NYSE : MFC
Manulife Financial Corporation — Financial statements
Financials · Insurance - Life · Canada
Last price 45.25 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 75.15B
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Financial statements
Income statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 21.32B | 20.44B | 18.88B | 17.54B | 17.09B | 39.06B |
| Total Interest & Dividend Income | -5.32B | -3.21B | 1.71B | 559.00M | 7.75B | 13.63B |
| Gain (Loss) on Sale of Investments | 8.68B | 5.77B | 3.92B | 3.15B | -2.38B | 996.00M |
| Other Revenue | 8.45B | 8.01B | 6.07B | 7.29B | -4.98B | 5.45B |
| Total Revenue | 33.11B | 30.98B | 29.99B | 27.25B | 16.91B | 59.84B |
| Policy Benefits | 13.38B | 12.80B | 12.22B | 11.90B | 12.04B | 35.07B |
| Policy Acquisition & Underwriting Costs | 2.90B | 2.90B | 2.15B | 1.65B | 1.28B | 6.64B |
| Selling, General & Administrative | 5.01B | 4.86B | 4.71B | 4.28B | 3.71B | 7.68B |
| Other Operating Expenses | 1.83B | 1.75B | 1.99B | 1.36B | 1.94B | 417.00M |
| Reinsurance Income or Expense | -754.00M | |||||
| Total Operating Expenses | 23.12B | 22.31B | 21.07B | 19.19B | 18.97B | 50.55B |
| Operating Income | 9.99B | 8.67B | 8.92B | 8.06B | -2.06B | 9.29B |
| Interest Expense | -1.57B | -1.53B | -1.68B | -1.55B | -1.05B | -1.01B |
| EBT Excluding Unusual Items | 8.42B | 7.14B | 7.24B | 6.51B | -3.11B | 8.28B |
| Merger & Restructuring Charges | -45.00M | -45.00M | -149.00M | -54.00M | -26.00M | -150.00M |
| Pretax Income | 8.37B | 7.09B | 7.09B | 6.45B | -3.14B | 8.12B |
| Income Tax Expense | 1.30B | 1.03B | 1.21B | 845.00M | -1.16B | 1.21B |
| Earnings From Continuing Ops. | 7.07B | 6.06B | 5.88B | 5.61B | -1.98B | 6.91B |
| Minority Interest in Earnings | -343.00M | -278.00M | -247.00M | -144.00M | -121.00M | -255.00M |
| Net Income | 6.72B | 5.78B | 5.63B | 5.46B | -2.10B | 6.66B |
| Preferred Dividends & Other Adjustments | 492.00M | 531.00M | 557.00M | 663.00M | 93.00M | -233.00M |
| Net Income to Common | 6.23B | 5.25B | 5.07B | 4.80B | -2.19B | 6.89B |
| Shares Outstanding (Basic) | 1.68B | 1.70B | 1.78B | 1.83B | 1.91B | 1.94B |
| Shares Outstanding (Diluted) | 1.68B | 1.71B | 1.78B | 1.84B | 1.91B | 1.95B |
| EPS (Basic) | 3.71 | 3.08 | 2.85 | 2.62 | -1.15 | 3.55 |
| EPS (Diluted) | 3.70 | 3.07 | 2.84 | 2.61 | -1.15 | 3.54 |
| Dividend Per Share | 1.85 | 1.76 | 1.60 | 1.46 | 1.32 | 1.12 |
| Operating Margin | 30.16% | 27.99% | 29.74% | 29.58% | -12.19% | 15.52% |
| Profit Margin | 18.83% | 16.95% | 16.92% | 17.62% | -12.97% | 11.51% |
| EBITDA | 10.62B | 9.29B | 9.53B | 8.42B | -1.78B | 9.67B |
| EBITDA Margin | 32.07% | 30.00% | 31.78% | 30.92% | -10.51% | 16.15% |
| D&A For EBITDA | 630.00M | 623.00M | 612.00M | 364.00M | 284.00M | 381.00M |
| EBIT | 9.99B | 8.67B | 8.92B | 8.06B | -2.06B | 9.29B |
| EBIT Margin | 30.16% | 27.99% | 29.74% | 29.58% | -12.19% | 15.52% |
| Effective Tax Rate | 15.58% | 14.58% | 17.09% | 13.10% | 14.93% | |
| Revenue as Reported | 61.82B |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 222.87B | 214.11B | 210.62B | 212.15B | 203.84B | 224.14B |
| Investments in Equity & Preferred Securities | 68.31B | 58.29B | 64.82B | 51.71B | 40.90B | 48.48B |
| Policy Loans | 6.40B | |||||
| Other Investments | 92.45B | 88.28B | 71.24B | 65.11B | 67.43B | 57.73B |
| Total Investments | 457.83B | 433.26B | 416.92B | 397.66B | 381.27B | 415.16B |
| Cash & Equivalents | 27.54B | 26.70B | 25.79B | 20.34B | 19.15B | 22.59B |
| Reinsurance Recoverable | 65.06B | 60.88B | 59.02B | 42.65B | 45.87B | 44.58B |
| Other Receivables | 6.58B | 7.13B | 6.45B | 6.32B | 7.22B | 7.10B |
| Separate Account Assets | 497.86B | 461.25B | 435.99B | 377.54B | 348.56B | 399.79B |
| Property, Plant & Equipment | 2.70B | 2.63B | 2.67B | 2.59B | 2.85B | 1.81B |
| Goodwill | 6.88B | 6.28B | 5.92B | 6.01B | 5.65B | |
| Other Intangible Assets | 12.70B | 5.45B | 4.78B | 4.39B | 4.50B | 4.26B |
| Other Current Assets | 5.04B | 4.22B | 3.47B | 2.73B | 2.67B | 2.53B |
| Long-Term Deferred Tax Assets | 5.77B | 5.74B | 5.88B | 6.74B | 6.71B | 5.25B |
| Other Long-Term Assets | 12.91B | 11.29B | 11.57B | 8.70B | 8.86B | 8.91B |
| Total Assets | 1.09T | 1.03T | 978.82B | 875.57B | 833.69B | 917.64B |
| Insurance & Annuity Liabilities | 438.18B | 411.53B | 396.40B | 368.00B | 354.85B | 395.39B |
| Reinsurance Payable | 3.61B | 3.27B | 2.67B | 2.83B | 2.39B | |
| Current Portion of Long-Term Debt | 594.00M | |||||
| Current Portion of Leases | 101.00M | |||||
| Current Income Taxes Payable | 619.00M | 453.00M | 147.00M | 195.00M | 357.00M | |
| Long-Term Debt | 23.34B | 25.04B | 25.11B | 21.32B | 24.38B | 19.69B |
| Long-Term Leases | 233.00M | |||||
| Long-Term Deferred Tax Liabilities | 2.24B | 2.02B | 1.89B | 1.70B | 1.54B | 2.77B |
| Separate Account Liability | 497.86B | 461.25B | 435.99B | 377.54B | 348.56B | 399.79B |
| Other Current Liabilities | 17.47B | 5.00M | 43.00M | |||
| Other Long-Term Liabilities | 73.84B | 51.41B | 63.34B | 54.67B | 53.55B | 40.78B |
| Total Liabilities | 1.04T | 972.95B | 925.86B | 826.85B | 785.46B | 858.77B |
| Preferred Stock, Convertible | 2.50B | 2.50B | 2.50B | 2.50B | 2.50B | 3.21B |
| Common Stock | 19.97B | 20.10B | 20.68B | 21.53B | 22.18B | 23.09B |
| Additional Paid-In Capital | 188.00M | 199.00M | 204.00M | 222.00M | 238.00M | 262.00M |
| Retained Earnings | 5.76B | 5.02B | 4.76B | 4.82B | 3.95B | 23.49B |
| Comprehensive Income & Other | 24.84B | 23.13B | 23.39B | 18.23B | 17.94B | 7.12B |
| Total Common Equity | 50.76B | 48.46B | 49.04B | 44.80B | 44.30B | 53.97B |
| Minority Interest | 1.67B | 1.53B | 1.42B | 1.43B | 1.43B | 1.69B |
| Shareholders' Equity | 54.93B | 52.49B | 52.96B | 48.73B | 48.23B | 58.87B |
| Total Liabilities & Equity | 1.09T | 1.03T | 978.82B | 875.57B | 833.69B | 917.64B |
| Filing Date Shares Outstanding | 1.66B | 1.68B | 1.72B | 1.81B | 1.86B | 1.94B |
| Total Common Shares Outstanding | 1.66B | 1.68B | 1.73B | 1.81B | 1.86B | 1.94B |
| Total Debt | 23.34B | 25.38B | 25.11B | 21.91B | 24.38B | 19.69B |
| Net Cash (Debt) | 4.20B | 1.33B | 674.00M | -1.58B | -5.23B | 2.90B |
| Net Cash Per Share | 2.50 | 0.78 | 0.38 | -0.86 | -2.73 | 1.49 |
| Book Value Per Share | 30.54 | 28.89 | 28.37 | 24.80 | 23.84 | 27.78 |
| Tangible Book Value | 38.07B | 36.13B | 37.99B | 34.49B | 33.78B | 44.05B |
| Tangible Book Value Per Share | 22.90 | 21.54 | 21.97 | 19.10 | 18.18 | 22.68 |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 6.72B | 5.78B | 5.63B | 5.46B | -1.98B | 6.66B |
| Depreciation & Amortization | 630.00M | 623.00M | 612.00M | 364.00M | 284.00M | 381.00M |
| Other Amortization | 254.00M | 254.00M | 257.00M | 217.00M | 235.00M | 148.00M |
| Gain (Loss) on Sale of Assets | -8.24B | -6.12B | -860.00M | -2.85B | 13.66B | 4.82B |
| Gain (Loss) on Sale of Investments | -354.00M | -344.00M | -290.00M | -141.00M | -226.00M | 181.00M |
| Stock-Based Compensation | 2.00M | 5.00M | 9.00M | |||
| Change in Accounts Receivable | 15.62B | 16.94B | 13.56B | 6.64B | 4.96B | -690.00M |
| Reinsurance Recoverable | -1.38B | |||||
| Other Operating Activities | 16.32B | 14.97B | 7.58B | 10.72B | 1.07B | 11.64B |
| Operating Cash Flow | 30.95B | 32.10B | 26.49B | 20.42B | 16.63B | 23.16B |
| Cash Acquisitions | -1.35B | -1.28B | -297.00M | -1.00M | -182.00M | -19.00M |
| Other Investing Activities | -258.00M | -210.00M | 290.00M | 21.00M | -67.00M | -186.00M |
| Investing Cash Flow | -27.08B | -28.36B | -18.46B | -13.72B | -18.40B | -24.44B |
| Long-Term Debt Issued | 2.56B | 3.72B | 1.73B | 1.73B | 212.00M | |
| Total Debt Repaid | -1.39B | -1.58B | -2.00B | -1.39B | -1.12B | -2.19B |
| Lease Payments | -105.00M | -108.00M | -118.00M | -98.00M | -120.00M | -124.00M |
| Net Debt Issued (Repaid) | 2.73B | 977.00M | 1.71B | 340.00M | 609.00M | -1.98B |
| Issuance of Common Stock | 126.00M | 73.00M | 144.00M | 94.00M | 23.00M | 51.00M |
| Repurchases of Common Stock | -2.24B | -2.43B | -3.27B | -1.59B | -1.88B | |
| Issuance of Preferred Stock | 990.00M | 3.17B | ||||
| Repurchases of Preferred Stock | -725.00M | -625.00M | ||||
| Common Dividends Paid | -3.10B | -2.98B | -2.85B | -2.67B | -2.51B | -2.27B |
| Preferred Dividends Paid | -322.00M | -321.00M | -311.00M | -303.00M | -260.00M | -215.00M |
| Total Dividends Paid | -3.42B | -3.31B | -3.16B | -2.97B | -2.77B | -2.49B |
| Other Financing Activities | 1.91B | 2.64B | 399.00M | -909.00M | 1.65B | -177.00M |
| Financing Cash Flow | -889.00M | -2.05B | -4.17B | -5.04B | -2.11B | -2.05B |
| Foreign Exchange Rate Adjustments | 744.00M | -816.00M | 1.20B | -412.00M | 585.00M | -319.00M |
| Net Cash Flow | 3.73B | 875.00M | 5.06B | 1.25B | -3.29B | -3.65B |
| Levered Free Cash Flow | 1.54B | 20.80B | -10.93B | 9.17B | 8.77B | |
| Unlevered Free Cash Flow | 2.53B | 21.75B | -9.88B | 10.14B | 9.43B | |
| Cash Interest Paid | 1.49B | 1.51B | 1.57B | 1.55B | 955.00M | 981.00M |
| Cash Income Tax Paid | 961.00M | 756.00M | 755.00M | 436.00M | 1.24B | 571.00M |
| Change in Working Capital | 15.62B | 16.94B | 13.56B | 6.64B | 3.58B | -690.00M |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 74.39B | 60.97B | 53.06B | 40.04B | 33.45B | 37.01B |
| Enterprise Value | 74.36B | 61.57B | 55.22B | 47.33B | 39.64B | 40.05B |
| PE Ratio | 16.94 | 15.92 | 15.05 | 11.02 | 6.80 | |
| PS Ratio | 3.18 | 2.70 | 2.54 | 1.94 | 2.68 | 0.78 |
| PB Ratio | 1.92 | 1.59 | 1.44 | 1.08 | 0.94 | 0.80 |
| P/OCF Ratio | 3.35 | 2.60 | 2.88 | 2.59 | 2.72 | 2.02 |
| EV/Sales Ratio | 3.18 | 2.73 | 2.65 | 2.29 | 3.17 | 0.85 |
| EV/EBITDA Ratio | 9.92 | 9.09 | 8.34 | 7.42 | 5.24 | |
| EV/EBIT Ratio | 10.54 | 9.74 | 8.91 | 7.75 | 5.46 | |
| Debt / Equity Ratio | 0.42 | 0.48 | 0.47 | 0.45 | 0.51 | 0.33 |
| Debt / EBITDA Ratio | 2.20 | 2.73 | 2.63 | 2.60 | 2.04 | |
| Net Debt / Equity Ratio | -0.08 | -0.03 | -0.01 | 0.03 | 0.11 | -0.05 |
| Net Debt / EBITDA Ratio | -0.40 | -0.14 | -0.07 | 0.19 | -2.94 | -0.30 |
| Quick Ratio | 9.17 | 1.55 | 10.28 | 7.57 | 10.39 | 110.70 |
| Current Ratio | 29.53 | 4.74 | 31.22 | 20.86 | 30.18 | 250.06 |
| Asset Turnover | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 | 0.07 |
| Return on Equity (ROE) | 13.31% | 11.49% | 11.56% | 11.57% | -3.70% | 12.36% |
| Return on Assets (ROA) | 0.60% | 0.54% | 0.60% | 0.59% | -0.15% | 0.65% |
| Return on Invested Capital (ROIC) | 10.89% | 9.50% | 9.95% | 9.78% | -2.73% | 9.99% |
| Earnings Yield | 5.90% | 6.92% | 7.38% | 10.33% | -4.64% | 14.21% |
| Dividend Yield | 3.06% | 3.53% | 3.62% | 4.99% | 5.42% | 4.64% |
| Payout Ratio | 51.80% | 57.16% | 56.10% | 54.40% | 37.36% | |
| Buyback Yield / Dilution | 3.38% | 4.31% | 2.88% | 3.92% | 1.70% | -0.15% |
| Total Shareholder Return | 6.42% | 7.85% | 6.51% | 8.91% | 7.11% | 4.49% |