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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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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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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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

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Total Investment Result

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

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Average Assets

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Adjusted EBT

Adjusted Funds From Operations

Income Statement	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Net Premiums Earned	14,052	13,580	13,012	12,629	11,343	11,688
Net Premium Income
Insurance Revenue
Investment Income	9,742	10,106	9,005	8,049	9,972	3,879
Net Investment Income
Net Gains on Investments	1,385	1,108	1,102	244	2,894	-3,565
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	3,837	3,931	3,657	3,364	3,382	3,218
Other Revenue
Other Revenue
Total Revenues	29,016	28,725	26,776	24,286	27,591	15,220
Total Revenues %Chg	8.4%	18.3%	-3%	59.6%	3,460.1%	-59.5%
Total Revenue
Insurance Benefits & Claims	12,003	11,594	10,997	10,388	9,607	10,278
Insurance Service Expenses
Net Expenses from Reinsurance Contracts Held
Net Benefits and Claims
Policy Amortization Costs	749	760	720	671	674	652
Commissions
Commissions Related to Non-Insurance Contracts
Investment Expense	617	739	609	720	577	659
Investment Expenses
Investment Expenses
Other Operating Expenses	2,342	2,532	2,327	2,222	2,108	1,916
General Expenses
General Expenses
Premium Taxes
Operating Profit	13,305	13,100	12,123	10,285	14,625	1,715
Interest Expense	-737	-831	-850	-806	-748	-646
Interest Expense
Interest Expenses
Operating Margin	45.9%	45.6%	45.3%	42.3%	53%	11.3%
Non-Operating Income	-8,840	-7,446	-8,144	-6,658	-8,405	-4,112
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	-9,577	-8,277	-8,994	-7,464	-9,153	-4,758
Income Before Provision for Income Taxes	2,960	4,454	2,636	3,297	3,155	1,181
Income Before Income Taxes
Net Income Before Income Taxes
Provision for Income Taxes	414	680	532	271	574	-166
Income Tax Expense
Income Tax Expenses
Consolidated Net Income	2,546	3,774	2,104	3,026	2,581	1,347
Net Income
Net Income Attributable to Minority Interests and Other	272	297	196	354	150	-59
Non-Controlling Interests
Participating Policyholders
Net Income Attributable to Preferred Dividends	160	157	154	153	150	148
Preferred Share Dividends and Other Equity Distributions
Net Income Attributable to Common Shareholders	2,114	3,320	1,754	2,519	2,281	1,258
Common Shareholders' Net Income
Basic EPS	1.2	1.9	1	1.4	1.2	0.6
Diluted EPS	1.2	1.9	1	1.4	1.2	0.6
Basic Weighted Average Shares Outstanding	1,717	1,759	1,799	1,818	1,850	1,890
Diluted Weighted Average Shares Outstanding	1,722	1,765	1,805	1,822	1,854	1,893
Total Shares Outstanding	1,703	1,729	1,785	1,806	1,833	1,865
EBITDA	13,305	13,100	12,123	10,285	14,625	1,715
Effective Tax Rate	14%	15.3%	20.2%	8.2%	18.2%	-14.1%