Manulife Financial : Summary of Changes to SIP Beginning 1Q24

Updates to Manulife's Statistical Information Package ("SIP") beginning 1Q24

April 29, 2024

Manulife ("we", "our") is updating our SIP in the first quarter of 2024 ("1Q24") to streamline the report and enhance the relevancy of our IFRS 17 disclosures. The following table outlines the updates to our SIP. There are no restatements to the 2023 results, except for the changes in the Contractual Service Margin ("CSM") tables as mentioned below. Note that further refinements may be made as we finalize our 1Q24 reporting.

Reporting	Details
Updates
"Transitional"	Removed. As noted in our 2023 SIP and 2023 Management's Discussion & Analysis
measures	("MD&A"), with the adoption of IFRS 17 and IFRS 9, we introduced a number of transitional
	financial measures for our 2022 quarterly, year-to-date and full year results to improve
	comparability. Beginning in 1Q24, given 2022 information is not included, the following
	transitional financial measures will no longer be included in our SIP.
	• Transitional net income (loss) attributed to shareholders,
	• Transitional net income (loss) before income taxes,
	• Transitional net income (loss),
	• Transitional net income (loss) attributed to shareholders before income taxes,
	• Transitional return on common shareholders' equity,
	• Transitional basic earnings (loss) per common share; and
	• Transitional diluted earnings (loss) per common share.
Expenditure	Removed. As discussed in our expenditure efficiency ratio and expense efficiency ratio
Efficiency Ratio	reporting in our 2023 SIP and 2023 MD&A, the expenditure efficiency ratio and related
	core expenditures were temporary financial measures for 2022 and 2023, providing a
	reference point to the expense efficiency ratio and core general expenses reported prior to
	the adoption of IFRS 17. As of 1Q24, the expenditure efficiency ratio and related core
	expenditures will no longer be included in our SIP.
Drivers of	Removed. A DOE presentation focused on the sources of net income (loss) attributed to
Earnings ("DOE")	shareholders is the more meaningful presentation of our results. Our MD&A will continue to
summary gross of	include a reconciliation of the DOE to our Statement of Income.
participating
policyholders and
non-controlling
interests
Changes in	Updated. We are updating tables to show changes in the CSM net of non-controlling
Contractual	interests for beginning balance, ending balance and all the movements. The updated
Service Margin	disclosure will improve transparency and connection to potential future shareholder
("CSM")	earnings and provide a better linkage to the information included in the DOE.
Presentation	Updated. We updated the presentation sequence of metrics and tables to improve flow
sequence	and enhance the overall effectiveness of the document by highlighting key results earlier.