Quarterly Results and Reports
Other 1Q26 reports and documents
Financial highlights
(C$ millions, unless otherwise stated) |
Q1 2026 |
Q1 2025 |
Change4 |
Net income attributed to shareholders |
$1,147 |
$485 |
149% |
Core earnings1 |
$1,836 |
$1,767 |
8% |
Core EPS ($)2 |
$1.06 |
$0.99 |
11% |
Core ROE2 |
16.5% |
15.6% |
0.9 pps |
Book value per common share ($) |
$26.30 |
$25.88 |
2% |
Adjusted book value per common share ($)2 |
$39.01 |
$36.66 |
6% |
Financial leverage ratio2 |
22.5% |
23.9% |
(1.4) pps |
APE sales3 |
$2,821 |
$2,689 |
7% |
New business CSM |
$1,019 |
$907 |
16% |
New business value3 |
$944 |
$907 |
7% |
Global WAM net flows ($ billions)3 |
$(4.4) |
$0.5 |
n.m |
1 Core earnings is a non-GAAP financial measure. For more information on non-GAAP and other financial measures, see “Non-GAAP and other financial measures” in our Q1 2026 Management’s Discussion and Analysis (“1Q26 MD&A”).
2 Diluted core earnings per common share (“core EPS”), core return on common shareholders’ equity (“core ROE”), adjusted book value per common share, and financial leverage ratio are non-GAAP ratios. Earnings per common share was $0.65 and $0.25 for Q1 2026 and Q1 2025, respectively. Return on equity was 10.1% and 3.9% for Q1 2026 and Q1 2025, respectively.
3 For more information on annualized premium equivalent (“APE”) sales, new business value, and net flows, see “Non-GAAP and other financial measures” in our 1Q26 MD&A. Percentage growth/decline in APE sales, new business value, and net flows are stated on a constant exchange rate basis.
4 Percentage growth/declines in core earnings, 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 basis and are non-GAAP ratios.
Non-GAAP Measures Disclaimer
Manulife 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.
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 identified on this webpage, see the section “Non-GAAP and other financial measures” in our 1Q26 MD&A, which is incorporated by reference.
Manulife announced the agreement to acquire a 75% stake in Comvest Credit Partners, adding highly complementary private credit capabilities to our Global Wealth and Asset Management platform. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions and approvals. See the announcement press release below for further details on the transaction and Comvest Credit Partners.
Manulife has released a revised template for its statistical information package (“SIP”), together with updated 2024 quarterly results to reflect the impact of Global Minimum Taxes (“GMT”) by operating segments to improve the year-over-year comparability of our financial metrics including core earnings, new business value and post-tax contractual service margin. This updated SIP will be used in connection with the reporting of Manulife’s financial results, starting with the first quarter of 2025 on May 7, 2025. An accompanying summary of changes to the SIP has also been made available to further assist users in understanding the updates.
Results archive
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Presentation slides on 2022 comparative results under IFRS 17 and IFRS 9.
Presentation slides and video on conceptual overview of IFRS 17 and IFRS 9 adoption.
Manulife has released an updated template for its statistical information package (SIP), which will be used in connection with the reporting of Manulife’s first quarter of 2023 financial results on May 10, 2023. The SIP has been updated primarily to reflect the adoption of IFRS 17 “insurance contracts” and IFRS 9 “financial instruments” effective January 1, 2023. An accompanying summary of changes to the SIP has also been made available to further assist users in understanding the updated presentation.
A summary of the implications of IFRS 17 on Manulife’s financial reporting and targets. Topics include the Contractual Service Margin (CSM), timing of earnings from investment-related activities, stability of earnings and LICAT ratio, and our medium-term financial and operating targets under IFRS 17.
A summary of the implications of IFRS 17 on Manulife’s financial reporting and targets. Topics include the Contractual Service Margin (CSM), timing of earnings from investment-related activities, stability of earnings and LICAT ratio, and our medium-term financial and operating targets under IFRS 17.
Three Canadian life insurance companies, Great-West Lifeco Inc., Manulife Financial Corporation and Sun Life Financial Inc., (together referred to as the “Companies”), jointly announced today that they have released a document entitled “Overview of earnings presentation and reporting under the new IFRS 17 accounting standard” regarding IFRS 17, Insurance Contracts, which takes effect on January 1, 2023.
Manulife hosted a virtual Investor Day on Tuesday, June 29, 2021. Roy Gori, Chief Executive Officer, along with other members of Manulife's senior leadership team, shared an update on the Company's strategy with an emphasis on accelerating growth in its Asia and Global Wealth & Asset Management businesses, as well as executing on its digital strategy. An update on IFRS 17 was also provided, including a supplemental video by Stephanie Fadous, Head of IFRS 17 Implementation.
Y2024 Annual Green Bond Report
• 3.703% US$ 750 million senior notes due 16 March 2032
Y2024 Annual Green Bond Report
• 3.703% US$ 750 million senior notes due 16 March 2032
Y2023 Annual Green Bond Report
• 3.703% US$ 750 million senior notes due 16 March 2032
Y2023 Annual Green Bond Report
• 3.703% US$ 750 million senior notes due 16 March 2032
Y2022 Annual Green Bond Report
• 3.00% SG$500 million (Singapore dollars) subordinated debt due 21 November 2029, callable 21 November 2024
• 3.317% C$600 million (Canadian dollars) subordinated debt due 9 May 2028, callable 9 May 2023, redeemed 9 May 2023
Y2022 Annual Green Bond Report
• 3.703% US$ 750 million senior notes due 16 March 2032
Y2021 Annual Green Bond Report
Combined report for the two green bond issuances
• 3.0% S$ 500 million (Singapore dollars) subordinated debt due 21 November 2029, callable 21 November 2024
• 3.317% C$ 600 million (Canadian dollars) subordinated debt due 9 May 2028, callable 9 May 2023
Y2020 Annual Green Bond Report
Combined report for the two green bond issuances
• 3.0% SG$ 500 million subordinated debt due 21 November 2029, callable 21 November 2024
• 3.317% C$ 600 million subordinated debt due 9 May 2028, callable 9 May 2023
Y2019 Annual Green Bond Report
Combined report for the two green bond issuances
• 3.0% SGD 500 million subordinated debt due 21 November 2029
• 3.317% CAD 600 million subordinated debt due 9 May 2028
Historical Reports
MFC 3.317% CAD 600 million subordinated debt due 9 May 2028
MFC 3.0% SGD 500 million subordinated debt due 21 November 2029
2019 Reports
2018 Reports
For more information on Manulife's sustainability performance, please visit Sustainability.