Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; And Corporate and Other segments. The Wealth and Asset Management Businesses segment provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks. The Insurance and Annuity Products segment offers deposit and credit products; individual life, and individual and group long-term care insurance; and guaranteed and partially guaranteed annuity products through insurance agents, brokers, banks, financial planners, and direct marketing. The Corporate and Other segment is involved in property and casualty insurance and reinsurance businesses; and run-off reinsurance operations, including variable annuities, and accident and health. It also manages timberland and agricultural portfolios; and engages in insurance agency, portfolio and mutual fund management, mutual fund dealer, life, annuity, long-term care, and financial reinsurance; and fund management businesses. Additionally, the company holds and manages provides investment management, counseling, advisory, and dealer services. Manulife Financial Corporation was incorporated in 1887 and is headquartered in Toronto, Canada.

Manulife Financial Corporation

Insurance Revenue

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Insurance Service Expenses

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Net Expenses from Reinsurance Contracts Held

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Investment Income

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Realized and Unrealized Gains on Assets Supporting Insurance and Investment Contract Liabilities and on the Macro Hedge Program

Realized and Unrealized Gains on Assets Supporting Insurance and Investment Contract Liabilities and on the Macro Hedge Program %Chg

Realized and Unrealized Gains on Assets Supporting Insurance and Investment Contract Liabilities and on the Macro Hedge Program Common Size

Realized and Unrealized Gains on Assets Supporting Insurance and Investment Contract Liabilities

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Investment Expenses

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Net Investment Income

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Other Revenue 

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Total Revenue

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Gross Claims and Benefits

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Change in Insurance Contract Liabilities

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Change in Investment Contract Liabilities

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Benefits and Expenses Ceded to Reinsurers

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Change in Reinsurance Assets

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Net Benefits and Claims

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General Expenses

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Commissions

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Interest Expense

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Premium Taxes

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Total Contract Benefits and Expenses

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Income Before Income Taxes

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Insurance Finance Income and Effect of Movement in Foreign Exchange Rates

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Reinsurance Finance Income and Effect of Movement in Foreign Exchange Rates

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Decrease in Investment Contract Liabilities

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Investment Result Excluding Segregated Funds

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Gross Premiums

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Premiums Ceded to Reinsurers

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Premiums Ceded, Net of Commission and Additional Consideration Relating to Closed Block Reinsurance Transaction

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Net Premium Income

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Investment Income Related to Segregated Funds Net Assets

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Financial Changes Related to Insurance and Investment Contract Liabilities for Account of Segregated Fund Holders

Net Premiums Earned

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Net Gains on Investments

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Total Other Revenues

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Other Revenue

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Total Revenues

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Insurance Benefits & Claims

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Policy Amortization Costs

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Commissions Related to Non-Insurance Contracts

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Investment Expense

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Other Operating Expenses

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Operating Profit

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Interest Expenses

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Operating Margin

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Non-Operating Income

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Revenue

EBIT

EBITDA

CapEx

Net Interest Income

Assets

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Gross Profit

Adjusted Net Income

Net Revenue

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Average Assets

Adjusted EBIT

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Adjusted EBT

Adjusted Funds From Operations

Income Statement	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Premiums Earned	7,422	6,990	7,062	6,834	6,746	6,515
Net Premium Income
Insurance Revenue
Investment Income	4,682	4,740	4,234	5,250	4,487	4,261
Investment Income
Net Gains on Investments	3,784	2,377	-992	-622	1,730	564
Realized and Unrealized Gains on Assets Supporting Insurance and Investment Contract Liabilities and on the Macro Hedge Program
Realized and Unrealized Gains on Assets Supporting Insurance and Investment Contract Liabilities
Total Other Revenues	2,145	1,851	1,986	2,003	1,928	1,849
Other Revenue
Other Revenue
Total Revenues	18,033	15,958	12,290	13,465	14,891	13,189
Total Revenues %Chg	21.1%	21%	-6.1%	-12%	57.4%	6.7%
Total Revenue
Insurance Benefits & Claims	6,201	5,984	6,019	6,145	5,449	5,478
Insurance Service Expenses
Net Expenses from Reinsurance Contracts Held
Net Benefits and Claims
Policy Amortization Costs	386	364	385	390	370	364
Commissions
Commissions Related to Non-Insurance Contracts
Investment Expense	269	321	296	434	305	313
Investment Expenses
Investment Expenses
Other Operating Expenses	1,232	1,140	1,202	1,328	1,204	1,225
General Expenses
General Expenses
Premium Taxes
Operating Profit	9,945	8,149	4,388	5,168	7,563	5,809
Interest Expense	-388	-358	-379	-420	-411	-426
Interest Expense
Interest Expenses
Operating Margin	55.1%	51.1%	35.7%	38.4%	50.8%	44%
Non-Operating Income	-7,328	-5,530	-3,310	-2,635	-4,811	-3,999
Insurance Finance Income and Effect of Movement in Foreign Exchange Rates
Reinsurance Finance Income and Effect of Movement in Foreign Exchange Rates
Decrease in Investment Contract Liabilities
Total Non-Operating Income	-7,716	-5,888	-3,689	-3,055	-5,222	-4,425
Income Before Provision for Income Taxes	2,229	2,261	699	2,113	2,341	1,384
Income Before Income Taxes
Net Income Before Income Taxes
Provision for Income Taxes	310	338	76	406	274	252
Income Tax Expense
Income Tax Expenses
Consolidated Net Income	1,919	1,923	623	1,707	2,067	1,132
Net Income
Net Income Attributable to Minority Interests and Other	120	134	138	69	228	90
Non-Controlling Interests
Participating Policyholders
Net Income Attributable to Preferred Dividends	58	103	57	101	56	99
Preferred Share Dividends and Other Equity Distributions
Net Income Attributable to Common Shareholders	1,741	1,686	428	1,537	1,783	943
Common Shareholders' Net Income
Basic EPS	1	1	0.3	0.9	1	0.5
Diluted EPS	1	1	0.3	0.9	1	0.5
Basic Weighted Average Shares Outstanding	1,696	1,710	1,723	1,744	1,774	1,793
Diluted Weighted Average Shares Outstanding	1,701	1,715	1,729	1,751	1,780	1,799
Total Shares Outstanding	1,690	1,703	1,718	1,729	1,759	1,785
EBITDA	9,945	8,149	4,388	5,168	7,563	5,809
Effective Tax Rate	13.9%	14.9%	10.9%	19.2%	11.7%	18.2%