Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. It operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks. The Insurance and Annuity Products segment provides deposit and credit products; and individual life insurance, individual and group long-term care insurance, and guaranteed and partially guaranteed annuity products through multiple distribution channels, including insurance agents, brokers, banks, financial planners, and direct marketing. The Corporate and Other segment is involved in the property and casualty reinsurance businesses; and run-off reinsurance operations, including variable annuities, and accident and health. The company also manages timberland and agricultural portfolios; and engages in the insurance agency, broker dealer, investment counseling, portfolio and mutual fund management, property and casualty insurance, and fund and investment management businesses. In addition, it provides integrated banking products and services, as well as offers asset management services. The company was incorporated in 1887 and is headquartered in Toronto, Canada.
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Manulife Appoints Jeremy Young as Chief Distribution Officer for Global High-Net-Worth
Manulife has appointed Jeremy Young as Chief Distribution Officer, International Brokerage, Global High-Net-Worth, effective immediately. Mr Young, who has served as Interim Chief Distribution Officer since March, will lead the International Brokerage business globally, driving growth across Hong Kong, Singapore, the Middle East and other markets. He brings more than 20 years of insurance leadership experience, most recently as Chief Commercial Officer, Global, at Transamerica Life Bermuda. The appointment reinforces Manulife's commitment to strengthening its Global High-Net-Worth platform.
Manulife Q2 core EPS rises 16%, announces long-term care reinsurance deal with Munich Re
Manulife Financial reported second-quarter core earnings per share rose 16% year over year, driven by record Asia earnings and strong wealth management inflows, while also announcing a new long-term care reinsurance agreement with Munich Re. Core earnings increased 12% and core return on equity reached 16.3%, up 130 basis points. Asia core earnings grew 21% to a record, with APE sales up 21% led by Hong Kong, Singapore and Japan. Global Wealth and Asset Management recorded CAD 4 billion of net inflows, though Canadian core earnings fell 10% due to unfavorable disability and group insurance claims. The Munich Re deal transfers biometric risk on CAD 3.2 billion of reserves via an 80% quota share, bringing total long-term care morbidity risk reduction to 24%. Manulife ended the quarter with a 136% LICAT ratio and returned CAD 1.4 billion to shareholders through dividends and buybacks.
Manulife Financial NONCUM PF1 SER11 declared a quarterly dividend of $0.3849 per share. The dividend is payable on September 19 to shareholders of record as of August 21, with the ex-dividend date also set for August 21.
Manulife reinsures $3.2 billion of long-term care biometric risk with Munich Re
Manulife Financial Corporation has agreed to reinsure the biometric risk on a block of long-term care policies with $3.2 billion of reserves to Munich American Reassurance Company, a subsidiary of Munich Re Group. This is Manulife's third LTC reinsurance transaction and its first on a standalone LTC block, involving full risk transfer with no asset transfer. Upon closing, expected in the fourth quarter of 2026 pending regulatory approvals, Manulife will have cumulatively reduced its LTC morbidity sensitivity by 24% across all three deals. The transaction is priced similarly to prior deals with a modest negative 5% cede, is largely neutral to capital, and will have an immaterial annual impact on core earnings and net income attributed to shareholders of approximately $30 million in the first year, decreasing over time.
Asahi Life President Confident in Early Profitability of Vietnam Life Insurer MVI
Asahi Mutual Life Insurance President Kenichiro Ishijima expressed confidence that MVI Life Insurance in Vietnam, whose acquisition was decided last December, will turn profitable early. The company plans to acquire all shares from Canada's Manulife Financial within this year. While a loss is expected immediately after the acquisition due to new policy costs, it is projected to swing to a profit in about five years, supported by earnings from existing policies. Asahi Life will introduce its expertise in face-to-face sales and bancassurance cultivated in Japan, and will center the management team on local talent, with plans to appoint a former CEO of a local insurer as president. Ishijima stated that Asahi Life's role will be to support locally driven operations and governance, and emphasized his intention to develop Vietnam as the core of its overseas business.
Manulife Names Global AI Chief and Hong Kong Deputy CEO
Manulife Financial has appointed a new Global Chief AI Officer and a new Deputy CEO for Hong Kong and Macau, signaling a company-wide push on artificial intelligence and a strengthened focus on a key Asian market. The new Deputy CEO will also continue to serve as Chief Financial Officer for the region. These executive-level changes align leadership roles around technology and regional growth priorities, as insurers increasingly leverage data, automation, and AI to manage risk and improve operations. The appointments may indicate how Manulife plans to deploy AI across underwriting, distribution, and back-office functions, and how it prioritizes resources in Hong Kong and Macau.
Manulife Expands Partnership with Microsoft to Accelerate Enterprise AI Governance and Innovation
Manulife and Microsoft have renewed and expanded their partnership with a five-year agreement to advance Manulife's goal of becoming an AI-powered organization. Manulife will adopt Microsoft 365 E7 Frontier Suite capabilities and deploy Microsoft Agent 365 to govern, monitor, and secure AI agents at enterprise scale, while expanding Microsoft 365 Copilot to more than 30,000 employees. The collaboration builds on Manulife's global enterprise AI platform pilot, using Microsoft Azure and Microsoft Foundry to enable secure, governed AI development. Manulife expects to generate more than $1 billion of enterprise value by 2027 from AI initiatives, with $300 million already achieved by year-end 2025. The insurer was recognized as the number one life insurance company in North America and Europe for AI maturity in the Evident AI Insurance Index for two consecutive years.
Manulife launches enhanced Protection VUL through John Hancock with Vitality rewards
Manulife Financial has launched an enhanced Protection Variable Universal Life insurance product in the United States through its John Hancock unit. The product combines flexible coverage, living benefit riders, and wellness incentives via the Vitality program, featuring a long-term death benefit focus, adjustable cash value options, and a no-lapse guarantee. Manulife, trading as TSX:MFC around CA$57.05, has seen a 37.0% share price return over the past year, though recent performance is mixed with a 0.9% decline over the past week but a 14.6% gain year to date. The launch targets higher-value segments where policy sizes and persistency can be more meaningful than in pure term insurance, and the integration of Vitality aligns with Manulife's broader focus on health-linked engagement. Investors may monitor early adoption trends, new business volumes, and Vitality engagement to assess the product's contribution to Manulife's U.S. growth strategy.
Manulife Urges Canadians to Review Life Insurance as Traditional Milestones Shift
Manulife Canada is urging Canadians to reassess their life insurance coverage ahead of National Insurance Awareness Day on June 28, warning that many remain financially exposed as responsibilities evolve beyond traditional milestones like marriage or homeownership. The company points to a LIMRA and Capgemini report showing 63 per cent of people under 40 have no immediate plans to marry and 84 per cent have no immediate plans to have a child, while a separate LIMRA and Life Happens study finds nearly one-third of Canadians say they need or need more life insurance. Paul Savage, Head of Individual Insurance at Manulife Canada, noted that many Canadians do not realize how many people could be affected financially if something happened to them, and Pamela Wong, Head of Affinity, highlighted that less linear career paths can create gaps in workplace coverage. Manulife offers a range of insurance solutions and encourages Canadians to speak with an advisor or visit its website to explore options.
Manulife resets interest rate on $2 billion Limited Recourse Capital Notes to 5.883%
Manulife Financial Corporation announced the interest rate on its $2 billion principal amount of 3.375% Limited Recourse Capital Notes Series 1 will reset to 5.88300% per annum for the five-year period starting June 19, 2026. The new rate was calculated as the Government of Canada Yield determined on June 18, 2026, plus 2.839%. Interest will continue to be paid semi-annually on June 19 and December 19, with the first payment at the new rate on December 19, 2026. The notes, which mature on June 19, 2081, were issued alongside 2,000,000 Non-Cumulative Fixed Rate Reset Class 1 Shares Series 27 held by a limited recourse trust, and Manulife may redeem the notes during a window from May 19 to June 19, 2031, and every five years thereafter, subject to regulatory approval.
Manulife Pulls Leverage From $80 Million Hong Kong Policy After Scrutiny
Manulife Financial has removed leverage from a Hong Kong insurance product aimed at wealthy clients after the offering drew scrutiny from regulators and competitors. The product allowed clients to buy a policy with $80 million in nominal value using almost four times leverage, requiring a $14.4 million down payment while $56 million was borrowed at a fixed 3.39% interest rate for five years, far below the roughly 7% market lending rates on other policy loans available to retail customers. Manulife said it regularly reviews policy services and makes adjustments as part of routine operations, while the Hong Kong Insurance Authority noted it remains focused on policyholder protection amid creative financial arrangements in the industry. The move comes as Hong Kong and mainland Chinese authorities tighten oversight of cross-border wealth channels, with mainland visitors generating HK$62.8 billion in new premiums in 2024, nearly 29% of Hong Kong's insurance market. Earlier this year, Manulife's Singapore unit sold a $300 million life insurance policy, exceeding the Guinness World Records threshold for the most valuable single life insurance policy ever issued.