TSX/NYSE/PSE: MFC SEHK: 945 C$ unless otherwise stated
TORONTO, Nov. 4, 2026 /PRNewswire/ -- Manulife Financial Corporation ("Manulife" or the "Company") reported its third quarter results for the period ended September 30, 2026, delivering record core earnings1 and continued strong momentum in Asia.
Key highlights for the third quarter of 2026 ("3Q26") include:
- Core earnings of $2.1 billion, up 4% on a CER basis2 compared with the third quarter of 2025 ("3Q25")
- Net income attributed to shareholders of $1.4 billion, down $0.4 billion from 3Q25
- Core EPS3 of $1.24, up 6%2 from 3Q25. EPS of $0.82, down 21%2 from 3Q25
- Core ROE3 of 17.8% and ROE of 11.8%
- LICAT ratio4 of 136%
- APE sales5, new business CSM2 and new business value ("NBV")5 were broadly in line with 3Q25
- Global Wealth and Asset Management ("Global WAM") net outflows5 of $3.6 billion, compared with $6.2 billion of net outflows in 3Q25
"We delivered strong third quarter results, achieving record core EPS and 17.8% core ROE, driven by double-digit core earnings growth in Asia and meaningful contributions from our North American insurance businesses. These results reflect the disciplined execution of the strategy we launched a year ago and our ability to deliver sustained growth in an uncertain environment."
"During the quarter, we expanded customer choice through enhanced investment and protection offerings, completed Manulife | Comvest's largest fundraise in the history of Comvest's private credit platform, scaled AI-enabled capabilities that are delivering measurable outcomes for customers and advisors, and advanced new health and longevity solutions and partnerships. Together, these actions are strengthening our competitive position, deepening customer relationships, and creating long-term value for shareholders."
- Phil Witherington, Manulife President & Chief Executive Officer
"We remained disciplined in our capital deployment during the quarter, returning $1.3 billion to shareholders while maintaining a strong balance sheet, with a LICAT ratio of 136% and a financial leverage ratio3 below our medium-term target. In addition, we completed our annual review of actuarial methods and assumptions, resulting in a net favourable impact and reinforcing the robustness of our reserves."
"As we continue to invest in growth across our businesses, we also further improved our expense efficiency during the quarter. Our financial flexibility and consistent execution position us well to sustain long-term value creation."
- Colin Simpson, Manulife Chief Financial Officer
Results at a Glance
($ millions, unless otherwise stated) | Quarterly Results | YTD Results | ||||||
3Q26 | 3Q25 | Change2,5 | 2026 | 2025 | Change2,5 | |||
Net income attributed to shareholders | $ 1,424 | $ 1,799 | (22) % | $ 4,681 | $ 4,073 | 15 % | ||
Core earnings | $ 2,125 | $ 2,035 | 4 % | $ 5,884 | $ 5,528 | 8 % | ||
EPS | 17.8 % | 16.3 % | 16.5 % | 17.1 % | 18.1 % | 16.9 % | 16.2 % | 16.5 % |
Average common shareholders' equity | ||||||||
Total shareholders' and other equity | $ 53,072 | $ 52,324 | $ 50,632 | $ 50,121 | $ 50,716 | $ 53,072 | $ 50,716 | $ 50,121 |
Less: Preferred shares and other equity | 6,660 | 6,660 | 6,660 | 6,660 | 6,660 | 6,660 | 6,660 | 6,660 |
Common shareholders' equity | $ 46,412 | $ 45,664 | $ 43,972 | $ 43,461 | $ 44,056 | $ 46,412 | $ 44,056 | $ 43,461 |
Average common shareholders' equity | $ 46,038 | $ 44,818 | $ 43,717 | $ 43,759 | $ 43,238 | $ 44,858 | $ 43,693 | $ 43,709 |
CSM and post-tax CSM information
($ millions pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
As at | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 |
CSM | $ 29,070 | $ 29,205 | $ 27,325 | $ 26,568 | $ 26,283 |
Less: CSM for NCI | 1,752 | 1,942 | 1,736 | 1,599 | 1,565 |
CSM, net of NCI | $ 27,318 | $ 27,263 | $ 25,589 | $ 24,969 | $ 24,718 |
CER adjustment(1) | - | 175 | 472 | 795 | 379 |
CSM, net of NCI, CER basis | $ 27,318 | $ 27,438 | $ 26,061 | $ 25,764 | $ 25,097 |
CSM by segment | |||||
Asia | $ 19,741 | $ 19,562 | $ 18,228 | $ 17,750 | $ 17,580 |
Asia NCI | 1,752 | 1,942 | 1,736 | 1,599 | 1,565 |
Canada | 4,351 | 4,509 | 4,432 | 4,459 | 4,490 |
U.S. | 3,220 | 3,188 | 2,927 | 2,760 | 2,649 |
Corporate and Other | 6 | 4 | 2 | - | (1) |
CSM | $ 29,070 | $ 29,205 | $ 27,325 | $ 26,568 | $ 26,283 |
CSM, CER adjustment(1) | |||||
Asia | $ - | $ 173 | $ 422 | $ 696 | $ 326 |
Asia NCI | - | 22 | 79 | 120 | 123 |
Canada | - | - | - | - | - |
U.S. | - | 3 | 51 | 99 | 54 |
Corporate and Other | - | (1) | - | - | - |
Total | $ - | $ 197 | $ 552 | $ 915 | $ 503 |
CSM, CER basis | |||||
Asia | $ 19,741 | $ 19,735 | $ 18,650 | $ 18,446 | $ 17,906 |
Asia NCI | 1,752 | 1,964 | 1,815 | 1,719 | 1,688 |
Canada | 4,351 | 4,509 | 4,432 | 4,459 | 4,490 |
U.S. | 3,220 | 3,191 | 2,978 | 2,859 | 2,703 |
Corporate and Other | 6 | 3 | 2 | - | (1) |
Total CSM, CER basis | $ 29,070 | $ 29,402 | $ 27,877 | $ 27,483 | $ 26,786 |
Post-tax CSM | |||||
CSM | $ 29,070 | $ 29,205 | $ 27,325 | $ 26,568 | $ 26,283 |
Marginal tax rate on CSM | (4,802) | (4,781) | (4,510) | (4,403) | (4,347) |
Post-tax CSM | $ 24,268 | $ 24,424 | $ 22,815 | $ 22,165 | $ 21,936 |
CSM, net of NCI | $ 27,318 | $ 27,263 | $ 25,589 | $ 24,969 | $ 24,718 |
Marginal tax rate on CSM net of NCI | (4,617) | (4,596) | (4,334) | (4,236) | (4,181) |
Post-tax CSM net of NCI | $ 22,701 | $ 22,667 | $ 21,255 | $ 20,733 | $ 20,537 |
(1) The impact of reflecting CSM and CSM net of NCI using the foreign exchange rates for the Statement of Financial Position in effect for 3Q26. |
New business CSM(1) detail, CER basis
($ millions pre-tax, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
Quarterly Results | YTD Results | Full Year | ||||||
3Q26 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2026 | 2025 | 2025 | |
New business CSM | ||||||||
Hong Kong | $ 385 | $ 322 | $ 316 | $ 244 | $ 287 | $ 1,023 | $ 889 | $ 1,133 |
Japan | 104 | 122 | 167 | 159 | 76 | 393 | 231 | 390 |
Chinese Mainland | 43 | 66 | 114 | 55 | 112 | 223 | 301 | 356 |
Singapore | 155 | 228 | 165 | 159 | 182 | 548 | 460 | 619 |
Other(2) | 38 | 39 | 40 | 80 | 55 | 117 | 209 | 289 |
Asia | 725 | 777 | 802 | 697 | 712 | 2,304 | 2,090 | 2,787 |
Canada | 114 | 129 | 103 | 135 | 109 | 346 | 300 | 435 |
U.S. | 118 | 118 | 114 | 188 | 145 | 350 | 365 | 553 |
Total new business CSM | $ 957 | $ 1,024 | $ 1,019 | $ 1,020 | $ 966 | $ 3,000 | $ 2,755 | $ 3,775 |
New business CSM, CER adjustment(3) | ||||||||
Hong Kong | $ - | $ 3 | $ 6 | $ 1 | $ 5 | $ 9 | $ 1 | $ 2 |
Japan | - | 1 | 1 | (4) | (5) | 2 | (16) | (21) |
Chinese Mainland | - | 1 | 6 | 3 | 9 | 7 | 20 | 23 |
Singapore | - | 2 | 3 | 2 | 4 | 5 | 11 | 13 |
Other(2) | - | 1 | - | (1) | (1) | 1 | (2) | (2) |
Asia | - | 8 | 16 | 1 | 12 | 24 | 14 | 15 |
Canada | - | - | - | - | - | - | - | - |
U.S. | - | - | 3 | - | 3 | 3 | 1 | 1 |
Total new business CSM | $ - | $ 8 | $ 19 | $ 1 | $ 15 | $ 27 | $ 15 | $ 16 |
New business CSM, CER basis | ||||||||
Hong Kong | $ 385 | $ 325 | $ 322 | $ 245 | $ 292 | $ 1,032 | $ 890 | $ 1,135 |
Japan | 104 | 123 | 168 | 155 | 71 | 395 | 215 | 369 |
Chinese Mainland | 43 | 67 | 120 | 58 | 121 | 230 | 321 | 379 |
Singapore | 155 | 230 | 168 | 161 | 186 | 553 | 471 | 632 |
Other(2) | 38 | 40 | 40 | 79 | 54 | 118 | 207 | 287 |
Asia | 725 | 785 | 818 | 698 | 724 | 2,328 | 2,104 | 2,802 |
Canada | 114 | 129 | 103 | 135 | 109 | 346 | 300 | 435 |
U.S. | 118 | 118 | 117 | 188 | 148 | 353 | 366 | 554 |
Total new business CSM, CER basis | $ 957 | $ 1,032 | $ 1,038 | $ 1,021 | $ 981 | $ 3,027 | $ 2,770 | $ 3,791 |
(1) New business CSM is net of NCI. |
(2) Other includes Cambodia, Indonesia, International High Net Worth, Malaysia, Myanmar, the Philippines and Vietnam. |
(3) The impact of updating foreign exchange rates to that which was used in 3Q26. |
Net income financial measures on a CER basis
($ Canadian millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
Quarterly Results | YTD Results | Full Year | ||||||
3Q26 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2026 | 2025 | 2025 | |
Net income (loss) attributed to shareholders: | ||||||||
Asia | $ 713 | $ 1,062 | $ 595 | $ 623 | $ 895 | $ 2,370 | $ 2,349 | $ 2,972 |
Canada | 205 | 306 | 238 | 252 | 449 | 749 | 1,061 | 1,313 |
U.S. | 192 | 153 | 138 | 81 | (75) | 483 | (608) | (527) |
Global WAM | 463 | 514 | 403 | 452 | 523 | 1,380 | 1,448 | 1,900 |
Corporate and Other | (149) | 75 | (227) | 91 | 7 | (301) | (177) | (86) |
Total net income (loss) attributed to shareholders | 1,424 | 2,110 | 1,147 | 1,499 | 1,799 | 4,681 | 4,073 | 5,572 |
Preferred share dividends and other equity distributions | (59) | (103) | (58) | (103) | (58) | (220) | (218) | (321) |
Common shareholders' net income (loss) | $ 1,365 | $ 2,007 | $ 1,089 | $ 1,396 | $ 1,741 | $ 4,461 | $ 3,855 | $ 5,251 |
CER adjustment(1) | ||||||||
Asia | $ - | $ 12 | $ 10 | $ 2 | $ 32 | $ 22 | $ 21 | $ 24 |
Canada | - | - | - | - | - | - | - | - |
U.S. | - | 2 | 3 | - | (3) | 5 | 12 | 12 |
Global WAM | - | 5 | 7 | - | 7 | 12 | (3) | (3) |
Corporate and Other | - | 4 | (5) | (1) | 1 | (1) | 16 | 14 |
Total net income (loss) attributed to shareholders | - | 23 | 15 | 1 | 37 | 38 | 46 | 47 |
Preferred share dividends and other equity distributions | - | - | - | - | - | - | - | - |
Common shareholders' net income (loss) | $ - | $ 23 | $ 15 | $ 1 | $ 37 | $ 38 | $ 46 | $ 47 |
Net income (loss) attributed to shareholders, CER basis | ||||||||
Asia | $ 713 | $ 1,074 | $ 605 | $ 625 | $ 927 | $ 2,392 | $ 2,370 | $ 2,996 |
Canada | 205 | 306 | 238 | 252 | 449 | 749 | 1,061 | 1,313 |
U.S. | 192 | 155 | 141 | 81 | (78) | 488 | (596) | (515) |
Global WAM | 463 | 519 | 410 | 452 | 530 | 1,392 | 1,445 | 1,897 |
Corporate and Other | (149) | 79 | (232) | 90 | 8 | (302) | (161) | (72) |
Total net income (loss) attributed to shareholders, CER basis | 1,424 | 2,133 | 1,162 | 1,500 | 1,836 | 4,719 | 4,119 | 5,619 |
Preferred share dividends and other equity distributions, CER basis | (59) | (103) | (58) | (103) | (58) | (220) | (218) | (321) |
Common shareholders' net income (loss), CER basis | $ 1,365 | $ 2,030 | $ 1,104 | $ 1,397 | $ 1,778 | $ 4,499 | $ 3,901 | $ 5,298 |
Asia net income attributed to shareholders, U.S. dollars | ||||||||
Asia net income (loss) attributed to shareholders, US $(2) | $ 510 | $ 768 | $ 433 | $ 447 | $ 649 | $ 1,711 | $ 1,684 | $ 2,131 |
CER adjustment, US $(1) | - | (1) | (1) | (1) | 14 | (2) | 9 | 8 |
Asia net income (loss) attributed to shareholders, U.S. $, CER basis(1) | $ 510 | $ 767 | $ 432 | $ 446 | $ 663 | $ 1,709 | $ 1,693 | $ 2,139 |
Net income (loss) attributed to shareholders (pre-tax) | ||||||||
Net income (loss) attributed to shareholders (post-tax) | $ 1,424 | $ 2,110 | $ 1,147 | $ 1,499 | $ 1,799 | $ 4,681 | $ 4,073 | $ 5,572 |
Tax on net income attributed to shareholders | 254 | 427 | 215 | 292 | 283 | 896 | 637 | 929 |
Net income (loss) attributed to shareholders (pre-tax) | 1,678 | 2,537 | 1,362 | 1,791 | 2,082 | 5,577 | 4,710 | 6,501 |
CER adjustment(1) | - | 23 | 19 | 6 | 7 | 42 | (3) | 3 |
Net income (loss) attributed to shareholders (pre-tax), CER basis | $ 1,678 | $ 2,560 | $ 1,381 | $ 1,797 | $ 2,089 | $ 5,619 | $ 4,707 | $ 6,504 |
(1) | The impact of updating foreign exchange rates to that which was used in 3Q26. |
(2) | Asia net income attributed to shareholders (post-tax) in Canadian dollars is translated to U.S. dollars using the U.S. dollar Statement of Income rate for the respective reporting period. |
Adjusted book value
($ millions)
Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | |
As at | |||||
Common shareholders' equity | $ 46,412 | $ 45,664 | $ 43,972 | $ 43,461 | $ 44,056 |
Post-tax CSM, net of NCI | 22,701 | 22,667 | 21,255 | 20,733 | 20,537 |
Adjusted book value | $ 69,113 | $ 68,331 | $ 65,227 | $ 64,194 | $ 64,593 |
Reconciliation of Global WAM core earnings to core EBITDA
($ millions, pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
Quarterly Results | YTD Results | Full Year | ||||||
3Q26 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2026 | 2025 | 2025 | |
Global WAM core earnings (post-tax) | $ 503 | $ 505 | $ 448 | $ 490 | $ 525 | $ 1,456 | $ 1,442 | $ 1,932 |
Add back taxes, acquisition costs, other expenses and deferred sales commissions | ||||||||
Core income tax (expenses) recoveries (see above) | 104 | 101 | 88 | 93 | 82 | 293 | 257 | 350 |
Amortization of deferred acquisition costs and other depreciation | 43 | 62 | 63 | 61 | 44 | 168 | 141 | 202 |
Amortization of deferred sales commissions | 27 | 25 | 24 | 24 | 21 | 76 | 63 | 87 |
Core EBITDA | $ 677 | $ 693 | $ 623 | $ 668 | $ 672 | $ 1,993 | $ 1,903 | $ 2,571 |
CER adjustment(1) | - | 6 | 8 | 1 | 7 | 14 | (2) | (1) |
Core EBITDA, CER basis | $ 677 | $ 699 | $ 631 | $ 669 | $ 679 | $ 2,007 | $ 1,901 | $ 2,570 |
(1) The impact of updating foreign exchange rates to that which was used in 3Q26. |
Core EBITDA margin and core revenue
($ millions, unless otherwise stated)
Quarterly Results | YTD Results | Full Year | ||||||
3Q26 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2026 | 2025 | 2025 | |
Core EBITDA margin | ||||||||
Core EBITDA | $ 677 | $ 693 | $ 623 | $ 668 | $ 672 | $ 1,993 | $ 1,903 | $ 2,571 |
Core revenue | $ 2,288 | $ 2,220 | $ 2,146 | $ 2,285 | $ 2,175 | $ 6,654 | $ 6,384 | $ 8,669 |
Core EBITDA margin | 29.6 % | 31.2 % | 29.0 % | 29.2 % | 30.9 % | 30.0 % | 29.8 % | 29.7 % |
Global WAM core revenue | ||||||||
Other revenue per financial statements | $ 2,077 | $ 2,216 | $ 1,930 | $ 2,147 | $ 2,145 | $ 6,223 | $ 5,982 | $ 8,129 |
Less: Other revenue in segments other than Global WAM | (74) | 155 | (56) | 28 | 121 | 25 | 79 | 107 |
Other revenue in Global WAM (fee income) | $ 2,151 | $ 2,061 | $ 1,986 | $ 2,119 | $ 2,024 | $ 6,198 | $ 5,903 | $ 8,022 |
Investment income per financial statements | $ 5,087 | $ 4,875 | $ 4,536 | $ 5,358 | $ 4,682 | $ 14,498 | $ 13,656 | $ 19,014 |
Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities per financial statements | (2,237) | 5,705 | (1,384) | 1,106 | 3,784 | 2,084 | 5,169 | 6,275 |
Total investment income | 2,850 | 10,580 | 3,152 | 6,464 | 8,466 | 16,582 | 18,825 | 25,289 |
Less: Investment income in segments other than Global WAM | 2,727 | 10,370 | 3,015 | 6,300 | 8,275 | 16,112 | 18,288 | 24,588 |
Investment income in Global WAM | $ 123 | $ 210 | $ 137 | $ 164 | $ 191 | $ 470 | $ 537 | $ 701 |
Total other revenue and investment income in Global WAM | $ 2,274 | $ 2,271 | $ 2,123 | $ 2,283 | $ 2,215 | $ 6,668 | $ 6,440 | $ 8,723 |
Less: Total revenue reported in items excluded from core earnings | ||||||||
Market experience gains (losses) | (33) | 28 | (28) | (1) | 24 | (33) | 30 | 29 |
Revenue related to integration and acquisitions | 19 | 23 | 5 | (1) | 16 | 47 | 26 | 25 |
Global WAM core revenue | $ 2,288 | $ 2,220 | $ 2,146 | $ 2,285 | $ 2,175 | $ 6,654 | $ 6,384 | $ 8,669 |
Core expenses
($ millions, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated)
Quarterly Results | YTD Results | Full Year | ||||||
3Q26 | 2Q26 | 1Q26 | 4Q25 | 3Q25 | 2026 | 2025 | 2025 | |
Core expenses | ||||||||
General expenses - Statements of Income | $ 1,259 | $ 1,248 | $ 1,251 | $ 1,327 | $ 1,232 | $ 3,758 | $ 3,574 | $ 4,901 |
Directly attributable acquisition expense for contracts measured using the PAA method and products without a CSM(1) | 45 | 43 | 48 | 48 | 42 | 136 | 124 | 172 |
Directly attributable maintenance expense(1) | 557 | 559 | 552 | 542 | 524 | 1,668 | 1,570 | 2,112 |
Total expenses | 1,861 | 1,850 | 1,851 | 1,917 | 1,798 | 5,562 | 5,268 | 7,185 |
Less: General expenses included in items excluded from core earnings | ||||||||
Restructuring charge | - | - | - | 16 | - | - | - | 16 |
Amortization of acquisition-related intangible assets | 24 | 21 | 23 | 16 | 8 | 68 | 8 | 24 |
Integration and acquisition | - | - | - | 7 | 22 | - | 22 | 29 |
Legal provisions and other expenses | 4 | 3 | 1 | 5 | 10 | 8 | 15 | 20 |
Total | 28 | 24 | 24 | 44 | 40 | 76 | 45 | 89 |
Core expenses | $ 1,833 | $ 1,826 | $ 1,827 | $ 1,873 | $ 1,758 | $ 5,486 | $ 5,223 | $ 7,096 |
CER adjustment(2) | - | 10 | 19 | 2 | 12 | 29 | (3) | (1) |
Core expenses, CER basis | $ 1,833 | $ 1,836 | $ 1,846 | $ 1,875 | $ 1,770 | $ 5,515 | $ 5,220 | $ 7,095 |
Total expenses | $ 1,861 | $ 1,850 | $ 1,851 | $ 1,917 | $ 1,798 | $ 5,562 | $ 5,268 | $ 7,185 |
CER adjustment(2) | - | 10 | 19 | 2 | 13 | 29 | (2) | 1 |
Total expenses, CER basis | $ 1,861 | $ 1,860 | $ 1,870 | $ 1,919 | $ 1,811 | $ 5,591 | $ 5,266 | $ 7,186 |
(1) | Expenses are components of insurance service expenses on the Statements of Income that flow directly through income. |
(2) | The impact of updating foreign exchange rates to that which was used in 3Q26. |
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
From time to time, Manulife makes written and/or oral forward-looking statements, including in this document. In addition, our representatives may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbour" provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of 1995.
The forward-looking statements in this document include, but are not limited to, statements with respect to our ability to achieve our medium-term financial and operating targets, and the expected benefits and value derived from the use of AI and also relate to, among other things, our objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "suspect", "outlook", "expect", "intend", "estimate", "anticipate", "believe", "plan", "forecast", "objective", "seek", "aim", "continue", "goal", "restore", "embark" and "endeavour" (or the negative thereof) and words and expressions of similar import, and include statements concerning possible or assumed future results. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements and they should not be interpreted as confirming market or analysts' expectations in any way.
Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements.
Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to the performance, volatility and correlation of equity markets, interest rates, credit and swap spreads, inflation rates, currency rates, investment losses and defaults, market liquidity and creditworthiness of guarantors, reinsurers and counterparties); changes in laws and regulations; changes in accounting standards applicable in any of the territories in which we operate; changes in regulatory capital requirements; our ability to obtain premium rate increases on in-force policies; our ability to execute strategic plans and changes to strategic plans; downgrades in our financial strength or credit ratings; our ability to maintain our reputation; impairments of goodwill or intangible assets or the establishment of provisions against future tax assets; the accuracy of estimates relating to morbidity, mortality and policyholder behaviour; the accuracy of other estimates used in applying accounting policies and actuarial methods and embedded value methods; our ability to implement effective hedging strategies and unforeseen consequences arising from such strategies; our ability to source appropriate assets to back our long-dated liabilities; level of competition and consolidation; our ability to market and distribute products through current and future distribution channels; unforeseen liabilities or asset impairments arising from acquisitions and dispositions of businesses; the realization of losses arising from the sale of investments classified fair value through other comprehensive income; our liquidity, including the availability of financing to satisfy existing financial liabilities on expected maturity dates when required; obligations to pledge additional collateral; the availability of letters of credit to provide capital management flexibility; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; the availability, affordability and adequacy of reinsurance; legal and regulatory proceedings, including tax audits, tax litigation or similar proceedings; our ability to adapt products and services to the changing market; our ability to attract and retain key executives, employees and agents; the appropriate use and interpretation of complex models or deficiencies in models used; political, legal, operational and other risks associated with our operations; geopolitical uncertainty, including international conflicts and trade disputes; acquisitions and our ability to complete acquisitions including the availability of equity and debt financing for this purpose; the disruption of or changes to key elements of the Company's or public infrastructure systems; environmental concerns, including climate change; our ability to protect our intellectual property and exposure to claims of infringement; our ability to execute our digital plans and to deploy future digital use cases, including with respect to AI, and our inability to withdraw cash from subsidiaries.
Additional information about material risk factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found under "Risk Management and Risk Factors" and "Critical Actuarial and Accounting Policies" in the Management's Discussion and Analysis in our most recent annual report, under "Risk Management and Risk Factors Update" and "Critical Actuarial and Accounting Policies" in the Management's Discussion and Analysis in our most recent interim report, and in the "Risk Management" note to the Consolidated Financial Statements in our most recent annual and interim reports, as well as elsewhere in our filings with Canadian and U.S. securities regulators.
The forward-looking statements in this document are, unless otherwise indicated, stated as of the date hereof and are presented for the purpose of assisting investors and others in understanding our financial position and results of operations, our future operations, as well as our objectives and strategic priorities, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statements, except as required by law.
SOURCE Manulife Financial Corporation
