Manulife Financial Corporation

TSX-MFC

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	1,919	1,923	623	1,707	2,067	1,132
Net Income
Share-Based Compensation Expense	—	—	—	—	—	—
Stock-Based Compensation Expense
Other Adjustments	-4,477	-2,945.5	296	897	-3,612	528
Net Realized and Unrealized Gains and Impairment on Assets
Deferred Income Tax Expenses
Restructuring Charge
Gain on Reinsurance Transactions
Gain on U.S. Variable Annuity Reinsurance Transaction (Pre-Tax)
Amortization of (Premium) Discount on Invested Assets
Contractual Service Margin Amortization
Other Amortization
Changes in Reinsurance Contract Assets	-213	-191	-547	-44	-5	-248
Change in Reinsurance Contract Assets Excluding Reinsurance Transaction Noted Below
Change in Reinsurance Contract Assets, Excluding Reinsurance Transactions Noted Below
Changes in Claims Reserves	6,859	3,619	5,101	-1,695	7,928	2,198
Change in Insurance Contract Net Liabilities
Changes in Other Operating Activities	5,448	4,865	1,215	6,263	1,139	3,663
Change in Investment Contract Liabilities
Changes in Policy Related and Operating Receivables and Payables
Cash Decrease Due to U.S. Variable Annuity Reinsurance Transaction
Cash from Operating Activities	9,536	7,275	6,688	7,128	7,517	7,273
Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Purchases of Investments	-33,325	-31,615	-35,141	-28,829	-35,286	-30,536
Purchases and Mortgage Advances
Proceeds from Sale of Investments	25,063	25,580	28,322	25,360	30,302	24,264
Disposals and Repayments
Payments for Business Acquisitions	—	—	—	27	-26	-298
Net Cash Change from Sale of Subsidiaries
Other Investing Activities	453	100	301	-281	307	41
Change in Investment Broker Net Receivables and Payables
Cash from Investing Activities	-7,809	-5,935	-6,518	-3,723	-4,703	-6,529
Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	457	896	151	13	138	385
Issue of Long-Term Debt
Secured Borrowings Including Securitization Transactions
Repayments of Long-Term Debt	—	-1,000	—	-527	-750	-304.5
Redemption of Long-Term Debt
Funds Repaid, Net
Redemption of Capital Instruments
Net Issuance / (Repayments) of Long-Term Debt	457	-104	151	-514	-612	80.5
Issuance of Common Shares	9	7	28	49	13	47
Common Shares Issued, Net
Repurchases of Common Shares	-613	-653	-507	-1,431	-986	-652
Common Shares Repurchased
Net Issuance / (Repurchases) of Common Shares	-604	-646	-479	-1,382	-973	-605
Issuance of Preferred Shares	—	—	—	—	—	—
Preferred Shares and Other Equity Issued, Net
Repurchases of Preferred Shares	—	—	—	—	—	—
Preferred Shares Redeemed, Net
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—
Common Share Dividends Paid	-804	-856	-802	-799	-766	-817
Shareholders' Dividends and Other Equity Distributions
Other Financing Activities	929	-16	272	1,250	699.5	652
Change in Repurchase Agreements and Securities Sold but Not Yet Purchased
Change in Deposits from Bank Clients, Net
Lease Payments
Issue of Capital Instruments, Net
Contributions from Non-Controlling Interests, Net
Cash from Financing Activities	-22	-1,622	-858	-1,445	-2,149	-385
Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	9,536	7,275	6,688	7,128	7,517	7,273
NOPAT	8,561.9	6,930.8	3,910.9	4,175	6,677.8	4,751.3
Levered Free Cash Flow	7,433	6,256	1,247	7,242	2,305	4,438.5
Unlevered Free Cash Flow	13,796.9	11,604.8	4,578.9	10,394	7,811.8	8,166.3
Net Change in Cash	1,705	-282	-688	1,960	665	359