Manulife Financial Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	6,060	5,878	5,607	-1,979	6,912
Stock-Based Compensation	-	-	2	5	9
Other Adjustments	-8,308	-2,275	-3,933	8,896	5,407
Changes in Reinsurance Contract Assets	-1,226	-613	974	710	754
Changes in Claims Reserves	18,087	9,435	10,697	5,016	10,719
Changes in Other Operating Activities	17,492	14,069	7,076	3,980	-646
Operating Cash Flow	32,105	26,494	20,423	16,628	23,155
Operating Cash Flow Growth	21.18%	29.73%	22.82%	-28.19%	15.50%
Purchases of Investments	-135,470	-131,123	-84,021	-111,558	-120,965
Proceeds from Sale of Investments	108,592	112,671	70,281	93,407	96,728
Payments for Business Acquisitions	-1,277	-297	-1	-182	-19
Other Investing Activities	-210	290	21	-67	-186
Investing Cash Flow	-28,365	-18,459	-13,720	-18,400	-24,442
Long-Term Debt Issued	2,061	667	537	1,383	26
Long-Term Debt Repaid	-1,000	-1,886	-600	-1,000	-2,068
Net Long-Term Debt Issued (Repaid)	1,061	-1,219	-63	383	-2,042
Issuance of Common Stock	73	144	94	23	51
Repurchase of Common Stock	-2,431	-3,272	-1,595	-1,884	-
Net Common Stock Issued (Repurchased)	-2,358	-3,128	-1,501	-1,861	51
Issuance of Preferred Stock	-	-	-	990	3,171
Repurchase of Preferred Stock	-	-	-	-711	-612
Net Preferred Stock Issued (Repurchased)	-	-	-	279	2,559
Common Dividends Paid	-3,305	-3,159	-2,972	-2,787	-2,500
Other Financing Activities	2,553	3,332	-506	1,878	-115
Financing Cash Flow	-2,049	-4,174	-5,042	-2,108	-2,047
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-816	1,197	-412	585	-319
Net Cash Flow	875	5,058	1,249	-3,295	-3,653
Free Cash Flow	32,105	26,494	20,423	16,628	23,155
Free Cash Flow Growth	21.18%	29.73%	22.82%	-28.19%	15.50%
FCF Margin	37.22%	35.92%	30.01%	53.30%	37.45%
Free Cash Flow Per Share	18.80	14.84	11.11	8.69	11.90
Levered Free Cash Flow	22,578	17,311	12,787	2,880	4,956
Unlevered Free Cash Flow	62,488	49,497	43,759	7,816	-21,311

Updated Dec 31, 2025. Data Source: Fiscal.ai. Insurance template. Financial Sources.