MANULIFE FINANCIAL CORP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), MANULIFE FINANCIAL CORP reported net income of $7.1B (+0.1% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Insurance revenue (note 6) | $28.9B | $26.6B | $24.0B | — |
| Insurance service expenses (note 6) | ($23.1B) | ($21.8B) | ($19.4B) | — |
| Net expenses from reinsurance contracts held (note 6) | ($1.3B) | ($769.0M) | ($613.0M) | — |
| Total insurance service result | $4.5B | $4.0B | $4.0B | — |
| Investment income | $19.0B | $18.2B | $16.2B | $15.2B |
| Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities | $6.3B | $2.2B | $3.1B | ($45.1B) |
| Investment expenses | ($1.3B) | ($1.3B) | ($1.3B) | $1.9B |
| Net investment income (loss) | $23.9B | $19.1B | $18.0B | ($29.9B) |
| Insurance finance income (expenses) and effect of movement in foreign exchange rates (note 6) | ($22.7B) | ($16.2B) | ($13.9B) | — |
| Reinsurance finance income (expenses) and effect of movement in foreign exchange rates (note 6) | $1.7B | $1.1B | ($734.0M) | — |
| Decrease (increase) in investment contract liabilities (note 6) | ($551.0M) | ($504.0M) | — | — |
| Investment result excluding segregated investment funds | $2.4B | $3.5B | $3.0B | — |
| Investment income related to segregated funds net assets | $57.9B | $52.9B | $49.3B | — |
| Financial changes related to insurance and investment contract liabilities for account of segregated fund holders | ($57.9B) | ($52.9B) | ($49.3B) | — |
| Net segregated funds investment result | $0 | $0 | $0 | — |
| Total investment result | $2.4B | $3.5B | $3.0B | — |
| Other revenue (note 13) | $8.1B | $7.6B | $6.7B | $9.2B |
| General expenses | ($4.9B) | ($4.9B) | ($4.3B) | $7.8B |
| Commissions related to non-insurance contracts | ($1.5B) | ($1.5B) | ($1.3B) | $6.3B |
| Interest expenses | ($1.5B) | ($1.7B) | ($1.6B) | $1.4B |
| Net income (loss) before income taxes | $7.1B | $7.1B | $6.5B | $8.7B |
| Income tax (expenses) recoveries | ($1.0B) | ($1.2B) | ($845.0M) | ($1.6B) |
| Non-controlling interests | $278.0M | $247.0M | $144.0M | ($1.0M) |
| Participating policyholders | $210.0M | $246.0M | $360.0M | ($111.0M) |
| Shareholders and other equity holders | $5.6B | $5.4B | $5.1B | $7.3B |
| Net income (loss) | $6.1B | $5.9B | $5.6B | $7.2B |
| Net income (loss) attributed to shareholders | $5.6B | $5.4B | $5.1B | — |
| Preferred share dividends and other equity distributions | ($321.0M) | ($311.0M) | ($303.0M) | ($260.0M) |
| Common shareholders’ net income (loss) | $5.3B | $5.1B | $4.8B | — |
| Basic earnings per common share (note 11) (in dollars per share) | $3.08 | $2.85 | $2.62 | $3.68 |
| Diluted earnings per common share (note 11) (in dollars per share) | $3.07 | $2.84 | $2.61 | $3.68 |
| Dividends per common share (in dollars per share) | $1.76 | $1.60 | $1.46 | $1.32 |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and short-term securities | $26.7B | $25.8B | $20.3B | $19.2B |
| Debt securities | $214.1B | $210.6B | $212.1B | $203.9B |
| Public equities | $41.0B | $33.7B | $25.5B | $23.5B |
| Mortgages | $57.1B | $54.4B | $52.4B | $54.6B |
| Private placements | $51.8B | $49.7B | $45.6B | $47.1B |
| Loans to Bank clients | $2.7B | $2.3B | $2.4B | $2.8B |
| Real estate | $12.7B | $13.3B | $13.0B | $13.3B |
| Other invested assets | $53.8B | $52.7B | $45.7B | $42.8B |
| Total invested assets (note 3) | $459.9B | $442.5B | $417.2B | $414.0B |
| Accrued investment income | $3.2B | $3.0B | $2.7B | $2.8B |
| Derivatives (note 4) | $9.6B | $8.7B | $8.5B | $8.6B |
| Insurance contract assets (note 6) | $194.0M | $102.0M | $145.0M | — |
| Reinsurance contract held assets (note 6) | $60.9B | $59.0B | $42.7B | — |
| Deferred tax assets | $5.7B | $5.9B | $6.7B | $5.4B |
| Goodwill and intangible assets (note 5) | $12.3B | $11.1B | $10.3B | $10.5B |
| Miscellaneous | $12.3B | $12.6B | $9.8B | $9.9B |
| Total other assets | $104.3B | $100.3B | $80.8B | $86.4B |
| Segregated funds net assets (note 22) | $461.3B | $436.0B | $377.5B | $348.6B |
| Total assets | $1.0T | $978.8B | $875.6B | $848.9B |
| Insurance contract liabilities, excluding those for account of segregated fund holders (note 6) | $411.5B | $396.4B | $368.0B | — |
| Reinsurance contract held liabilities (note 6) | $3.3B | $2.7B | $2.8B | — |
| Investment contract liabilities (note 7) | $14.1B | $13.5B | $11.8B | $3.2B |
| Deposits from Bank clients | $24.7B | $22.1B | $21.6B | $22.5B |
| Derivatives (note 4) | $14.4B | $14.3B | $11.7B | $14.3B |
| Deferred tax liabilities | $2.0B | $1.9B | $1.7B | $2.8B |
| Other liabilities | $27.0B | $24.9B | $18.9B | $17.4B |
| Long-term debt (note 9) | $7.7B | $6.6B | — | — |
| Capital instruments (note 10) | $7.0B | $7.5B | $6.7B | $6.1B |
| Total liabilities, excluding those for account of segregated fund holders | $511.7B | $489.9B | $449.3B | — |
| Insurance contract liabilities for account of segregated fund holders (note 6) | $129.0B | $126.5B | — | — |
| Investment contract liabilities for account of segregated fund holders | $332.2B | $309.4B | $263.4B | — |
| Insurance and investment contract liabilities for account of segregated fund holders (note 22) | $461.3B | $436.0B | — | — |
| Total liabilities | $972.9B | $925.9B | $826.8B | $792.6B |
| Issued shares (note 11) | 26.8B | 27.3B | 28.2B | 28.8B |
| Contributed surplus | $199.0M | $204.0M | $222.0M | $238.0M |
| Shareholders and other equity holders’ retained earnings | $5.0B | $4.8B | $4.8B | $27.0B |
| Insurance finance income (expenses) | $35.2B | $38.0B | $30.0B | — |
| Reinsurance finance income (expenses) | ($6.5B) | ($7.0B) | ($4.6B) | — |
| Fair value through other comprehensive income (“OCI”) investments | ($16.5B) | ($19.7B) | ($16.3B) | — |
| Total | $5.9B | $7.3B | $4.8B | $6.5B |
| Other | $34.0M | $118.0M | ($104.0M) | — |
| Total shareholders and other equity holders’ equity | $50.1B | $51.0B | $47.0B | $56.1B |
| Participating policyholders’ equity | $836.0M | $567.0M | $257.0M | ($1.3B) |
| Non-controlling interests | $1.5B | $1.4B | $1.4B | $1.7B |
| Total equity | $52.5B | $53.0B | $48.7B | $56.4B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | $6.1B | $5.9B | $5.6B | — |
| Increase (decrease) in insurance contract net liabilities (note 6) | $18.1B | $9.4B | — | — |
| Increase (decrease) in investment contract liabilities | $551.0M | $504.0M | $435.0M | — |
| (Increase) decrease in reinsurance contract assets, excluding reinsurance transactions noted below (note 6) | ($1.2B) | ($613.0M) | — | — |
| Amortization of (premium) discount on invested assets | ($344.0M) | ($290.0M) | ($141.0M) | — |
| Contractual service margin (“CSM”) amortization | ($2.7B) | ($2.4B) | ($2.0B) | — |
| Other amortization | $877.0M | $869.0M | $581.0M | — |
| Net realized and unrealized (gains) losses and impairment of assets | ($6.1B) | ($860.0M) | — | — |
| Deferred income tax expenses (recoveries) | ($6.0M) | $311.0M | $470.0M | — |
| Net loss on reinsurance transactions (pre-tax) (note 6) | ($9.0M) | $71.0M | — | — |
| Cash provided by operating activities before undernoted items | $15.2B | $12.9B | $13.8B | — |
| Changes in policy related and operating receivables and payables | $16.9B | $13.6B | $6.6B | — |
| Cash provided by (used in) operating activities | $32.1B | $26.5B | $20.4B | — |
| Purchases of invested assets and derivatives | ($135.5B) | — | — | — |
| Disposals and repayments | $108.6B | $112.7B | $70.3B | — |
| Changes in investment broker net receivables and payables | ($210.0M) | $290.0M | $21.0M | — |
| Net cash increase (decrease) from sale (purchase) of subsidiaries | ($1.3B) | ($297.0M) | ($1.0M) | — |
| Cash provided by (used in) investing activities | ($28.4B) | ($18.5B) | ($13.7B) | — |
| Changes in repurchase agreements | ($473.0M) | $460.0M | ($693.0M) | — |
| Issue of long-term debt (note 9) | $1.4B | — | — | — |
| Issue of capital instruments, net (note 10) | $497.0M | $2.6B | $1.2B | — |
| Redemption of capital instruments (note 10) | ($1.0B) | ($1.9B) | ($600.0M) | — |
| Secured borrowing from securitization transactions | $676.0M | $667.0M | $537.0M | — |
| Changes in deposits from Bank clients, net | $2.7B | $413.0M | ($895.0M) | — |
| Lease payments | ($108.0M) | ($118.0M) | ($98.0M) | — |
| Shareholders’ dividends and other equity distributions | ($3.3B) | ($3.2B) | ($3.0B) | — |
| Contributions from (distributions to) non-controlling interests, net | ($24.0M) | ($14.0M) | ($14.0M) | — |
| Common shares repurchased (note 11) | -2.4B | -3.3B | -1.6B | — |
| Common shares issued, net (note 11) | 73.0M | 144.0M | 94.0M | — |
| Cash provided by (used in) financing activities | ($2.0B) | ($4.2B) | ($5.0B) | — |
| Increase (decrease) during the year | $1.7B | $3.9B | $1.7B | — |
| Effect of foreign exchange rate changes on cash and short-term securities | ($816.0M) | $1.2B | ($412.0M) | — |
| Gross cash and short-term securities | $25.8B | $20.3B | $19.2B | — |
| Net payments in transit, included in other liabilities | ($886.0M) | ($847.0M) | ($454.0M) | ($518.0M) |
| Balance, beginning of year | $24.9B | $19.9B | $18.6B | — |
| Gross cash and short-term securities | $26.7B | — | — | — |
| Balance, end of year | $25.8B | $24.9B | — | — |
| Interest received | $13.9B | $13.5B | $12.8B | — |
| Interest paid | $1.5B | $1.6B | $1.5B | — |
| Income taxes paid | $756.0M | $755.0M | $436.0M | — |
MANULIFE FINANCIAL CORP score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.