Earnings jump at Manulife (TSX: MFC) as Q1 2026 profit and core ROE rise

Rhea-AI Filing Summary

Manulife Financial reported a strong first quarter of 2026, with core earnings of $1.8 billion, up 8%, and net income attributed to shareholders of $1.1 billion, up $0.7 billion from a year earlier. Diluted core EPS rose to $1.06, an 11% increase, while reported EPS climbed to $0.65, up 178%. Core ROE reached 16.5% and the LICAT ratio stood at 136%, highlighting capital strength.

Insurance growth remained robust: APE sales grew 7% to $2.8 billion, new business CSM increased 16% to $1.0 billion, and new business value rose 7% to $944 million. Asia drove much of this momentum with 22% core earnings growth and 15% NBV growth, while Canada and the U.S. saw mixed results as Canada’s core earnings declined and U.S. core earnings dipped modestly despite a swing to positive net income.

Global Wealth and Asset Management delivered higher fees and a better core EBITDA margin but recorded $4.4 billion of net outflows compared with prior-year inflows. Manulife continued to execute on strategic initiatives, completing the Schroders Indonesia acquisition, entering a partnership with L&G, and scaling AI tools across businesses. The board declared a quarterly common dividend of $0.485 per share, payable on June 19 2026, with dividends eligible for reinvestment through existing Canadian and U.S. plans.

Positive

• Significant earnings and EPS acceleration: Core earnings rose to $1.8 billion (up 8%), net income to $1.1 billion from $485 million, and core EPS increased 11%, with reported EPS up 178% year over year.
• Stronger profitability and capital: Core ROE improved to 16.5% from 15.6%, ROE to 10.1%, and the LICAT ratio remained high at 136%, supporting ongoing shareholder returns including a $0.485 quarterly dividend.

Negative

• Material Global WAM net outflows: Global Wealth and Asset Management recorded net outflows of $4.4 billion versus $0.5 billion of net inflows a year earlier, driven mainly by higher retail redemptions, which pressures fee‑based growth despite higher average assets.

Insights

Equity analyst

Manulife’s Q1 2026 shows sharply higher earnings and solid capital, offset by asset management outflows.

Manulife delivered much stronger profitability, with core earnings of $1.8 billion up 8% and net income jumping to $1.1 billion from $485 million. Core EPS rose 11% to $1.06, and core ROE improved to 16.5%, indicating better returns on equity.

Growth in APE sales, new business CSM and NBV (up 7%, 16% and 7%) underscores healthy insurance demand, particularly in Asia. Capital remains strong, with a LICAT ratio of 136% and book value per share at $26.30, supporting ongoing dividends and buybacks mentioned in management’s commentary.

A key offset is Global WAM, which posted net outflows of $4.4 billion versus prior inflows, even as core EBITDA margin rose to 29.0%. The acquisition of Schroders Indonesia and the partnership with L&G aim to bolster distribution and product breadth, but their financial contribution will depend on future net flow trends and integration progress disclosed in subsequent periods.

Insurance sector specialist

Insurance franchises and CSM growth remain strong, supporting long-term earnings capacity.

The contractual service margin (CSM) reached $27.3 billion, with CSM net of non‑controlling interests at $25.6 billion as of March 31 2026. Organic CSM movement added $650 million, an annualized 11% growth rate, reflecting profitable new business and favourable experience.

Asia is the main engine, with core earnings up 22% to $598 million (US$) and NBV up 15%. Canada and the U.S. show more mixed patterns, with weaker group insurance experience in Canada and lower investment spreads in the U.S., though both benefit from higher new business CSM.

Expansion of health offerings, longevity partnerships, and AI-enabled underwriting and distribution tools may enhance efficiency and risk selection over time. Investors can use future disclosures on NBV margin, CSM growth and segment experience to gauge whether today’s strong CSM base continues to translate into sustained core earnings growth.

Key Figures

Core earnings: $1.8 billion Net income attributed to shareholders: $1,147 million Core EPS: $1.06 per share +5 more

8 metrics

Core earnings $1.8 billion Q1 2026, up 8% year over year

Net income attributed to shareholders $1,147 million Q1 2026, vs $485 million in Q1 2025

Core EPS $1.06 per share Q1 2026, up 11% from Q1 2025

Reported EPS $0.65 per share Q1 2026, up 178% from Q1 2025

Core ROE 16.5% Annualized Q1 2026

LICAT ratio 136% As of March 31, 2026 for MLI

Global WAM net flows -$4.4 billion Q1 2026, vs $0.5 billion inflows in Q1 2025

Quarterly dividend $0.485 per common share Payable June 19, 2026, to holders of record May 29, 2026

Key Terms

core earnings, contractual service margin, LICAT ratio, Global Wealth and Asset Management, +1 more

5 terms

core earnings financial

"Core earnings1 of $1.8 billion, up 8% on a CER basis2"

Core earnings are the profit a business generates from its normal, ongoing operations after removing one-time gains or losses and unusual accounting adjustments; think of it as the recurring paycheck a household can expect each month rather than a one-off inheritance or sale. Investors care because it highlights the company’s sustainable cash-making ability and makes performance easier to compare across periods and with other firms.

contractual service margin financial

"New business CSM up 16%2 and new business value"

Contractual service margin is an accounting measure that represents the unrecognized profit insurers will earn as they fulfill the obligations in insurance contracts over time. Think of it like a prepaid balance that is gradually released to income as the insurer delivers coverage and services; it smooths profit recognition and prevents recording all gains upfront. Investors watch it because changes signal future earnings patterns, profitability of current book of business, and the quality of reported insurance liabilities.

LICAT ratio financial

"LICAT ratio4 of 136%"

Global Wealth and Asset Management financial

"Global Wealth and Asset Management (“Global WAM”) net outflows5 of $4.4 billion"

Dividend Reinvestment and Share Purchase Plan financial

"Canadian Dividend Reinvestment and Share Purchase Plan and its U.S. Dividend Reinvestment and Share Purchase Plan"

A dividend reinvestment and share purchase plan lets shareholders automatically use cash dividends to buy additional shares and often make optional extra purchases directly from the company, sometimes at a reduced fee or price. For investors this acts like an automatic savings program that compounds returns over time, increases ownership without active trading, and changes cash income into growing stock exposure, which can affect portfolio income and voting stakes.

Form 6-K: How Foreign Companies Report to the SEC →

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 May 2026

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:

Exhibit	Description of Exhibit
99.1	News release - first quarter results dated May 13, 2026
99.2	News release - quarterly dividend announcement dated May 13, 2026

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
	By:	/s/ Eddy Mezzetta
	Name:	Eddy Mezzetta
	Title:	Vice President and Chief Counsel, Corporate Law
Date: May 13, 2026

1

Manulife Reports

First Quarter 2026 Results

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

TORONTO, ON – May 13, 2026 – Manulife Financial Corporation (“Manulife” or the “Company”) reported its first

quarter results for the period ended March 31, 2026, delivering double-digit core EPS and new business CSM

growth year over year.

Key highlights for the first quarter of 2026 (“1Q26”) include:

•Core earnings1 of $1.8 billion, up 8% on a CER basis2 compared with the first quarter of 2025 (“1Q25”)

•Net income attributed to shareholders of $1.1 billion, up $0.7 billion from 1Q25

•Core EPS3 of $1.06, up 11%2 from 1Q25. EPS of $0.65, up 178%2 from 1Q25

•Core ROE3 of 16.5% and ROE of 10.1%

•LICAT ratio4 of 136%

•APE sales up 7%5, new business CSM up 16%2 and new business value (“NBV”) up 7%5 from 1Q25

•Global Wealth and Asset Management (“Global WAM”) net outflows5 of $4.4 billion, compared with $0.5 billion of

net inflows in 1Q25

“We delivered a solid first quarter, executing our strategy and demonstrating the strength of our diversified

portfolio. We generated double-digit growth in core EPS, and new business momentum continued to build,

driving double-digit growth in new business CSM across all three insurance segments, despite macroeconomic

uncertainty.

“Asia achieved another strong quarter, with 22% growth in core earnings and 15% growth in new business

value, reflecting robust contributions from key markets in the region. In Global WAM, core EBITDA margin3

improved year over year, notwithstanding the impact of the eMPF transition, and Manulife | Comvest

contributed positively to margin, core earnings and net inflows.

“We made sustained progress against our strategic priorities — expanding our health proposition with new

partnerships in Asia and Canada, advancing Global WAM through our partnership with L&G6, and further

differentiating our U.S. product offerings. We scaled AI delivery across our global footprint to enhance

distributor experience and improve productivity and efficiency. We remain well positioned to deliver our targets

and capture growth, generating sustainable value for shareholders.”7

— Phil Witherington, Manulife President & Chief Executive Officer

“Our balance sheet and financial performance demonstrated resilience during a volatile quarter. Excess capital

remained strong, our financial leverage ratio improved, and book value per common share increased to an all-

time high8. We continued to deploy capital in a disciplined manner, returning $1.2 billion to shareholders

through dividends and share buybacks, and on the acquisition of Schroders Indonesia. Core ROE was 16.5%

for the quarter, an increase of 90 basis points compared with 1Q25, and our expense efficiency ratio of 46%3

remained in-line year over year, while continuing strategic investments in AI and reflecting the impact of the

Comvest acquisition in Global WAM.”

— Colin Simpson, Manulife Chief Financial Officer

2

Results at a Glance

($ millions, unless otherwise stated)	Quarterly Results
	1Q26	1Q25	Change2,5
Net income attributed to shareholders	$ 1,147	$ 485	149%
Core earnings	$ 1,836	$ 1,767	8%
EPS ($)	$ 0.65	$ 0.25	178%
Core EPS ($)	$ 1.06	$ 0.99	11%
ROE	10.1%	3.9%	6.2 pps
Core ROE	16.5%	15.6%	0.9 pps
Book value per common share ($)	$ 26.30	$ 25.88	2%
Adjusted BV per common share ($)3	$ 39.01	$ 36.66	6%
Financial leverage ratio (%)3	22.5%	23.9%	(1.4) pps
APE sales	$ 2,821	$ 2,689	7%
New business CSM	$ 1,019	$ 907	16%
NBV	$ 944	$ 907	7%
Global WAM net flows ($ billions)	$ (4.4)	$ 0.5	- %

Results by Segment

($ millions, unless otherwise stated)	Quarterly Results
	1Q26	1Q25	Change5
Asia (US$)
Net income attributed to shareholders	$ 433	$ 435	2%
Core earnings	598	492	22%
APE sales	1,599	1,412	11%
New business CSM	585	498	15%
NBV	533	457	15%
Canada
Net income attributed to shareholders	$ 238	$ 222	7%
Core earnings	352	374	(6)%
APE sales	416	491	(15)%
New business CSM	103	91	13%
NBV	152	180	(16)%
U.S. (US$)
Net income attributed to shareholders	$ 101	$ (397)	- %
Core earnings	241	251	(4)%
APE sales	155	120	29%
New business CSM	83	70	19%
NBV	44	48	(8)%
Global WAM
Net income attributed to shareholders	$ 403	$ 443	(5)%
Core earnings	448	454	2%
Gross flows ($ billions)5	56.0	50.3	15%
Average AUMA ($ billions)5	1,118	1,041	11%
Core EBITDA margin (%)	29.0%	28.4%	60 bps

3

Strategic Highlights

We are executing to expand our diversified portfolio and further strengthen distribution capabilities and

product leadership

In Asia, we received recognition as Asia’s Best Insurance Provider for Wealth Management at the 2026

Euromoney Private Banking Awards, a leading benchmark in the private banking and wealth management

industry. This acknowledgement reflects our strong growth momentum, innovative product suite for high-net-worth

(“HNW”) customer segments, value-added service, international capabilities, and trusted relationships with our

distribution partners across all HNW channels.

In Global WAM, we completed the acquisition of PT Schroder Investment Management Indonesia (“Schroders

Indonesia”) with $3.5 billion of assets under management (“AUM”) as of March 31, 2026. The acquisition

strengthens our position as the largest asset manager in Indonesia9 and enables us to deliver enhanced value to

our clients and stakeholders by leveraging the firm’s local expertise and client relationships.

In addition, we entered into a strategic partnership with L&G6 to enhance our distribution, investment management,

and product development capabilities. The partnership is intended to combine our global asset management

expertise and distribution platform with L&G’s strengths as a global asset manager and distribution capabilities,

especially across Europe, bringing together complementary capabilities to expand access to differentiated

investment solutions across institutional, retirement, and retail channels.

In the U.S., we further differentiated our product portfolio through enhancements to our indexed and hybrid

indexed universal life offerings, better positioning us to address evolving income-protection and wealth-

accumulation needs and supporting our growth strategy. Furthermore, we reinforced our industry-leading large-

case underwriting capabilities by increasing auto-bind limits through reinsurer support, simplifying underwriting and

reducing friction for complex submissions.

We are deploying AI globally to enhance distributor experience, drive efficiency, and deliver value

We accelerated our momentum across our enterprise AI platform, establishing production‑ready environments and

enabling initial scalable use cases, while leveraging new strategic partnerships with Akka10 and Adaptive ML11. In

addition, our developers across the organization continued to adopt assisted and autonomous AI capabilities,

increasing their productivity by 30% while enabling reinvestment to support business growth and develop new

capabilities to serve our customers. Together, we expect these advancements will enhance our ability to deploy AI

at scale with speed, consistency, and in alignment with our Responsible AI Principles.

Building on the roll out of agent and advisor AI tools in a number of our Asia markets in 2025, we launched our

distributor AI tool in Vietnam to support faster access to product information, premium calculations and simplified

illustrations for customers. In Japan, we also enhanced our AI tool to provide a unified, always-available entry point

to information about our independent agents, including their affiliations, branch details, and product license

eligibility, enabling us to provide better and faster support to these agents.

In Global WAM, we introduced an AI‑powered sales platform in U.S. Retail to better integrate data, enabling more

personalized advisor conversations and smarter sales deployment. This platform allows sales teams to prioritize

the most promising opportunities, driving an approximately 40% increase in meaningful advisor interactions and

supporting higher flows.

In the U.S., we continued to realize benefits from scaling GenAI investments in underwriting through the expansion

of our Quick Quote support tool, enabling us to automate nearly half of preliminary assessments, which

accelerated average turnaround time from days to minutes and enabled underwriters to focus on more complex

cases.

In Canada, we enhanced online claims processing for our Affinity health & dental business through AI-driven

document processing for the majority of manually processed claims, which improved processing speed and

accelerated payments to customers.

We are advancing our health, wealth and longevity strategy while establishing new strategic partnerships

In Asia, we established an exclusive partnership with Guardant Health to offer the Shield™ Multi‑Cancer Detection

test (“Shield MCD test”)12 to eligible customers in Hong Kong, Singapore, and the Philippines. The collaboration

makes us the first insurer in Asia to offer the Shield MCD test, broadening access to early cancer detection and

advancing our commitment to improving customer health outcomes and longevity.

In Canada, we partnered with Osara Health®, a global provider of evidence-based cancer support programs to

pilot the Cancer Coach™ program and offer eligible Group Benefits members structured and personalized support

for navigating the daily challenges that accompany a cancer diagnosis, treatment, and recovery.

4

We also advanced Manulife’s commitment to longevity through a partnership with the National Institute on Ageing,

supporting the release of the Ageing in Canada Survey, one of Canada’s most comprehensive annual snapshots of

aging, and building on our commitment to health, wealth and financial wellbeing.

In the U.S., we launched John Hancock Vitality PRO, a distributor-facing engagement platform designed to

support the promotion of John Hancock Vitality and to enhance producer loyalty. Early adoption continues to build,

reinforcing engagement in John Hancock Vitality and our mission to help customers live longer, healthier, better

lives.

Continued business growth drove core earnings higher13

Core earnings of $1.8 billion in 1Q26, up 8% from 1Q25

The increase in core earnings reflected strong business growth in Asia and Global WAM, the net positive impact of

2025 updates to actuarial methods and assumptions, and a net improvement in insurance experience, partially

offset by lower investment spreads in the U.S. and the impact of the eMPF transition in Hong Kong.

•Asia core earnings increased 22%, reflecting continued business growth and the net positive impact of 2025

updates to actuarial methods and assumptions, partially offset by less favourable insurance experience.

•Global WAM core earnings increased 2%, driven by higher net fee income from favourable market impacts

over the past 12 months, contribution from the Manulife | Comvest business, and continued expense

discipline, partially offset by the impact of the eMPF transition in Hong Kong and lower performance fees.

•Canada core earnings decreased 6%, reflecting unfavourable insurance experience in Group Insurance in

1Q26, compared with favourable experience in 1Q25. The variance in insurance experience was largely driven

by higher long-term disability claims, along with higher expenses to support the growing business and

transformational investment to elevate customer experience in Group Insurance. This was partially offset by

business growth in the segment, the net positive impact of 2025 updates to actuarial methods and

assumptions, and a lower charge in the expected credit loss provision.

•U.S. core earnings decreased 4%, primarily driven by lower investment spreads, partially offset by favourable

net insurance experience in 1Q26 compared with unfavourable experience in 1Q25.

•Corporate and Other core earnings improved by $12 million, reflecting the non-recurrence of the 1Q25

provision for the California wildfires in our P&C reinsurance business, partially offset by lower investment

income and higher expenses from continued strategic investments in transformational efforts, including AI-

focused initiatives.

Net Income attributed to shareholders of $1.1 billion in 1Q26, $0.7 billion higher compared with 1Q25

The $0.7 billion increase in net income was primarily driven by a smaller net charge related to market experience

and core earnings growth. The net charge from market experience in 1Q26 reflected lower-than-expected returns

on public equity and lower-than-expected returns on alternative long-duration assets, mainly related to real estate,

timber, and private equity investments. The market experience in 1Q25 included a $0.7 billion realized loss related

to the RGA U.S. Reinsurance Transaction from the sale of debt instruments, which was offset by an associated

change in Other Comprehensive Income with a net neutral impact to book value.14

Insurance new business growth momentum continued, with a double-digit increase in new business CSM

across all segments

APE sales, new business CSM and NBV increased 7%, 16%, and 7%, respectively, reflecting the strength

of our diversified business portfolio

•Asia delivered strong growth in APE sales, new business CSM and NBV, with a year-over-year increase of

11%, 15% and 15%, respectively, driven by higher sales volumes and a more favourable business mix,

reflecting growth in Hong Kong, Japan and Singapore across all three new business metrics. NBV margin

improved modestly to 38.2%.5

•Canada APE sales and NBV decreased 15% and 16%, respectively, driven by lower Group Insurance sales,

partially offset by higher Individual Insurance sales. New business CSM increased 13%, reflecting the growth

in Individual Insurance from higher participating life insurance sales.

•In the U.S., APE sales and new business CSM increased 29% and 19%, respectively, reflecting increased

demand for our accumulation insurance products supported by recent product enhancements. NBV decreased

8%, primarily driven by product mix, partially offset by higher sales volumes.

5

Global WAM net outflows of $4.4 billion in 1Q26, compared with net inflows of $0.5 billion in 1Q25

•Retirement net outflows were $2.8 billion in 1Q26 compared with net outflows of $2.6 billion in 1Q25, driven by

higher member withdrawals reflecting higher account balances from market growth and higher retirement plan

redemptions in the U.S., partially offset by lower retirement plan redemptions in Canada.

•Retail net outflows were $5.8 billion in 1Q26 compared with net inflows of $0.5 billion in 1Q25, primarily driven

by higher net outflows in active mutual funds through third-party intermediaries in North America, including a

few large model redemptions in the U.S.

•Institutional Asset Management net inflows were $4.2 billion in 1Q26 compared with net inflows of $2.6 billion

in 1Q25, driven by net flows from the Manulife | Comvest business, and higher net sales from money market

mandates in mainland China and from Manulife | CQS products, partially offset by lower net flows in equity

mandates and lower deployments in private equity mandates.

New business growth continued to drive higher organic CSM and CSM balance

CSM15 was $25,589 million as at March 31, 2026

CSM increased $620 million compared with December 31, 2025. Organic CSM movement contributed $650 million

of the increase, representing an 11% annualized growth in our CSM net of NCI balance16, 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 a decrease of $30 million, primarily driven by the

unfavourable impacts of equity market performance and interest rate movements, partially offset by the impacts of

changes in foreign currency exchange rates. Post-tax CSM net of NCI1 was $21,255 million as at March 31, 2026.

(1)Core earnings 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 1Q26 Management’s Discussion and Analysis (“1Q26

MD&A”).

(2)Percentage growth/declines in core earnings, diluted core earnings per common share (“core EPS”), diluted earnings (loss) per share (“EPS”), 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.

(3)Core EPS, core ROE, core EBITDA margin, expense efficiency ratio, adjusted book value per common share (“adjusted BV per common share”), and financial

leverage ratio are non-GAAP ratios.

(4)Life Insurance Capital Adequacy Test (“LICAT”) ratio of The Manufacturers Life Insurance Company (“MLI”) as at March 31, 2026. LICAT ratio is disclosed under

the Office of the Superintendent of Financial Institutions (“OSFI’s”) Life Insurance Capital Adequacy Test Public Disclosure Requirements guideline.

(5)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, and average AUMA are stated on a constant exchange rate basis.

(6)Legal & General Investment Management Limited and Legal and General Assurance Society, collectively referred to as “L&G”.

(7)See “Caution regarding forward-looking statements” below.

(8)Under IFRS 17.

(9)Based on AUM as of February 2026.

(10)Akka provides a secure and scalable software foundation to build trusted AI-powered business applications.

(11)Adaptive ML provides a reinforcement-learning-powered engine to fine-tune, evaluate, and deploy open-source small language models (SLMs) for enterprise

applications.

(12)The Shield MCD test is intended to detect 10 cancers with a single blood draw, and is for export use only outside of the United States.

(13)See section A1 “Profitability” in our 1Q26 MD&A for more information on notable items attributable to core earnings and net income attributed to shareholders.

(14)The reinsurance transaction with the Reinsurance Group of America, Incorporated (“RGA U.S. Reinsurance Transaction”) closed January 1, 2025.

(15)Net of non-controlling interests (“NCI”).

(16)Percentage growth / decline in our CSM net of NCI balance from organic CSM movement is stated on a constant exchange rate basis and is a non-GAAP ratio.

This percentage is calculated as the annualized year-to-date change in organic CSM net of NCI divided by the December 31, 2025 CSM net of NCI balance.

6

Earnings Results Conference Call

Manulife will host a conference call and live webcast on its First Quarter 2026 results on May 14, 2026, at 8:00

a.m. (ET). To access the conference call, dial 1-888-317-6003 or 1-647-846-2809 (Passcode: 7290517#). 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 https://www.manulife.com/en/investors/results-and-reports.

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 August 14, 2026, by dialing 1-855-669-9658 or 1-412-317-0088 (Passcode: 1809675#).

The First Quarter 2026 Statistical Information Package is also available on the Manulife website at https://

www.manulife.com/en/investors/results-and-reports.

This earnings news release should be read in conjunction with the Company’s First Quarter 2026 Report to

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

March 31, 2026, prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by

the International Accounting Standards Board, which is available on our website at https://www.manulife.com/en/

investors/results-and-reports. The Company’s 1Q26 MD&A and additional information relating to the Company is

available on the SEDAR+ website at https://www.sedarplus.ca and on the U.S. Securities and Exchange

Commission’s (“SEC”) website at https://www.sec.gov.

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

7

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
($ millions)	1Q26	4Q25	1Q25
Core earnings
Asia	$ 820	$ 785	$ 705
Canada	352	413	374
U.S.	331	319	361
Global Wealth and Asset Management	448	490	454
Corporate and Other	(115)	(14)	(127)
Total core earnings	$ 1,836	$ 1,993	$ 1,767
Items excluded from core earnings
Market experience gains (losses)	(666)	(441)	(1,332)
Change in actuarial methods and assumptions that flow directly through income	-	-	-
Restructuring charge	-	(12)	-
Amortization of acquisition-related intangible assets(1)	(18)	(12)	-
Reinsurance transactions, tax-related items and other	(5)	(29)	50
Net income attributed to shareholders	$ 1,147	$ 1,499	$ 485

(1)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 1Q26 MD&A.

Non-GAAP and other financial measures

The Company prepares its Consolidated Financial Statements in accordance with 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 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”); 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”); expense efficiency ratio; adjusted book value per common share; financial leverage

ratio; core EBITDA margin; growth in the CSM net of NCI from organic CSM movement; 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  new business CSM are provided in our 1Q26 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 1Q26 MD&A, which is incorporated by reference.

8

Reconciliation of core earnings to net income attributed to shareholders – 1Q26

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

	1Q26
	Asia	Canada	U.S.	Global WAM	Corporate and Other	Total
Income (loss) before income taxes	$ 776	$ 325	$ 159	$ 489	$ (283)	$ 1,466
Income tax (expenses) recoveries
Core earnings	(100)	(88)	(78)	(88)	42	(312)
Items excluded from core earnings	(27)	26	57	12	14	82
Income tax (expenses) recoveries	(127)	(62)	(21)	(76)	56	(230)
Net income (post-tax)	649	263	138	413	(227)	1,236
Less: Net income (post-tax) attributed to
Non-controlling interests	33	-	-	10	-	43
Participating policyholders	21	25	-	-	-	46
Net income (loss) attributed to shareholders (post- tax)	595	238	138	403	(227)	1,147
Less: Items excluded from core earnings (post-tax)
Market experience gains (losses)	(225)	(114)	(193)	(22)	(112)	(666)
Changes in actuarial methods and assumptions that flow directly through income	-	-	-	-	-	-
Restructuring charge	-	-	-	-	-	-
Amortization of acquisition-related intangible assets	-	-	-	(18)	-	(18)
Reinsurance transactions, tax related items and other	-	-	-	(5)	-	(5)
Core earnings (post-tax)	$ 820	$ 352	$ 331	$ 448	$ (115)	$ 1,836
Income tax on core earnings (see above)	100	88	78	88	(42)	312
Core earnings (pre-tax)	$ 920	$ 440	$ 409	$ 536	$ (157)	$ 2,148

Core earnings, CER basis and U.S. dollars – 1Q26

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

	1Q26
	Asia	Canada	U.S.	Global WAM	Corporate and Other	Total
Core earnings (post-tax)	$ 820	$ 352	$ 331	$ 448	$ (115)	$ 1,836
CER adjustment(1)	-	-	-	-	-	-
Core earnings, CER basis (post-tax)	$ 820	$ 352	$ 331	$ 448	$ (115)	$ 1,836
Income tax on core earnings, CER basis(2)	100	88	78	88	(42)	312
Core earnings, CER basis (pre-tax)	$ 920	$ 440	$ 409	$ 536	$ (157)	$ 2,148
Core earnings (U.S. dollars) – Asia and U.S. segments
Core earnings (post-tax)(3), US $	$ 598		$ 241
CER adjustment US $(1)	-		-
Core earnings, CER basis (post-tax), US $	$ 598		$ 241

(1)The impact of updating foreign exchange rates to that which was used in 1Q26.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q26.

(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 1Q26.

9

Reconciliation of core earnings to net income attributed to shareholders – 4Q25

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

	4Q25
	Asia	Canada	U.S.	Global WAM	Corporate and Other	Total
Income (loss) before income taxes	$ 899	$ 354	$ 101	$ 542	$ 9	$ 1,905
Income tax (expenses) recoveries
Core earnings	(101)	(111)	(75)	(93)	52	(328)
Items excluded from core earnings	(102)	25	55	10	30	18
Income tax (expenses) recoveries	(203)	(86)	(20)	(83)	82	(310)
Net income (post-tax)	696	268	81	459	91	1,595
Less: Net income (post-tax) attributed to
Non-controlling interests	26	-	-	7	-	33
Participating policyholders	47	16	-	-	-	63
Net income (loss) attributed to shareholders (post- tax)	623	252	81	452	91	1,499
Less: Items excluded from core earnings (post-tax)
Market experience gains (losses)	(121)	(158)	(238)	(1)	77	(441)
Changes in actuarial methods and assumptions that flow directly through income	-	-	-	-	-	-
Restructuring charge	-	(3)	-	(9)	-	(12)
Amortization of acquisition-related intangible assets	-	-	-	(12)	-	(12)
Reinsurance transactions, tax related items and other	(41)	-	-	(16)	28	(29)
Core earnings (post-tax)	$ 785	$ 413	$ 319	$ 490	$ (14)	$ 1,993
Income tax on core earnings (see above)	101	111	75	93	(52)	328
Core earnings (pre-tax)	$ 886	$ 524	$ 394	$ 583	$ (66)	$ 2,321

Core earnings, CER basis and U.S. dollars – 4Q25

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

	4Q25
	Asia	Canada	U.S.	Global WAM	Corporate and Other	Total
Core earnings (post-tax)	$ 785	$ 413	$ 319	$ 490	$ (14)	$ 1,993
CER adjustment(1)	(14)	-	(6)	(6)	(1)	(27)
Core earnings, CER basis (post-tax)	$ 771	$ 413	$ 313	$ 484	$ (15)	$ 1,966
Income tax on core earnings, CER basis(2)	99	111	74	92	(52)	324
Core earnings, CER basis (pre-tax)	$ 870	$ 524	$ 387	$ 576	$ (67)	$ 2,290
Core earnings (U.S. dollars) – Asia and U.S. segments
Core earnings (post-tax)(3), US $	$ 564		$ 229
CER adjustment US $(1)	(1)		(1)
Core earnings, CER basis (post-tax), US $	$ 563		$ 228

(1)The impact of updating foreign exchange rates to that which was used in 1Q26.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q26.

(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 4Q25.

10

Reconciliation of core earnings to net income attributed to shareholders – 1Q25

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

	1Q25
	Asia	Canada	U.S.	Global WAM	Corporate and Other	Total
Income (loss) before income taxes	$ 870	$ 305	$ (731)	$ 528	$ (273)	$ 699
Income tax (expenses) recoveries
Core earnings	(101)	(89)	(84)	(86)	29	(331)
Items excluded from core earnings	(30)	30	246	2	7	255
Income tax (expenses) recoveries	(131)	(59)	162	(84)	36	(76)
Net income (post-tax)	739	246	(569)	444	(237)	623
Less: Net income (post-tax) attributed to
Non-controlling interests	67	-	-	1	(2)	66
Participating policyholders	48	24	-	-	-	72
Net income (loss) attributed to shareholders (post- tax)	624	222	(569)	443	(235)	485
Less: Items excluded from core earnings (post-tax)
Market experience gains (losses)	(77)	(152)	(930)	(11)	(162)	(1,332)
Changes in actuarial methods and assumptions that flow directly through income	-	-	-	-	-	-
Restructuring charge	-	-	-	-	-	-
Amortization of acquisition-related intangible assets	-	-	-	-	-	-
Reinsurance transactions, tax related items and other	(4)	-	-	-	54	50
Core earnings (post-tax)	$ 705	$ 374	$ 361	$ 454	$ (127)	$ 1,767
Income tax on core earnings (see above)	101	89	84	86	(29)	331
Core earnings (pre-tax)	$ 806	$ 463	$ 445	$ 540	$ (156)	$ 2,098

Core earnings, CER basis and U.S. dollars – 1Q25

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

	1Q25
	Asia	Canada	U.S.	Global WAM	Corporate and Other	Total
Core earnings (post-tax)	$ 705	$ 374	$ 361	$ 454	$ (127)	$ 1,767
CER adjustment(1)	(31)	-	(16)	(15)	-	(62)
Core earnings, CER basis (post-tax)	$ 674	$ 374	$ 345	$ 439	$ (127)	$ 1,705
Income tax on core earnings, CER basis(2)	96	89	80	84	(28)	321
Core earnings, CER basis (pre-tax)	$ 770	$ 463	$ 425	$ 523	$ (155)	$ 2,026
Core earnings (U.S. dollars) – Asia and U.S. segments
Core earnings (post-tax)(3), US $	$ 492		$ 251
CER adjustment US $(1)	-		1
Core earnings, CER basis (post-tax), US $	$ 492		$ 252

(1)The impact of updating foreign exchange rates to that which was used in 1Q26.

(2)Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 1Q26.

(3)Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 1Q25.

Core earnings available to common shareholders

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

	Quarterly Results					Full Year Results
	1Q26	4Q25	3Q25	2Q25	1Q25	2025
Core earnings	$ 1,836	$ 1,993	$ 2,035	$ 1,726	$ 1,767	$ 7,521
Less: Preferred share dividends and other equity distributions	58	103	58	103	57	321
Core earnings available to common shareholders	1,778	1,890	1,977	1,623	1,710	7,200
CER adjustment(1)	-	(27)	(16)	(21)	(62)	(126)
Core earnings available to common shareholders, CER basis	$ 1,778	$ 1,863	$ 1,961	$ 1,602	$ 1,648	$ 7,074

(1)The impact of updating foreign exchange rates to which was used in 1Q26.

11

Core ROE

($ millions, unless otherwise stated)

	Quarterly Results					Full Year Results
	1Q26	4Q25	3Q25	2Q25	1Q25	2025
Core earnings available to common shareholders	$ 1,778	$ 1,890	$ 1,977	$ 1,623	$ 1,710	$ 7,200
Annualized core earnings available to common shareholders (post-tax)	$ 7,211	$ 7,498	$ 7,844	$ 6,510	$ 6,935	$ 7,200
Average common shareholders’ equity (see below)	$ 43,717	$ 43,759	$ 43,238	$ 43,448	$ 44,394	$ 43,709
Core ROE (annualized) (%)	16.5%	17.1%	18.1%	15.0%	15.6%	16.5%
Average common shareholders’ equity
Total shareholders’ and other equity	$ 50,632	$ 50,121	$ 50,716	$ 49,080	$ 51,135	$ 50,121
Less: Preferred shares and other equity	6,660	6,660	6,660	6,660	6,660	6,660
Common shareholders’ equity	$ 43,972	$ 43,461	$ 44,056	$ 42,420	$ 44,475	$ 43,461
Average common shareholders’ equity	$ 43,717	$ 43,759	$ 43,238	$ 43,448	$ 44,394	$ 43,709

CSM and post-tax CSM information

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

As at	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025
CSM	$ 27,325	$ 26,568	$ 26,283	$ 23,722	$ 23,713
Less: CSM for NCI	1,736	1,599	1,565	1,406	1,417
CSM, net of NCI	$ 25,589	$ 24,969	$ 24,718	$ 22,316	$ 22,296
CER adjustment(1)	-	332	(66)	197	(556)
CSM, net of NCI, CER basis	$ 25,589	$ 25,301	$ 24,652	$ 22,513	$ 21,740
CSM by segment
Asia	$ 18,228	$ 17,750	$ 17,580	$ 15,786	$ 15,904
Asia NCI	1,736	1,599	1,565	1,406	1,417
Canada	4,432	4,459	4,490	4,133	4,052
U.S.	2,927	2,760	2,649	2,386	2,329
Corporate and Other	2	-	(1)	11	11
CSM	$ 27,325	$ 26,568	$ 26,283	$ 23,722	$ 23,713
CSM, CER adjustment(1)
Asia	$ -	$ 282	$ (74)	$ 143	$ (486)
Asia NCI	-	46	50	80	23
Canada	-	-	-	-	-
U.S.	-	50	8	54	(70)
Corporate and Other	-	-	-	1	-
Total	$ -	$ 378	$ (16)	$ 278	$ (533)
CSM, CER basis
Asia	$ 18,228	$ 18,032	$ 17,506	$ 15,929	$ 15,418
Asia NCI	1,736	1,645	1,615	1,486	1,440
Canada	4,432	4,459	4,490	4,133	4,052
U.S.	2,927	2,810	2,657	2,440	2,259
Corporate and Other	2	-	(1)	12	11
Total CSM, CER basis	$ 27,325	$ 26,946	$ 26,267	$ 24,000	$ 23,180
Post-tax CSM
CSM	$ 27,325	$ 26,568	$ 26,283	$ 23,722	$ 23,713
Marginal tax rate on CSM	(4,510)	(4,403)	(4,347)	(3,940)	(3,929)
Post-tax CSM	$ 22,815	$ 22,165	$ 21,936	$ 19,782	$ 19,784
CSM, net of NCI	$ 25,589	$ 24,969	$ 24,718	$ 22,316	$ 22,296
Marginal tax rate on CSM net of NCI	(4,334)	(4,236)	(4,181)	(3,789)	(3,772)
Post-tax CSM net of NCI	$ 21,255	$ 20,733	$ 20,537	$ 18,527	$ 18,524

(1)The impact of reflecting CSM and CSM net of NCI using the foreign exchange rates for the Statement of Financial Position in effect for 1Q26.

12

New business CSM(1) 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					Full Year Results
	1Q26	4Q25	3Q25	2Q25	1Q25	2025
New business CSM
Hong Kong	$ 316	$ 244	$ 287	$ 286	$ 316	$ 1,133
Japan	167	159	76	74	81	390
Mainland China	114	55	112	63	126	356
Singapore	165	159	182	140	138	619
Other(2)	40	80	55	100	54	289
Asia	802	697	712	663	715	2,787
Canada	103	135	109	100	91	435
U.S.	114	188	145	119	101	553
Total new business CSM	$ 1,019	$ 1,020	$ 966	$ 882	$ 907	$ 3,775
New business CSM, CER adjustment(3)
Hong Kong	$ -	$ (4)	$ (1)	$ (2)	$ (13)	$ (20)
Japan	-	(6)	(5)	(6)	(6)	(23)
Mainland China	-	1	3	2	-	6
Singapore	-	(1)	1	1	1	2
Other(2)	-	(1)	(1)	(1)	(2)	(5)
Asia	-	(11)	(3)	(6)	(20)	(40)
Canada	-	-	-	-	-	-
U.S.	-	(4)	(1)	(1)	(4)	(10)
Total new business CSM	$ -	$ (15)	$ (4)	$ (7)	$ (24)	$ (50)
New business CSM, CER basis
Hong Kong	$ 316	$ 240	$ 286	$ 284	$ 303	$ 1,113
Japan	167	153	71	68	75	367
Mainland China	114	56	115	65	126	362
Singapore	165	158	183	141	139	621
Other(2)	40	79	54	99	52	284
Asia	802	686	709	657	695	2,747
Canada	103	135	109	100	91	435
U.S.	114	184	144	118	97	543
Total new business CSM, CER basis	$ 1,019	$ 1,005	$ 962	$ 875	$ 883	$ 3,725

(1)New business CSM is net of NCI.

(2)Other includes Cambodia, Indonesia, International High Net Worth, Malaysia, Myanmar, the Philippines and Vietnam.

(3)The impact of updating foreign exchange rates to that which was used in 1Q26.

13

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					Full Year Results
	1Q26	4Q25	3Q25	2Q25	1Q25	2025
Net income (loss) attributed to shareholders:
Asia	$ 595	$ 623	$ 895	$ 830	$ 624	$ 2,972
Canada	238	252	449	390	222	1,313
U.S.	138	81	(75)	36	(569)	(527)
Global WAM	403	452	523	482	443	1,900
Corporate and Other	(227)	91	7	51	(235)	(86)
Total net income (loss) attributed to shareholders	1,147	1,499	1,799	1,789	485	5,572
Preferred share dividends and other equity distributions	(58)	(103)	(58)	(103)	(57)	(321)
Common shareholders’ net income (loss)	$ 1,089	$ 1,396	$ 1,741	$ 1,686	$ 428	$ 5,251
CER adjustment(1)
Asia	$ -	$ (6)	$ 9	$ (8)	$ (40)	$ (45)
Canada	-	(1)	2	(1)	2	2
U.S.	-	(1)	(2)	-	24	21
Global WAM	-	(8)	(1)	(5)	(20)	(34)
Corporate and Other	-	(3)	(2)	3	9	7
Total net income (loss) attributed to shareholders	-	(19)	6	(11)	(25)	(49)
Preferred share dividends and other equity distributions	-	-	-	-	-	-
Common shareholders’ net income (loss)	$ -	$ (19)	$ 6	$ (11)	$ (25)	$ (49)
Net income (loss) attributed to shareholders, CER basis
Asia	$ 595	$ 617	$ 904	$ 822	$ 584	$ 2,927
Canada	238	251	451	389	224	1,315
U.S.	138	80	(77)	36	(545)	(506)
Global WAM	403	444	522	477	423	1,866
Corporate and Other	(227)	88	5	54	(226)	(79)
Total net income (loss) attributed to shareholders, CER basis	1,147	1,480	1,805	1,778	460	5,523
Preferred share dividends and other equity distributions, CER basis	(58)	(103)	(58)	(103)	(57)	(321)
Common shareholders' net income (loss), CER basis	$ 1,089	$ 1,377	$ 1,747	$ 1,675	$ 403	$ 5,202
Asia net income attributed to shareholders, U.S. dollars
Asia net income (loss) attributed to shareholders, US $(2)	$ 433	$ 447	$ 649	$ 600	$ 435	$ 2,131
CER adjustment, US $(1)	-	3	10	(1)	(9)	3
Asia net income (loss) attributed to shareholders, U.S. $, CER basis(1)	$ 433	$ 450	$ 659	$ 599	$ 426	$ 2,134
Net income (loss) attributed to shareholders (pre-tax)
Net income (loss) attributed to shareholders (post-tax)	$ 1,147	$ 1,499	$ 1,799	$ 1,789	$ 485	$ 5,572
Tax on net income attributed to shareholders	215	292	283	307	47	929
Net income (loss) attributed to shareholders (pre-tax)	1,362	1,791	2,082	2,096	532	6,501
CER adjustment(1)	-	(17)	(20)	(23)	(18)	(78)
Net income (loss) attributed to shareholders (pre-tax), CER basis	$ 1,362	$ 1,774	$ 2,062	$ 2,073	$ 514	$ 6,423

(1)The impact of updating foreign exchange rates to that which was used in 1Q26.

(2)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

($ millions)

	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025
As at
Common shareholders’ equity	$ 43,972	$ 43,461	$ 44,056	$ 42,420	$ 44,475
Post-tax CSM, net of NCI	21,255	20,733	20,537	18,527	18,524
Adjusted book value	$ 65,227	$ 64,194	$ 64,593	$ 60,947	$ 62,999

14

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					Full Year Results
	1Q26	4Q25	3Q25	2Q25	1Q25	2025
Global WAM core earnings (post-tax)	$ 448	$ 490	$ 525	$ 463	$ 454	$ 1,932
Add back taxes, acquisition costs, other expenses and deferred sales commissions
Core income tax (expenses) recoveries (see above)	88	93	82	89	86	350
Amortization of deferred acquisition costs and other depreciation	63	61	44	51	46	202
Amortization of deferred sales commissions	24	24	21	20	22	87
Core EBITDA	$ 623	$ 668	$ 672	$ 623	$ 608	$ 2,571
CER adjustment(1)	-	(9)	(2)	(5)	(20)	(36)
Core EBITDA, CER basis	$ 623	$ 659	$ 670	$ 618	$ 588	$ 2,535

(1)The impact of updating foreign exchange rates to that which was used in 1Q26.

Core EBITDA margin and core revenue

($ millions, unless otherwise stated)

	Quarterly Results					Full Year Results
	1Q26	4Q25	3Q25	2Q25	1Q25	2025
Core EBITDA margin
Core EBITDA	$ 623	$ 668	$ 672	$ 623	$ 608	$ 2,571
Core revenue	$ 2,146	$ 2,285	$ 2,175	$ 2,069	$ 2,140	$ 8,669
Core EBITDA margin	29.0%	29.2%	30.9%	30.1%	28.4%	29.7%
Global WAM core revenue
Other revenue per financial statements	$ 1,930	$ 2,147	$ 2,145	$ 1,851	$ 1,986	$ 8,129
Less: Other revenue in segments other than Global WAM	(56)	28	121	(53)	11	107
Other revenue in Global WAM (fee income)	$ 1,986	$ 2,119	$ 2,024	$ 1,904	$ 1,975	$ 8,022
Investment income per financial statements	$ 4,536	$ 5,358	$ 4,682	$ 4,740	$ 4,234	$ 19,014
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities per financial statements	(1,384)	1,106	3,784	2,377	(992)	6,275
Total investment income	3,152	6,464	8,466	7,117	3,242	25,289
Less: Investment income in segments other than Global WAM	3,015	6,300	8,275	6,924	3,089	24,588
Investment income in Global WAM	$ 137	$ 164	$ 191	$ 193	$ 153	$ 701
Total other revenue and investment income in Global WAM	$ 2,123	$ 2,283	$ 2,215	$ 2,097	$ 2,128	$ 8,723
Less: Total revenue reported in items excluded from core earnings
Market experience gains (losses)	(28)	(1)	24	20	(14)	29
Revenue related to integration and acquisitions	5	(1)	16	8	2	25
Global WAM core revenue	$ 2,146	$ 2,285	$ 2,175	$ 2,069	$ 2,140	$ 8,669

15

Core expenses

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

	Quarterly Results					Full Year Results
	1Q26	4Q25	3Q25	2Q25	1Q25	2025
Core expenses
General expenses – Statements of Income	$ 1,251	$ 1,327	$ 1,232	$ 1,140	$ 1,202	$ 4,901
Directly attributable acquisition expense for contracts measured using the PAA method and products without a CSM(1)	48	48	42	40	42	172
Directly attributable maintenance expense(1)	552	542	524	514	532	2,112
Total expenses	1,851	1,917	1,798	1,694	1,776	7,185
Less: General expenses included in items excluded from core earnings
Restructuring charge	-	16	-	-	-	16
Amortization of acquisition-related intangible assets	23	16	8	-	-	24
Integration and acquisition	-	7	22	-	-	29
Legal provisions and Other expenses	1	5	10	5	-	20
Total	24	44	40	5	-	89
Core expenses	$ 1,827	$ 1,873	$ 1,758	$ 1,689	$ 1,776	$ 7,096
CER adjustment(2)	-	(18)	(5)	(12)	(39)	(74)
Core expenses, CER basis	$ 1,827	$ 1,855	$ 1,753	$ 1,677	$ 1,737	$ 7,022
Total expenses	$ 1,851	$ 1,917	$ 1,798	$ 1,694	$ 1,776	$ 7,185
CER adjustment(2)	-	(18)	(5)	(11)	(40)	(74)
Total expenses, CER basis	$ 1,851	$ 1,899	$ 1,793	$ 1,683	$ 1,736	$ 7,111

(1)Expenses are components of insurance service expenses on the Statements of Income that flow directly through income.

(2)The impact of updating foreign exchange rates to that which was used in 1Q26.

16

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 anticipated benefits of the acquisition of Schroders

Indonesia and the partnership between Global WAM and L&G, the expected benefits and value derived from the use of

AI 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; our ability to execute our digital plans and to deploy future digital use cases,

including with respect to AI, the anticipated benefits from the Schroders Indonesia acquisition and the partnership

between Global WAM and L&G, 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

News

Release

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

For Immediate Release

May 13, 2026

Manulife declares common share dividend

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

$0.485 per share on the common shares of Manulife, payable on and after June 19, 2026, to

shareholders of record at the close of business on May 29, 2026.

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, headquartered in

Toronto, Canada.  Anchored in our ambition to be the number one choice for customers, we operate as

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

advice, insurance and health solutions for individuals, groups and businesses. Through Manulife Wealth &

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

individuals, institutions, and retirement plan members worldwide. At the end of 2025, we had more than

37,000 employees, over 106,000 agents, and thousands of distribution partners, serving over 37 million

customers with operations across 25 markets globally. We trade as ‘MFC’ on the Toronto, New York, and

Philippine stock exchanges, and under ‘945’ in Hong Kong stock exchange. Not all offerings are available

in all jurisdictions. For additional information, please visit manulife.com. 

Media Contact Investor Relations

Fiona McLean Derek Theobalds

Manulife Manulife

437-441-7491 416-254-1774

fiona_mclean@manulife.com derek_theobalds@manulife.com

FAQ

How did Manulife (MFC) perform financially in Q1 2026?

Manulife reported stronger results, with core earnings of $1.8 billion, up 8%, and net income of $1.1 billion versus $485 million a year earlier. Core EPS rose 11% to $1.06, while reported EPS increased to $0.65, up 178%.

What were Manulife’s key profitability and capital ratios in Q1 2026?

Core return on equity reached 16.5% and overall ROE was 10.1% in Q1 2026. The LICAT ratio for The Manufacturers Life Insurance Company stood at 136%, and book value per common share increased to $26.30, reflecting a strong capital position.

How did Manulife’s insurance new business metrics trend in Q1 2026?

Insurance growth remained solid. APE sales rose 7% to $2.8 billion, new business CSM increased 16% to $1.0 billion, and new business value climbed 7% to $944 million, supported by strong contributions from Asia.

What happened in Manulife’s Global Wealth and Asset Management segment in Q1 2026?

Global WAM core earnings were $448 million, up 2%, and core EBITDA margin improved to 29.0%. However, the business experienced net outflows of $4.4 billion, compared with $0.5 billion of net inflows in Q1 2025.

What strategic moves did Manulife announce around Q1 2026?

Manulife completed the acquisition of Schroders Indonesia with $3.5 billion of AUM and entered a strategic partnership with L&G. It also advanced multiple AI initiatives across distribution, underwriting and claims to improve efficiency and customer and advisor support.

What dividend did Manulife declare for common shareholders in 2026?

The board declared a quarterly common dividend of $0.485 per share, payable on and after June 19 2026 to shareholders of record on May 29 2026. Shares for dividend reinvestment will be purchased on the open market without discounts.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 1.3 MB
• EX-99.2 EX-99.2 16.8 KB