(2)
-
1
-
(1)
(1)
1
(2)
(2)
Asia
-
8
16
1
12
24
14
15
Canada
-
-
-
-
-
-
-
-
U.S.
-
-
3
-
3
3
1
1
Total new business CSM
$-
$8
$19
$1
$15
$27
$15
$16
New business CSM, CER basis
Hong Kong
$385
$325
$322
$245
$292
$1,032
$890
$1,135
Japan
104
123
168
155
71
395
215
369
Chinese Mainland
43
67
120
58
121
230
321
379
Singapore
155
230
168
161
186
553
471
632
Other(2)
38
40
40
79
54
118
207
287
Asia
725
785
818
698
724
2,328
2,104
2,802
Canada
114
129
103
135
109
346
300
435
U.S.
118
118
117
188
148
353
366
554
Total new business CSM, CER basis
$957
$1,032
$1,038
$1,021
$981
$3,027
$2,770
$3,791
(1)New business CSM is net of NCI.
(2)Other includes Cambodia, Indonesia, International High Net Worth, Malaysia, Myanmar, the Philippines and Vietnam.
(3)The impact of updating foreign exchange rates to that which was used in 3Q26.
15
Net income financial measures on a CER basis
($ 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
3Q26
2Q26
1Q26
4Q25
3Q25
2026
2025
2025
Net income (loss) attributed to shareholders:
Asia
$713
$1,062
$595
$623
$895
$2,370
$2,349
$2,972
Canada
205
306
238
252
449
749
1,061
1,313
U.S.
192
153
138
81
(75)
483
(608)
(527)
Global WAM
463
514
403
452
523
1,380
1,448
1,900
Corporate and Other
(149)
75
(227)
91
7
(301)
(177)
(86)
Total net income (loss) attributed to shareholders
1,424
2,110
1,147
1,499
1,799
4,681
4,073
5,572
Preferred share dividends and other equity distributions
(59)
(103)
(58)
(103)
(58)
(220)
(218)
(321)
Common shareholders’ net income (loss)
$1,365
$2,007
$1,089
$1,396
$1,741
$4,461
$3,855
$5,251
CER adjustment(1)
Asia
$-
$12
$10
$2
$32
$22
$21
$24
Canada
-
-
-
-
-
-
-
-
U.S.
-
2
3
-
(3)
5
12
12
Global WAM
-
5
7
-
7
12
(3)
(3)
Corporate and Other
-
4
(5)
(1)
1
(1)
16
14
Total net income (loss) attributed to shareholders
-
23
15
1
37
38
46
47
Preferred share dividends and other equity distributions
-
-
-
-
-
-
-
-
Common shareholders’ net income (loss)
$-
$23
$15
$1
$37
$38
$46
$47
Net income (loss) attributed to shareholders, CER basis
Asia
$713
$1,074
$605
$625
$927
$2,392
$2,370
$2,996
Canada
205
306
238
252
449
749
1,061
1,313
U.S.
192
155
141
81
(78)
488
(596)
(515)
Global WAM
463
519
410
452
530
1,392
1,445
1,897
Corporate and Other
(149)
79
(232)
90
8
(302)
(161)
(72)
Total net income (loss) attributed to shareholders,
CER basis
1,424
2,133
1,162
1,500
1,836
4,719
4,119
5,619
Preferred share dividends and other equity distributions,
CER basis
(59)
(103)
(58)
(103)
(58)
(220)
(218)
(321)
Common shareholders' net income (loss), CER basis
$1,365
$2,030
$1,104
$1,397
$1,778
$4,499
$3,901
$5,298
Asia net income attributed to shareholders, U.S. dollars
Asia net income (loss) attributed to shareholders, US $(2)
$510
$768
$433
$447
$649
$1,711
$1,684
$2,131
CER adjustment, US $(1)
-
(1)
(1)
(1)
14
(2)
9
8
Asia net income (loss) attributed to shareholders, U.S.
$, CER basis(1)
$510
$767
$432
$446
$663
$1,709
$1,693
$2,139
Net income (loss) attributed to shareholders (pre-tax)
Net income (loss) attributed to shareholders (post-tax)
$1,424
$2,110
$1,147
$1,499
$1,799
$4,681
$4,073
$5,572
Tax on net income attributed to shareholders
254
427
215
292
283
896
637
929
Net income (loss) attributed to shareholders (pre-tax)
1,678
2,537
1,362
1,791
2,082
5,577
4,710
6,501
CER adjustment(1)
-
23
19
6
7
42
(3)
3
Net income (loss) attributed to shareholders (pre-tax),
CER basis
$1,678
$2,560
$1,381
$1,797
$2,089
$5,619
$4,707
$6,504
(1)The impact of updating foreign exchange rates to that which was used in 3Q26.
(2)Asia net income attributed to shareholders (post-tax) in Canadian dollars is translated to U.S. dollars using the U.S. dollar Statement of Income rate for the
respective reporting period.
Adjusted book value
($ millions)
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Dec 31, 2025
Sep 30, 2025
As at
Common shareholders’ equity
$46,412
$45,664
$43,972
$43,461
$44,056
Post-tax CSM, net of NCI
22,701
22,667
21,255
20,733
20,537
Adjusted book value
$69,113
$68,331
$65,227
$64,194
$64,593
16
Reconciliation of Global WAM core earnings to core EBITDA
($ 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
3Q26
2Q26
1Q26
4Q25
3Q25
2026
2025
2025
Global WAM core earnings (post-tax)
$503
$505
$448
$490
$525
$1,456
$1,442
$1,932
Add back taxes, acquisition costs, other expenses and
deferred sales commissions
Core income tax (expenses) recoveries (see above)
104
101
88
93
82
293
257
350
Amortization of deferred acquisition costs and other
depreciation
43
62
63
61
44
168
141
202
Amortization of deferred sales commissions
27
25
24
24
21
76
63
87
Core EBITDA
$677
$693
$623
$668
$672
$1,993
$1,903
$2,571
CER adjustment(1)
-
6
8
1
7
14
(2)
(1)
Core EBITDA, CER basis
$677
$699
$631
$669
$679
$2,007
$1,901
$2,570
(1)The impact of updating foreign exchange rates to that which was used in 3Q26.
Core EBITDA margin and core revenue
($ millions, unless otherwise stated)
Quarterly Results
YTD Results
Full Year
Results
3Q26
2Q26
1Q26
4Q25
3Q25
2026
2025
2025
Core EBITDA margin
Core EBITDA
$677
$693
$623
$668
$672
$1,993
$1,903
$2,571
Core revenue
$2,288
$2,220
$2,146
$2,285
$2,175
$6,654
$6,384
$8,669
Core EBITDA margin
29.6%
31.2%
29.0%
29.2%
30.9%
30.0%
29.8%
29.7%
Global WAM core revenue
Other revenue per financial statements
$2,077
$2,216
$1,930
$2,147
$2,145
$6,223
$5,982
$8,129
Less: Other revenue in segments other than Global
WAM
(74)
155
(56)
28
121
25
79
107
Other revenue in Global WAM (fee income)
$2,151
$2,061
$1,986
$2,119
$2,024
$6,198
$5,903
$8,022
Investment income per financial statements
$5,087
$4,875
$4,536
$5,358
$4,682
$14,498
$13,656
$19,014
Realized and unrealized gains (losses) on assets
supporting insurance and investment contract
liabilities per financial statements
(2,237)
5,705
(1,384)
1,106
3,784
2,084
5,169
6,275
Total investment income
2,850
10,580
3,152
6,464
8,466
16,582
18,825
25,289
Less: Investment income in segments other than Global
WAM
2,727
10,370
3,015
6,300
8,275
16,112
18,288
24,588
Investment income in Global WAM
$123
$210
$137
$164
$191
$470
$537
$701
Total other revenue and investment income in Global
WAM
$2,274
$2,271
$2,123
$2,283
$2,215
$6,668
$6,440
$8,723
Less: Total revenue reported in items excluded from core
earnings
Market experience gains (losses)
(33)
28
(28)
(1)
24
(33)
30
29
Revenue related to integration and acquisitions
19
23
5
(1)
16
47
26
25
Global WAM core revenue
$2,288
$2,220
$2,146
$2,285
$2,175
$6,654
$6,384
$8,669
17
Core expenses
($ 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
3Q26
2Q26
1Q26
4Q25
3Q25
2026
2025
2025
Core expenses
General expenses – Statements of Income
$1,259
$1,248
$1,251
$1,327
$1,232
$3,758
$3,574
$4,901
Directly attributable acquisition expense for contracts
measured using the PAA method and products without
a CSM(1)
45
43
48
48
42
136
124
172
Directly attributable maintenance expense(1)
557
559
552
542
524
1,668
1,570
2,112
Total expenses
1,861
1,850
1,851
1,917
1,798
5,562
5,268
7,185
Less: General expenses included in items excluded from
core earnings
Restructuring charge
-
-
-
16
-
-
-
16
Amortization of acquisition-related intangible assets
24
21
23
16
8
68
8
24
Integration and acquisition
-
-
-
7
22
-
22
29
Legal provisions and other expenses
4
3
1
5
10
8
15
20
Total
28
24
24
44
40
76
45
89
Core expenses
$1,833
$1,826
$1,827
$1,873
$1,758
$5,486
$5,223
$7,096
CER adjustment(2)
-
10
19
2
12
29
(3)
(1)
Core expenses, CER basis
$1,833
$1,836
$1,846
$1,875
$1,770
$5,515
$5,220
$7,095
Total expenses
$1,861
$1,850
$1,851
$1,917
$1,798
$5,562
$5,268
$7,185
CER adjustment(2)
-
10
19
2
13
29
(2)
1
Total expenses, CER basis
$1,861
$1,860
$1,870
$1,919
$1,811
$5,591
$5,266
$7,186
(1)Expenses are components of insurance service expenses on the Statements of Income that flow directly through income.
(2)The impact of updating foreign exchange rates to that which was used in 3Q26.
18
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 the expected benefits and value derived from the use of AI
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 and 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 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 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 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.