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MFC

Manulife Financial Corporation

MFC

Manulife Financial Corporation • NYSE
$35.21 ▲ 1.35% (+0.47)
Market Cap $59.33 B
52w High $35.57
52w Low $25.92
Dividend Yield 1.25%
P/E 15.79
Volume 630.02K
Outstanding Shares 1.68B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $17.309B ▼ $1.62B ▲ $1.789B ▼ 10.336% ▲ $1.03 ▲ $2.133B ▼
Q2-2025 $41.125B ▲ $1.498B ▼ $1.874B ▲ 4.557% ▼ $0.99 ▲ $2.208B ▲
Q1-2025 $9.044B ▲ $1.581B ▼ $557M ▼ 6.159% ▼ $0.25 ▼ $650M ▼
Q4-2024 $4.218B ▼ $1.748B ▼ $1.685B ▼ 39.948% ▲ $0.87 ▼ $2.338B ▲
Q3-2024 $14.572B $24.513B $1.936B 13.286% $1.01 $2.305B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $25.832B ▲ $1.027T ▲ $973.691B ▲ $51.443B ▲
Q2-2025 $23.773B ▼ $977.469B ▼ $926.216B ▼ $49.855B ▼
Q1-2025 $25.362B ▼ $981.418B ▲ $928.254B ▲ $51.772B ▲
Q4-2024 $25.789B ▲ $978.818B ▲ $925.858B ▲ $51.539B ▲
Q3-2024 $22.884B $952.63B $900.991B $50.077B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.919B ▼ $9.536B ▲ $-7.809B ▼ $-22M ▲ $2.057B ▲ $9.536B ▲
Q2-2025 $1.923B ▲ $7.275B ▲ $-5.935B ▲ $-1.622B ▼ $-1.175B ▼ $7.275B ▲
Q1-2025 $623M ▼ $6.688B ▼ $-6.518B ▼ $-858M ▲ $-609M ▼ $6.688B ▼
Q4-2024 $1.707B ▼ $7.128B ▼ $-3.723B ▲ $-1.445B ▲ $2.753B ▲ $7.128B ▼
Q3-2024 $2.067B $7.517B $-4.703B $-2.149B $728M $7.517B

Five-Year Company Overview

Income Statement

Income Statement Manulife’s earnings profile looks solid but not perfectly smooth. Over the last five years, profits have generally been healthy, with a clear dip in the middle of the period and a strong rebound afterward. Recent years show operating profit and net income both moving in the right direction, with per‑share earnings back above the weaker year and roughly in line with, or better than, pre‑dip levels. That said, revenue and reported margins are quite volatile, which is common for life insurers because of market swings, interest‑rate changes, and actuarial adjustments. The pattern suggests an underlying franchise that can generate consistent profitability over time, but with accounting and market noise that can make any single year look unusually good or bad.

Balance Sheet

Balance Sheet The balance sheet reflects a very large, diversified financial institution with a conservative capital structure. Total assets have grown steadily, and shareholders’ equity has inched higher over time, signaling gradual strengthening of the capital base. Debt levels appear modest relative to the size of the balance sheet, which supports the picture of disciplined leverage. Cash holdings move around from year to year but remain comfortable for a company of this type. Overall, solvency and financial flexibility look solid, though, as with all life insurers, the company remains inherently exposed to interest‑rate and market movements because of the long‑dated promises it makes to policyholders.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has been consistently strong and has trended upward, which indicates that the core businesses are reliably bringing in cash even when reported earnings are bumpy. Free cash flow has also been robust, helped by relatively light capital spending requirements in most years. This suggests the business does not need heavy physical investment to grow or maintain operations, leaving room for management to direct cash toward balance‑sheet strength, product development, and shareholder returns, subject to regulatory capital needs.

Competitive Edge

Competitive Edge Manulife holds a strong competitive position as one of the larger global life and health insurers, with meaningful scale in North America and a particularly important growth platform in Asia. Its brand, long operating history, and reputation for financial strength help build customer trust in a product category where reliability is critical. Geographic diversification reduces dependence on any one economy and gives exposure to faster‑growing, under‑insured markets, especially in Asia. The company’s multi‑year digital and AI investment program also supports efficiency and customer experience advantages over slower‑moving peers. However, competition remains intense from both global insurers and agile local players, and pricing pressures, regulation, and market volatility are ongoing structural challenges.

Innovation and R&D

Innovation and R&D Manulife is leaning heavily into digital transformation and AI, and this is a key part of its strategic identity. It has rolled out generative AI tools across its workforce, automated elements of underwriting, and embedded AI into customer service and advisor platforms. Moving core systems to the cloud underpins this shift and should help scalability and speed of innovation. On the product side, programs like Manulife Vitality and the Longevity Institute push the company beyond traditional risk coverage into health, wellness, and longevity research, aiming to deepen customer engagement and differentiate its offerings. Expansion into high‑growth markets such as India, combined with digital tools for advisors and personalized financial planning, shows a clear innovation roadmap. The main risks are execution complexity, technology and data‑privacy concerns, and the need to continually invest to stay ahead of both incumbents and tech‑enabled new entrants.

Summary

Overall, Manulife looks like a large, diversified life insurer with improving profitability after a mid‑period setback, backed by a strong balance sheet and reliable cash generation. Its financial profile suggests resilience: earnings can be noisy year to year, but the underlying cash flows and capital position are sound. Strategically, the company is leaning into two big themes: growth in under‑penetrated Asian markets and a deep digital/AI transformation across the business. If executed well, these efforts could support better efficiency, more personalized customer offerings, and a stronger competitive moat. Key things to watch include: how stable earnings remain through future market cycles, the impact of interest‑rate and equity‑market swings on reported results, the success of Asia and India expansion, and whether the heavy investment in AI and health‑focused products translates into sustained growth and margin improvement without adding excessive operational or regulatory risk.

NEWS

November 21, 2025 · 7:15 AM UTC

Manulife Chief Financial Officer Colin Simpson to participate in fireside chat at the Desjardins Toronto Conference

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November 13, 2025 · 4:05 PM UTC

Manulife President and Chief Executive Officer Phil Witherington to participate in fireside chat with TD Securities

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November 12, 2025 · 5:10 PM UTC

Hai Ling Appointed to Manulife's Board of Directors

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November 12, 2025 · 5:02 PM UTC

Manulife Reports Third Quarter 2025 Results

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November 12, 2025 · 5:01 PM UTC

Manulife Announces Refreshed Enterprise Strategy to Deliver Sustainable, Long-Term Growth

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