$MNLCF

MANULIFE FINANCIAL CORP

CIK:0001086888|SEC Filings

Consolidated Statements of Income - CAD ($) $ in Millions	12 Months Ended
Consolidated Statements of Income - CAD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Insurance service result
Insurance revenue (note 6)	$ 28,888	$ 26,592
Insurance service expenses (note 6)	(23,091)	(21,822)
Net expenses from reinsurance contracts held (note 6)	(1,271)	(769)
Total insurance service result	4,526	4,001
Investment result
Investment income	19,014	18,249
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities	6,275	2,210
Investment expenses	(1,342)	(1,348)
Net investment income (loss)	23,947	19,111
Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	(22,681)	(16,219)
Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6)	1,694	1,133
Decrease (increase) in investment contract liabilities (note 6)	(551)	(504)
Investment result excluding segregated investment funds	2,409	3,521
Segregated funds investment result (note 22)
Investment income related to segregated funds net assets	57,909	52,870
Financial changes related to insurance and investment contract liabilities for account of segregated fund holders	(57,909)	(52,870)
Net segregated funds investment result	0	0
Total investment result	2,409	3,521
Other revenue (note 13)	8,129	7,588
General expenses	(4,901)	(4,859)
Commissions related to non-insurance contracts	(1,539)	(1,480)
Interest expenses	(1,530)	(1,681)
Net income (loss) before income taxes	7,094	7,090
Income tax (expenses) recoveries	(1,034)	(1,212)
Net income (loss)	6,060	5,878
Net income (loss) attributed to:
Non-controlling interests	278	247
Participating policyholders	210	246
Shareholders and other equity holders	5,572	5,385
Net income (loss)	6,060	5,878
Net income (loss) attributed to shareholders	5,572	5,385
Preferred share dividends and other equity distributions	(321)	(311)
Common shareholders’ net income (loss)	$ 5,251	$ 5,074
Earnings per share
Basic earnings per common share (note 11) (in dollars per share)	$ 3.08	$ 2.85
Diluted earnings per common share (note 11) (in dollars per share)	3.07	2.84
Dividends per common share (in dollars per share)	$ 1.76	$ 1.60

Consolidated Statements of Cash Flows - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net income (loss)	$ 6,060	$ 5,878
Adjustments:
Increase (decrease) in insurance contract net liabilities (note 6)	18,087	9,435
Increase (decrease) in investment contract liabilities	551	504
(Increase) decrease in reinsurance contract assets, excluding reinsurance transactions noted below (note 6)	(1,226)	(613)
Amortization of (premium) discount on invested assets	(344)	(290)
Contractual service margin (“CSM”) amortization	(2,706)	(2,376)
Other amortization	877	869
Net realized and unrealized (gains) losses and impairment of assets	(6,120)	(860)
Deferred income tax expenses (recoveries)	(6)	311
Net loss on reinsurance transactions (pre-tax) (note 6)	(9)	71
Cash provided by operating activities before undernoted items	15,164	12,929
Changes in policy related and operating receivables and payables	16,941	13,565
Cash provided by (used in) operating activities	32,105	26,494
Investing activities
Purchases of invested assets and derivatives	(135,470)	(131,123)
Disposals and repayments	108,592	112,671
Changes in investment broker net receivables and payables	(210)	290
Net cash increase (decrease) from sale (purchase) of subsidiaries	(1,277)	(297)
Cash provided by (used in) investing activities	(28,365)	(18,459)
Financing activities
Changes in repurchase agreements	(473)	460
Issue of long-term debt (note 9)	1,385	0
Issue of capital instruments, net (note 10)	497	2,591
Redemption of capital instruments (note 10)	(1,000)	(1,886)
Secured borrowing from securitization transactions	676	667
Changes in deposits from Bank clients, net	2,661	413
Lease payments	(108)	(118)
Shareholders’ dividends and other equity distributions	(3,305)	(3,159)
Contributions from (distributions to) non-controlling interests, net	(24)	(14)
Common shares repurchased (note 11)	(2,431)	(3,272)
Common shares issued, net (note 11)	73	144
Cash provided by (used in) financing activities	(2,049)	(4,174)
Cash and short-term securities
Increase (decrease) during the year	1,691	3,861
Effect of foreign exchange rate changes on cash and short-term securities	(816)	1,197
Balance, beginning of year	24,942	19,884
Balance, end of year	25,817	24,942
Cash and short-term securities
Gross cash and short-term securities	25,789	20,338
Net payments in transit, included in other liabilities	(847)	(454)
Balance, beginning of year	24,942	19,884
Gross cash and short-term securities	26,703	25,789
Net payments in transit, included in other liabilities	(886)	(847)
Balance, end of year	25,817	24,942
Supplemental disclosures on cash flow information
Interest received	13,942	13,496
Interest paid	1,515	1,574
Income taxes paid	$ 756	$ 755

Consolidated Statements of Financial Position - CAD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and short-term securities	$ 26,703	$ 25,789
Debt securities	214,114	210,621
Public equities	40,971	33,725
Mortgages	57,119	54,447
Private placements	51,782	49,668
Loans to Bank clients	2,735	2,310
Real estate	12,682	13,263
Other invested assets	53,822	52,674
Total invested assets (note 3)	459,928	442,497
Other assets
Accrued investment income	3,198	2,969
Derivatives (note 4)	9,628	8,667
Insurance contract assets (note 6)	194	102
Reinsurance contract held assets (note 6)	60,881	59,015
Deferred tax assets	5,741	5,884
Goodwill and intangible assets (note 5)	12,324	11,052
Miscellaneous	12,285	12,644
Total other assets	104,251	100,333
Segregated funds net assets (note 22)	461,254	435,988
Total assets	1,025,433	978,818
Liabilities
Insurance contract liabilities, excluding those for account of segregated fund holders (note 6)	411,532	396,401
Reinsurance contract held liabilities (note 6)	3,273	2,669
Investment contract liabilities (note 7)	14,137	13,498
Deposits from Bank clients	24,707	22,063
Derivatives (note 4)	14,351	14,252
Deferred tax liabilities	2,018	1,890
Other liabilities	26,998	24,936
Long-term debt (note 9)	7,685	6,629
Capital instruments (note 10)	6,990	7,532
Total liabilities, excluding those for account of segregated fund holders	511,691	489,870
Insurance contract liabilities for account of segregated fund holders (note 6)	129,006	126,545
Investment contract liabilities for account of segregated fund holders	332,248	309,443
Insurance and investment contract liabilities for account of segregated fund holders (note 22)	461,254	435,988
Total liabilities	972,945	925,858
Equity
Contributed surplus	199	204
Shareholders and other equity holders’ retained earnings	5,024	4,764
Shareholders and other equity holders’ accumulated other comprehensive income (loss) (“AOCI”):
Insurance finance income (expenses)	35,184	37,999
Reinsurance finance income (expenses)	(6,455)	(7,048)
Fair value through other comprehensive income (“OCI”) investments	(16,513)	(19,733)
Total	5,885	7,327
Other	34	118
Total shareholders and other equity holders’ equity	50,121	50,972
Participating policyholders’ equity	836	567
Non-controlling interests	1,531	1,421
Total equity	52,488	52,960
Total liabilities and equity	1,025,433	978,818
Preferred shares and other equity
Equity
Issued shares (note 11)	6,660	6,660
Shareholders and other equity holders’ accumulated other comprehensive income (loss) (“AOCI”):
Total equity	6,660	6,660
Common shares
Equity
Issued shares (note 11)	20,103	20,681
Shareholders and other equity holders’ accumulated other comprehensive income (loss) (“AOCI”):
Total equity	$ 20,103	$ 20,681