Manulife Financial Corporation announced its 2025 annual results, highlighting an increase in both net income attributed to shareholders and core earnings. Total revenue grew to US$60,964 million from US$53,291 million in 2024, supported by higher insurance revenue and net investment income across several divisions. Net income attributed to shareholders rose by 3% year over year, reaching US$5,572 million, while core earnings climbed to US$7,521 million from US$7,182 million in the prior year. The core return on common shareholders’ equity improved to 16.5% from 16.2% in 2024, reflecting the company’s focus on profitable growth and capital discipline.
Segment performance showed broad contributions to overall profitability. Asia reported US$2,969 million in core earnings, driven by expanded product offerings, new distribution channels, and continued growth in mainland China and Hong Kong. Canada contributed US$1,634 million in core earnings, supported by specialized lending products and enhanced digital underwriting. The U.S. segment delivered US$1,206 million in core earnings through diversified insurance solutions and targeted in-force management, while Global Wealth and Asset Management generated US$1,932 million, aided by net inflows across retirement, retail, and institutional asset management businesses.
Manulife continued to make strategic investments to bolster its global footprint. In Asia, the company broadened its reach via a 50:50 life insurance joint venture with Mahindra & Mahindra in India and opened an office in the Dubai International Financial Centre to serve high-net-worth clients. The U.S. segment enhanced its product suite in life insurance and annuities, and additional AI-based tools were deployed to streamline underwriting, improve customer engagement, and elevate operational efficiency. By year-end, Manulife reported over 90 AI use cases in production and more than 100 under development.
Capital strength remained a priority. The Manufacturers Life Insurance Company (MLI) recorded a 136% LICAT ratio, compared with 137% last year, while Manulife Financial Corporation’s own LICAT ratio stood at 125% versus 124% in 2024. Dividends per common share increased to US$1.76, up from US$1.60 in the prior year, reflecting sustained earnings and the Board’s commitment to shareholder returns. The company also continued share buyback initiatives, securing approval for a normal course issuer bid covering up to 42 million common shares in 2026.
Ongoing risk management efforts addressed market-related uncertainties—including interest rate fluctuations, equity market volatility, and foreign exchange movements—as well as operational, regulatory, and cyber risks. The Board and specialized committees maintained oversight through structured frameworks that encompass governance, compliance, and technology security, helping to safeguard both policyholder and shareholder interests.
Looking ahead, Manulife’s strategic emphasis on diversified growth, digital innovation, and customer-centric solutions positions it to navigate evolving industry conditions. The 2025 results underscore the company’s ability to blend core insurance operations with wealth and asset management activities, supported by steady capital and an expanding global clientele.