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	5,782	5,631	5,463	-1,979	6,657
Depreciation & Amortization	623	612	364	284	381
Other Amortization	254	257	217	235	148
Gain (Loss) on Sale of Assets	-6,120	-860	-2,845	13,660	4,824
Gain (Loss) on Sale of Investments	-344	-290	-141	-226	181
Stock-Based Compensation	-	-	2	5	9
Change in Accounts Receivable	16,941	13,565	6,641	4,958	-690
Reinsurance Recoverable	-	-	-	-1,377	-
Other Operating Activities	14,969	7,579	10,722	1,068	11,645
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%
Cash 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	2,558	3,718	1,731	1,729	212
Total Debt Repaid	-1,581	-2,004	-1,391	-1,120	-2,192
Net Debt Issued (Repaid)	977	1,714	340	609	-1,980
Issuance of Common Stock	73	144	94	23	51
Repurchases of Common Stock	-2,431	-3,272	-1,595	-1,884	-
Issuance of Preferred Stock	-	-	-	990	3,171
Repurchases of Preferred Stock	-	-	-	-725	-625
Common Dividends Paid	-2,984	-2,848	-2,669	-2,513	-2,272
Preferred Dividends Paid	-321	-311	-303	-260	-215
Total Dividends Paid	-3,305	-3,159	-2,972	-2,773	-2,487
Other Financing Activities	2,637	399	-909	1,652	-177
Financing Cash Flow	-2,049	-4,174	-5,042	-2,108	-2,047
Foreign Exchange Rate Adjustments	-816	1,197	-412	585	-319
Net Cash Flow	875	5,058	1,249	-3,295	-3,653
Cash Interest Paid	1,515	1,574	1,548	955	981
Cash Income Tax Paid	756	755	436	1,238	571
Levered Free Cash Flow	20,797	-10,927	9,171	8,771	-
Unlevered Free Cash Flow	21,753	-9,876	10,143	9,428	-
Change in Working Capital	16,941	13,565	6,641	3,581	-690

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.