Here are 1-2 brief analogies for Manulife Financial (MFC):

• Like MetLife, but headquartered in Canada and with significant operations across Asia.
• A Canadian version of Prudential Financial (US), offering life insurance, wealth management, and retirement solutions globally.

• Life Insurance: Provides financial protection to beneficiaries upon the death of the insured.
• Health and Disability Insurance: Offers coverage for medical expenses, critical illnesses, and income replacement due to injury or sickness.
• Group Benefits: Comprehensive insurance and retirement plans provided to employees through their employers.
• Wealth and Asset Management: A wide range of investment products and advisory services, including mutual funds, segregated funds, annuities, and retirement planning.

Manulife Financial (MFC) is a diversified financial services company that serves a broad range of customers across its insurance, wealth management, and retirement solutions. While it also provides services to institutional clients, its business is primarily focused on individuals, either directly or through various distribution channels.

Here are three categories of individual customers that Manulife serves:

1. Personal Insurance & Investment Clients: This category includes individuals who purchase a wide array of products directly for their personal financial planning, wealth accumulation, and protection needs. This encompasses life insurance, health insurance, critical illness insurance, annuities, mutual funds, segregated funds, and other investment solutions. These clients may acquire products directly from Manulife or through independent financial advisors.
2. Group Benefits & Retirement Plan Members: While the employers are the direct corporate clients for Manulife's group insurance and group retirement plans, the ultimate beneficiaries and daily users of these services are the individual employees. This category includes individuals covered by employer-sponsored health, dental, disability, and life insurance plans, as well as those participating in company retirement savings programs managed by Manulife.
3. High Net Worth (HNW) Individuals & Families: This segment comprises affluent individuals and families who require specialized wealth management, estate planning, trust services, and philanthropic solutions. Manulife caters to their complex financial needs through dedicated advisory services and customized investment strategies.

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Phil Witherington, President & Chief Executive Officer

Phil Witherington will assume the role of President and Chief Executive Officer of Manulife in May 2025. He has been a member of Manulife's Executive Leadership Team since 2017. Prior to his current appointment, he served five years as Chief Financial Officer at Manulife, beginning in 2018, where he led the implementation of IFRS 17 and IFRS 9. He also held the position of President & Chief Executive Officer of Manulife Asia. Mr. Witherington joined Manulife in 2014 as Chief Financial Officer of Manulife Asia. Before joining Manulife, he held key roles at HSBC, AIA, and spent a decade with KPMG in London and Hong Kong, bringing over 25 years of global experience in insurance and financial services.

Colin Simpson, Chief Financial Officer

Colin Simpson is the Chief Financial Officer of Manulife and a member of Manulife's Executive Leadership Team. He is responsible for managing Manulife's global financial affairs, including finance, accounting, capital, treasury, taxation, investor relations, and financial regulation. Mr. Simpson joined Manulife in November 2022 as Chief Financial Officer for the U.S. and General Account and was appointed Manulife's CFO in July 2023. Prior to Manulife, he worked at Aviva from 2013-2022, where he was most recently Interim Group CFO and previously served as CFO of Aviva's Canadian division and Aviva's Director of Investor Relations. Earlier in his career, Mr. Simpson held executive roles at Goldman Sachs and Bear Stearns Investment Bank as an equity analyst covering the European insurance sector, and actuarial roles at Reinsurance Group of America and Gen Re.

Rahul Joshi, Chief Operations Officer

Rahul Joshi is the Chief Operations Officer at Manulife and a member of the Company's Executive Leadership Team. In this role, he oversees Manulife's global operations and global procurement organizations. Before joining Manulife, Mr. Joshi served as Senior Vice President of Customer Care for Walmart's US eCommerce organization. He also held various large operating, customer experience, and digital transformation roles with Citi across several geographies, including Chief Operations Officer for the company's Asia/EMEA Consumer bank in Singapore and Chief Operations Officer for the US Consumer and Commercial bank.

Paul Lorentz, President & CEO, Global Wealth and Asset Management

Paul Lorentz is the President & CEO of Global Wealth and Asset Management at Manulife and a distinguished member of Manulife's executive leadership team. He has direct oversight over the company's wealth and asset management business, including retirement, retail, and asset management solutions offered worldwide. Before assuming his current position, Mr. Lorentz served as the General Manager of Individual Wealth Management and Insurance for Manulife's Canadian division.

Naveed Irshad, President & CEO, Manulife Canada; Global Head, Inforce Management and Group Reinsurance

Naveed Irshad is a member of Manulife's Executive Leadership Team with over 30 years of experience in the global life insurance industry. He serves as President and CEO of Manulife Canada, and also leads Inforce Management and Group Reinsurance globally. Prior to his current role, Mr. Irshad was Global Head of Inforce Management and Head of Manulife's North American Legacy Business, and also served as President & CEO of Manulife Singapore.

Digital disruption from InsurTech and FinTech companies leveraging advanced analytics, artificial intelligence, and superior digital customer experiences to offer simplified, lower-cost, and personalized insurance and wealth management products. These agile entrants are challenging traditional business models by attracting digitally-native customers, streamlining underwriting and claims processes, and pressuring incumbents like Manulife on market share and profit margins, particularly in term life insurance and retail wealth management segments.

Addressable Markets for Manulife Financial's Main Products and Services:

• Life Insurance:
  • Canada: The life insurance market in Canada is expected to reach a projected revenue of US$69.2 billion by 2027. The Canadian life insurance market had total gross written premiums of $71.7 billion in 2022.
  • United States: The U.S. life insurance market is projected to reach approximately US$848.1 billion by 2027.
  • Asia: The Asia-Pacific Life and Annuity Insurance Market, in terms of gross written premiums, is expected to grow from US$1.22 trillion in 2024 to US$1.51 trillion by 2030. The broader Asia Pacific insurance market, of which life insurance is the largest segment (58.3% in 2024), was valued at US$2.28 trillion in 2024 and is projected to reach US$8.38 trillion by 2033.
• Wealth and Asset Management:
  • Canada: The financial wealth across Canada is approximately $6.5 trillion, with projections to reach $10 trillion by 2030. Assets under management (AUM) by Canadian wealth management firms are projected to surpass US$1.92 trillion by 2024 and reach US$1.986 trillion by 2028.
  • United States: null
  • Asia: The Asia-Pacific wealth management market is valued at US$27.57 trillion in 2025 and is forecast to touch US$39.15 trillion by 2030. Other estimates place the APAC Wealth Management Market size at US$34.38 trillion in 2025, expected to reach US$50.80 trillion by 2030.
• Annuities:
  • Canada: The market size of Life Insurance & Annuities in Canada was $97.1 billion in 2023 and is $98.7 billion in 2024. Annuity purchases in Canada surpassed $7.5 billion in 2023.
  • United States: null
  • Asia: The Asia-Pacific Life and Annuity Insurance Market, in terms of gross written premiums, is expected to grow from US$1.22 trillion in 2024 to US$1.51 trillion by 2030.
• Group Benefits:
  • Canada: The total revenue received by all group insurance companies from Employee Benefit Group Life and Health plans in Canada was about $50.0 billion in 2021.
  • United States: The U.S. group health insurance market size was estimated at US$1.41 trillion in 2024 and is projected to grow to US$1.61 trillion by 2030.
  • Asia: null
• Banking Solutions:
  • Canada, United States, Asia: null

Manulife Financial (MFC) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Continued Expansion in Asia: Manulife consistently identifies Asia as a significant growth engine. The company has demonstrated strong annualized premium equivalent (APE) sales, new business contractual service margin (CSM), and new business value (NBV) growth across key Asian markets such as Hong Kong, mainland China, Singapore, and Japan. Manulife aims for Asia to contribute nearly half of its core earnings by 2025 or 2027, underscoring the region's importance to its revenue strategy.
2. Growth in Global Wealth and Asset Management (WAM): The Global WAM segment is a crucial driver, with Manulife reporting robust core earnings growth primarily from higher net fee income due to favorable market impacts and sustained positive net inflows. The company continues to see strong net inflows, contributing to its overall revenue expansion.
3. Digital Transformation and AI Integration: Manulife is significantly investing in its digital capabilities and leveraging artificial intelligence (AI) and data analytics. These initiatives are designed to enhance customer experiences, improve operational efficiencies, and boost sales through tools like GenAI sales assistants and AI-powered administrative support, thereby supporting revenue growth.
4. Product Innovation and Portfolio Diversification: The company is focused on developing and launching innovative products and services, broadening its product base, and strategically diversifying its portfolio. This includes introducing new funds in the United States and expanding indexed offerings through partnerships to capture broader market opportunities and drive new business.
5. Strategic Reinsurance Transactions and Capital Optimization: Manulife has been actively engaging in strategic reinsurance transactions, such as the long-term care (LTC) and Canadian universal life reinsurance deals in 2024. These transactions optimize the company's portfolio, release substantial capital, and enhance financial flexibility, allowing for redeployment into high-growth initiatives and share buybacks that ultimately support shareholder value and future earnings.

Share Repurchases

• Manulife has repurchased approximately $5.5 billion in shares over the past five years.
• The company returned over $2 billion to shareholders through its common share buyback program since the start of 2024, with expectations to accelerate buybacks to around $600 million per quarter for the remainder of 2024.
• Manulife has authorized the repurchase of up to 90 million common shares (approximately 5% of shares outstanding as of February 12, 2024) under an amended normal course issuer bid valid until February 22, 2025. Additionally, a new program in February 2025 authorized the repurchase of up to 51.5 million shares (2.99% of issued and outstanding shares) until February 23, 2026.

Outbound Investments

• Manulife announced an agreement to acquire a 75% stake in Comvest Credit Partners, a private credit manager, which is expected to close in the fourth quarter of 2025, adding private credit capabilities to its Global Wealth and Asset Management platform.
• Manulife Investment Management's Infrastructure Fund III achieved a final close of US$5.5 billion, surpassing its original target, focusing on investments in high-quality core-plus infrastructure assets across North America.