Balance Sheet Manulife Financial Corporation

Equities

MFC

CA56501R1064

Life & Health Insurance

Market Closed - Toronto S.E. Other stock markets 04:00:00 2026-03-11 pm EDT			5-day change	1st Jan Change
45.87 ^CAD	-0.02%		-2.20%	-7.97%

Feb. 26	Manulife Investment Management Announces Appointment of Liam Spillane as Head of Emerging Markets Fixed Income and Senior Portfolio Manager, Effective January 26, 2026	CI
Feb. 19	Manulife Financial's Share Buyback Approved by Toronto Stock Exchange	MT

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Published financial data: MANULIFE FINANCIAL CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Premiums and Annuity Revenues	39.06B	37.85B	17.54B	18.88B	20.44B
Total Interest And Dividend Income	13.63B	13.5B	559M	1.71B	-3.21B
Gain (Loss) on Sale of Assets, Total (Rev)	696M	-471M	-1.29B	-592M	-29M
Gain (Loss) on Sale of Investments, Total (Rev)	996M	-34.27B	3.15B	3.92B	5.77B
Other Revenues, Total	5.45B	-1.32B	7.28B	6.07B	8.01B
Total Revenues	59.84B	15.28B	27.25B	29.99B	30.98B
Policy Benefits	35.07B	-8.63B	11.9B	12.22B	12.8B
Policy Acquisition / Underwriting Costs, Total	6.64B	6.26B	1.65B	2.15B	2.9B
Selling General & Admin Expenses, Total	7.68B	7.76B	4.28B	4.71B	4.86B
Provision For Loan Losses - (Ins. / REIT / Utility Templates)	-	-	-	-	-
Other Operating Expenses	417M	444M	1.36B	1.99B	1.74B
Reinsurance Income Or Expense	-754M	673M	-	-	-
Total Operating Expenses	50.56B	5.16B	19.19B	21.07B	22.31B
Operating Income	9.29B	10.12B	8.06B	8.92B	8.67B
Interest Expense, Total	-1.01B	-1.35B	-1.55B	-1.68B	-1.53B
EBT, Excl. Unusual Items	8.28B	8.77B	6.51B	7.24B	7.14B
Restructuring Charges	-150M	-	-46M	-92M	-16M
Total Merger & Related Restructuring Charges	-	-26M	-8M	-57M	-29M
EBT, Incl. Unusual Items	8.12B	8.75B	6.45B	7.09B	7.09B
Income Tax Expense	1.21B	1.56B	845M	1.21B	1.03B
Earnings From Continuing Operations	6.91B	7.18B	5.61B	5.88B	6.06B
Net Income to Company	6.91B	7.18B	5.61B	5.88B	6.06B
Minority Interest	-255M	1M	-144M	-247M	-278M
Net Income - (IS)	6.66B	7.18B	5.46B	5.63B	5.78B
Preferred Dividend and Other Adjustments	-233M	149M	663M	557M	531M
Net Income to Common Incl Extra Items	6.89B	7.03B	4.8B	5.07B	5.25B
Net Income to Common Excl. Extra Items	6.89B	7.03B	4.8B	5.07B	5.25B
Per Share Items
Net EPS - Basic	3.55	3.68	2.62	2.85	3.08
Basic EPS - Continuing Operations	3.55	3.68	2.62	2.85	3.08
Basic Weighted Average Shares Outstanding	1.94B	1.91B	1.83B	1.78B	1.7B
Net EPS - Diluted	3.54	3.68	2.61	2.84	3.07
Diluted EPS - Continuing Operations	3.54	3.68	2.61	2.84	3.07
Diluted Weighted Average Shares Outstanding	1.95B	1.91B	1.84B	1.78B	1.71B
Normalized Basic EPS	2.53	2.87	2.14	2.4	2.46
Normalized Diluted EPS	2.53	2.87	2.13	2.4	2.45
Dividend Per Share	1.12	1.32	1.46	1.6	1.76
Payout Ratio	37.36	38.6	54.4	56.1	57.16
Supplemental Items
EBITDA	9.67B	10.43B	8.42B	9.53B	9.29B
EBITA	9.38B	10.23B	8.17B	9.04B	8.78B
EBIT	9.29B	10.12B	8.06B	8.92B	8.67B
Total Revenues (As Reported)	61.82B	17.15B	-	-	-
Effective Tax Rate - (Ratio)	14.93	17.89	13.1	17.09	14.58
Total Current Taxes	1.34B	834M	375M	901M	1.04B
Total Deferred Taxes	-127M	731M	470M	311M	-6M
Normalized Net Income	4.92B	5.48B	3.92B	4.28B	4.18B
Non-Cash Pension Expense	15M	7M	15M	12M	9M
Supplemental Operating Expense Items
General and Administrative Expenses	7.68B	7.76B	4.28B	4.71B	4.86B
Stock-Based Comp., Other (Total)	181M	193M	263M	321M	304M
Total Stock-Based Compensation	181M	193M	263M	321M	304M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Investment In Debt Securities	224B	204B	212B	211B	214B
Investment In Equity and Preferred Securities, Total	48.48B	48.09B	44.44B	64.82B	58.29B
Trading Asset Securities, Total	14.97B	5.92B	5.81B	5.19B	5.4B
Real Estate Owned	11.42B	11.39B	10.46B	10.59B	10.05B
Mortgage Loans	52.01B	54.64B	52.42B	54.45B	57.12B
Policy Loans	6.4B	6.89B	-	-	-
Total Other Investments	57.73B	65.27B	72.38B	71.24B	88.28B
Total investments	415B	396B	398B	417B	433B
Cash And Equivalents	22.59B	19.15B	20.34B	25.79B	26.7B
Reinsurance Recoverable - (IS)	44.58B	47.71B	42.65B	59.02B	60.88B
Other Receivables - (Insurance Template)	6.44B	8.18B	6.32B	6.45B	7.13B
Separate Account Assets	400B	349B	378B	436B	461B
Gross Property Plant And Equipment	2.22B	2.29B	2.65B	2.74B	2.7B
Accumulated Depreciation	-407M	-411M	-57M	-65M	-66M
Net Property Plant And Equipment	1.81B	1.88B	2.59B	2.67B	2.63B
Goodwill	5.65B	6.01B	5.92B	6.28B	6.88B
Other Intangibles, Total	4.26B	4.5B	4.39B	4.78B	5.45B
Other Current Assets, Total	2.53B	2.67B	2.73B	3.47B	4.22B
Deferred Tax Assets Long-Term (Collected)	5.25B	5.42B	6.74B	5.88B	5.74B
Other Long-Term Assets, Total	9.57B	8.74B	8.7B	11.57B	11.29B
Total Assets	918B	849B	876B	979B	1,025B
Liabilities
Insurance And Annuity Liabilities	395B	375B	368B	396B	412B
Reinsurance Payable - (BS)	-	-	2.83B	2.67B	3.27B
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	89M	112M	100M	105M	101M
Long-Term Debt	19.69B	24.38B	21.91B	25.12B	25.04B
Long-Term Leases	236M	308M	250M	250M	233M
Separate Account Liability	400B	349B	378B	436B	461B
Current Income Taxes Payable	-	195M	147M	453M	619M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	16.09B	16.88B	16.81B	15.7B	17.47B
Deferred Tax Liability Non-Current	2.77B	2.77B	1.7B	1.89B	2.02B
Other Non Current Liabilities	24.72B	24.69B	37.55B	47.29B	51.41B
Total Liabilities	859B	793B	827B	926B	973B
Preferred Stock Convertible	3.21B	2.5B	2.5B	2.5B	2.5B
Total Preferred Equity	3.21B	2.5B	2.5B	2.5B	2.5B
Common Stock, Total	23.09B	22.18B	21.53B	20.68B	20.1B
Additional Paid In Capital	262M	238M	222M	204M	199M
Retained Earnings	23.49B	27.01B	4.82B	4.76B	5.02B
Comprehensive Income and Other	7.12B	2.79B	18.23B	23.39B	23.13B
Total Common Equity	53.96B	52.22B	44.8B	49.04B	48.46B
Minority Interest	1.69B	1.66B	1.43B	1.42B	1.53B
Total Equity	58.87B	56.38B	48.73B	52.96B	52.49B
Total Liabilities And Equity	918B	849B	876B	979B	1,025B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.94B	1.86B	1.81B	1.72B	1.68B
ECS Total Common Shares Outstanding	1.94B	1.86B	1.81B	1.73B	1.68B
Book Value / Share	27.78	28.1	24.8	28.37	28.89
Tangible Book Value	44.05B	41.7B	34.49B	37.99B	36.13B
Tangible Book Value Per Share	22.68	22.44	19.1	21.97	21.54
Total Debt	20.02B	24.8B	22.26B	25.47B	25.38B
Net Debt	-2.58B	5.65B	1.93B	-319M	-1.33B
Debt Equivalent of Unfunded Proj. Benefit Obligation	50M	72M	83M	6M	-42M
Minority Interest, Total (Incl. Fin. Div)	1.69B	1.66B	1.43B	1.42B	1.53B
Equity Method Investments, Total	8.82B	10.29B	3.46B	12.76B	13.06B
Account Code - Inventory Valuation	3	-	3	3	3
Full Time Employees	38K	40K	38K	37K	37K

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	6.66B	7.18B	5.61B	5.63B	5.78B
Depreciation, Depletion & Amortization	283M	194M	253M	495M	513M
Amortization of Goodwill and Intangible Assets - (CF)	98M	109M	111M	117M	110M
Total Depreciation, Depletion & Amortization	381M	303M	364M	612M	623M
Amortization of Deferred Charges, Total	148M	235M	217M	257M	254M
(Gain) Loss On Sale of Asset - (CF)	4.82B	47.27B	-2.84B	-860M	-6.12B
(Gain) Loss on Sale of Investments - (CF)	181M	-127M	-141M	-290M	-344M
Restructuring Activities	-	-	-	-	-
Stock-Based Compensation (CF)	9M	5M	2M	-	-
Change in Accounts Receivable	-690M	-2.2B	6.64B	13.56B	16.94B
Reinsurance Recoverable - (CF)	-	-1.38B	-	-	-
Other Operating Activities	11.64B	-33.55B	10.58B	7.58B	14.97B
Cash from Operations	23.16B	17.74B	20.42B	26.49B	32.1B
Cash Acquisitions	-19M	-182M	-1M	-297M	-1.28B
Divestitures	-	-	-	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	-24.24B	-18.36B	-13.74B	-18.45B	-26.88B
Other Investing Activities, Total	-186M	-67M	21M	290M	-210M
Cash from Investing	-24.44B	-18.61B	-13.72B	-18.46B	-28.36B
Long-Term Debt Issued, Total	212M	1.38B	1.73B	3.72B	2.56B
Total Debt Issued	212M	1.38B	1.73B	3.72B	2.56B
Long-Term Debt Repaid, Total	-2.19B	-1.67B	-1.39B	-2B	-1.58B
Total Debt Repaid	-2.19B	-1.67B	-1.39B	-2B	-1.58B
Issuance of Common Stock	51M	23M	94M	144M	73M
Repurchase of Common Stock	-	-1.88B	-1.6B	-3.27B	-2.43B
Issuance of Preferred Stock	3.17B	990M	-	-	-
Repurchase of Preferred Stock	-625M	-725M	-	-	-
Common Dividends Paid	-2.27B	-2.51B	-2.67B	-2.85B	-2.98B
Preferred Dividends Paid	-215M	-260M	-303M	-311M	-321M
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-2.49B	-2.77B	-2.97B	-3.16B	-3.3B
Other Financing Activities, Total	-177M	1.65B	-909M	399M	2.64B
Cash from Financing	-2.05B	-3B	-5.04B	-4.17B	-2.05B
Foreign Exchange Rate Adjustments	-319M	585M	-412M	1.2B	-816M
Net Change in Cash	-3.65B	-3.3B	1.25B	5.06B	875M
Supplemental Items
Cash Interest Paid	981M	1.25B	1.55B	1.57B	1.52B
Cash Income Tax Paid (Refund)	571M	1.24B	436M	755M	756M
Net Debt Issued / Repaid	-1.98B	-288M	340M	1.71B	977M
Levered Free Cash Flow	-	27.92B	25.94B	4.76B	20.8B
Unlevered Free Cash Flow	-	28.76B	26.91B	5.81B	21.75B
Change In Net Working Capital	-	-21.7B	-21.03B	951M	-15.15B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	0.65	0.72	0.59	0.6	0.54
Return on Total Capital	7.32	7.92	7.02	7.48	6.95
Return On Equity %	12.36	12.46	11.57	11.56	11.49
Return on Common Equity	13.55	13.25	10.77	10.81	10.77
Margin Analysis
Gross Profit Margin %	30.31	115.48	50.26	52.08	49.3
SG&A Margin	12.83	50.75	15.69	15.7	15.68
EBITDA Margin %	16.15	68.22	30.92	31.78	30
EBITA Margin %	15.68	66.95	29.99	30.13	28.34
EBIT Margin %	15.52	66.23	29.58	29.74	27.99
Income From Continuing Operations Margin %	11.55	46.99	20.58	19.6	19.56
Net Income Margin %	11.12	47	20.05	18.78	18.67
Net Avail. For Common Margin %	11.51	46.02	17.62	16.92	16.95
Normalized Net Income Margin	8.22	35.88	14.4	14.26	13.51
Levered Free Cash Flow Margin	-	182.66	95.21	15.88	67.14
Unlevered Free Cash Flow Margin	-	188.18	98.78	19.39	70.23
Asset Turnover
Asset Turnover	0.07	0.02	0.03	0.03	0.03
Fixed Assets Turnover	32.68	8.28	10.01	11.39	11.68
Receivables Turnover (Average Receivables)	38.49	37.45	44.26	166.71	116.41
Short Term Liquidity
Current Ratio	5.48	4.7	3.79	5.16	4.73
Quick Ratio	2.4	1.61	1.38	1.7	1.55
Operating Cash Flow to Current Liabilities	1.43	1.03	1.03	1.4	1.5
Days Sales Outstanding (Average Receivables)	9.48	9.75	8.25	2.2	3.14
Average Days Payable Outstanding	-	-	70.32	70.03	69.05
Long Term Solvency
Total Debt/Equity	34	43.99	45.69	48.09	48.35
Total Debt / Total Capital	25.37	30.55	31.36	32.47	32.59
LT Debt/Equity	33.85	43.79	45.49	47.89	48.15
Long-Term Debt / Total Capital	25.26	30.41	31.22	32.34	32.46
Total Liabilities / Total Assets	93.58	93.36	94.43	94.59	94.88
EBIT / Interest Expense	9.18	7.5	5.19	5.31	5.67
EBITDA / Interest Expense	9.56	7.72	5.42	5.67	6.07
(EBITDA - Capex) / Interest Expense	9.56	7.72	5.42	5.67	6.07
Total Debt / EBITDA	2.07	2.38	2.64	2.67	2.73
Net Debt / EBITDA	-0.27	0.54	0.23	-0.03	-0.14
Total Debt / (EBITDA - Capex)	2.07	2.38	2.64	2.67	2.73
Net Debt / (EBITDA - Capex)	-0.27	0.54	0.23	-0.03	-0.14
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-22.41	-74.46	61.11	10.08	3.28
Gross Profit, 1 Yr. Growth %	71.41	-2.67	281.77	14.06	-2.24
EBITDA, 1 Yr. Growth %	14.82	7.85	-574.06	13.15	-2.52
EBITA, 1 Yr. Growth %	16.54	9.04	-518.6	10.6	-2.86
EBIT, 1 Yr. Growth %	16.78	9.01	-491.07	10.67	-2.81
Earnings From Cont. Operations, 1 Yr. Growth %	23.96	3.91	-383.32	4.83	3.1
Net Income, 1 Yr. Growth %	24.99	7.9	-360.14	3.08	2.68
Normalized Net Income, 1 Yr. Growth %	23.48	11.54	-289.85	9.05	-2.19
Diluted EPS Before Extra, 1 Yr. Growth %	20.82	3.95	-326.96	8.81	8.1
Net Property, Plant and Equip., 1 Yr. Growth %	-2.05	3.64	-9.15	3.2	-1.61
Accounts Receivable, 1 Yr. Growth %	-10.39	11.9	-78.45	-29.66	90.2
Total Assets, 1 Yr. Growth %	4.24	-7.49	5.02	11.79	4.76
Common Equity, 1 Yr. Growth %	13.07	-3.24	1.12	9.47	-1.19
Tangible Book Value, 1 Yr. Growth %	16.53	-5.34	2.09	10.15	-4.88
Cash From Operations, 1 Yr. Growth %	15.5	-23.41	22.82	29.73	21.18
Levered Free Cash Flow, 1 Yr. Growth %	-	-	195.77	-48.06	-290.33
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-	185.47	-42.68	-320.26
Dividend Per Share, 1 Yr. Growth %	0	17.86	10.61	9.59	10
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-12.31	-55.48	-32.52	33.17	6.62
Gross Profit, 2 Yr. CAGR %	12.44	29.16	-13.1	108.68	5.6
EBITDA, 2 Yr. CAGR %	9.95	11.28	-6.65	131.61	5.03
EBITA, 2 Yr. CAGR %	10.81	12.73	-6.69	115.17	3.65
EBIT, 2 Yr. CAGR %	10.98	12.83	-6.83	108.04	3.71
Earnings From Cont. Operations, 2 Yr. CAGR %	12.08	13.49	-9.93	72.34	3.96
Net Income, 2 Yr. CAGR %	12.4	16.13	-9.41	63.75	2.88
Normalized Net Income, 2 Yr. CAGR %	15.99	17.36	-10.69	43.89	3.28
Diluted EPS Before Extra, 2 Yr. CAGR %	13.05	12.07	-14.13	57.15	8.45
Net Property, Plant and Equip., 2 Yr. CAGR %	-3	0.75	19.58	-3.17	0.77
Accounts Receivable, 2 Yr. CAGR %	-3.34	0.14	-66.53	-61.07	15.67
Total Assets, 2 Yr. CAGR %	6.49	-1.8	-2.32	8.36	8.22
Common Equity, 2 Yr. CAGR %	9.42	4.59	-8.89	5.21	4.01
Tangible Book Value, 2 Yr. CAGR %	12.03	5.03	-11.52	6.04	2.36
Cash From Operations, 2 Yr. CAGR %	6.17	-5.95	-6.08	26.23	25.38
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	-	-26.31	50.59
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	-	-21.47	46.45
Dividend Per Share, 2 Yr. CAGR %	5.83	8.56	14.17	10.1	9.79
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	17.1	-41.87	-29.31	-20.57	22.35
Gross Profit, 3 Yr. CAGR %	49.53	7.16	8.98	-4.85	62.07
EBITDA, 3 Yr. CAGR %	9.35	9.24	0.02	-0.47	73.57
EBITA, 3 Yr. CAGR %	10.78	10.22	0.49	-1.25	65.06
EBIT, 3 Yr. CAGR %	10.98	10.32	0.45	-1.33	61.42
Earnings From Cont. Operations, 3 Yr. CAGR %	12.25	9.29	0.18	-5.26	45.21
Net Income, 3 Yr. CAGR %	12.52	10.88	0.85	-5.43	40.16
Normalized Net Income, 3 Yr. CAGR %	14.97	14.49	-0.5	-4.54	26.52
Diluted EPS Before Extra, 3 Yr. CAGR %	14.96	9.93	-3.78	-7.08	38.72
Net Property, Plant and Equip., 3 Yr. CAGR %	-3.49	-0.84	11.88	13.85	-2.65
Accounts Receivable, 3 Yr. CAGR %	-1.86	1.49	-53.52	-57.12	-33.94
Total Assets, 3 Yr. CAGR %	6.94	1.61	-0.18	2.17	7.14
Common Equity, 3 Yr. CAGR %	8.51	5.03	-2.09	-3.14	3.04
Tangible Book Value, 3 Yr. CAGR %	11.08	5.91	-3.01	-4.82	2.27
Cash From Operations, 3 Yr. CAGR %	6.46	-4.78	0.62	4.59	24.52
Levered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-	33.35
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	-	-	-	32.14
Dividend Per Share, 3 Yr. CAGR %	7.17	9.7	9.24	12.62	10.06
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	2.89	-23.07	-6.07	-17.36	-16.68
Gross Profit, 5 Yr. CAGR %	10.72	5.5	20.35	1.72	7.61
EBITDA, 5 Yr. CAGR %	14.51	20.65	2.64	3.57	1.99
EBITA, 5 Yr. CAGR %	16.09	22.25	3.43	3.41	1.74
EBIT, 5 Yr. CAGR %	16.42	22.7	3.48	3.42	1.74
Earnings From Cont. Operations, 5 Yr. CAGR %	17.15	25.99	2.79	1.33	1.68
Net Income, 5 Yr. CAGR %	17.36	28.28	3.17	1.34	1.66
Normalized Net Income, 5 Yr. CAGR %	20.47	31.99	3.93	3.2	0.99
Diluted EPS Before Extra, 5 Yr. CAGR %	20.21	30.29	2.3	0.5	0.94
Net Property, Plant and Equip., 5 Yr. CAGR %	5.66	7.95	5.15	6.78	7.3
Accounts Receivable, 5 Yr. CAGR %	8.9	4.75	-36.17	-40.65	-33.07
Total Assets, 5 Yr. CAGR %	4.95	3.08	3.14	3.88	3.1
Common Equity, 5 Yr. CAGR %	6.99	6.76	1.18	1.7	0.3
Tangible Book Value, 5 Yr. CAGR %	9.18	8.43	1.42	1.6	-0.9
Cash From Operations, 5 Yr. CAGR %	6.35	-0.06	1.26	5.22	9.88
Levered Free Cash Flow, 5 Yr. CAGR %	-	14.19	-	-	-
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	13.76	-	-	-
Dividend Per Share, 5 Yr. CAGR %	8.64	9.99	9.92	9.86	9.46