Manulife Financial Corp (MFC)

Price$44.34Cached quoteAs of 2026-09-06 02:56 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because the observed market level already assumes much of Manulife’s recent progress.

At the observed market level, Manulife trades at about 19 times 2025 reported earnings of C$3.07 per share and roughly 14 times underlying earnings, using both 2025 core earnings and annualized first-half 2026 results. Core earnings exclude items management treats as outside normal operations. The shares also sit near 1.4 times Q2 adjusted book value, which includes expected insurance profit. With underlying profit equal to 16.3% of shareholder capital and a dividend yield around 3.3%, that looks reasonable, but not clearly cheap.

Big pictureProfits and cash generation have improved, but insurance results can still swing with markets and claims.

SEC-derived history shows net income rising from C$5.1 billion in 2023 to C$5.4 billion in 2024 and C$5.6 billion in 2025. Operating cash flow rose from C$20.4 billion to C$26.5 billion and then C$32.1 billion. For an insurer, that cash measure includes policyholder and investment movements, so it is not the same as free cash flow, meaning cash left after running and investing in a typical industrial business. The 2022 loss and Q1 2026 market-related losses show that reported earnings remain sensitive to investment conditions.

Business strengthManulife has a strong capital cushion and is shrinking the share count while profits rise.

The Q2 2026 insurance capital ratio was 136%, meaning Manulife held substantially more regulatory capital than required. Financial leverage, a measure of debt-like funding relative to capital, was 22.2%, below its 25% medium-term target. Adjusted book value per share rose 15% year over year to C$41.12. In 2025, shares outstanding fell from 1.729 billion to 1.677 billion, mainly through buybacks, and the 2026 program permits cancellation of up to another 42 million shares. First-half 2026 dividends and buybacks returned C$2.6 billion.

What could change the storyAsia growth and risk reduction could lift value, while weaker claims experience or fund flows could undo it.

The bull case is increasingly Asia-led: Q2 Asia core earnings grew 21%, while companywide insurance sales rose 21% and expected profit from new insurance contracts rose 16%. The Munich Re transaction should also reduce long-term-care claim risk. The bear case appeared in Q1, when wealth management had C$4.4 billion of net outflows and Canadian earnings were hurt by higher long-term-disability claims. At roughly 14 times underlying earnings, the market assumes mid-teens returns on shareholder capital and continued per-share growth; a sustained drop toward low-teens returns would weaken that case.

AI: News

Second-quarter earnings beatSecond-quarter earnings beat expectations as Asia and insurance sales accelerated, reinforcing the growth case.

On August 5, Manulife reported Q2 core earnings of C$1.923 billion, up 12% from a year earlier on a constant-currency basis, while core earnings per share rose 16% to C$1.09. Insurance sales rose 21%, Asia core earnings grew 21%, and wealth management returned to C$0.4 billion of net inflows. Shares were about 0.9% higher in premarket trading the next morning. That timing suggests a positive initial read, but it does not isolate earnings from the same-day reinsurance announcement.

Long-term-care risk transferManulife agreed to transfer more long-term-care risk, reducing exposure to costly future claims.

On August 5, Manulife agreed to reinsure biometric risk on a block carrying C$3.2 billion of long-term-care reserves with Munich Re, with no asset transfer. The deal is expected to close in the fourth quarter, subject to approvals, and would bring Manulife’s cumulative reduction in long-term-care risk to 24%. This matters because long-duration care claims can create large reserve surprises; transferring that risk should make future capital and earnings less sensitive to adverse claim trends.

First-quarter missFirst-quarter earnings missed expectations, exposing sensitivity to Canadian disability claims and weaker wealth flows.

Manulife reported Q1 results on May 13. Core earnings per share was C$1.06 versus the C$1.10 analyst estimate cited by Reuters, even though core earnings rose 8% year over year. Wealth management recorded C$4.4 billion of net outflows, while Canada core earnings fell 6% because of higher long-term-disability claims and higher spending to support growth and transformation. On May 14, the Toronto-listed shares fell 5.7%; here the earnings miss provides a documented explanation for the reaction, rather than price timing alone.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$8.13B	$7.59B	$6.75B	$6.19B	$61.82B	$78.91B	$79.57B	$38.97B	$58.32B	$53.34B
Net income	$6.06B	$5.88B	$5.61B	−$1.98B	$6.91B	$5.58B	$5.50B	$4.89B	$2.26B	$3.13B
Net profit margin	74.55%	77.46%	83.12%	−31.99%	11.18%	7.07%	6.91%	12.54%	3.88%	5.87%
Basic EPSper basic share	CA$3.08	CA$2.85	CA$2.62	-CA$1.15	CA$3.55	CA$2.94	CA$2.77	CA$2.34	CA$0.98	CA$1.42
Diluted EPSper diluted share	CA$3.07	CA$2.84	CA$2.61	-CA$1.15	CA$3.54	CA$2.93	CA$2.77	CA$2.33	CA$0.98	CA$1.41

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

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Top 20 reported holders of MFC
Holder	Shares held
ROYAL BANK OF CANADA	108.02M
BANK OF MONTREAL /CAN/	56.77M
VANGUARD CAPITAL MANAGEMENT LLC	48.45M
TD Asset Management Inc	31.32M
MACKENZIE FINANCIAL CORP	29.51M
NATIONAL BANK OF CANADA /FI/	26.55M
1832 Asset Management L.P.	25.78M
GEODE CAPITAL MANAGEMENT, LLC	19.58M
CIBC Asset Management Inc	17.58M
TD Waterhouse Canada Inc.	16.76M
NORGES BANK	16.21M
CIBC WORLD MARKET INC.	16.16M
VANGUARD FIDUCIARY TRUST CO	14.82M
BANK OF NOVA SCOTIA	14.67M
MORGAN STANLEY	12.98M
Vanguard Global Advisers, LLC	12.95M
CANADA PENSION PLAN INVESTMENT BOARD	12.24M
Federation des caisses Desjardins du Quebec	11.87M
JPMORGAN CHASE & CO	10.94M
Legal & General Group Plc	10.61M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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