Manulife Financial Income 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
Premiums & Annuity Revenue	20,437	18,883	17,542	17,094	39,065
Total Interest & Dividend Income	-3,209	1,706	559	7,753	13,632
Gain (Loss) on Sale of Investments	5,767	3,921	3,149	-2,381	996
Other Revenue	8,009	6,074	7,285	-4,977	5,452
Total Revenue	30,975	29,992	27,246	16,911	59,841
Revenue Growth (YoY)	3.28%	10.08%	61.11%	-71.74%	-22.41%
Policy Benefits	12,802	12,224	11,898	12,039	35,068
Policy Acquisition & Underwriting Costs	2,903	2,148	1,654	1,285	6,638
Selling, General & Administrative	4,856	4,710	4,276	3,705	7,678
Other Operating Expenses	1,745	1,990	1,358	1,943	417
Reinsurance Income or Expense	-	-	-	-	-754
Total Operating Expenses	22,306	21,072	19,186	18,972	50,555
Operating Income	8,669	8,920	8,060	-2,061	9,286
Interest Expense	-1,530	-1,681	-1,554	-1,051	-1,011
EBT Excluding Unusual Items	7,139	7,239	6,506	-3,112	8,275
Merger & Restructuring Charges	-45	-149	-54	-26	-150
Pretax Income	7,094	7,090	6,452	-3,138	8,125
Income Tax Expense	1,034	1,212	845	-1,159	1,213
Earnings From Continuing Ops.	6,060	5,878	5,607	-1,979	6,912
Minority Interest in Earnings	-278	-247	-144	-121	-255
Net Income	5,782	5,631	5,463	-2,100	6,657
Preferred Dividends & Other Adjustments	531	557	663	93	-233
Net Income to Common	5,251	5,074	4,800	-2,193	6,890
Net Income Growth	2.68%	3.08%	-	-	24.99%
Shares Outstanding (Basic)	1,703	1,779	1,834	1,910	1,942
Shares Outstanding (Diluted)	1,708	1,785	1,838	1,913	1,946
Shares Change (YoY)	-4.31%	-2.88%	-3.92%	-1.70%	0.15%
EPS (Basic)	3.08	2.85	2.62	-1.15	3.55
EPS (Diluted)	3.07	2.84	2.61	-1.15	3.54
EPS Growth	8.10%	8.81%	-	-	20.82%
Dividend Per Share	1.760	1.600	1.460	1.320	1.120
Dividend Growth	10.00%	9.59%	10.61%	17.86%	-
Operating Margin	27.99%	29.74%	29.58%	-12.19%	15.52%
Profit Margin	16.95%	16.92%	17.62%	-12.97%	11.51%
EBITDA	9,292	9,532	8,424	-1,777	9,667
EBITDA Margin	30.00%	31.78%	30.92%	-10.51%	16.15%
D&A For EBITDA	623	612	364	284	381
EBIT	8,669	8,920	8,060	-2,061	9,286
EBIT Margin	27.99%	29.74%	29.58%	-12.19%	15.52%
Effective Tax Rate	14.58%	17.09%	13.10%	-	14.93%
Revenue as Reported	-	-	-	-	61,821

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