Manulife Reports Third Quarter 2026 Results

(TSX:MFC) Manulife Financial Corporation reported third quarter 2026 results, delivering record core earnings of $2.1 billion, up 4% on a constant exchange rate basis compared to the third quarter of 2025. Net income attributed to shareholders was $1.4 billion, down $0.4 billion from 3Q25. Core earnings per share (EPS) reached $1.24, up 6% from 3Q25, while reported EPS was $0.82, down 21% from the prior year. Core return on equity (ROE) was 17.8% and reported ROE was 11.8%. The LICAT ratio stood at 136%. Global Wealth and Asset Management (Global WAM) net outflows were $3.6 billion, an improvement from $6.2 billion of net outflows in 3Q25. Manulife returned $1.3 billion to shareholders during the quarter. Book value per common share was $28.06, and adjusted book value per common share was $41.78. APE sales were $2,626 million, new business CSM was $957 million, and new business value (NBV) was $907 million for the quarter. By segment, Asia core earnings were $635 million (up 17%), Canada core earnings were $440 million (up 3%), and U.S. core earnings were $254 million (up 5%). In Global WAM, gross flows were $56.1 billion and average AUMA was $1,198 billion. Manulife | Comvest closed its largest private credit fundraise, raising US$5.4 billion through Comvest Credit Partners VII. The company expanded its segregated fund lineup in Canada, enhanced indexed universal life offerings in the U.S., and launched new AI-enabled tools and partnerships in Asia, Malaysia, and North America. Manulife signed a five-year agreement with Microsoft to extend Microsoft 365 Copilot to over 30,000 employees and deploy Microsoft Agent 365 for AI governance. In Asia, a Memorandum of Understanding was signed with Ant Health to collaborate on health management and digital health capabilities, with the first initiative enabling cashless direct billing through Alipay. In Canada, Manulife partnered with Sword for AI-enabled virtual physiotherapy for eligible Group Benefits members. In the U.S., John Hancock Vitality expanded its health and wellness offerings. The company completed its annual review of actuarial methods and assumptions, resulting in a net favourable impact and a $128 million decrease in pre-tax fulfilment cash flows. CSM was $27,318 million as of September 30, 2026, up $2,349 million from December 31, 2025, with organic CSM movement contributing $1,622 million and inorganic movement $727 million. Post-tax CSM net of NCI was $22,701 million at quarter end. Retirement net outflows were $4.9 billion, retail net flows were neutral, and Institutional Asset Management net inflows were $1.4 billion. The company maintained a financial leverage ratio of 23.0%.

(TSX:MFC-TO) Manulife Financial Corporation reported third quarter 2026 results, with core earnings of $2.1 billion, representing a 4% increase on a constant exchange rate basis compared to the third quarter of 2025. Net income attributed to shareholders was $1.4 billion, down $0.4 billion from the prior year period. Core earnings per share (EPS) were $1.24, up 6% from 3Q25, while reported EPS was $0.82, down 21%. Core return on equity (ROE) was 17.8% and reported ROE was 11.8%. The LICAT ratio stood at 136%. Global Wealth and Asset Management (Global WAM) net outflows were $3.6 billion, an improvement from $6.2 billion of net outflows in 3Q25. Manulife returned $1.3 billion to shareholders during the quarter. Book value per common share was $28.06, up from $26.07, and adjusted book value per common share was $41.78, up from $38.22. APE sales were $2,626 million, new business CSM was $957 million, and new business value (NBV) was $907 million for the quarter. In Asia, core earnings increased 17% to $635 million, with APE sales of $1,455 million and NBV of $491 million. In Canada, core earnings were $440 million, APE sales were $384 million, and NBV was $159 million. In the U.S., core earnings were $254 million, APE sales were $147 million, and NBV was $45 million. Global WAM core earnings were $503 million, with gross flows of $56.1 billion and average AUMA of $1,198 billion. Manulife expanded its segregated fund lineup in Canada, raised US$5.4 billion through Comvest Credit Partners VII, and enhanced its U.S. insurance offerings. The company expanded its strategic partnership with Microsoft, deploying Microsoft 365 Copilot to over 30,000 employees and rolling out AI-enabled advisory capabilities in the Chinese Mainland and Malaysia. In Malaysia, AI tools now generate personalized talking points for financial planning. In North America, an AI-enabled advisor engagement platform was rolled out, improving productivity and identifying more product opportunities. In the U.S., the Quick Quote underwriting tool now automates over 70% of preliminary assessments. Manulife signed an MOU with Ant Health in Asia, launching cashless direct billing through Alipay for eligible customers in the Chinese Mainland. In Canada, AI-enabled virtual physiotherapy was introduced in partnership with Sword for Group Benefits members. In the U.S., John Hancock Vitality expanded its health and wellness offerings. The company completed its annual review of actuarial methods and assumptions, resulting in a net favourable impact and a $128 million decrease in pre-tax fulfilment cash flows. CSM was $27,318 million as of September 30, 2026, up $2,349 million from December 31, 2025, with organic CSM movement contributing $1,622 million and inorganic movement $727 million. Post-tax CSM net of NCI was $22,701 million at quarter end. The decrease in net income was attributed to a larger net charge on market experience and a net charge from Vietnam operations, partially offset by core earnings growth. Retirement net outflows were $4.9 billion, retail net flows were neutral, and Institutional Asset Management net inflows were $1.4 billion. The company maintained a financial leverage ratio of 23.0%.