Manulife-S has announced its full-year and fourth-quarter results for 2025. Core earnings for the full year reached C$7.5 billion, representing a 3% increase over 2024 on a constant currency basis. Core earnings for the fourth quarter of 2025 were C$2.0 billion, a 5% rise compared to the same period in 2024. Net income attributed to shareholders for the full year 2025 was C$5.6 billion, an increase of C$200 million from 2024. However, net income for the fourth quarter of 2025 was C$1.5 billion, a decrease of C$100 million from the fourth quarter of 2024. Core earnings per share for the full year 2025 were C$4.21, up 8% from 2024, while fourth-quarter core EPS was C$1.12, a 9% increase year-over-year. The annual and fourth-quarter core return on equity for 2025 were 16.5% and 17.1%, respectively. Compared to 2024 levels, Annual Premium Equivalent sales for 2025 increased by 14%, new business Contractual Service Margin grew by 28%, and new business value rose by 18%. In the fourth quarter of 2025, APE sales declined by 1% compared to the prior-year period, while new business CSM increased by 21% and new business value was up 8%. Phil Witherington, President and Chief Executive Officer of Manulife, stated, "2025 was a significant year for Manulife. We achieved a record level in core earnings, completed several targeted strategic investments, and launched an optimized corporate strategy. Across all insurance segments, we recorded over 20% growth in new business CSM, driving a double-digit increase in the CSM balance and laying a solid foundation for future earnings contributions. Through prudent capital deployment, we further strengthened our diversified business layout, including the acquisition of Comvest Credit Partners, announcing a joint venture with Mahindra to enter the Indian life insurance market, establishing a high-net-worth client office in the Dubai International Financial Centre, and reaching an agreement to acquire Schroders Indonesia. These initiatives expand our world-class investment and insurance solutions for clients. Furthermore, Evident AI ranked Manulife as the top life insurer in AI maturity and responsible innovation, reflecting our commitment to becoming an AI-driven enterprise and actively leveraging AI technology to enhance customer experience, productivity, and deliver tangible value. Looking ahead to 2026, we will build on this momentum. Despite ongoing uncertainties in the macroeconomic and geopolitical environment, with our consistent and rigorous execution, diversified business portfolio, and winning team and culture, we are confident in seizing opportunities, achieving our objectives, and delivering high-quality, sustainable long-term growth."