# Manulife Financial (MFC)

Sector: Life insurance and wealth management

| Field | Value |
|---|---|
| Price | CA$62.49 |
| Intrinsic value source | Analysts |
| Data as of | 2026-11-10 |
| Next earnings | 2027-02-04 (estimate) |

Analysts: Leaning bullish

Picks: Research only

Discount category: Far above intrinsic value

## In short

Investors pay a premium for the growth in Asia and the buybacks of Manulife, and only several years of core EPS growth with net inflows in Global WAM can earn it.

## Themes and gap

- Themes: China and geopolitics (china-geopolitics), Interest rates (interest-rates)
- Gap type: Slow (slow)
- Why: Only several years of core EPS growth from Asia, buybacks and a return to net inflows in Global WAM can earn the premium.

## About

Manulife Financial (Manulife) sells life and health insurance, annuities, retirement plans and investment products. It operates as Manulife in Canada and Asia and mainly as John Hancock in the United States. Manulife Wealth & Asset Management (Global WAM) manages money for individuals, retirement plans and institutions, and it owns 75% of the private credit manager Comvest Credit Partners. Average assets under management and administration of Global WAM were C$1,198 billion in Q3 2026. Of the core earnings of the four operating segments in Q3 2026, Asia gave the largest part, then Global WAM, Canada and the United States. The common shares trade on the Toronto, New York and Philippine stock exchanges and in Hong Kong. The head office is in Toronto. Phil Witherington is President and Chief Executive Officer.

## Thesis

Manulife trades above its intrinsic value because investors pay for its growth in Asia, its steady core earnings and its large share buybacks. In Q3 2026, core earnings rose 4% to a record C$2,125 million and core EPS rose 6% to C$1.24. Asia core earnings rose 17%. Manulife bought back 26.8 million shares in the first nine months of 2026, and the share count fell to 1,654 million. For the shares to earn this price, three things must be true. Asia must keep its growth in new business and core earnings. Global WAM must return to net inflows after net outflows of C$7.5 billion in the first nine months of 2026, which came partly from the change to the eMPF pension platform in Hong Kong. Credit losses and claims in the United States and Canada must stay low. The Q4 2026 and full-year report, expected in early February 2027, is the next test, together with a new buyback program. A rise in credit losses, a fall in Asia sales or lower markets can make the premium hard to keep.

## Checkpoints

- Nov 4, 2026: Q3 2026 results: core EPS and Asia. Status: Passed. Watch: Core EPS growth of 5% or more and higher Asia core earnings pass; lower core EPS fails. Outcome: Core EPS rose 6% to C$1.24, and Asia core earnings rose 17%.
- Feb 4, 2027 (estimate): Q4 2026 results and new buyback program. Status: Pending. Watch: Core EPS growth for 2026 of 10% or more and a new buyback program pass; a fall in Asia core earnings fails.
- Q2 2027 (estimate): Global WAM net flows. Status: Pending. Watch: Net inflows in Global WAM in the first half of 2027 pass; more net outflows fail.

## Balance sheet

Manulife funds itself mainly with shareholders' equity, insurance liabilities and some long-term debt and capital instruments. At September 30, 2026, long-term debt was C$6,542 million and capital instruments were C$8,017 million, including the US$750 million of 6.146% subordinated notes due 2041 issued on September 11, 2026. The financial leverage ratio was 23.0%, and the LICAT ratio, the Canadian capital test for life insurers, was 136%. Common shareholders' equity was C$46,412 million. Book value per common share was C$28.06, and adjusted book value per common share, which adds the contractual service margin after tax, was C$41.78. There were 1,654 million common shares, 23 million fewer than at December 31, 2025. The quarterly dividend is C$0.485 per share. For an insurer, net debt is not a useful measure, so this profile does not show debt figures.

As of 2026-09-30.

Sources:

- https://www.sec.gov/Archives/edgar/data/1086888/000108688826000104/q32026pressrelease.htm
- https://www.sec.gov/Archives/edgar/data/1086888/000108688826000105/q32026reporttoshareholderl.htm

## Dividends

- Dividend yield: 3.0% (last 12 months, at the current price)
- Paid per share, last 12 months: CA$1.895 (4 payments)
- Current annual rate: CA$1.94 (CA$0.485 x 4 a year)
- Latest ex-dividend date: 2026-08-21, CA$0.485 per share
- Growth over the last 5 years: 11.1% a year
- Growth over the last 10 years: 10.1% a year

Dividends per share by year: 2016: CA$0.74, 2017: CA$0.82, 2018: CA$0.91, 2019: CA$1.00, 2020: CA$1.12, 2021: CA$1.17, 2022: CA$1.32, 2023: CA$1.46, 2024: CA$1.60, 2025: CA$1.76.

Source: company filings and market data, read on 2026-11-10.

## Recent events

- 2026-11-04: Manulife reported Q3 2026 results. Core earnings rose 4% to a record C$2,125 million, and core EPS rose 6% to C$1.24. Net income attributed to shareholders fell to C$1,424 million from C$1,799 million, or C$0.82 per share. Core ROE was 17.8% and the LICAT ratio was 136%. Global WAM had net outflows of C$3.6 billion. Manulife returned C$1.3 billion to shareholders in the quarter and declared a quarterly dividend of C$0.485 per share, payable on December 21, 2026.
- 2026-09-01: Manulife priced US$750 million of 6.146% subordinated notes due 2041, which it expects to count as Tier 2 capital. It issued the notes on September 11, 2026.
- 2026-08-05: Manulife reported Q2 2026 results. Core earnings rose 12% to C$1.9 billion, and core EPS rose 16% to C$1.09. Net income attributed to shareholders was C$2.1 billion. Asia core earnings rose 21%, and Global WAM had net inflows of C$0.4 billion.
- 2026-05-13: Manulife reported Q1 2026 results. Core EPS rose 11% to C$1.06, and net income attributed to shareholders was C$1.1 billion. Global WAM had net outflows of C$4.4 billion.
- 2026-02-11: Manulife reported 2025 results. Core EPS rose 8% to C$4.21, and net income attributed to shareholders was C$5.6 billion. It bought back 54.4 million shares, or 3.1% of the shares, for C$2.4 billion in 2025. It raised the quarterly dividend by 10.2% and announced a new buyback program of up to about 2.5% of its shares.

## Latest news and filings

- Next earnings: 2027-02-04 (expected; the company has not confirmed it)

| Filed | Form | Headline | Period end | XBRL document | Link |
| --- | --- | --- | --- | --- | --- |
| 2026-02-11 | 40-F | Annual report for the period ended Dec 31, 2025 | 2025-12-31 | mfc-20251231_d2 | https://www.sec.gov/Archives/edgar/data/1086888/000108688826000003/mfc-20251231_d2.htm |
| 2025-02-19 | 40-F | Annual report for the period ended Dec 31, 2024 | 2024-12-31 | mfc-20241231_d2 | https://www.sec.gov/Archives/edgar/data/1086888/000108688825000054/mfc-20241231_d2.htm |

Every filing on SEC EDGAR (CIK 1086888): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001086888&type=&dateb=&owner=include&count=40

## Risks

- Medium: Asia gives the largest part of core earnings. Lower sales in Hong Kong or the Chinese Mainland, tension between China and other countries, or new rules in the region can slow growth.
- Medium: Global WAM had net outflows of C$7.5 billion in the first nine months of 2026. Fees fall when money leaves or when markets fall.
- Medium: Manulife holds large portfolios of bonds, mortgages, private placements and real estate. In Q3 2026, higher provisions for expected credit losses lowered core earnings in all four operating segments. A recession can raise credit losses more.
- Low: Insurance results depend on actuarial assumptions about claims, lapses and interest rates. Changes to these assumptions, as in the annual review each third quarter, can change earnings and capital.
- Low: Manulife reports in Canadian dollars, but most of its earnings come in U.S. dollars and Asian currencies. A stronger Canadian dollar lowers reported earnings.

## Links

- Page: https://picks.utilarium.app/company/MFC/
- History of changes: https://picks.utilarium.app/company/MFC/history/
- JSON with full history: https://picks.utilarium.app/data/company/MFC.json

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