Manulife Financial Corporation (MFC) Earnings

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Sep 2026upcoming

Next quarter

Expected to report Nov 11, 2026 — estimated from last year’s reporting date.

Consensus is $0.84 EPS for Sep 2026 across 2 estimates, ranging $0.84 to $0.84.

MFC Jun 2026

Reported Aug 5, 2026 · after the close

: 1.28%
: +0.29%

: $0.78
: $0.79
: —
: —

Highlights

Earnings: Core earnings rose 12% year over year to $1.923 billion, while core EPS increased 16% to $1.09; the supplied consensus comparison shows EPS of $0.79 versus $0.78 expected, a 1.28% beat.
Reported profit: Net income attributed to shareholders increased 17% to $2.110 billion from $1.789 billion in 2Q25, including a $201 million net market-experience gain; IFRS diluted EPS was $1.20 versus $0.98 a year earlier.
Asia momentum: Asia core earnings grew 21% to $853 million, with APE sales up 21% to $2.071 billion, new business CSM up 17% to $777 million and NBV up 13% to $701 million.
Insurance growth: Company-wide APE sales increased 21% to $2.698 billion, new business CSM rose 16% to $1.024 billion and NBV grew 10% to $929 million.
Future earnings capacity: CSM increased 20% year over year to $27.263 billion, with organic first-half growth running at a 10% annualized rate; post-tax CSM was $22.667 billion.
Wealth and asset management: Global WAM core earnings rose 9% to $505 million, core EBITDA margin expanded 110 basis points to 31.2%, and net flows were positive at $0.4 billion, although below $0.9 billion in 2Q25.
U.S. recovery: U.S. core earnings increased 55% to US$218 million, helped by better life and long-term-care claims experience and lower expected-credit-loss charges.
Canada weakness: Canada core earnings fell 10% to $379 million as higher claims and Group Insurance expenses more than offset 23% APE sales growth to $426 million.
Capital returns: MLI's LICAT ratio remained 136%, MFC's ratio rose to 126% from 125% in the prior quarter, and Manulife returned $2.6 billion through dividends and buybacks in the first half.

Analysis

Manulife's second quarter was a solid operating print, led by Asia and a recovering U.S. business, with the supplied consensus comparison showing EPS of $0.79 versus $0.78 expected. The release's own IFRS presentation reported diluted EPS of $1.20, up from $0.98 in 2Q25, while core EPS rose to $1.09 from $0.95. Core earnings of $1.923 billion increased 12% year over year and were 5% above the $1.836 billion recorded in 1Q26; net income of $2.110 billion was up from $1.147 billion in the prior quarter and $1.789 billion a year earlier.

The defining feature was broad insurance new-business momentum, particularly in Asia: company-wide APE sales, new business CSM and NBV rose 21%, 16% and 10%, respectively. Asia core earnings advanced 21%, while U.S. core earnings jumped 55% as claims improved. Global WAM added operating leverage, with core earnings up 9% and margin at 31.2%, although net flows slowed from the prior year's $0.9 billion and remained negative year to date. Canada was the main drag, with core earnings down 10% on claims and investment in Group Insurance despite stronger sales. Capital remained robust, with MLI's LICAT ratio at 136%, MFC's at 126% and $2.6 billion returned to shareholders in the first half.

Earnings and market items

Underlying earnings accelerated both sequentially and year over year. Core earnings reached $1.923 billion versus $1.836 billion in 1Q26 and $1.726 billion in 2Q25, lifting core ROE to 16.3% from 16.5% in the prior quarter and 15.0% a year earlier. The expense efficiency ratio improved to 44.5% from 46.0% in 1Q26 and 45.5% in 2Q25, despite higher workforce and transformation spending.

Reported earnings: Net income attributed to shareholders was $2.110 billion, up $321 million year over year and $963 million sequentially.
Market experience: A net gain of $201 million helped reported profit, driven by higher-than-expected public-equity returns, partly offset by weaker infrastructure, private-equity and real-estate returns.
Year-to-date context: First-half core earnings rose 10% to $3.759 billion, while net income increased 45% to $3.257 billion, benefiting from a much smaller market-related charge than in 2025.

Asia insurance growth

Asia was the quarter's primary growth engine. Core earnings increased 21% in U.S. dollar terms to US$616 million, supported by business growth and higher expected investment earnings, while less favourable insurance experience was a partial offset. Sales growth was concentrated in Hong Kong, Singapore and Japan.

Hong Kong: APE sales rose 37% to US$191 million of growth, mainly from higher savings-product sales across channels.
Singapore and Japan: APE sales increased 21% and 57%, respectively, while new business CSM rose 60% in Singapore and 81% in Japan.
Margins: Asia NBV increased 13% to US$506 million, but NBV margin declined to 36.3% from 40.0% because of business mix.
Distribution: Asia's MDRT membership increased 9% year over year, and the company launched high-net-worth Takaful and participating-life solutions.

New business and CSM

Manulife converted strong sales into a larger stock of future earnings. Total CSM reached $27.263 billion at June 30, up $2.294 billion from year-end 2025. New business and interest accretion drove most of the organic increase, while foreign-exchange movements and equity-market performance added $1.103 billion of inorganic growth.

Company-wide production: APE sales were $2.698 billion, new business CSM was $1.024 billion and NBV was $929 million, versus $2.230 billion, $882 million and $846 million in 2Q25.
Canada: APE sales rose 23% to $426 million and new business CSM increased 29% to $129 million, but NBV was nearly flat at $162 million because of lower margins and product mix.
U.S.: APE sales increased 12% to US$145 million and NBV rose 4% to US$48 million, while new business CSM slipped 1% to US$85 million on mix.

Global WAM flows and margins

Global WAM continued to benefit from higher average assets and the Manulife | Comvest contribution, but flows remained a mixed part of the print. Core earnings rose 9% to $505 million, core EBITDA increased 11% to $693 million and the margin expanded to 31.2% from 30.1% in 2Q25.

Net flows: The quarter produced $0.4 billion of net inflows, down from $0.9 billion a year earlier; first-half net flows were negative $3.9 billion versus positive $1.4 billion in 2025.
Business mix: Institutional asset management generated $6.7 billion of inflows, up from $2.1 billion, more than offsetting $4.9 billion of Retirement outflows and $1.4 billion of Retail outflows.
Scale: Global WAM AUMA reached $1.217 trillion, up 7% on a constant-exchange-rate basis from December 2025, helped by markets and the Schroders Indonesia acquisition.

Canada, U.S. and capital

The regional earnings picture was uneven. Canada remained under pressure from claims and investment spending, while the U.S. continued to recover from prior adverse experience. At the group level, financial strength and capital deployment remained supportive of the growth strategy.

Canada: Core earnings fell 10% to $379 million, with unfavourable Group and Individual Insurance claims and higher Group Insurance expenses; net income declined 22% to $306 million.
U.S.: Core earnings rose 55% in U.S. dollars to US$218 million, reflecting improved life and long-term-care claims experience and a lower ECL charge; APE sales increased 12% to US$145 million.
Capital: MLI's LICAT ratio was 136%, unchanged from both 1Q26 and 2Q25, while MFC's ratio rose to 126% from 125% in 1Q26. Financial leverage declined to 22.2% from 22.5%.
Shareholder returns: Manulife repurchased 18.5 million shares for $954 million pre-tax in the first half and paid a $0.49 quarterly common dividend.

Manulife Financial Corporation

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