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TORONTO, Feb. 11, 2026 /CNW/ - Manulife Financial Corporation ("Manulife" or the "Company") reported its full year and fourth quarter results for the period ended December 31, 2025, delivering record core earnings and insurance new business results¹ in 2025, and declaring a common share dividend increase of 10.2%.

Key highlights for the full year 2025 and the fourth quarter ("4Q25") include:

• Core earnings² of $7.5 billion in 2025, up 3% on a constant exchange rate basis from 2024^3,4. Core earnings of $2.0 billion in 4Q25, up 5% from the fourth quarter of 2024 ("4Q24")
• Net income attributed to shareholders of $5.6 billion in 2025, up $0.2 billion from 2024, and $1.5 billion in 4Q25, down $0.1 billion from 4Q24
• Core EPS⁵ of $4.21 in 2025, up 8% from 2024^3,4, and $1.12 in 4Q25, up 9% from 4Q24
• EPS of $3.07 in 2025, up 6%³ from 2024, and $0.83 in 4Q25, down 6% from 4Q24
• Core ROE⁵ of 16.5% in 2025 and 17.1% in 4Q25, and ROE of 12.0% in 2025 and 12.7% in 4Q25
• LICAT ratio⁶ of 136% in 4Q25, and remittances⁷ of $6.4 billion in 2025
• 2025 APE sales up 14%⁷, new business CSM up 28%³ and new business value ("NBV") up 18% from 2024^4,7. 4Q25 APE sales down 1%, new business CSM up 21% and NBV up 8% from 4Q24
• Purchased and cancelled 3.1% of common shares outstanding, or 54.4 million shares, for $2.4 billion in 2025
• Also announced today:
  • A 10.2% increase in the quarterly dividend per common share, and
  • A new Normal Course Issuer Bid ("NCIB") program that permits repurchase of up to approximately 2.5% of outstanding common shares, expected to commence in late February 2026⁸

Results at a Glance

Results by Segment

Strategic Highlights

We are well-positioned to make significant progress on the refreshed strategy we announced in November 2025 to achieve sustainable long-term growth. Throughout 2025, we undertook various initiatives that equipped us to deliver on our new and elevated strategic priorities.

Winning Team and Culture

For the sixth year in a row, we have achieved a top quartile employee engagement rank.¹³ In addition, Manulife was included in the TIME World's Best Companies (2025) list and won the 2025 Gallup Exceptional Workplace Award. We were also recognized by Forbes as one of the World's Best Employers and one of the World's Top Companies for Women, and included in their World's Best Life Insurance Companies list.

Diversified Business Portfolio

In Asia, we agreed to establish a 50:50 life insurance joint venture with Mahindra & Mahindra Ltd. ("Mahindra"), an existing partner through our asset management joint venture, to enter the India insurance market.⁹ This partnership will expand our global footprint and position us to grow across one of the world's largest economies, delivering long-term value.

In addition, we became the first international life insurer to establish an office in the Dubai International Financial Centre dedicated to advising on and arranging life insurance contracts to high-net-worth ("HNW") customers. This strategic move deepens our presence in the Middle East and enhances our ability to address the growing wealth and protection needs of HNW and ultra-HNW individuals in the region.

In Global WAM, we acquired 75% of Comvest Credit Partners ("Comvest"), a U.S. private credit manager with $17.5 billion of AUM as at the acquisition date.² The acquisition will enhance our private credit capabilities and create a comprehensive platform by aligning Comvest and Manulife's existing senior credit team.¹² By leveraging Comvest's investment philosophy and expertise, we can offer clients expanded access to differentiated private credit strategies.

We also entered into an agreement to acquire PT Schroder Investment Management Indonesia ("Schroders Indonesia"), strengthening our position as the largest asset manager in Indonesia. It will enable us to deliver enhanced value to our clients and stakeholders by leveraging the firm's local expertise and client relationships.¹⁰

In Canada, we launched a simplified specialized lending suite of products in Manulife Bank to streamline the lending experience for advisors serving HNW clients and business owners. This emphasizes our focus on removing friction, enhancing clarity, and delivering smarter, faster, and more personalized solutions for advisors and customers.

In the U.S, we diversified our portfolio with new offerings and enhancements, including a new accumulation survivorship indexed universal life product, a new hybrid indexed universal life insurance solution offering more flexible living benefits and a streamlined digital application process, and a new variable universal life insurance solution with improved fund selection and index loans.

Empowering Customer Health, Wealth, and Longevity

We launched the Manulife Longevity Institute, a global platform for research, thought leadership, innovation, advocacy and community partnerships. Through this unified platform, we are investing $350 million through 2030 to help people live longer, healthier, and more financially secure lives.

We further leveraged our strategic partnership with GRAIL and launched various initiatives across our segments, including expanded access to the Galleri® multi-cancer early detection test to eligible Manulife Vitality program members in Canada and to eligible plan participants in U.S. Retirement.

In Asia, we agreed to establish a strategic collaboration with Bupa International Limited, a global healthcare company, to create a more robust and integrated healthcare network for our customers. By combining the strengths of both organizations, this collaboration in Hong Kong aims to expand customer access to high-quality care while enhancing convenience, value, and affordability through integrated healthcare solutions and personalized support throughout their healthcare journey.

Furthermore, we enhanced our flagship lifestyle program, ManulifeMOVE, with expanded health and wellness benefits, and launched it at the Manulife Longevity Symposium in Singapore and in the Philippines, reinforcing our commitment to advancing Asia's longevity movement.

In Canada, we also partnered with Maven Clinic, the world's largest virtual clinic for women's and family health¹⁴, to offer eligible Group Benefits members 24/7 virtual access to personalized support during some of their most important stages of life, including fertility, maternity, parenting, and menopause. This initiative addresses critical care gaps that impact women's health and workforce participation.

In the U.S., we empowered eligible John Hancock Vitality members with early detection technology and resources to proactively manage their health, including access to Function Health's technology and health screening tools, and access to continuous glucose monitoring technology and dietitian support.

AI-powered Organization

We deployed GenAI sales enablement solutions across nine markets and multiple business lines in all four operating segments, delivering measurable results, accelerating information access and elevating client interactions. These GenAI-powered solutions empowered agents, advisors and distribution partners with personalized engagement insights, automated email drafting, and real-time coaching to drive sales performance. Examples include:

• In Asia, we launched advanced AI-enabled agency tools across the region to enhance sales support and improve customer experience. In Indonesia, Singapore and Japan, we rolled out AI assistants to provide faster access to product and policy information and streamline administrative tasks. In Hong Kong, we launched AI Sales Pro – a GenAI-powered tool that helps agents identify top sales opportunities, craft personalized customer solutions, and access critical know-how to drive business performance.
• In Canada, we introduced an innovative GenAI tool in our Individual Insurance business that automatically generates personalized communications to advisors by analyzing historical data and identifying available opportunities. This tool enables our internal sales team to deliver timely, relevant, and actionable messages to drive meaningful interactions and enhance collaboration with advisors.

In Global WAM, we incorporated a suite of AI-powered research tools to enhance investment analysis for our public markets investment research teams. By integrating internal and external data into actionable insights, we streamline our research process, accelerate decision-making, and empower our investment professionals to focus on driving value for our clients.

In the U.S., we partnered with Munich Re Life US to enhance underwriting efficiency through alitheia, its AI-driven risk assessment platform, raising instant underwriting decision eligibility from US$3 million to US$5 million, enabling more customers to experience a streamlined life insurance application process.

In addition, we deployed GenAI capabilities to improve outcomes in our in-force Long Term Care ("LTC") insurance business, including further enhancements to automated claims processing and predictive analytics to detect and reduce fraud, waste and abuse.

Superior Distribution

In Asia, we renewed our bancassurance partnership in the Philippines with China Banking Corporation ("Chinabank"), extending our exclusive partnership until 2039. This strategic partnership, which started in 2007, solidifies the two organizations' shared commitment to providing holistic life, wealth, and health solutions for the long-term financial security of Filipino families.

In Global WAM, we enhanced the Manulife iFUNDS platform, making it the first integrated digital wealth solution in Singapore that offers advisors a unified view of clients' Unit Trust and Investment-Linked Plan ("ILP") holdings. By integrating these into a single platform and incorporating AI-powered ILP analytics capabilities, the enhancements streamline portfolio oversight, accelerate transaction execution, and empower advisors to deliver more personalized and insightful financial guidance.

In Canada, we partnered with M3 Financial Group ("M3") to offer our Affinity Mortgage Protection Plan through M3's Canada-wide broker network, beginning with advisors in British Columbia. Our licensed advisors work directly with M3's mortgage clients to guide them through the process of purchasing the mortgage protection coverage they need, enabling M3's brokers to focus on servicing their core business. This initiative strengthens our position in mortgage protection by offering more accessible, trusted protection in Canada's housing market.

In the U.S., we enhanced our distribution footprint by expanding our wholesaling team, pursuing more targeted growth strategies and accelerating our penetration within the U.S. high-net-worth and mass affluent markets, contributing to the strong new business growth in 2025.

Strong business growth contributing to record core earnings in 2025¹⁵

Core earnings of $7.5 billion in 2025, up 3% from 2024, and $2.0 billion in 4Q25, up 5% from 4Q24

The increase in 2025 core earnings reflected strong business growth in Global WAM, Asia and Canada, as well as the net impact of 2025 updates to actuarial methods and assumptions, partially offset by unfavourable life insurance claims experience in the U.S. in 2025 compared with favourable experience in the prior year, and lower investment spreads.

4Q25 core earnings increased 5% year over year, reflecting continued business growth in Asia, Global WAM and Canada, and the net impact of 2025 updates to actuarial methods and assumptions, partially offset by unfavourable life insurance claims experience in the U.S. in 4Q25 compared with favourable experience in the prior year quarter, lower investment spreads, and the impact of the eMPF transition in Hong Kong.

• Asia core earnings increased 24% in 4Q25, reflecting continued business growth and the net impact of 2025 updates to actuarial methods and assumptions.
• Global WAM core earnings increased 7%, driven by higher net fee income from favourable market impacts over the past 12 months and the acquisition of Comvest, and continued expense discipline, partially offset by the impact of the eMPF transition in Hong Kong and lower performance fees.
• Canada core earnings were up 6%, driven by favourable insurance experience in Individual Insurance, higher investment spreads, business growth in Group Insurance, and the net impact of 2025 updates to actuarial methods and assumptions, partially offset by less favourable insurance experience in Group Insurance.
• U.S. core earnings decreased 22%, reflecting lower investment spreads, and unfavourable life insurance claims experience in 4Q25 compared with favourable experience in the prior year quarter.
• Corporate and Other core earnings decreased $20 million, reflecting higher interest on capital allocated to operating segments with net neutral impact across all segments.

Net Income attributed to shareholders of $5.6 billion in 2025, $0.2 billion higher compared with 2024, and $1.5 billion in 4Q25, down $0.1 billion from 4Q24

The $0.2 billion increase in 2025 net income was driven by core earnings growth and lower restructuring related charges, partially offset by a larger net charge from market experience. The net charge from market experience in 2025 was primarily related to lower-than-expected returns on alternative long-duration assets ("ALDA"), mainly related to real estate, private equity and timber investments, as well as a $0.7 billion realized loss due to the sale of debt instruments related to the RGA U.S. Reinsurance Transaction¹⁶, partially offset by higher-than-expected returns on public equities. The realized loss from the sale of debt instruments was offset by an associated change in Other Comprehensive Income, resulting in a neutral impact to book value.

4Q25 net income was $0.1 billion lower compared with prior year quarter, as core earnings growth and lower restructuring related charges were more than offset by a larger net charge from market experience. The net charge from market experience in 4Q25 was primarily driven by lower-than-expected returns on ALDA, mainly related to infrastructure, private equity, and real estate investments, as well as losses from derivatives and hedge accounting ineffectiveness.

Double-digit growth in 2025 insurance new business results, highlighting the strength of our businesses

Full year 2025 APE sales, new business CSM and NBV increased 14%, 28% and 18%, respectively, reflecting broad-based strength across our insurance segments

• In Asia, we delivered double-digit growth in full year APE sales, new business CSM and NBV, with a year-over-year increase of 18%, 27% and 20%, respectively, reflecting strong 2025 performance across the region, led by Hong Kong, mainland China, Singapore and Japan. NBV margin improved to 39.5%.⁷
• In Canada, APE sales decreased 6%, as strong growth in Individual Insurance sales throughout 2025 was more than offset by the non-recurrence of a significant Group Insurance large-case sale in the prior year. NBV increased 7%, reflecting higher sales volumes in Individual Insurance and favourable product mix in Group Insurance, partially offset by lower sales volumes in Group Insurance. New business CSM increased 22%, reflecting higher sales volumes in Individual Insurance, and higher margins and sales volumes in Annuities.
• U.S. delivered very strong new business growth in 2025 with an increase in APE sales and NBV of 24% and 22%, respectively, reflecting broad-based demand for our suite of products. Higher sales volumes and product mix led to a 42% increase in new business CSM.

4Q25 new business CSM and NBV increased 21% and 8%, respectively, reflecting a more favourable business mix and margin improvements, while 4Q25 APE sales were largely in line with prior year

• Asia 4Q25 APE sales decreased 3% year over year, as growth in Japan and Asia Other¹⁷ was more than offset by lower sales in Hong Kong. New business CSM and NBV increased 19% and 10%, respectively, driven by business mix partially offset by lower sales volumes. NBV margin improved to 41.2%.
• In Canada, APE sales and NBV increased 2% and 4%, respectively, reflecting growth in Individual Insurance and Annuities, partially offset by lower sales in Group Insurance. New business CSM increased 16%, driven by higher sales volumes and margins in Individual Insurance.
• In the U.S., our sales momentum continued as APE sales and NBV increased 9% and 8%, respectively, reflecting broad-based demand for our suite of products. New business CSM grew by 34%, driven by higher sales volumes and product mix.

Global WAM net outflows of $14.3 billion in 2025, compared with net inflows of $13.3 billion in 2024

• Retirement net outflows were $9.4 billion in 2025, compared with net inflows of $0.7 billion in 2024, driven by higher retirement plan redemptions, and higher net member withdrawals reflecting higher account balances from market growth. This was partially offset by higher new plan sales in Canada.
• Retail net outflows were $12.3 billion in 2025, compared with net inflows of $6.8 billion in 2024, driven by lower net sales through third-party intermediaries in North America and our Canada retail wealth platform.
• Institutional Asset Management net inflows were $7.4 billion in 2025, compared with net inflows of $5.7 billion in 2024, driven by higher net flows from fixed income mandates including strong contributions from our Manulife | CQS products, and the impact of the acquisition of Comvest. This was partially offset by higher redemptions in equity mandates and lower deployments in private markets.

Global WAM net outflows of $9.5 billion in 4Q25, compared with net inflows of $1.2 billion in 4Q24

• Retirement net outflows were $7.2 billion in 4Q25, compared with net outflows of $1.9 billion in 4Q24, driven by higher retirement plan redemptions, and higher net member withdrawals reflecting higher account balances from market growth. This was partially offset by higher new plan sales across all geographies.
• Retail net outflows were $5.6 billion in 4Q25, compared with net inflows of $1.3 billion in 4Q24, driven by lower net sales through third-party intermediaries in North America and our Canada retail wealth platform.
• Institutional Asset Management net inflows were $3.4 billion in 4Q25, compared with net inflows of $1.8 billion in 4Q24, reflecting higher net flows from fixed income mandates, primarily driven by our Manulife | CQS products, and money market mandates, as well as the impact of the acquisition of Comvest. This was partially offset by higher redemptions in equity mandates and lower deployments in private markets.

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

CSM¹⁸ was $24,969 million as at December 31, 2025

CSM increased $2,842 million compared with December 31, 2024. Organic CSM movement contributed $2,257 million of the increase in 2025, representing 10%⁷ growth, 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 an increase of $585 million in 2025, primarily driven by the net impact of 2025 updates to actuarial methods and assumptions and equity market performance, partially offset by the impacts of changes in foreign currency exchange rates and reinsurance transactions. Post-tax CSM net of NCI² was $20,733 million as at December 31, 2025.

Earnings Results Conference Call

Manulife will host a conference call and live webcast on its fourth quarter and full year 2025 results, on February 12, 2026, at 8:00 a.m. (ET). To access the conference call, dial 1-888-317-6003 or 1-647-846-2809 (Passcode: 1741569#). 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 May 12, 2026, by dialing 1-855-669-9658 or 1-412-317-0088 (Passcode: 1920470#).

The Fourth Quarter 2025 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 2025 MD&A and Consolidated Financial Statements for the year and the quarter ended December 31, 2025, 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.html. The Company's 2025 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.

Earnings

The following table presents net income attributed to shareholders, consisting of core earnings and details of the items excluded from core earnings:

Global Minimum Taxes

On June 20, 2024, the Canadian government passed the Global Minimum Tax Act into law. Canada's GMT is applied retroactively to fiscal periods commencing on or after December 31, 2023. As additional local jurisdictions have enacted the GMT in 2025, GMT has been recognized in net income in the reporting segments whose earnings are subject to this tax. GMT is reported in both core earnings and items excluded from core earnings in line with our definition of core earnings in section "Non-GAAP and Other Financial Measures" of the 2025 MD&A.

To improve the comparability of results between 2025 and 2024, we have updated certain 2024 non-GAAP and other financial measures to reflect the impact of GMT, including quarterly core earnings, core ROE, core EPS, financial leverage ratio, adjusted book value per common share, new business value, and post-tax CSM net of NCI. For further information and a complete list of the impacted financial measures, please see section "Global Minimum Taxes" of the 2025 MD&A, which is incorporated by reference.

Non-GAAP and other financial measures

The Company prepares its Consolidated Financial Statements in accordance with International Financial Reporting Standards ("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 excluding the impact of the change in ECL; 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"); 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; 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 remittances; 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 the new business CSM were provided in the 2025 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 2025 MD&A, which is incorporated by reference.

Reconciliation of core earnings to net income attributed to shareholders – 2025
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Core earnings, CER basis and U.S. dollars – 2025
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Reconciliation of core earnings to net income attributed to shareholders – 2024⁽¹⁾
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Core earnings, CER basis and U.S. dollars – 2024
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

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)

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)

Reconciliation of core earnings to net income attributed to shareholders – 3Q25 
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Core earnings, CER basis and U.S. dollars – 3Q25
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Reconciliation of core earnings to net income attributed to shareholders – 4Q24⁽¹⁾
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Core earnings, CER basis and U.S. dollars – 4Q24
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Core earnings available to common shareholders⁽¹⁾
($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

Core ROE⁽¹⁾
($ millions, unless otherwise stated)

CSM and post-tax CSM information⁽¹⁾
($ millions pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)

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)

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)