GenAI Capabilities rolled out to 100% of Manulife's Workforce with 75% Engagement Rate

Rhea-AI Summary

Manulife (MFC) announced that over 75% of its global workforce is now engaged with GenAI tools, including ChatMFC, its proprietary GenAI assistant launched in 2024. The company has deployed more than 35 GenAI use cases across Canada, the U.S., and Asia, with an additional 70 planned by end of 2025.

The company's AI initiatives include a dedicated team of nearly 200 global data scientists, an AI-enabled translation tool supporting 9 languages, and GenAI-powered solutions handling over 110 million calls annually. Their Sales Enablement Tool, initially launched in Singapore, has expanded to multiple global markets.

Manulife expects its digital capabilities, including AI-enabled enhancements, to generate a threefold return on investment through 2027, with over $600 million in benefits realized in 2024 from global digital initiatives.

Positive

• Realized $600M in benefits from digital initiatives in 2024
• Expected threefold ROI on digital investments through 2027
• 75% workforce engagement with GenAI tools
• 35 GenAI use cases deployed with 70 more planned by 2025
• AI solutions handling 110M+ calls annually
• 200 global data scientists and ML engineers deployed

Negative

• Significant ongoing investment required in digital transformation
• High dependency on AI technology success for future returns
• Potential cybersecurity and data privacy risks

Insights

Financial Analyst

Manulife's latest GenAI implementation announcement represents a substantial financial success story with $600 million in benefits already realized in 2024 from digital initiatives. The company projects a threefold return on investment over five years through 2027, indicating significant value creation from their multi-billion-dollar digital transformation investment.

The 75% workforce engagement with AI tools demonstrates exceptional adoption at scale, with 35 GenAI use cases already deployed and 70 more prioritized for implementation by end-2025. This systematic approach spans revenue generation, operational efficiency, and customer experience enhancement.

The financial impact materializes through multiple channels: (1) Operational efficiency gains via automation of routine tasks, freeing employees for higher-value work; (2) Revenue growth through AI-powered sales enablement tools providing personalized insights to advisors; and (3) Enhanced customer experience with AI supporting over 110 million calls annually.

With nearly 200 data scientists and machine learning engineers embedded across the organization, Manulife has built the technical infrastructure necessary to sustain and expand AI benefits. The pipeline of over 400 GenAI solutions submitted by employees suggests ongoing innovation potential beyond current implementations.

This represents one of the more successful enterprise-wide AI deployments in financial services, with clear, quantifiable financial returns rather than speculative future benefits. The $600 million in realized benefits is particularly impressive given Manulife's $50.3 billion market capitalization, representing meaningful value creation for shareholders.

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

Manulife's digital capabilities, including AI-enabled enhancements, are expected to generate a threefold return on investment over five years through 2027

TORONTO, March 6, 2025 /PRNewswire/ - Manulife announced today that over 75 percent of its global workforce are engaged with GenAI through learning, immersive experiences and tools, including ChatMFC, its proprietary GenAI assistant introduced in 2024. Manulife has been actively investing in AI tools to embed across its workforce since the AI practice was introduced nearly ten years ago.

By democratizing access to AI-enabled solutions, the Company is empowering colleagues to harness its potential in their daily workflows, enhancing efficiency and driving innovation. AI is not a stand-alone function at Manulife, it is an integral part of how the company operates across teams, geographies, and business units.

A Culture of AI Democratization and Innovation

"AI is transformative, and it is creating efficiencies for how we work, create, and interact with one another," said Jodie Wallis, Global Chief Analytics Officer, Manulife. "By equipping our teams with GenAI tools, we're enabling them to work smarter, move faster, and make a bigger impact. We've doubled our AI-driven impact by diversifying and expanding solutions, strengthening data and AI platforms, and practicing responsible AI governance, proving that our teams see real value."

Manulife has made a multi-billion-dollar investment in its digital transformation including a cloud-based data and AI platform and scaled AI solutions. Today, the Company has deployed:

• ChatMFC, available across Manulife's global workforce, this GenAI tool can be used to automate routine tasks and allow employees to focus on higher-value, strategic work.
• A skills-building program that empowers colleagues at all levels to understand, experiment with, and apply AI effectively.
• More than 35 GenAI use cases across Canada, the U.S., and Asia have been deployed to-date, with an additional 70 GenAI use cases prioritized to be deployed by the end of 2025. These GenAI use cases are sourced from the Company's pipeline of over 400 GenAI solutions submitted by its workforce.
• A dedicated talent pool of nearly 200 global data scientists and machine learning engineers, embedded across the organization to scale AI capabilities.

Manulife's Global AI Strategy: Scaling Responsibly

"AI is driving efficiency, fueling growth, and strengthening our bottom line globally," said Karen Leggett, Global Chief Marketing Officer, Manulife. "By embedding AI at scale, we're not just optimizing operations – we're empowering colleagues to deepen customer relationships, improving advisor connections, and unlocking new revenue streams. As a strategic enabler of long-term success, AI will continue to be a cornerstone of Manulife's responsible and scalable growth."

Manulife's commitment to responsible AI ensures that innovations align with ethical, safety, and sustainability standards. The company's Responsible AI Principles guide how solutions are designed, developed, and deployed, reinforcing trust and transparency in AI applications.

Beyond ChatMFC, AI is being embedded in customer interactions, operations, and strategic decision-making. Examples include:

• New Ways of Working: Manulife's new AI-enabled translation tool provides global access to self-serve real-time translations in 9 languages, increasing efficiency and speed. 
• Revenue Growth: The Sales Enablement Tool, initially launched in Singapore, provides personalized insights to advisors. Its rapid global expansion, including to wholesalers, has expanded to multiple global markets.
• Customer Experience: GenAI-powered solutions now support over 110 million calls annually, with further expansion planned this year. Deployed across all North America contact centres and being scaled to our Asia operations, the technology enhances response speed, accuracy, and service quality by providing agents with instant, source-backed answers and confidence scores.

Manulife's AI roadmap for 2025 is designed for impact, deepening AI-driven insights, enhancing personalization for customers and advisors, and expanding investment in scalable, responsible solutions. By ensuring every colleague can leverage AI in their work, Manulife is strengthening its position as a leader in AI adoption across financial services.

Manulife expects their digital capabilities, including AI-enabled enhancements, to generate a threefold return on investment over five years through 2027 with over $600 million of benefits¹ realized in 2024 from our digital initiatives globally².

To learn more about Manulife's AI progress, visit:  https://www.manulife.com/en/about/ai.html

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1 The benefits from our global digital, customer leadership initiatives include expense saves, growth absorption, revenue benefits (margin businesses) and new business CSM growth (insurance).

2 Manulife 2024 Annual MD&A: https://www.manulife.com/content/dam/corporate/en/documents/investors/MFC_MDA_2024_Y1_EN.pdf

Caution regarding forward-looking statements

This document contains forward-looking statements within the meaning of the "safe harbour" provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of 1995 with respect to Manulife's use of its digital capabilities, including AI-enabled tools, and the expected benefits it expects to realize. 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. 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; changes in laws and regulations with respect to the use of AI-enabled tools; our ability to execute our digital plans and to deploy future digital use cases; our ability to adapt products and services to the changing market; our ability to attract and retain key employees; and our ability to protect our intellectual property and exposure to claims of infringement from others. Additional information about material risk factors that could cause actual results to differ materially from expectations may be found in our most recent annual and interim reports and 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. We do not undertake to update any forward-looking statements, except as required by law.

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 manulife.com.

Manulife Media Contact: 
Anne Hammer
ahammer@manulife.com
617-663-4746

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SOURCE Manulife Financial Corporation

FAQ

What ROI does Manulife (MFC) expect from its AI investments through 2027?

Manulife expects a threefold return on investment from its digital capabilities, including AI-enabled enhancements, through 2027.

How many GenAI use cases has Manulife (MFC) deployed in 2024?

Manulife has deployed 35 GenAI use cases across Canada, U.S., and Asia, with 70 more planned by end of 2025.

What benefits did Manulife (MFC) realize from digital initiatives in 2024?

Manulife realized over $600 million in benefits from their global digital initiatives in 2024.

How many employees at Manulife (MFC) are using GenAI tools?

Over 75% of Manulife's global workforce is engaged with GenAI through learning, experiences, and tools like ChatMFC.

How many calls does Manulife's (MFC) GenAI solution handle annually?

Manulife's GenAI-powered solutions support over 110 million calls annually across their operations.