MANULIFE FINANCIAL (MFC) Company Report

Analyst Coverage

Research analysts who have asked questions during MANULIFE FINANCIAL earnings calls.

Doug Young

Desjardins Capital Markets

6 questions for MFC

Also covers: , BMO, BNS +7 more

Gabriel Dechaine

National Bank Financial

6 questions for MFC

Also covers: , BMO, BNS +6 more

Mario Mendonca

TD Securities

6 questions for MFC

Also covers: BMO, BNS, CM +5 more

Paul Holden

CIBC World Markets

6 questions for MFC

Also covers: BMO, BNS, GRWTF +5 more

Tom MacKinnon

BMO Capital Markets

6 questions for MFC

Also covers: CIXXF, FRFHF, GRWTF +3 more

John Aiken

Jefferies Securities

5 questions for MFC

Also covers: BMO, BNS, CM +3 more

Lemar Persaud

Cormark Securities

4 questions for MFC

Also covers: BMO, BNS, CM +3 more

Alex Scott

Barclays PLC

3 questions for MFC

Also covers: ACGL, AFL, AIG +29 more

Meny Grauman

Scotiabank

3 questions for MFC

Also covers: , BMO, CM +4 more

Darko Mihelic

RBC Capital Markets

2 questions for MFC

Also covers: , BMO, BNS +4 more

George Burmann

JP Turner and Company

2 questions for MFC

Also covers: MIL

Gregg Abella

Investment Partners Asset Management

2 questions for MFC

Also covers: MIL

Joe Pratt

Stifel

2 questions for MFC

Also covers: MIL

David Erb

Merrion Investment Management

1 question for MFC

Also covers: MIL

Graham Tanaka

Tanaka Capital Management

1 question for MFC

Also covers: MIL, NXE

Nigel D'Souza

Veritas Investment Research

1 question for MFC

Also covers: BNS, CM, GRWTF +2 more

Rich Rogers

Abbey Capital

1 question for MFC

Thomas Gallagher

Evercore

1 question for MFC

Also covers: AFL, AMP, BHF +13 more

Tony Pollock

Aegis Capital

1 question for MFC

William Meyers

Miller Asset Management

1 question for MFC

Latest news

Recent press releases and 8-K filings for MFC.

Manulife Financial Corporation Issues 4.986% Senior Notes due 2035

MFC

Debt Issuance

Manulife Financial Corporation has issued 4.986% Senior Notes due 2035.
The initial aggregate principal amount of these notes is U.S.$1,000,000,000.
The notes bear interest at 4.986% per year from December 11, 2025, payable semi-annually on June 11 and December 11, commencing June 11, 2026.
The Stated Maturity for the principal amount is December 11, 2035.
The Company has the option to redeem the notes, in whole or in part, with a Par Call Date of September 11, 2035.

Dec 11, 2025, 4:23 PM

6-K

Manulife Financial Corporation issues US$1 billion in Senior Notes

MFC

Debt Issuance

Manulife Financial Corporation (MFC) has entered into an underwriting agreement for the issuance of US$1,000,000,000 in 4.986% Senior Notes due 2035.
The notes have a maturity date of December 11, 2035, and an interest rate (coupon) of 4.986% per annum.
Interest payments will be made semi-annually on June 11 and December 11 of each year, commencing June 11, 2026.
The closing date for this offering is December 11, 2025.
The net proceeds to the company before expenses from this offering are US$995,500,000.

Dec 3, 2025, 3:13 PM

6-K

Manulife Financial Corporation Prices U.S. Public Offering of Senior Notes

MFC

Debt Issuance

Manulife Financial Corporation (MFC) priced a U.S. public offering of U.S.$1,000,000,000 aggregate principal amount of senior notes on December 2, 2025.
The senior notes carry an interest rate of 4.986% and are due in 2035, with a public offering price of 100.000%.
The company intends to use the net proceeds from the sale of these notes for general corporate purposes, which may include future refinancing requirements.

Dec 3, 2025, 12:36 AM

6-K

Manulife Financial Corporation Prices Senior Notes Offering

MFC

Debt Issuance

Manulife Financial Corporation announced the pricing of a public offering in the United States of U.S.$1,000,000,000 aggregate principal amount of 4.986% senior notes due 2035.
The notes were priced at 100%.
The company intends to use the net proceeds from the sale of the notes for general corporate purposes, which may include future refinancing requirements.

Dec 2, 2025, 10:52 PM

Press Release

Manulife Financial Discusses Refreshed Strategy and Capital Allocation

MFC

Guidance Update

New Projects/Investments

Share Buyback

Manulife Financial's CFO discussed a refreshed strategy, aiming for 18%+ ROE by the end of 2027, building on a Q3 2025 normalized ROE of 17%.
The company targets $1 billion in value creation from AI, driven by earnings increases from operational efficiency, Contractual Service Margin (CSM) growth, and cost avoidance.
Manulife continues to pursue a balanced geographic strategy, with Asia remaining a key focus, targeting mid-teen core earnings growth and 21% ROE by 2027, and is entering the Indian insurance market.
The company has been active in capital deployment, buying back $1.74 billion in shares year-to-date 2025, and is open to M&A opportunities in Canadian wealth, US retirement, and Asia distribution agreements.

Nov 25, 2025, 6:45 PM

Transcript

Manulife Financial Discusses Refreshed Strategy, AI Value, and Capital Allocation at Desjardins Conference

MFC

New Projects/Investments

Share Buyback

M&A

Manulife Financial has a refreshed strategy emphasizing geographic diversification, AI, distribution, people/culture, and health/wealth/longevity, shifting from a sole focus on Asia and GWAM.
The company targets $1 billion in value creation from AI, primarily through operational efficiency, CSM growth, and cost avoidance, noting this will not necessarily be $1 billion in incremental earnings.
Manulife maintains its mid-teen core earnings growth and 21% ROE targets for Asia by 2027, and plans to enter the Indian insurance market, expecting to sell policies in 12-18 months and break even in 3-4 years.
The company has actively deployed capital, buying back 5% of stock last year and 3% this year, and holds $6 billion in excess capital and capacity. M&A strategy focuses on Canadian wealth, US retirement assets, and Asia distribution agreements, exemplified by the Comvest acquisition.
Manulife is targeting an 18%+ ROE by the end of 2027, building from a Q3 2025 core ROE of 18.1% (normalized to 17%), with buybacks and normalized mortality as key levers.

Nov 25, 2025, 6:45 PM

Transcript

Manulife Financial Outlines Refreshed Strategy, AI Value Target, and Capital Deployment Plans

MFC

Share Buyback

M&A

Guidance Update

Manulife Financial has introduced a refreshed strategy to become a stable global champion, focusing on balancing growth across Canada, the U.S., Asia, and asset management, while emphasizing AI, distribution, people and culture, and health, wealth, and longevity.
The company targets creating $1 billion in value from AI through earnings increases, CSM growth, and cost avoidance , and aims for an 18%+ Return on Equity (ROE) by the end of 2027, building on a Q3 ROE of 18.1% (normalized to 17%).
Manulife has actively engaged in capital deployment, repurchasing $1.74 billion in shares year-to-date in 2025 and planning a 3% buyback this year, utilizing $6 billion in excess capital. The company's stance on M&A has shifted, with interest in Canadian wealth, US retirement, and Asia distribution agreements.
Manulife is expanding into the Indian insurance market, anticipating 12-18 months before selling a policy and 3-4 years to break even.

Nov 25, 2025, 6:45 PM

Transcript

Manulife's New CEO Outlines Strategic Refresh, AI Focus, and Growth Plans for US and Canada

MFC

CEO Change

New Projects/Investments

Share Buyback

Under new CEO Phil Witherington, Manulife has launched a strategic refresh for a "new chapter" , with a key focus on becoming an AI-powered organization. This initiative is projected to generate $1 billion in benefits between 2025 and 2027, with approximately 20% derived from expense efficiency.
The company plans to scale its US business beyond its niche high-net-worth segment, focusing on health, wellness, and longevity, with the US currently achieving a 15% return on equity and 40% new business value margins. This expansion will be supported by expense investment rather than capital injections and will avoid long-term guaranteed products.
Manulife will invest in its Canadian operations, including insurance and wealth management, and has clarified that Manulife Bank is a core part of its proposition. The strategy aims to improve digital experiences and leverage global capabilities in the Canadian market.
Capital allocation prioritizes organic investments, with 60%-70% of core earnings expected to translate to remittances to cover dividends, debt interest, and organic growth. Remaining capital will be deployed to share buybacks, with continuity expected in the near term, though a recent 4% reduction was elevated due to reinsurance transactions.
Manulife emphasizes robust risk management and governance to reduce sensitivity to macro factors like interest rates and equity markets, aiming to anticipate and address challenges proactively.

Nov 19, 2025, 2:00 PM

Transcript

Manulife CEO Discusses Strategic Refresh, India Expansion, and AI Investment

MFC

New Projects/Investments

Guidance Update

Share Buyback

Manulife's new CEO, Phil Witherington, has implemented a strategic refresh to provide clarity and accelerate execution across the organization.
The company is re-entering the Indian life insurance market through a 50/50 joint venture with Mahindra, aiming to establish a presence in all three "mega economies".
Manulife's U.S. strategy is shifting to scale its health, wellness, and longevity offerings beyond its current niche, while avoiding long-term guaranteed products, with the U.S. business being highly capital accretive.
Manulife is making significant investments in AI, with over 50 use cases in operation, projecting $1 billion in benefits between 2025 and 2027, primarily from revenue generation and policyholder experience improvements, with approximately 20% from expense efficiency.
The company reaffirms its commitment to the Canadian market, including Manulife Bank, and plans to continue its share buyback program, which has led to a 4% reduction in share count over the past year.

Nov 19, 2025, 2:00 PM

Transcript

Manulife CEO Discusses Strategic Refresh, AI Benefits, and Market Focus

MFC

CEO Change

New Projects/Investments

Share Buyback

Manulife's new CEO, Phil Witherington, has launched a strategic refresh to position the company as a leading global life insurer and asset manager, emphasizing growth in key markets like the US, Canada, and a new joint venture in India.
The company anticipates $1 billion in benefits from AI between 2025 and 2027, driven by productivity improvements, revenue generation, and expense efficiency.
Manulife remains committed to share buybacks and robust risk management, aiming to reduce sensitivity to macro factors and ensure stable results.