# EDGAR Filing Document

**Accession Number:** 0001086888
**File Stem:** 0001086888-25-000108
**Filing Date:** 2025-11
**Character Count:** 79778
**Document Hash:** e7b4f39f5e4176e46c57869746e17ebd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001086888-25-000108.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001086888-25-000108

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MANULIFE FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0001086888
- **STANDARD INDUSTRIAL CLASSIFICATION:** LIFE INSURANCE [6311]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 889897526
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14942
- **FILM NUMBER:** 251474199

**BUSINESS ADDRESS:**
- **STREET 1:** 200 BLOOR ST EAST, NT-10
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4W1E5
- **BUSINESS PHONE:** 416-926-3000

**MAIL ADDRESS:**
- **STREET 1:** 200 BLOOR ST EAST, NT-10
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M4W1E5

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of November 2025**

**Commission File Number: 1-14942**

**MANULIFE FINANCIAL CORPORATION**

**(Translation of registrant's name into English)**

**200 Bloor Street East**

**North Tower 10**

**Toronto, Ontario, Canada M4W 1E5**

**(416) 926-3000**

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-

F or Form 40-F.

Form 20-F ◻ Form 40-F ☒

**DOCUMENTS FILED AS PART OF THIS FORM 6-K**

The following documents, filed as exhibits to this Form 6-K, are incorporated by reference as

part of this Form 6-K:

---

| | |
|:---|:---|
| <u>Exhibit</u> | <u>Description of Exhibit</u> |
| 99.1 | News release - third quarter results dated November 12, 2025 |
| 99.2 | News release - quarterly dividend announcement dated November 12, 2025 |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly

caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | MANULIFE FINANCIAL CORPORATION | MANULIFE FINANCIAL CORPORATION |
|  | By: | */s/ Eddy Mezzetta* |
|  | Name: | Eddy Mezzetta |
|  | Title: | Vice President and Chief Counsel, Corporate Law |
| Date: November 12, 2025 |  |  |

---

## Exhibit 99.1

![a041525_quarterlypressrelea.jpg](a041525_quarterlypressrelea.jpg)

**Manulife Reports Third Quarter 2025 Results**

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

**TORONTO, ON** – November 12, 2025 – Manulife Financial Corporation ("Manulife" or the "Company") reported its

third quarter results for the period ended September 30, 2025,delivering record core earnings and double-digit

growth in core EPS.

**Key highlights for the third quarter of 2025 ("3Q25") include:**

• Core earnings<sup>1</sup> of $2.0billion, up10%on a CER basis<sup>2</sup>compared with thethird quarter of 2024("3Q24")

• Excluding the impact of the change in expected credit loss ("ECL"), core earnings was $2.0 billion, up 6%

from 3Q24<sup>1,2</sup>

• Net income attributed to shareholders of$1.8billion, in line with 3Q24

• Core EPS<sup>3</sup>of $1.16, up16%<sup>2</sup>from3Q24.EPS of$1.02, up2%<sup>2</sup>from3Q24

• Excluding the impact of the change in ECL, core EPS was $1.14, up 11% from 3Q24<sup>2,3</sup>

• Core ROE<sup>3</sup>of18.1%and ROE of 16.0%

• LICAT ratio<sup>4</sup>of138%

• APE sales up8%<sup>5</sup>, new business CSM up25%<sup>2</sup>and new business value ("NBV")up11%<sup>5</sup>from3Q24<sup>6,7</sup>

• Global Wealth and Asset Management ("Global WAM") net outflows<sup>5</sup>of$6.2billion, compared with$5.2billion of

net inflows in 3Q24

"We delivered another quarter of strong financial and operating performance, driven by focused execution and

the strength and diversity of our global franchise. Core earnings in Asia, Global WAM and Canada reached

record levels, and new business momentum continued, with all three insurance segments growing new

business CSM by 15% or greater. While our Global WAM business saw net outflows, core EBITDA margin<sup>3</sup>

continued to expand, highlighting our positive operating leverage. And our acquisition of Comvest Credit

Partners and the agreement to acquire Schroders Indonesia<sup>8</sup> reinforce our disciplined, strategic approach to

capital deployment, adding capabilities and expanding the solutions we offer customers, to drive growth.

"Our refreshed strategy, with clear priorities, strengthens our confidence in the delivery of our 2027 targets, and

positions Manulife for long-term success as a globally diversified financial services leader, headquartered in

Canada.<sup>9</sup>"

***— Phil Witherington, Manulife President & Chief Executive Officer***

"Core ROE and book value per common share improved meaningfully year over year, highlighting the strength

of our underlying business performance and quality of our portfolio.Our annual review of actuarial methods

and assumptions, which included our U.S. long-term care business, resulted in a net favourable impact of a

$605 million decrease in overall pre-tax fulfillment cash flows. With a LICAT ratio of 138% and a financial

leverage ratio of 22.7%<sup>3</sup>, our robust capital position and strong balance sheet position us well for the future."

***— Colin Simpson, Manulife Chief Financial Officer***

**<u>Results at a Glance</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($ millions, unless otherwise stated) | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **YTD Results** | **YTD Results** | **YTD Results** |
| ($ millions, unless otherwise stated) | **3Q25** | 3Q24 | Change<sup>2,5</sup> | **2025** | 2024 | Change<sup>2,5</sup> |
| Net income attributed to shareholders  | **$1799** | $1839 | (3)% | **$4073** | $3747 | 7% |
| Core earnings<sup>6</sup> | **$2035** | $1828 | 10% | **$5528** | $5275 | 3% |
| EPS ($) | **$1.02** | $1.00 | 2% | **$2.25** | $1.97 | 12% |
| Core EPS ($)<sup>6</sup> | **$1.16** | $1.00 | 16% | **$3.10** | $2.82 | 7% |
| ROE | **16.0%** | 16.6% | (0.6) pps | **11.8%** | 11.3% | 0.5 pps |
| Core ROE<sup>6</sup> | **18.1%** | 16.6% | 1.5 pps | **16.2%** | 16.2% | 0.1 pps |
| Book value per common share ($) | **$26.07** | $24.40 | 7% | **$26.07** | $24.40 | 7% |
| Adjusted BV per common share ($)<sup>3,6</sup> | **$38.22** | $34.27 | 12% | **$38.22** | $34.27 | 12% |
| Financial leverage ratio (%)<sup>6</sup> | **22.7%** | 23.9% | (1.2) pps | **22.7%** | 23.9% | (1.2) pps |
| APE sales | **$2576** | $2347 | 8% | **$7495** | $6137 | 19% |
| New business CSM | **$966** | $759 | 25% | **$2755** | $2045 | 31% |
| NBV<sup>6</sup> | **$906** | $806 | 11% | **$2659** | $2138 | 21% |
| Global WAM net flows ($ billions) | **$(6.2)** | $5.2 | -% | **$(4.8)** | $12.0 | -% |

---

**<u>Results by Segment</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($ millions, unless otherwise stated) | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **YTD Results** | **YTD Results** | **YTD Results** |
| ($ millions, unless otherwise stated) | **3Q25** | 3Q24 | Change<sup>5</sup> | **2025** | 2024 | Change<sup>5</sup> |
| **Asia (US$)** |  |  |  |  |  |  |
| Net income attributed to shareholders | **$649** | $606 | 7% | **$1684** | $1300 | 29% |
| Core earnings | **550** | 428 | 29% | **1562** | 1342 | 16% |
| APE sales | **1452** | 1372 | 5% | **4097** | 3242 | 26% |
| New business CSM | **516** | 435 | 18% | **1494** | 1148 | 29% |
| NBV | **490** | 453 | 7% | **1398** | 1122 | 24% |
| **Canada** |  |  |  |  |  |  |
| Net income attributed to shareholders  | **$449** | $430 | 4% | **$1061** | $782 | 36% |
| Core earnings | **428** | 412 | 4% | **1221** | 1178 | 4% |
| APE sales | **374** | 343 | 9% | **1210** | 1313 | (8)% |
| New business CSM | **109** | 95 | 15% | **300** | 241 | 24% |
| NBV | **159** | 143 | 11% | **500** | 459 | 9% |
| **U.S. (US$)** |  |  |  |  |  |  |
| Net income attributed to shareholders  | **$(54)** | $5 | -% | **$(425)** | $23 | -% |
| Core earnings | **241** | 302 | (20)% | **633** | 940 | (33)% |
| APE sales | **146** | 97 | 51% | **396** | 303 | 31% |
| New business CSM | **106** | 52 | 104% | **262** | 178 | 47% |
| NBV | **52** | 34 | 53% | **146** | 112 | 30% |
| **Global WAM** |  |  |  |  |  |  |
| Net income attributed to shareholders  | **$523** | $498 | 5% | **$1448** | $1213 | 17% |
| Core earnings | **525** | 479 | 9% | **1442** | 1214 | 17% |
| Gross flows ($ billions)<sup>5</sup> | **47.3** | 41.3 | 14% | **141.4** | 128.2 | 8% |
| Average AUMA ($ billions)<sup>5</sup> | **1066** | 963 | 10% | **1038** | 924 | 10% |
| Core EBITDA margin (%) | **30.9%** | 27.8% | 310 bps | **29.8%** | 26.6% | 320 bps |

---

**<u>Strategic Highlights</u>**

For the first time, Manulife was included in the TIME World's Best Companies (2025) List, which encompassed

1,000 global organizations. The assessment focused on three key dimensions: employee satisfaction, revenue

growth, and sustainability transparency.

Furthermore, Manulife has been upgraded by MSCI from AA to AAA in its ESG rating, the highest possible rating,

recognizing our strong governance and proactive management of sustainability-related risks.

**We are strategically deploying capital to enhance capabilities and drive growth** 

In Global WAM, we entered an agreement to acquire 75% of Comvest Credit Partners ("Comvest"), a U.S. private

credit manager with US$14.7 billion<sup>10</sup> on its platform. The acquisition, which was completed on November 3, 2025,

will enhance our private credit capabilities and create a comprehensive platform, by aligning Comvest with

Manulife's existing senior credit team. By leveraging Comvest's investment philosophy and expertise, we will be

able to offer clients expanded access to differentiated private credit strategies.

In addition, we entered an agreement to acquire PT Schroder Investment Management Indonesia ("Schroders

Indonesia"), strengthening our position as the largest asset manager in Indonesia, and enabling us to deliver

enhanced value to our clients and stakeholders by leveraging their local expertise and client relationships. The

transaction is subject to customary closing conditions and regulatory approvals.

In November, we entered into an agreement to establish a 50:50 life insurance joint venture with Mahindra &

Mahindra Ltd., an existing partner through our asset management joint venture, to enter the India insurance

market<sup>11</sup>. This partnership will expand our global footprint and position us to grow across one of the world's largest

economies, delivering long-term value.

**We are delivering differentiated customer experience and digital solutions with AI-powered innovations**

In Hong Kong, we launched the Manulife AI Assistant, a leading GenAI-powered customer chatbot designed to

handle payment, claims, and policy-related inquiries on our websites. It provides 24/7 availability and contextual

understanding for accurate and instant responses to complex, multilingual customer queries in Chinese and

English. Together with our e-claims solutions, the Manulife AI Assistant has earned us two accolades in the Hong

Kong Business Technology Excellence Awards 2025.

In Canada, we introduced an enhanced life and health insurance online application form that reduces complexity,

accelerates medical data collection, and shortens processing times through adaptive questioning and streamlined

workflows, transforming the digital experience for advisors. These efficiencies strengthen our competitiveness in

the mass market segment and support Manulife's ambition of delivering scalable digital offerings.

Furthermore, we launched a GenAI-powered coaching tool for Licensed Insurance Advisor ("LIA") supervisors in

our Affinity business that evaluates customer service calls, generating insights that allow supervisors to provide

LIAs with more effective, timely, and targeted feedback to enhance customer service and sales outcomes.

In the U.S., we partnered with Munich Re Life US to enhance underwriting efficiency through *alitheia*, its AI-driven

risk assessment platform, raising instant underwriting decision eligibility from US$3 million to US$5 million,

enabling more customers to experience a streamlined life insurance application process.

In Global WAM, we launched FutureChoice<sup>TM</sup>, an open-architecture retirement plan solution in the U.S.

FutureChoice<sup>TM</sup> expands our product offerings and strengthens our digital capabilities through the integration of AI

to improve user experience, by streamlining processes for client onboarding and participant access.

**We are empowering our customers to focus on health, wealth and longevity across our global footprint** 

In Asia, we launched the enhanced ManulifeMOVE, our flagship lifestyle program, with initial rollout in Singaporein

September, followed by the Philippines in October. ManulifeMOVE empowers customers to take charge of their

health and well-being, with key enhancements including differentiated and expanded benefits across preventive

health services, medical and assistive care, cancer care support, health and well-being coaching, fitness and

wellness experiences, alongside community engagement.

In addition, we hosted Asia's inaugural Manulife Longevity Symposium in Singapore in September, followed by the

Philippines in October, reinforcing our commitment to advancing Asia's longevity movement. The symposium

brought together over 1,000 healthcare experts, industry leaders, financial consultants, customers and partners to

address the challenge of living not just longer, but better, covering topics such as health and longevity innovations,

and financial well-being.

In the U.S., we expanded our suite of insurance solutions by introducing an accumulation survivorship indexed

universal life product, John Hancock's first offering in this product category. We also became the first life insurer to

offer annual and recurring access to GRAIL's Galleri<sup>®</sup> multi-cancer test to eligible John Hancock Vitality members,

expanding access to early detection technology and reinforcing our commitment to helping customers live longer,

healthier, and better lives.

**<u>Strong business</u> <u>growth contributing to record core earnings</u>**<sup>12</sup>

**Core earnings of $2.0 billion in 3Q25, up10% from 3Q24**

The increase in core earnings reflected strong business growth in Global WAM, Asia and Canada, a release in the

expected credit loss ("ECL") provision compared with an increase in 3Q24, and the net impact of the annual review

of actuarial methods and assumptions in 3Q25, partially offset by unfavourable life insurance claims experience in

the U.S.

• Asia core earnings increased 29%, reflecting continued business growth, the net impact of the annual review

of actuarial methods and assumptions, improved insurance experience, and a release in the ECL provision

compared with an increase in 3Q24.

• Global WAM core earnings increased 9%, driven by higher net fee income from favourable market impacts

over the past 12 months, higher performance fees and continued expense discipline, partially offset by lower

favourable tax true-ups and tax benefits.

• Canada core earnings were up 4%, driven by higher investment spreads, business growth in Group Insurance,

favourable insurance experience in Individual Insurance, and the net impact of the annual review of actuarial

methods and assumptions, partially offset by less favourable insurance experience in Group Insurance.

• U.S. core earnings decreased 20%, reflecting unfavourable life insurance claims experience, lower investment

spreads and the impact of the RGA U.S. Reinsurance Transaction<sup>13</sup>, partially offset by a release in the ECL

provision compared with an increase in 3Q24, and favourable lapse experience.

• Corporate and Other core earnings improved by $49 million, primarily driven by an adjustment to the year-to-

date accrual for withholding taxes following the announcement of the Comvest acquisition.

**Net Income attributed to shareholders of $1.8 billion in 3Q25, in line with 3Q24**

Net income was largely in line with 3Q24, reflecting core earnings growth offset by favourable market experience

in 3Q24. The net neutral market experience in 3Q25 reflects lower-than-expected returns on alternative long-

duration assets, mainly related to private equity, real estate and timber investments, offset by higher-than-expected

returns on public equities.

**<u>Insurance new business growth highlighting the strength and diversity of our businesses</u>**

**APE sales, new business CSM and NBV increased 8%, 25% and 11%, respectively, reflecting continued** 

**sales momentum and broad-based strength across our insurance segments** 

• Asia continued to generate solid growth in APE sales, new business CSM and NBV, with a year-over-year

increase of 5%, 18% and 7%, respectively, reflecting higher sales volumes in Asia Other<sup>14</sup> and a more

favourable business mix. NBV margin improved to39.0%.<sup>5</sup>

• Canada increased APE sales, new business CSM and NBV by 9%, 15% and 11%, respectively, driven by

strong sales in Individual Insurance.

• U.S. delivered very strong new business growth this quarter with an increase in APE sales, new business CSM

and NBV of 51%,104% and 53%, respectively, reflecting broad-based demand for our suite of products.

**Global WAM net outflows of $6.2 billion in 3Q25, compared with net inflows of $5.2 billion in 3Q24**

• Retirement net outflows were $1.6 billion in 3Q25compared with net inflows of $0.6 billion in 3Q24, driven by

several large plan sales in the U.S. in 3Q24, and higher net member withdrawals reflecting higher account

balances from market growth and cost of living pressures in North America.

• Retail net outflows were$3.9 billion in 3Q25compared with net inflows of $3.9 billion in 3Q24, driven by lower

net sales through third-party intermediaries in North America and our Canada retail wealth platform.

• Institutional Asset Management net outflows were $0.7 billion in 3Q25compared with net inflows of $0.7 billion

in 3Q24, driven by higher redemptions in equity mandates, as well as lower sales in private equity and real

estate mandates. This was partially offset by higher net sales in fixed income mandates.

**<u>New business growth continued to drive higher organic CSM and CSM balance</u>**

**CSM**<sup>15</sup>**was $24,718 million as at September 30, 2025**

CSM increased$2,591 million compared with December 31, 2024. Organic CSM movement contributed $1,714

million of the increase for the same period, representing a 11%<sup>5</sup>growth on an annualized basis, 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 $877 million for the same

period, primarily driven by the net impacts of the annual review of actuarial methods and assumptions and equity

market performance, partially offset by the impacts of changes in foreign currency exchange rates and reinsurance

transactions. Post-tax CSM net of NCI<sup>1</sup> was $20,537 million as at September 30, 2025.

**<u>Annual review of actuarial methods and assumptions</u>**

We completed our annual review of actuarial methods and assumptions, which resulted in a net favourable impact

of a $605 million<sup>16</sup> decrease in pre-tax fulfillment cash flows. Under International Financial Reporting Standards

("IFRS") 17, the impact of the annual review of actuarial methods and assumptions is reported in several places.

The $605 million decrease in pre-tax fulfillment cash flows was comprised of a decrease in pre-tax net income

attributed to shareholders of $244 million ($216 million post-tax), a decrease in pre-tax net income attributed to

participating policyholders of $88 million ($67 million post-tax), an increase in CSM of $1,080 million, a decrease in

pre-tax other comprehensive income attributed to shareholders of $52 million ($73 million post-tax), and a

decrease in pre-tax other comprehensive income attributed to participating policyholders of $91 million ($70 million

post-tax).

The review this year included a comprehensive study of our U.S. long-term care ("LTC") experience, including all

aspects of claim assumptions, as well as the progress on future premium increases and approved premium

increases in excess of prior assumptions. The net favourable impact of the LTC review resulted in a decrease in

pre-tax fulfillment cash flows of $77 million. Other actuarial methods and assumptions reviewed included a change

in the IFRS 17 measurement model on certain health insurance products in Hong Kong, annual updates to our

valuation models for participating products in Asia and Canada, lapse assumptions for certain products in

Singapore, lapse review on term insurance products in Canada, morbidity assumptions for group long-term

disability benefits in Canada, as well as other valuation model updates.

<sup>(1)</sup> Core earnings, core earnings excluding the impact of the change in ECL, 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 3Q25 Management's Discussion and Analysis ("3Q25 MD&A").

<sup>(2)</sup> Percentage growth/declines in core earnings, core earnings excluding the impact of the change in ECL, diluted core earnings per common share ("core EPS"),

diluted earnings (loss) per share ("EPS"), core EPS excluding the impact of the change in ECL, new business contractual service margin net of NCI ("new

business CSM"), and net income attributed to shareholders are stated on a constant exchange rate ("CER") basis and are non-GAAP ratios.

<sup>(3)</sup> Core EPS, core EPS excluding the impact of the change in ECL, core ROE, core EBITDA margin, financial leverage ratio, and adjusted book value per common

share ("adjusted BV per common share") are non-GAAP ratios.

<sup>(4)</sup> Life Insurance Capital Adequacy Test ("LICAT") ratio of The Manufacturers Life Insurance Company ("MLI") as at September 30, 2025. 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.

<sup>(5)</sup> For more information on annualized premium equivalent ("APE") sales, new business value ("NBV"), net flows, gross flows, average asset 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, average AUMA and organic CSM are stated on a constant exchange rate basis.

<sup>(6)</sup> 2024 quarterly and year-to-date core earnings, NBV, core EPS, core ROE, adjusted BV per common share, and financial leverage ratio have been updated to

align with the presentation of Global Minimum Taxes ("GMT") in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 3Q25 MD&A for more information.

<sup>(7)</sup> Refers to "Results at a Glance" for 3Q25 and 3Q24 results.

<sup>(8)</sup> PT Schroder Investment Management Indonesia.

<sup>(9)</sup> See "Caution regarding forward-looking statements" below.

<sup>(10)</sup> Includes AUM of US$11 billion and committed capital of US$3.7 billion as of June 30, 2025.

<sup>(11)</sup> Subject to the receipt of regulatory approvals. See "Caution Regarding Forward-looking Statements".

<sup>(12)</sup> See section A1 "Profitability" in our 3Q25 MD&A for more information on notable items attributable to core earnings and net income attributed to shareholders.

<sup>(13)</sup> The reinsurance transaction with the Reinsurance Group of America, Incorporated ("RGA U.S. Reinsurance Transaction") closed January 1, 2025.

<sup>(14)</sup> Asia Other excludes Hong Kong and Japan.

<sup>(15)</sup> Net of non-controlling interests ("NCI").

<sup>(16)</sup> This amount excludes the portion related to NCI.

**<u>Earnings Results Conference Call</u>**

Manulife will host a conference call and live webcast on its Third Quarter 2025 results, including an update on its

strategic refresh, on November 13, 2025, at 8:00 a.m. (ET). To access the conference call, dial 1-888-317-6003 or

1-412-902-6506 (Passcode: 0794352#). 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 <u>https://</u>

<u>www.manulife.com/en/investors/results-and-reports</u>.

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 January 13, 2026, by dialing 1-855-669-9658 or 1-412-317-0088 (Passcode: 9645853#).

The Third Quarter 2025 Statistical Information Package and additional information related to the strategic refresh

are also available on the Manulife website at <u>https://</u><u>w</u><u>ww.manulife.com/en/investors/results-and-reports</u>.

This earnings news release should be read in conjunction with the Company's Third Quarter 2025 Report to

Shareholders, including our unaudited interim Consolidated Financial Statements for the three and nine months

endedSeptember 30, 2025, prepared in accordance with IFRS as issued by the International Accounting

Standards Board, which is available on our website at <u>https://www.manulife.com/en/investors/results-and-</u>

<u>reports.html</u>. The Company's 3Q25 MD&A and additional information relating to the Company is available on the

SEDAR+ website at <u>https://www.sedarplus.ca</u> and on the U.S. Securities and Exchange Commission's ("SEC")

website at <u>https://www.sec.gov</u>.

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 |

---

**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** | **Quarterly Results** | **Quarterly Results** | **YTD Results** | **YTD Results** |
| ($ millions) | **3Q25** | 2Q25 | 3Q24 | **2025** | 2024 |
| **Core earnings**<sup>(1)</sup> |  |  |  |  |  |
| Asia | **$759** | $720 | $584 | **$2184** | $1826 |
| Canada | **428** | 419 | 412 | **1221** | 1178 |
| U.S. | **332** | 194 | 411 | **887** | 1278 |
| Global Wealth and Asset Management | **525** | 463 | 479 | **1442** | 1214 |
| Corporate and Other | **(9)** | (70) | (58) | **(206)** | (221) |
| **Total core earnings** | **$2035** | $1726 | $1828 | **$5528** | $5275 |
| **Items excluded from core earnings** |  |  |  |  |  |
| Market experience gains (losses) | **(2)** | 113 | 186 | **(1221)** | (1258) |
| Change in actuarial methods and assumptions that flow directly <br>through income<br>| **(216)** | - | (199) | **(216)** | (199) |
| Restructuring charge | **-** | - | (20) | **-** | (20) |
| Amortization of acquisition-related intangible assets<sup>(2)</sup> | **(6)** | - | - | **(6)** | - |
| Reinsurance transactions, tax-related items and other<sup>(1)</sup> | **(12)** | (50) | 44 | **(12)** | (51) |
| **Net income attributed to shareholders**  | **$1799** | $1789 | $1839 | **$4073** | $3747 |

---

<sup>(1)</sup> 2024 quarterly and year-to-date core earnings by segment, and 2024 YTD total core earnings have been updated to align with the presentation of GMT in 2025,

with a corresponding offset in items excluded from core earnings. See section A7 "Global Minimum Tax (GMT)" in our 3Q25 MD&A for more information.

<sup>(2)</sup> Includes the amortization of intangible assets acquired in a business combination, except for amortization of software and distribution agreements. This item is

excluded from core earnings commencing in 3Q25. Prior periods have not been restated as these amounts are not considered material, and use the definition of

core earnings in effect for those periods.See our definition of core earnings in section E3 "Non-GAAP and Other Financial Measures" of the 3Q25 MD&A.

**Global Minimum Taxes ("GMT")**

On June 20, 2024, the Canadian government passed the Global Minimum Tax Act into law. Canada's GMT is

applied retroactively to fiscal periods commencing on or after December 31, 2023. As additional local jurisdictions

are expected to enact the GMT in 2025, GMT is now recognized in net income in the reporting segments whose

earnings are subject to this tax. GMT is reported in both core earnings and items excluded from core earnings in

line with our definition of core earnings in section E3 "Non-GAAP and Other Financial Measures" of the 3Q25

MD&A.

To improve the comparability of results between 2025 and 2024, we have updated certain 2024 non-GAAP and

other financial measures to reflect the impact of GMT, including quarterly core earnings, core ROE, core EPS,

financial leverage ratio, adjusted book value per common share, new business value, and post-tax CSM net of

NCI. For further information and a complete list of the impacted financial measures, please see section A7 "Global

Minimum Taxes (GMT)" of the 3Q25 MD&A, which is incorporated by reference.

**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 excluding the impact of the change in

ECL; core earnings available to common shareholders excluding the impact of the change in ECL; 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"); assets under management ("AUM"); 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; 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"); diluted core earnings per common share excluding the impact of the change in ECL

("core EPS excluding the impact of the change in ECL"); expense efficiency ratio; 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"), CSM, 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 the new business CSM were provided in the 3Q25 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 3Q25 MD&A, which is incorporated by reference.

**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** | **3Q25** | **3Q25** | **3Q25** | **3Q25** | **3Q25** |
|  | Asia | Canada | U.S. | Global WAM | Corporate<br> and Other<br>| Total  |
| Income (loss) before income taxes | **$1268** | **$551** | **$(109)** | **$606** | **$(87)** | **$2229** |
| 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)** | **1035** | **427** | **(75)** | **525** | **7** | **1919** |
| 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-**<br>**tax)**<br>| **895** | **449** | **(75)** | **523** | **7** | **1799** |
| Less: Items excluded from core earnings (post-tax) |  |  |  |  |  |  |
| Market experience gains (losses) | **173** | **(37)** | **(172)** | **18** | **16** | **(2)** |
| Changes in actuarial methods and assumptions that <br>flow directly through income<br>| **(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)** | **$2035** |
| Income tax on core earnings (see above) | **93** | **119** | **79** | **82** | **(91)** | **282** |
| **Core earnings (pre-tax)** | **$852** | **$547** | **$411** | **$607** | **$(100)** | **$2317** |

---

**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** | **3Q25** | **3Q25** | **3Q25** | **3Q25** | **3Q25** |
|  | Asia | Canada | U.S. | Global WAM | Corporate<br> and Other<br>| Total  |
| **Core earnings (post-tax)** | **$759** | **$428** | **$332** | **$525** | **$(9)** | **$2035** |
| CER adjustment<sup>(1)</sup> | **-** | **-** | **-** | **-** | **-** | **-** |
| **Core earnings, CER basis (post-tax)** | **$759** | **$428** | **$332** | **$525** | **$(9)** | **$2035** |
| Income tax on core earnings, CER basis<sup>(2)</sup> | **93** | **119** | **79** | **82** | **(91)** | **282** |
| **Core earnings, CER basis (pre-tax)** | **$852** | **$547** | **$411** | **$607** | **$(100)** | **$2317** |
| **Core earnings (U.S. dollars) – Asia and U.S. segments** | **Core earnings (U.S. dollars) – Asia and U.S. segments** |  |  |  |  |  |
| **Core earnings (post-tax)**<sup>(3)</sup>**, US $** | **$550** |  | **$241** |  |  |  |
| CER adjustment US $<sup>(1)</sup> | **-** |  | **-** |  |  |  |
| **Core earnings, CER basis (post-tax), US $** | **$550** |  | **$241** |  |  |  |

---

<sup>(1)</sup> The impact of updating foreign exchange rates to that which was used in 3Q25.

<sup>(2)</sup> Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q25.

<sup>(3)</sup> Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 3Q25.

**Reconciliation of core earnings to net income attributed to shareholders –2Q25**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2Q25 | 2Q25 | 2Q25 | 2Q25 | 2Q25 | 2Q25 |
|  | Asia | Canada | U.S. | Global WAM | Corporate<br> and Other<br>| Total  |
| Income (loss) before income taxes | $1092 | $526 | $31 | $575 | $37 | $2261 |
| Income tax (expenses) recoveries |  |  |  |  |  |  |
| Core earnings | (94) | (110) | (37) | (89) | 32 | (298) |
| Items excluded from core earnings | (55) | (5) | 42 | (4) | (18) | (40) |
| Income tax (expenses) recoveries | (149) | (115) | 5 | (93) | 14 | (338) |
| **Net income (post-tax)** | 943 | 411 | 36 | 482 | 51 | 1923 |
| Less: Net income (post-tax) attributed to |  |  |  |  |  |  |
| Non-controlling interests | 49 | - | - | - | - | 49 |
| Participating policyholders | 64 | 21 | - | - | - | 85 |
| **Net income (loss) attributed to shareholders (post-**<br>**tax)**<br>| 830 | 390 | 36 | 482 | 51 | 1789 |
| Less: Items excluded from core earnings (post-tax) |  |  |  |  |  |  |
| Market experience gains (losses) | 161 | (27) | (158) | 16 | 121 | 113 |
| Changes in actuarial methods and assumptions that <br>flow directly through income<br>| - | - | - | - | - | - |
| Restructuring charge | - | - | - | - | - | - |
| Amortization of acquisition-related intangible assets | - | - | - | - | - | - |
| Reinsurance transactions, tax related items and other | (51) | (2) | - | 3 | - | (50) |
| **Core earnings (post-tax)** | $720 | $419 | $194 | $463 | $(70) | $1726 |
| Income tax on core earnings (see above) | 94 | 110 | 37 | 89 | (32) | 298 |
| **Core earnings (pre-tax)** | $814 | $529 | $231 | $552 | $(102) | $2024 |

---

**Core earnings, CER basis and U.S. dollars –2Q25**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2Q25 | 2Q25 | 2Q25 | 2Q25 | 2Q25 | 2Q25 |
|  | Asia | Canada | U.S. | Global WAM | Corporate <br>and Other<br>| Total  |
| **Core earnings (post-tax)** | $720 | $419 | $194 | $463 | $(70) | $1726 |
| CER adjustment<sup>(1)</sup> | (6) | - | (1) | (1) | - | (8) |
| **Core earnings, CER basis (post-tax)** | $714 | $419 | $193 | $462 | $(70) | $1718 |
| Income tax on core earnings, CER basis<sup>(2)</sup> | 94 | 110 | 37 | 89 | (33) | 297 |
| **Core earnings, CER basis (pre-tax)** | $808 | $529 | $230 | $551 | $(103) | $2015 |
| **Core earnings (U.S. dollars) – Asia and U.S. segments** | **Core earnings (U.S. dollars) – Asia and U.S. segments** |  |  |  |  |  |
| **Core earnings (post-tax)**<sup>(3)</sup>**, US $** | $520 |  | $141 |  |  |  |
| CER adjustment US $<sup>(1)</sup> | (1) |  | - |  |  |  |
| **Core earnings, CER basis (post-tax), US $** | $519 |  | $141 |  |  |  |

---

<sup>(1)</sup> The impact of updating foreign exchange rates to that which was used in 3Q25.

<sup>(2)</sup> Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q25.

<sup>(3)</sup> Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for 2Q25.

**Reconciliation of core earnings to net income attributed to shareholders – 3Q24**<sup>(1)</sup>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 3Q24 | 3Q24 | 3Q24 | 3Q24 | 3Q24 | 3Q24 |
|  | Asia | Canada | U.S. | Global WAM | Corporate <br>and Other<br>| Total  |
| Income (loss) before income taxes | $1059 | $578 | $18 | $519 | $167 | $2341 |
| Income tax (expenses) recoveries |  |  |  |  |  |  |
| Core earnings | (100) | (104) | (112) | (26) | 27 | (315) |
| Items excluded from core earnings | 61 | (10) | 99 | 6 | (115) | 41 |
| Income tax (expenses) recoveries | (39) | (114) | (13) | (20) | (88) | (274) |
| **Net income (post-tax)** | 1020 | 464 | 5 | 499 | 79 | 2067 |
| Less: Net income (post-tax) attributed to |  |  |  |  |  |  |
| Non-controlling interests | 130 | - | - | 1 | - | 131 |
| Participating policyholders | 63 | 34 | - | - | - | 97 |
| **Net income (loss) attributed to shareholders (post-**<br>**tax)**<br>| 827 | 430 | 5 | 498 | 79 | 1839 |
| Less: Items excluded from core earnings (post-tax) |  |  |  |  |  |  |
| Market experience gains (losses) | 213 | 16 | (204) | 28 | 133 | 186 |
| Changes in actuarial methods and assumptions that <br>flow directly through income<br>| (5) | 2 | (202) | - | 6 | (199) |
| Restructuring charge | - | - | - | (20) | - | (20) |
| Amortization of acquisition-related intangible assets | - | - | - | - | - | - |
| Reinsurance transactions, tax related items and other | 35 | - | - | 11 | (2) | 44 |
| **Core earnings (post-tax)** | $584 | $412 | $411 | $479 | $(58) | $1828 |
| Income tax on core earnings (see above) | 100 | 104 | 112 | 26 | (27) | 315 |
| **Core earnings (pre-tax)** | $684 | $516 | $523 | $505 | $(85) | $2143 |

---

<sup>(1)</sup> This reconciliation and related core earnings reconciliations below have been updated to align with the presentation of GMT in 2025. See section A7 "Global

Minimum Taxes (GMT)" in our 3Q25 MD&A for more information.

**Core earnings, CER basis and U.S. dollars – 3Q24**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 3Q24 | 3Q24 | 3Q24 | 3Q24 | 3Q24 | 3Q24 |
|  | Asia | Canada | U.S. | Global WAM | Corporate <br>and Other<br>| Total  |
| **Core earnings (post-tax)** | $584 | $412 | $411 | $479 | $(58) | $1828 |
| CER adjustment<sup>(1)</sup> | 5 | - | 5 | 4 | 1 | 15 |
| **Core earnings, CER basis (post-tax)** | $589 | $412 | $416 | $483 | $(57) | $1843 |
| Income tax on core earnings, CER basis<sup>(2)</sup> | 100 | 104 | 114 | 26 | (27) | 317 |
| **Core earnings, CER basis (pre-tax)** | $689 | $516 | $530 | $509 | $(84) | $2160 |
| **Core earnings (U.S. dollars) – Asia and U.S. segments** | **Core earnings (U.S. dollars) – Asia and U.S. segments** |  |  |  |  |  |
| **Core earnings (post-tax)**<sup>(3)</sup>**, US $** | $428 |  | $302 |  |  |  |
| CER adjustment US $<sup>(1)</sup> | - |  | - |  |  |  |
| **Core earnings, CER basis (post-tax), US $** | $428 |  | $302 |  |  |  |

---

<sup>(1)</sup> The impact of updating foreign exchange rates to that which was used in 3Q25.

<sup>(2)</sup> Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q25.

<sup>(3)</sup> Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for 3Q24.

**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** | **YTD 2025** | **YTD 2025** | **YTD 2025** | **YTD 2025** | **YTD 2025** |
|  | Asia | Canada | U.S. | Global WAM | Corporate <br>and Other<br>| Total  |
| Income (loss) before income taxes | **$3230** | **$1382** | **$(809)** | **$1709** | **$(323)** | **$5189** |
| 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)** | **2717** | **1084** | **(608)** | **1451** | **(179)** | **4465** |
| 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-**<br>**tax)**<br>| **2349** | **1061** | **(608)** | **1448** | **(177)** | **4073** |
| Less: Items excluded from core earnings (post-tax) |  |  |  |  |  |  |
| Market experience gains (losses) | **257** | **(216)** | **(1260)** | **23** | **(25)** | **(1221)** |
| Changes in actuarial methods and assumptions that <br>flow directly through income<br>| **(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)** | **$2184** | **$1221** | **$887** | **$1442** | **$(206)** | **$5528** |
| Income tax on core earnings (see above) | **288** | **318** | **200** | **257** | **(152)** | **911** |
| **Core earnings (pre-tax)** | **$2472** | **$1539** | **$1087** | **$1699** | **$(358)** | **$6439** |

---

**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** | **YTD 2025** | **YTD 2025** | **YTD 2025** | **YTD 2025** | **YTD 2025** |
|  | Asia | Canada | U.S. | Global WAM | Corporate <br>and Other<br>| Total  |
| **Core earnings (post-tax)** | **$2184** | **$1221** | **$887** | **$1442** | **$(206)** | **$5528** |
| CER adjustment<sup>(1)</sup> | **(27)** | **-** | **(15)** | **(14)** | **-** | **(56)** |
| **Core earnings, CER basis (post-tax)** | **$2157** | **$1221** | **$872** | **$1428** | **$(206)** | **$5472** |
| Income tax on core earnings, CER basis<sup>(2)</sup> | **284** | **318** | **196** | **255** | **(151)** | **902** |
| **Core earnings, CER basis (pre-tax)** | **$2441** | **$1539** | **$1068** | **$1683** | **$(357)** | **$6374** |
| **Core earnings (U.S. dollars) – Asia and U.S. segments** | **Core earnings (U.S. dollars) – Asia and U.S. segments** |  |  |  |  |  |
| **Core earnings (post-tax)**<sup>(3)</sup>**, US $** | **$1562** |  | **$633** |  |  |  |
| CER adjustment US $<sup>(1)</sup> | **4** |  | **-** |  |  |  |
| **Core earnings, CER basis (post-tax), US $** | **$1566** |  | **$633** |  |  |  |

---

<sup>(1)</sup> The impact of updating foreign exchange rates to that which was used in 3Q25.

<sup>(2)</sup> Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q25.

<sup>(3)</sup> Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for the respective quarters that make up 2025

year-to-date core earnings.

**Reconciliation of core earnings to net income attributed to shareholders – YTD 2024**<sup>(1)</sup>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | YTD 2024 | YTD 2024 | YTD 2024 | YTD 2024 | YTD 2024 | YTD 2024 |
|  | Asia | Canada | U.S. | Global WAM | Corporate <br>and Other<br>| Total |
| Income (loss) before income taxes | $2416 | $1100 | $20 | $1328 | $113 | $4977 |
| Income tax (expenses) recoveries |  |  |  |  |  |  |
| Core earnings | (293) | (302) | (310) | (151) | 91 | (965) |
| Items excluded from core earnings | (11) | 66 | 322 | 38 | (256) | 159 |
| Income tax (expenses) recoveries | (304) | (236) | 12 | (113) | (165) | (806) |
| **Net income (post-tax)** | 2112 | 864 | 32 | 1215 | (52) | 4171 |
| Less: Net income (post-tax) attributed to |  |  |  |  |  |  |
| Non-controlling interests | 223 | - | - | 2 | - | 225 |
| Participating policyholders | 117 | 82 | - | - | - | 199 |
| **Net income (loss) attributed to shareholders (post-**<br>**tax)**<br>| 1772 | 782 | 32 | 1213 | (52) | 3747 |
| Less: Items excluded from core earnings (post-tax) |  |  |  |  |  |  |
| Market experience gains (losses) | (95) | (439) | (1018) | 27 | 267 | (1258) |
| Changes in actuarial methods and assumptions that <br>flow directly through income<br>| (5) | 2 | (202) | - | 6 | (199) |
| Restructuring charge | - | - | - | (20) | - | (20) |
| Amortization of acquisition-related intangible assets | - | - | - | - | - | - |
| Reinsurance transactions, tax related items and other | 46 | 41 | (26) | (8) | (104) | (51) |
| **Core earnings (post-tax)** | $1826 | $1178 | $1278 | $1214 | $(221) | $5275 |
| Income tax on core earnings (see above) | 293 | 302 | 310 | 151 | (91) | 965 |
| **Core earnings (pre-tax)** | $2119 | $1480 | $1588 | $1365 | $(312) | $6240 |

---

<sup>(1)</sup> This reconciliation and related core earnings reconciliations below have been updated to align with the presentation of GMT in 2025. See section A7 "Global

Minimum Taxes (GMT)" in our 3Q25 MD&A for more information.

**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 | YTD 2024 | YTD 2024 | YTD 2024 | YTD 2024 | YTD 2024 |
|  | Asia | Canada | U.S. | Global WAM | Corporate <br>and Other<br>| Total |
| **Core earnings (post-tax)** | $1826 | $1178 | $1278 | $1214 | $(221) | $5275 |
| CER adjustment<sup>(1)</sup> | 33 | - | 16 | 11 | 2 | 62 |
| **Core earnings, CER basis (post-tax)** | $1859 | $1178 | $1294 | $1225 | $(219) | $5337 |
| Income tax on core earnings, CER basis<sup>(2)</sup> | 296 | 302 | 315 | 152 | (91) | 974 |
| **Core earnings, CER basis (pre-tax)** | $2155 | $1480 | $1609 | $1377 | $(310) | $6311 |
| **Core earnings (U.S. dollars) – Asia and U.S. segments** | **Core earnings (U.S. dollars) – Asia and U.S. segments** |  |  |  |  |  |
| **Core earnings (post-tax)**<sup>(3)</sup>**, US $** | $1342 |  | $940 |  |  |  |
| CER adjustment US $<sup>(1)</sup> | 8 |  | - |  |  |  |
| **Core earnings, CER basis (post-tax), US $** | $1350 |  | $940 |  |  |  |

---

<sup>(1)</sup> The impact of updating foreign exchange rates to that which was used in 3Q25.

<sup>(2)</sup> Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q25.

<sup>(3)</sup> Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for the respective quarters that make up 2024

year-to-date core earnings.

**Core earnings available to common shareholders**<sup>(1)</sup>

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **YTD Results** | **YTD Results** | **Full Year** <br>**Results**<br>|
| | **3Q25** | 2Q25 | 1Q25 | 4Q24 | 3Q24 | **2025** | 2024 | 2024 |
| Core earnings  | **$2035** | $1726 | $1767 | $1907 | $1828 | **$5528** | $5275 | $7182 |
| Less: Preferred share dividends and other equity <br>distributions<br>| **58** | 103 | 57 | 101 | 56 | **218** | 210 | 311 |
| **Core earnings available to common shareholders**  | **1977** | 1623 | 1710 | 1806 | 1772 | **5310** | 5065 | 6871 |
| CER adjustment<sup>(2)</sup> | **-** | (8) | (48) | (18) | 15 | **(56)** | 62 | 44 |
| **Core earnings available to common shareholders,** <br>**CER basis**<br>| **$1977** | $1615 | $1662 | $1788 | $1787 | **$5254** | $5127 | $6915 |

---

<sup>(1)</sup> 2024 reconciliations have been updated to align with the presentation of GMT in 2025.

<sup>(2)</sup> The impact of updating foreign exchange rates to which was used in 3Q25.

**Core ROE**<sup>(1)</sup>

($ millions, unless otherwise stated)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **YTD Results** | **YTD Results** | **Full Year** <br>**Results**<br>|
| | **3Q25** | 2Q25 | 1Q25 | 4Q24 | 3Q24 | **2025** | 2024 | 2024 |
| Core earnings available to common shareholders | **$1977** | $1623 | $1710 | $1806 | $1772 | **$5310** | $5065 | $6871 |
| **Annualized core earnings available to common** <br>**shareholders (post-tax)**<br>| **$7844** | $6510 | $6935 | $7185 | $7049 | **$7099** | $6766 | $6871 |
| **Average common shareholders' equity (see below)** | **$43238** | $43448 | $44394 | $43613 | $42609 | **$43693** | $41847 | $42288 |
| **Core ROE (annualized) (%)** | **18.1%** | 15.0% | 15.6% | 16.5% | 16.6% | **16.2%** | 16.2% | 16.2% |
| **Average common shareholders' equity** |  |  |  |  |  |  |  |  |
| Total shareholders' and other equity | **$50716** | $49080 | $51135 | $50972 | $49573 | **$50716** | $49573 | $50972 |
| Less: Preferred shares and other equity | **6660** | 6660 | 6660 | 6660 | 6660 | **6660** | 6660 | 6660 |
| Common shareholders' equity | **$44056** | $42420 | $44475 | $44312 | $42913 | **$44056** | $42913 | $44312 |
| **Average common shareholders' equity** | **$43238** | $43448 | $44394 | $43613 | $42609 | **$43693** | $41847 | $42288 |

---

<sup>(1)</sup> 2024 reconciliations have been updated to align with the presentation of GMT in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 3Q25 MD&A for

more information.

**CSM and post-tax CSM information**<sup>(1)</sup>

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **As at**  | **Sep 30, 2025** | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 |
| CSM | **$26283** | $23722 | $23713 | $23425 | $22213 |
| Less: CSM for NCI | **1565** | 1406 | 1417 | 1298 | 1283 |
| **CSM, net of NCI** | **$24718** | $22316 | $22296 | $22127 | $20930 |
| CER adjustment<sup>(2)</sup> | **-** | 270 | (481) | (328) | 298 |
| **CSM, net of NCI, CER basis** | **$24718** | $22586 | $21815 | $21799 | $21228 |
| **CSM by segment** |  |  |  |  |  |
| Asia | **$17580** | $15786 | $15904 | $15540 | $14715 |
| Asia NCI | **1565** | 1406 | 1417 | 1298 | 1283 |
| Canada | **4490** | 4133 | 4052 | 4109 | 4036 |
| U.S. | **2649** | 2386 | 2329 | 2468 | 2171 |
| Corporate and Other | **(1)** | 11 | 11 | 10 | 8 |
| **CSM** | **$26283** | $23722 | $23713 | $23425 | $22213 |
| **CSM, CER adjustment**<sup>(2)</sup> |  |  |  |  |  |
| Asia | **$-** | $222 | $(404) | $(245) | $235 |
| Asia NCI | **-** | 35 | (21) | (9) | 18 |
| Canada | **-** | - | - | - | - |
| U.S. | **-** | 47 | (77) | (82) | 63 |
| Corporate and Other | **-** | 1 | - | - | - |
| **Total** | **$-** | $305 | $(502) | $(336) | $316 |
| **CSM, CER basis** |  |  |  |  |  |
| Asia | **$17580** | $16008 | $15500 | $15295 | $14950 |
| Asia NCI | **1565** | 1441 | 1396 | 1289 | 1301 |
| Canada | **4490** | 4133 | 4052 | 4109 | 4036 |
| U.S. | **2649** | 2433 | 2252 | 2386 | 2234 |
| Corporate and Other | **(1)** | 12 | 11 | 10 | 8 |
| **Total CSM, CER basis** | **$26283** | $24027 | $23211 | $23089 | $22529 |
| **Post-tax CSM** |  |  |  |  |  |
| CSM | **$26283** | $23722 | $23713 | $23425 | $22213 |
| Marginal tax rate on CSM | **(4347)** | (3940) | (3929) | (3928) | (3719) |
| **Post-tax CSM** | **$21936** | $19782 | $19784 | $19497 | $18494 |
| CSM, net of NCI | **$24718** | $22316 | $22296 | $22127 | $20930 |
| Marginal tax rate on CSM net of NCI | **(4181)** | (3789) | (3772) | (3774) | (3566) |
| **Post-tax CSM net of NCI** | **$20537** | $18527 | $18524 | $18353 | $17364 |

---

<sup>(1)</sup> 2024 reconciliations have been updated to align with the presentation of GMT in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 3Q25 MD&A for

more information.

<sup>(2)</sup> The impact of reflecting CSM and CSM net of NCI using the foreign exchange rates for the Statement of Financial Position in effect for 3Q25.

**New business CSM**<sup>(1)</sup> **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** | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **YTD Results** | **YTD Results** | **Full Year** <br>**Results**<br>|
|  | **3Q25** | 2Q25 | 1Q25 | 4Q24 | 3Q24 | **2025** | 2024 | 2024 |
| **New business CSM** |  |  |  |  |  |  |  |  |
| Hong Kong | **$287** | $286 | $316 | $299 | $254 | **$889** | $622 | $921 |
| Japan | **76** | 74 | 81 | 66 | 86 | **231** | 224 | 290 |
| Asia Other<sup>(2)</sup> | **349** | 303 | 318 | 221 | 253 | **970** | 716 | 937 |
| *International High Net Worth* |  |  |  |  |  |  |  | *187* |
| *Mainland China* |  |  |  |  |  |  |  | *270* |
| *Singapore* |  |  |  |  |  |  |  | *391* |
| *Vietnam* |  |  |  |  |  |  |  | *17* |
| *Other Emerging Markets* |  |  |  |  |  |  |  | *72* |
| Asia | **712** | 663 | 715 | 586 | 593 | **2090** | 1562 | 2148 |
| Canada | **109** | 100 | 91 | 116 | 95 | **300** | 241 | 357 |
| U.S. | **145** | 119 | 101 | 140 | 71 | **365** | 242 | 382 |
| Total new business CSM | **$966** | $882 | $907 | $842 | $759 | **$2755** | $2045 | $2887 |
| **New business CSM, CER adjustment**<sup>(3)</sup> |  |  |  |  |  |  |  |  |
| Hong Kong | **$-** | $(1) | $(12) | $(5) | $2 | **$(13)** | $6 | $2 |
| Japan | **-** | (2) | (1) | 1 | 2 | **(3)** | 10 | 11 |
| Asia Other<sup>(2)</sup> | **-** | - | (4) | - | 7 | **(4)** | 23 | 23 |
| *International High Net Worth* |  |  |  |  |  |  |  | *1* |
| *Mainland China* |  |  |  |  |  |  |  | *4* |
| *Singapore* |  |  |  |  |  |  |  | *18* |
| *Vietnam* |  |  |  |  |  |  |  | *(2)* |
| *Other Emerging Markets* |  |  |  |  |  |  |  | *2* |
| Asia | **-** | (3) | (17) | (4) | 11 | **(20)** | 39 | 36 |
| Canada | **-** | - | - | - | - | **-** | - | (1) |
| U.S. | **-** | - | (4) | (2) | 1 | **(4)** | 3 | 1 |
| Total new business CSM | **$-** | $(3) | $(21) | $(6) | $12 | **$(24)** | $42 | $36 |
| **New business CSM, CER basis** |  |  |  |  |  |  |  |  |
| Hong Kong | **$287** | $285 | $304 | $294 | $256 | **$876** | $628 | $923 |
| Japan | **76** | 72 | 80 | 67 | 88 | **228** | 234 | 301 |
| Asia Other<sup>(2)</sup> | **349** | 303 | 314 | 221 | 260 | **966** | 739 | 960 |
| *International High Net Worth* |  |  |  |  |  |  |  | *188* |
| *Mainland China* |  |  |  |  |  |  |  | *274* |
| *Singapore* |  |  |  |  |  |  |  | *409* |
| *Vietnam* |  |  |  |  |  |  |  | *15* |
| *Other Emerging Markets* |  |  |  |  |  |  |  | *74* |
| Asia | **712** | 660 | 698 | 582 | 604 | **2070** | 1601 | 2184 |
| Canada | **109** | 100 | 91 | 116 | 95 | **300** | 241 | 356 |
| U.S. | **145** | 119 | 97 | 138 | 72 | **361** | 245 | 383 |
| **Total new business CSM, CER basis** | **$966** | $879 | $886 | $836 | $771 | **$2731** | $2087 | $2923 |

---

<sup>(1)</sup> New business CSM is net of NCI.

<sup>(2)</sup> 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.

<sup>(3)</sup> The impact of updating foreign exchange rates to that which was used in 3Q25.

**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** | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **YTD Results** | **YTD Results** | **Full Year** <br>**Results**<br>|
|  | **3Q25** | 2Q25 | 1Q25 | 4Q24 | 3Q24 | **2025** | 2024 | 2024 |
| **Net income (loss) attributed to shareholders:** |  |  |  |  |  |  |  |  |
| Asia | **$895** | $830 | $624 | $583 | $827 | **$2349** | $1772 | $2355 |
| Canada | **449** | 390 | 222 | 439 | 430 | **1061** | 782 | 1221 |
| U.S. | **(75)** | 36 | (569) | 103 | 5 | **(608)** | 32 | 135 |
| Global WAM | **523** | 482 | 443 | 384 | 498 | **1448** | 1213 | 1597 |
| Corporate and Other | **7** | 51 | (235) | 129 | 79 | **(177)** | (52) | 77 |
| **Total net income (loss) attributed to shareholders** | **1799** | 1789 | 485 | 1638 | 1839 | **4073** | 3747 | 5385 |
| Preferred share dividends and other equity distributions | **(58)** | (103) | (57) | (101) | (56) | **(218)** | (210) | (311) |
| **Common shareholders' net income (loss)** | **$1741** | $1686 | $428 | $1537 | $1783 | **$3855** | $3537 | $5074 |
| CER adjustment<sup>(1)</sup> |  |  |  |  |  |  |  |  |
| Asia | **$-** | $(10) | $(40) | $(4) | $7 | **$(50)** | $13 | $9 |
| Canada | **-** | (1) | 1 | - | (1) | **-** | 8 | 8 |
| U.S. | **-** | 1 | 21 | (4) | 1 | **22** | 12 | 7 |
| Global WAM | **-** | (3) | (18) | (6) | 2 | **(21)** | 8 | 2 |
| Corporate and Other | **-** | - | 7 | (3) | (2) | **7** | (7) | (9) |
| **Total net income (loss) attributed to shareholders**  | **-** | (13) | (29) | (17) | 7 | **(42)** | 34 | 17 |
| Preferred share dividends and other equity distributions  | **-** | - | - | - | - | **-** | - | - |
| **Common shareholders' net income (loss)** | **$-** | $(13) | $(29) | $(17) | $7 | **$(42)** | $34 | $17 |
| Net income (loss) attributed to shareholders, CER basis |  |  |  |  |  |  |  |  |
| Asia | **$895** | $820 | $584 | $579 | $834 | **$2299** | $1785 | $2364 |
| Canada | **449** | 389 | 223 | 439 | 429 | **1061** | 790 | 1229 |
| U.S. | **(75)** | 37 | (548) | 99 | 6 | **(586)** | 44 | 142 |
| Global WAM | **523** | 479 | 425 | 378 | 500 | **1427** | 1221 | 1599 |
| Corporate and Other | **7** | 51 | (228) | 126 | 77 | **(170)** | (59) | 68 |
| **Total net income (loss) attributed to shareholders,** <br>**CER basis**<br>| **1799** | 1776 | 456 | 1621 | 1846 | **4031** | 3781 | 5402 |
| Preferred share dividends and other equity distributions, <br>CER basis<br>| **(58)** | (103) | (57) | (101) | (56) | **(218)** | (210) | (311) |
| **Common shareholders' net income (loss), CER basis** | **$1741** | $1673 | $399 | $1520 | $1790 | **$3813** | $3571 | $5091 |
| Asia net income attributed to shareholders, U.S. dollars |  |  |  |  |  |  |  |  |
| Asia net income (loss) attributed to shareholders, US $<sup>(2)</sup> | **$649** | $600 | $435 | $417 | $606 | **$1684** | $1300 | $1717 |
| CER adjustment, US $<sup>(1)</sup> | **-** | (4) | (11) | 3 | - | **(15)** | (3) | - |
| **Asia net income (loss) attributed to shareholders, U.S.** <br>**$, CER basis**<sup>(1)</sup><br>| **$649** | $596 | $424 | $420 | $606 | **$1669** | $1297 | $1717 |
| Net income (loss) attributed to shareholders (pre-tax) |  |  |  |  |  |  |  |  |
| Net income (loss) attributed to shareholders (post-tax) | **$1799** | $1789 | $485 | $1638 | $1839 | **$4073** | $3747 | $5385 |
| Tax on net income attributed to shareholders | **283** | 307 | 47 | 388 | 229 | **637** | 714 | 1102 |
| **Net income (loss) attributed to shareholders (pre-tax)** | **2082** | 2096 | 532 | 2026 | 2068 | **4710** | 4461 | 6487 |
| CER adjustment<sup>(1)</sup> | **-** | (8) | (7) | (8) | 16 | **(15)** | 42 | 33 |
| **Net income (loss) attributed to shareholders (pre-tax),** <br>**CER basis**<br>| **$2082** | $2088 | $525 | $2018 | $2084 | **$4695** | $4503 | $6520 |

---

<sup>(1)</sup> The impact of updating foreign exchange rates to that which was used in 3Q25.

<sup>(2)</sup> 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

reporting period.

**Adjusted book value**<sup>(1)</sup>

($ millions)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Sep 30, 2025** | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 |
| **As at** | **Sep 30, 2025** | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 |
| Common shareholders' equity | **$44056** | $42420 | $44475 | $44312 | $42913 |
| Post-tax CSM, net of NCI | **20537** | 18527 | 18524 | 18353 | 17364 |
| **Adjusted book value** | **$64593** | $60947 | $62999 | $62665 | $60277 |

---

<sup>(1)</sup> 2024 reconciliations have been updated to align with the presentation of GMT in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 3Q25 MD&A for

more information.

**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** | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **YTD Results** | **YTD Results** | **Full Year** <br>**Results**<br>|
|  | **3Q25** | 2Q25 | 1Q25 | 4Q24 | 3Q24 | **2025** | 2024 | 2024 |
| **Global WAM core earnings (post-tax)**  | **$525** | $463 | $454 | $459 | $479 | **$1442** | $1214 | $1673 |
| Add back taxes, acquisition costs, other expenses and <br>deferred sales commissions<br>|  |  |  |  |  |  |  |  |
| Core income tax (expenses) recoveries (see above) | **82** | 89 | 86 | 83 | 26 | **257** | 151 | 234 |
| Amortization of deferred acquisition costs and other <br>depreciation<br>| **44** | 51 | 46 | 49 | 48 | **141** | 139 | 188 |
| Amortization of deferred sales commissions | **21** | 20 | 22 | 20 | 19 | **63** | 58 | 78 |
| **Core EBITDA** | **$672** | $623 | $608 | $611 | $572 | **$1903** | $1562 | $2173 |
| CER adjustment<sup>(1)</sup> | **-** | (3) | (17) | (7) | 4 | **(20)** | 13 | 6 |
| **Core EBITDA, CER basis** | **$672** | $620 | $591 | $604 | $576 | **$1883** | $1575 | $2179 |

---

<sup>(1)</sup> The impact of updating foreign exchange rates to that which was used in 3Q25.

**Core EBITDA margin and core revenue**

($ millions, unless otherwise stated)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **Quarterly Results** | **YTD Results** | **YTD Results** | **Full Year** <br>**Results**<br>|
|  | **3Q25** | 2Q25 | 1Q25 | 4Q24 | 3Q24 | **2025** | 2024 | 2024 |
| **Core EBITDA margin** |  |  |  |  |  |  |  |  |
| Core EBITDA | **$672** | $623 | $608 | $611 | $572 | **$1903** | $1562 | $2173 |
| Core revenue | **$2175** | $2069 | $2140 | $2140 | $2055 | **$6384** | $5876 | $8016 |
| **Core EBITDA margin** | **30.9%** | 30.1% | 28.4% | 28.6% | 27.8% | **29.8%** | 26.6% | 27.1% |
| **Global WAM core revenue** |  |  |  |  |  |  |  |  |
| Other revenue per financial statements | **$2145** | $1851 | $1986 | $2003 | $1928 | **$5982** | $5585 | $7588 |
| Less: Other revenue in segments other than Global <br>WAM<br>| **121** | (53) | 11 | (2) | 53 | **79** | 151 | 149 |
| **Other revenue in Global WAM (fee income)** | **$2024** | $1904 | $1975 | $2005 | $1875 | **$5903** | $5434 | $7439 |
| Investment income per financial statements | **$4682** | $4740 | $4234 | $5250 | $4487 | **$13656** | $12999 | $18249 |
| Realized and unrealized gains (losses) on assets <br>supporting insurance and investment contract <br>liabilities per financial statements<br>| **3784** | 2377 | (992) | (622) | 1730 | **5169** | 2832 | 2210 |
| Total investment income  | **8466** | 7117 | 3242 | 4628 | 6217 | **18825** | 15831 | 20459 |
| Less: Investment income in segments other than Global <br>WAM<br>| **8275** | 6924 | 3089 | 4550 | 5991 | **18288** | 15327 | 19877 |
| Investment income in Global WAM | **$191** | $193 | $153 | $78 | $226 | **$537** | $504 | $582 |
| Total other revenue and investment income in Global <br>WAM<br>| **$2215** | $2097 | $2128 | $2083 | $2101 | **$6440** | $5938 | $8021 |
| Less: Total revenue reported in items excluded from core <br>earnings<br>|  |  |  |  |  |  |  |  |
| Market experience gains (losses) | **24** | 20 | (14) | (28) | 33 | **30** | 32 | 4 |
| Revenue related to integration and acquisitions | **16** | 8 | 2 | (29) | 13 | **26** | 30 | 1 |
| **Global WAM core revenue** | **$2175** | $2069 | $2140 | $2140 | $2055 | **$6384** | $5876 | $8016 |

---

**Core earnings excluding the change in ECL** 

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

---

| | | |
|:---|:---|:---|
| For the three months ended September 30, | **2025** | 2024 |
| Core earnings | **$2035** | $1828 |
| Less: (Increase) recovery in the ECL | **35** | (45) |
| Core earnings, excluding change in ECL | **2000** | 1873 |
| CER adjustment<sup>(1)</sup> | **-** | 16 |
| **Core earnings, excluding change in ECL, CER basis** | **$2000** | $1889 |

---

<sup>(1)</sup> The impact of updating foreign exchange rates to that which was used in 3Q25.

**Core earnings available to common shareholders excluding the change in ECL**

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

---

| | | |
|:---|:---|:---|
| For the three months ended September 30, | **2025** | 2024 |
| Core earnings available to common shareholders | **$1977** | $1772 |
| Less: (Increase) recovery in the ECL | **35** | (45) |
| Core earnings available to common shareholders, excluding change in ECL | **1942** | 1817 |
| CER adjustment<sup>(1)</sup> | **-** | 16 |
| **Core earnings available to common shareholders, excluding change in ECL, CER basis** | **$1942** | $1833 |

---

<sup>(1)</sup> The impact of updating foreign exchange rates to that which was used in 3Q25.

**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, the expected benefits of the acquisitions of Comvest and

Schroders Indonesia, entering into the Indian insurance market and its anticipated benefits 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; the anticipated benefits from the Comvest and Schroders Indonesia acquisitions,

receipt of regulatory approvals and satisfaction of closing conditions for the Schroders Indonesia acquisition; the receipt

of regulatory approvals for entering into the Indian insurance market and the anticipated benefits of such entry, 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.

## Exhibit 99.2

**Exhibit 99.2**

![picture1.jpg](picture1.jpg)

**News**

**Release**

C$ unless otherwise statedTSX/NYSE/PSE: MFC SEHK: 945

For Immediate Release

November 12, 2025

**Manulife declares common share dividend** 

**Toronto** - Manulife's Board of Directors today announced a quarterly common shareholders' dividend of

$0.44 per share on the common shares of Manulife, payable on and after December 19, 2025, to

shareholders of record at the close of business on November 26, 2025.

In respect of the Company's Canadian Dividend Reinvestment and Share Purchase Plan and its U.S.

Dividend Reinvestment and Share Purchase Plan, the Company will purchase common shares on the

open market in connection with the reinvestment of dividends and optional cash purchases under these

plans. The purchase price of these common shares will be based on the average of the actual cost to

purchase them and there are no applicable discounts.

**About Manulife**

Manulife Financial Corporation is a leading international financial services provider, helping our customers

make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate

as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States,

providing financial advice and insurance for individuals, groups and businesses. Through Manulife Wealth

& Asset Management, we offer global investment, financial advice, and retirement plan services to

individuals, institutions, and retirement plan members worldwide. At the end of 2024, we had more than

37,000 employees, over 109,000 agents, and thousands of distribution partners, serving over 36 million

customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and under

'945' in Hong Kong.

Not all offerings are available in all jurisdictions. For additional information, please visit <u>manulife.com</u>.

**Media Inquiries:Investor Relations:**

Fiona McLeanDerek Theobalds

ManulifeManulife

437-441-7491416-254-1774

<u>fiona_mclean@manulife.com</u><u>derek_theobalds@manulife.com</u>