Manulife Financial Corporation (MFC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los servicios financieros, Manulife Financial Corporation (MFC) se destaca como una potencia global, navegando estratégicamente los mercados complejos a través de su innovador lienzo de modelo de negocio. Este enfoque integral revela cómo MFC transforma los servicios de seguros y financieros tradicionales en un ecosistema de vanguardia y centrado en el cliente que abarca continentes y se adapta a las necesidades de los clientes en evolución. Al integrar la tecnología avanzada, las soluciones personalizadas y una red global robusta, Manulife se ha posicionado como una institución financiera con visión de futuro que va más allá de la mera gestión de riesgos para ofrecer un empoderamiento financiero holístico.

Manulife Financial Corporation (MFC) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con instituciones financieras globales

Manulife ha establecido asociaciones estratégicas con las siguientes instituciones financieras mundiales:

Institución asociada	País	Detalles de la asociación
Banco DBS	Singapur	Acuerdo de distribución de bancassurance
Banco de Asia Oriental	Hong Kong	Distribución integral de productos de seguro
Banco Agrícola de China	Porcelana	Seguro de vida y colaboración de gestión de patrimonio

Asociaciones con proveedores de tecnología para la transformación digital

Las asociaciones de tecnología clave de Manulife incluyen:

• Microsoft Azure para infraestructura en la nube
• Salesforce para la gestión de relaciones con el cliente
• IBM para soluciones de análisis de inteligencia y datos artificiales

Colaboración con redes de atención médica y distribuidores de seguros

Manulife ha desarrollado asociaciones estratégicas de atención médica y distribución:

Tipo de socio	Número de asociaciones	Alcance geográfico
Redes de proveedores de atención médica	87	América del Norte, Asia
Distribuidores de seguros	126	Múltiples países

Empresas conjuntas en mercados emergentes

Las importantes empresas conjuntas de Manulife en Asia:

País	Socio de empresa conjunta	Porcentaje de propiedad
Vietnam	Banco Comercial Saigon	35%
Filipinas	Banco de Islas Filipinas	46%
Indonesia	Banco CIMB NIAGA	40%

Asociaciones con empresas de análisis de datos

Colaboraciones de análisis de datos de Manulife:

• Tecnologías Palantir para la integración de datos avanzados
• Datarobot para soluciones de aprendizaje automático
• Flake de nieve para la plataforma de datos en la nube

Manulife Financial Corporation (MFC) - Modelo de negocio: actividades clave

Desarrollo de productos de seguros de vida y salud

En 2023, Manulife desarrolló y administró más de 200 líneas de productos de seguro distintas en múltiples mercados. La compañía invirtió $ 387 millones en investigación e innovación de productos.

Categoría de productos	Número de productos	Cobertura del mercado
Seguro de vida individual	78	América del Norte, Asia
Seguro de salud grupal	62	Canadá, Estados Unidos
Productos de enfermedades críticas	45	Mercados globales

Servicios de asesoramiento de gestión de inversiones y riqueza

Manulife logró $ 1.2 billones en activos a partir del cuarto trimestre de 2023, con una cartera diversificada en múltiples categorías de inversión.

• Gestión de fondos de pensiones: $ 475 mil millones
• Fondos mutuos: $ 312 mil millones
• Soluciones de jubilación: $ 213 mil millones

Evaluación de riesgos y suscripción

La Compañía procesó 1,2 millones de aplicaciones de seguros en 2023, utilizando análisis predictivos avanzados y algoritmos de aprendizaje automático.

Métricas de evaluación de riesgos	2023 datos
Aplicaciones procesadas	1,200,000
Tasa de aprobación	87.5%
Tiempo de procesamiento promedio	5.2 días

Procesamiento de reclamos y atención al cliente

En 2023, Manulife procesó 3,6 millones de reclamos con un valor total de $ 42.3 mil millones en varios segmentos de seguros.

• Reclamaciones de seguro de vida: $ 18.7 mil millones
• Reclamaciones de seguro de salud: $ 15.6 mil millones
• Reclamaciones por discapacidad: $ 8 mil millones

Plataforma digital e innovación tecnológica

Manulife invirtió $ 512 millones en infraestructura de transformación digital y tecnología en 2023.

Métricas de innovación digital	2023 estadísticas
Usuarios de aplicaciones móviles	4.2 millones
Transacciones de servicio en línea	76 millones
Interacciones de servicio al cliente con IA	2.8 millones

Manulife Financial Corporation (MFC) - Modelo de negocio: recursos clave

Infraestructura financiera global fuerte

Activos totales a partir del cuarto trimestre 2023: CAD 855 mil millones. Presencia global en 13 países. Equidad total de los accionistas: CAD 66.4 mil millones.

Métrica financiera	Valor
Activos totales	CAD 855 mil millones
Patrimonio de los accionistas	CAD 66.4 mil millones
Capitalización de mercado	CAD 43.2 mil millones

Red de distribución extensa

Canales de distribución en múltiples regiones:

• Canadá: más de 5,000 asesores financieros
• Estados Unidos: más de 7,500 profesionales financieros
• Asia: más de 60,000 fuerza de agencia

Análisis de datos avanzado y capacidades de IA

Inversión tecnológica en 2023: CAD 500 millones. Plataformas impulsadas por IA para evaluación de riesgos y experiencia del cliente.

Categoría de inversión tecnológica	Gasto anual
Transformación digital	CAD 350 millones
AI y aprendizaje automático	CAD 150 millones

Fuerza laboral hábil

Total de empleados en todo el mundo: 37,000. Composición de la fuerza laboral:

• Canadá: 15,000 empleados
• Estados Unidos: 10,000 empleados
• Asia: 12,000 empleados

Plataformas de tecnología digital robustas

Métricas de plataforma digital:

• Usuarios de aplicaciones móviles: 3.5 millones
• Volumen de transacciones en línea: 250 millones anuales
• Tasa de adopción del servicio digital: 68%

Métrica de plataforma digital	Valor
Usuarios de aplicaciones móviles	3.5 millones
Transacciones en línea	250 millones anualmente
Adopción del servicio digital	68%

Manulife Financial Corporation (MFC) - Modelo de negocio: propuestas de valor

Soluciones integrales de protección financiera

Manulife ofrece una gama de productos de protección financiera con $ 1.1 billones en activos totales bajo administración a partir del cuarto trimestre de 2023. La compañía proporciona cobertura de seguro de vida por un total de $ 1.4 billones a nivel mundial.

Categoría de productos	Valor de cobertura total	Alcance del mercado global
Seguro de vida	$ 1.4 billones	11 países
Seguro grupal	$ 687 mil millones	8 mercados
Seguro individual	$ 713 mil millones	9 mercados

Planificación personalizada de jubilación e inversiones

Manulife administra $ 689 mil millones en carteras de gestión de riqueza y activos a partir de 2023, con una amplia gama de soluciones de jubilación.

• Cuentas de ahorro de jubilación: 2.7 millones de cuentas activas
• Servicios de gestión de inversiones que cubren 15 estrategias de inversión diferentes
• Gestión de pensiones para más de 3.500 clientes corporativos

Productos de seguro flexibles adaptados a necesidades individuales

La compañía ofrece 127 variaciones diferentes de productos de seguro personalizables en segmentos individuales y grupales.

Tipo de producto	Número de variaciones	Tasa promedio de personalización del cliente
Seguro de vida	53 variaciones	Tasa de personalización del 42%
Seguro médico	38 variaciones	Tasa de personalización del 35%
Productos de jubilación	36 variaciones	Tasa de personalización del 29%

Experiencia digital del cliente

Manulife ha invertido $ 327 millones en iniciativas de transformación digital en 2023, con el 68% de las interacciones de los clientes que ahora ocurren a través de canales digitales.

• Descargas de aplicaciones móviles: 2.3 millones
• Uso del servicio en línea: 4.7 millones de usuarios digitales activos
• Procesamiento de reclamos digitales: 82% de las reclamaciones procesadas en línea

Cobertura global con comprensión del mercado local

Manulife opera en 11 países con una base de clientes de 37 millones de personas y clientes institucionales.

Región	Total de clientes	Ingreso premium
América del norte	22 millones	$ 34.2 mil millones
Asia	12 millones	$ 18.7 mil millones
Otros mercados	3 millones	$ 5.4 mil millones

Manulife Financial Corporation (MFC) - Modelo de negocio: relaciones con los clientes

Servicios de asesoramiento financiero personalizado

Manulife ofrece servicios de asesoramiento financiero personalizado a través de 9,700 asesores financieros en todo Canadá a partir de 2023. La compañía atiende a aproximadamente 34 millones de clientes a nivel mundial.

Tipo de servicio de asesoramiento	Número de asesores	Alcance del cliente
Asesores de gestión de patrimonio	5,200	18 millones de clientes
Especialistas en asesoramiento de seguros	4,500	16 millones de clientes

Plataformas de autoservicio digital

Las plataformas digitales de Manulife procesaron 72 millones de transacciones digitales en 2023, con un crecimiento de 35% año tras año en la participación digital.

• Descargas de aplicaciones móviles: 2.3 millones
• Usuarios de administración de cuentas en línea: 6.8 millones
• Envíos de reclamos digitales: 48% de reclamos totales

Atención al cliente multicanal

Manulife opera atención al cliente a través de múltiples canales con las siguientes métricas:

Canal de soporte	Volumen de contacto anual	Tiempo de respuesta promedio
Soporte telefónico	12.4 millones de llamadas	3.2 minutos
Chat en vivo	3.6 millones de interacciones	45 segundos
Soporte por correo electrónico	2.1 millones de correos electrónicos	24 horas

Consultas regulares de salud financiera

Manulife realiza aproximadamente 240,000 revisiones integrales de salud financiera anualmente en sus mercados globales.

Programas de lealtad y retención

La tasa de retención de clientes de Manulife es del 87.5% a partir de 2023, con programas de fidelización que generan $ 124 millones adicionales en ingresos de venta cruzada.

• Membresía del programa de fidelización: 2.6 millones de clientes
• Valor promedio de por vida del cliente: $ 15,700
• Participación del programa de referencia: 14% de los clientes existentes

Manulife Financial Corporation (MFC) - Modelo de negocios: canales

Plataformas digitales en línea

Manulife opera plataformas digitales en varios países, atendiendo a 17.5 millones de clientes en línea en 2023. Las plataformas de participación digital de la compañía procesaron $ 126.3 mil millones en transacciones digitales durante el año fiscal.

Plataforma digital	Métricas de usuario	Volumen de transacción
Portal en línea de Manulife	8.2 millones de usuarios registrados	$ 58.7 mil millones de transacciones anuales
Plataforma de inversión digital de Manulife	3.6 millones de inversores activos	$ 35.4 mil millones de transacciones de inversión

Aplicaciones móviles

Las aplicaciones móviles de Manulife admiten 12.3 millones de usuarios móviles activos en los mercados de América del Norte y Asia.

• Aplicación móvil de Manulife: 7.5 millones de descargas
• Plataforma móvil de Manulife Investment: 4.8 millones de usuarios activos
• Valor promedio de transacción móvil mensual: $ 2.3 mil millones

Agentes de seguros y asesores financieros

Manulife mantiene una red global de 63,000 agentes de seguros con licencia y asesores financieros a partir de 2023.

Región	Número de agentes	Ventas anuales promedio por agente
América del norte	28,500 agentes	$ 1.2 millones
Asia	34,500 agentes	$850,000

Oficinas y ramas corporativas

Manulife opera 550 oficinas corporativas y sucursales en 13 países en 2023.

• América del Norte: 210 oficinas
• Asia: 290 ramas
• Otras regiones: 50 ubicaciones

Centros de llamadas y soporte virtual

La infraestructura de atención al cliente de Manulife maneja 22.6 millones de interacciones de los clientes anualmente.

Canal de soporte	Interacciones anuales	Tiempo de respuesta promedio
Soporte telefónico	12.4 millones de llamadas	3.2 minutos
Chat en línea	6.8 millones de interacciones	2.7 minutos
Soporte por correo electrónico	3.4 millones de correos electrónicos	6.1 horas

Manulife Financial Corporation (MFC) - Modelo de negocios: segmentos de clientes

Clientes de seguros de vida individuales

A partir del cuarto trimestre de 2023, Manulife atiende a aproximadamente 34 millones de clientes de seguros de vida individuales en múltiples mercados.

Mercado	Número de clientes individuales	Valor de la póliza promedio
Canadá	8.2 millones	$285,000
Estados Unidos	7.5 millones	$325,000
Asia	18.3 millones	$175,000

Clientes de seguros grupales corporativos

Manulife ofrece soluciones de seguros grupales a 25,000 clientes corporativos a nivel mundial.

• Ingresos de prima de seguro de grupo corporativo total: $ 6.3 mil millones en 2023
• Tamaño promedio del cliente: 500-5,000 empleados
• Industrias atendidas: tecnología, atención médica, servicios financieros, fabricación

Participantes del plan de jubilación y pensiones

Manulife gestiona los planes de jubilación para 2.8 millones de participantes.

Tipo de plan de jubilación	Número de participantes	Activos totales bajo administración
Planes de beneficios definidos	680,000	$ 42 mil millones
Planes de contribución definidos	2.1 millones	$ 128 mil millones

Individuos de alto nivel de red

Manulife atiende a 125,000 clientes de alto patrimonio con activos de más de $ 1 millón.

• Valor promedio de la cartera: $ 3.2 millones
• Ingresos de servicios de gestión de patrimonio: $ 1.7 mil millones en 2023

Mercados empresariales pequeños y medianos

Manulife ofrece soluciones financieras a 47,000 pequeñas y medianas empresas.

Tamaño de la empresa	Número de clientes	Prima anual promedio
Pequeñas empresas (10-49 empleados)	32,000	$85,000
Enterprises medianas (50-250 empleados)	15,000	$275,000

Manulife Financial Corporation (MFC) - Modelo de negocio: Estructura de costos

Gastos de desarrollo de productos e innovación

Para el año fiscal 2023, Manulife Financial Corporation reportó gastos de investigación y desarrollo de $ 438 millones.

Categoría de gastos	Cantidad (en millones)
Desarrollo de plataforma digital	$212
Innovación de productos	$226

Inversiones de infraestructura tecnológica

Manulife invirtió $ 675 millones en infraestructura tecnológica en 2023.

• Infraestructura de computación en la nube: $ 245 millones
• Sistemas de ciberseguridad: $ 187 millones
• Plataformas de análisis de datos: $ 243 millones

Gastos de ventas y marketing

Los costos totales de ventas y marketing para 2023 fueron de $ 1.2 mil millones.

Canal de marketing	Gasto (en millones)
Marketing digital	$380
Publicidad tradicional	$290
Comisión de agentes	$530

Costos de gestión de reclamos

Los gastos de gestión de reclamos totalizaron $ 3.6 mil millones en 2023.

• Reclamaciones de seguro de vida: $ 1.8 mil millones
• Reclamaciones de seguro de salud: $ 1.2 mil millones
• Tecnología de procesamiento de reclamos: $ 600 millones

Cumplimiento regulatorio y gestión de riesgos

Los costos de cumplimiento y gestión de riesgos alcanzaron los $ 512 millones en 2023.

Área de cumplimiento	Gasto (en millones)
Cumplimiento legal	$187
Evaluación de riesgos	$215
Informes regulatorios	$110

Manulife Financial Corporation (MFC) - Modelo de negocios: flujos de ingresos

Cobraciones de primas de seguros

En 2023, Manulife Financial Corporation reportó primas de seguro totales de $ 22.9 mil millones, con un desglose de la siguiente manera:

Segmento	Ingresos premium (miles de millones)
Operaciones de Asia	$8.7
Operaciones canadienses	$6.5
Operaciones de EE. UU.	$7.7

Tarifas de gestión de inversiones

Los ingresos por tarifas de gestión de inversiones para 2023 totalizaron $ 4.6 mil millones, con la siguiente distribución:

• Gestión de inversiones institucionales: $ 2.1 mil millones
• Gestión de inversiones minoristas: $ 1.8 mil millones
• Gestión de inversiones alternativas: $ 0.7 mil millones

Ingresos de gestión de activos

Activos totales bajo administración (AUM) al 31 de diciembre de 2023: $ 1.2 billones

Categoría de activos	Valor (miles de millones)
Activos de capital	$482
Activos de renta fija	$538
Inversiones alternativas	$180

Ingresos del producto de jubilación

Los ingresos por productos de jubilación para 2023 alcanzaron $ 3.9 mil millones, con segmentos clave:

• Productos de jubilación individuales: $ 2.2 mil millones
• Soluciones de jubilación grupal: $ 1.7 mil millones

Cargos de servicio financiero auxiliar

Los ingresos por servicio financiero auxiliar en 2023 ascendieron a $ 1.1 mil millones, que incluyen:

• Tarifas de administración de políticas: $ 0.4 mil millones
• Tarifas de transacción: $ 0.3 mil millones
• Otros servicios financieros: $ 0.4 mil millones

Manulife Financial Corporation (MFC) - Canvas Business Model: Value Propositions

You're looking at the core promises Manulife Financial Corporation makes to its customers and the market as of late 2025. These aren't just marketing slogans; they are backed by significant operational scale and financial commitments.

Comprehensive financial protection: life, health, and retirement solutions.

Manulife Financial Corporation delivers a broad spectrum of protection across the financial lifecycle. This is evident in their strong new business performance across insurance segments. For the third quarter of 2025 (3Q25), Annual Premium Equivalent (APE) sales were up 8% year-over-year, and the new business Contractual Service Margin (CSM) increased by 25%. The company's regulatory capital position remains strong, with the Life Insurance Capital Adequacy Test (LICAT) ratio reported at 138% as of 3Q25. This financial strength underpins the reliability of their long-term protection promises.

Empowering customer health, wealth, and longevity through integrated offerings.

Manulife Financial Corporation is actively positioning its value proposition around holistic well-being, not just risk transfer. This is formalized through the Longevity Institute, which has a signature commitment of $350 million to be deployed by 2030. The goal is to help more than 36 million customers improve their health and wealth. This focus on healthspan closing the gap between lifespan and healthspan is a key differentiator. For instance, a regional survey indicated that 89% of respondents view having a health insurance plan as a necessity.

Global investment expertise via Manulife Wealth & Asset Management.

The investment management arm provides expertise across various asset classes to institutional and retail clients globally. The scale of this operation is substantial, reflecting deep market engagement. The firm's Assets Under Management and Administration (AUMA) for Global Wealth and Asset Management as of September 30, 2025, totaled $475.1 billion CAD. This is broken down into assets under management of $233.7 billion CAD and assets under administration of $241.4 billion CAD. Manulife Investment Management US LLC alone reported AUM of $201.4 billion USD as of July 2025.

The composition of this global investment offering is detailed below:

Metric	Value (as of 09/30/25)	Unit
Global WAM Assets Under Management (AUM)	233.7	Billion CAD
Global WAM Assets Under Administration (AUA)	241.4	Billion CAD
Total Global WAM AUMA	475.1	Billion CAD
Manulife Investment Management US LLC AUM	201.4	Billion USD

Diversified business portfolio mitigating regional and product-specific risks.

Manulife Financial Corporation's global footprint across Asia, Canada, and the U.S. provides inherent diversification. This geographic spread helps balance regional economic cycles and regulatory environments. In 3Q25, the company demonstrated this balance, with 76% of its year-to-date core earnings originating from the high-potential businesses of Asia and Global WAM. Asia was the leading growth engine, reporting core earnings up 29% year-over-year in 3Q25. Canada also delivered solid results, with core earnings up 4% in the quarter. The core Return on Equity (ROE) for the group hit 18.1% in 3Q25, showing strong overall profitability despite segment variations.

Behavioral insurance rewarding healthy living with lower premiums.

While specific premium reduction statistics aren't public, the strategic focus on health and longevity directly supports this value proposition. The integration of health data and wellness initiatives into insurance products is a clear strategic direction. This is supported by the Longevity Institute's mandate to help people make everyday choices supporting physical, mental, and emotional well-being. The development of tools like the Longevity Preparedness Index, in partnership with MIT AgeLab, shows a commitment to understanding and influencing customer behavior related to long-term health and financial readiness.

• Focus on physical, mental, and emotional well-being support.
• Developed the Longevity Preparedness Index with MIT AgeLab.
• Aims to close the gap where people spend up to 20% of their lives in poor health.

Finance: draft 13-week cash view by Friday.

Manulife Financial Corporation (MFC) - Canvas Business Model: Customer Relationships

You're looking at how Manulife Financial Corporation keeps its massive customer base engaged, and it really boils down to a dual approach: human expertise backed by serious digital muscle. Honestly, the scale of their operation is what makes this interesting.

Dedicated financial advisors and agents providing personalized, long-term advice

Manulife Financial Corporation relies heavily on its distribution network to build those deep, long-term client relationships. At the end of 2024, the company had over 109,000 agents globally, plus thousands of distribution partners, all serving more than 36 million customers. To help these advisors, Manulife is embedding technology to make their advice sharper. For instance, as of March 2025, over 75 percent of Manulife's global workforce was engaged with proprietary GenAI tools like ChatMFC. This tech is designed to deepen advisor connections by providing personalized insights, like the Sales Enablement Tool rolled out globally from its start in Singapore.

Here's a quick look at the scale of the human touchpoints and tech enablement:

• Over 109,000 agents at end of 2024.
• More than 36 million customers served globally.
• 75 percent workforce engaged with GenAI tools (March 2025).
• AI-enabled solutions support over 110 million calls annually.

Digital self-service tools for policy management and claims processing

For the day-to-day stuff, Manulife Financial Corporation is pushing for frictionless digital interactions. They are scaling GenAI-powered solutions across North America contact centres, which enhances response speed and accuracy for customers needing policy or claims help. The focus is on Straight-Through Processing (STP) for things like money movement, which they track as a key digital metric. While specific 2025 STP percentages aren't public, the overall digital strategy aims to create market-leading experiences by doubling down on critical interactions.

High-touch relationship management for institutional and large corporate clients

For the institutional side, the relationship management is inherently high-touch, managed through the Global Wealth and Asset Management (Global WAM) segment. As of March 31, 2025, Manulife Financial Corporation managed Assets under Management and Administration (AUMA) totaling $1.6 trillion. This massive pool of assets, which includes institutional asset management, requires dedicated relationship teams to manage mandates across equities, fixed income, and private markets. The company serves members of approximately 27,000 businesses and organizations in its Canada group benefits business alone.

You can see the sheer size of the relationships managed in this table:

Metric	Value as of Late 2025 Reporting Period	Context
Assets Under Management and Administration (AUMA)	$1.6 trillion (as at March 31, 2025)	Total size of the wealth and asset management business.
Global Customers Served	Over 36 million (as of end of 2024)	Overall customer base across all segments.
Digital Initiative Benefits Realized	Over $600 million (realized in 2024)	Financial benefit from digital capabilities.
Canada Group Businesses Served	Approximately 27,000 (Canada only)	Number of organizations/businesses in the Group Benefits book.

Customer-centric strategy focused on frictionless digital interactions

The overarching strategy is centered on making decisions easier and lives better for customers, a commitment that contributed to a record NPS (Net Promoter Score) in 2024. Manulife Financial Corporation uses the Voice of the Customer to guide investment priorities, aiming to solve the most pressing issues. They are extending relationships into the Health and Wellness ecosystem, which is a key part of their customer value proposition, especially in the U.S. segment with the John Hancock Vitality Program. The goal is to ensure that digital capabilities, including AI enhancements, continue to deliver value, with an expected threefold return on investment by 2027 from these digital efforts.

Manulife Financial Corporation (MFC) - Canvas Business Model: Channels

You're looking at how Manulife Financial Corporation gets its products and services to customers as of late 2025. The distribution strategy is clearly global and multi-faceted, hitting both traditional and digital avenues.

Captive and Independent Agency Networks form a core part of the distribution, especially in high-growth markets like Asia. At the end of 2024, Manulife Financial Corporation had over 109,000 agents globally. This network is clearly productive; for instance, Manulife Asia reported a 23% year-over-year increase in Million Dollar Round Table (MDRT) members in 2025, making it the third largest globally in 2025 MDRT membership. Manulife Vietnam alone supports an agency force of over 50,000 agents. This agency strength translated to strong sales, with Manulife Asia posting 31% year-over-year growth in Annualized Premium Equivalent (APE) sales to $1.23b in the second quarter of 2025.

The scale of distribution across key regions can be summarized:

Region/Metric	Data Point	Period/Context
Total Agents (Global)	Over 109,000	End of 2024
Manulife Asia APE Sales Growth	31% year-over-year	Q2 2025
Manulife Asia APE Sales Value	$1.23b	Q2 2025
Manulife Vietnam Agents	Over 50,000	As of late 2025
Manulife Asia MDRT Member Growth	23% year-over-year	2025

Bancassurance partnerships remain critical for leveraging established bank branch networks. Manulife Financial Corporation renewed its exclusive bancassurance partnership in the Philippines with China Banking Corporation ('Chinabank') for another 15 years, as announced in the first quarter of 2025. Separately, Manulife Vietnam maintains an exclusive bancassurance arrangement with VietinBank. The company also has distribution collaborations, such as the one with Standard Chartered Hong Kong, providing private banking clients access to Manulife's wealth accumulation and protection products.

Direct-to-consumer digital sales channels are being enhanced with AI integration. Manulife Financial Corporation is advancing its digital ambition with AI enhancements across operations. In the U.S. Global Wealth & Asset Management (WAM) segment, the company launched FutureStepTM, a new fully digital retirement plan offering for small businesses, in collaboration with Vestwell. In Asia, the company rolled out its AI Assistant solution to support agents in Singapore and to help teams serve brokers in Japan, aiming to reduce administrative workload and improve customer engagement.

For Wealth and Asset Management (WAM) products, distribution through third-party intermediaries, brokers, and pension plan consultants is a significant channel, though it shows volatility. Retail net outflows in the third quarter of 2025 reached $3.9 billion, which was driven by lower net sales through third-party intermediaries in North America. Similarly, Q2 2025 saw retail net outflows of $3.2 billion, also citing lower net sales through third-party intermediaries in North America.

Group benefits distribution to employers and associations is a key component of the North American and Canadian business. The growth in Canada's Individual Insurance business in Q1 2025 was complemented by higher margins in Group Insurance. Furthermore, Canada's core earnings in Q3 2025 reflected growth in Group Insurance, even as it faced some offsetting factors.

• In Q1 2025, Canada APE sales increased 9%, bolstered by sales across all business lines, including Group Insurance.
• In Q3 2025, Canada core earnings were up 4%, driven in part by business growth in Group Insurance.

Finance: draft 13-week cash view by Friday.

Manulife Financial Corporation (MFC) - Canvas Business Model: Customer Segments

You're looking at the core of Manulife Financial Corporation's business-who they serve and where they find their growth. Honestly, it's a global mix, but the numbers from late 2025 really highlight where the action is.

Individual consumers and families seeking life, health, and retirement protection.

This segment is the foundation, spanning everything from basic life insurance to comprehensive health solutions. By the close of 2024, Manulife Financial Corporation was serving over 36 million customers worldwide. The demand is globally driven by demographic trends, specifically aging populations needing more health and longevity solutions.

• The company operates as John Hancock primarily in the United States for these services.
• In Canada, Manulife Bank's average net lending assets were $26.2 billion as of September 30, 2024.

Working-age population and pre-retirees focused on wealth accumulation.

This group is central to the Global Wealth and Asset Management (Global WAM) business, focusing on investment growth and retirement planning. The focus is on capturing wealth accumulation across different life stages. Manulife Financial Corporation is actively strengthening its offerings here, evidenced by the announced agreement in Q2 2025 to acquire a 75% stake in Comvest Credit Partners, which adds US$14.7 billion in assets to the platform.

Small-to-large businesses for group insurance and retirement plans.

Businesses engage Manulife Financial Corporation for group insurance and retirement plans. In Canada, the group insurance market is highly concentrated, with Manulife Financial Corporation being one of the top five players.

Here's a snapshot of the Canadian Group Insurance APE sales for Q3 2025:

Customer Segment Focus	Q3 2025 APE Sales (C$ millions)	2024 Total Annualized Premiums (C$ billions)
Group Insurance (Canada)	155	$4

The total Canadian group insurance annualized premiums for 2024 were $4 billion, a 14% decline from 2023 results.

Institutional investors (pension funds, endowments) for asset management services.

This group interacts heavily with the Global WAM segment. While the segment shows strong earnings growth, net flows can be volatile. For Q3 2025, Institutional Asset Management saw net outflows of $0.7 billion, compared to net inflows of $0.7 billion in Q3 2024.

The overall Global WAM segment experienced net outflows of $6.2 billion in Q3 2025, a significant swing from the $5.2 billion in net inflows seen in Q3 2024. Still, the segment's core EBITDA margin expanded to 30.9% in Q3 2025.

Geographically: High-growth Asia, scaled U.S. (John Hancock), and home market Canada.

The geographic distribution of Manulife Financial Corporation's customer base and performance is a key driver of its current financial results. Asia remains a critical growth engine, though the U.S. showed significant new business momentum in Q3 2025.

Here's how the core earnings broke down for the third quarter of 2025 (US$ millions):

Geography/Segment	Q3 2025 Core Earnings (US$ millions)	YoY Core Earnings Change
Asia	550	29% increase
Canada	428	4% increase
U.S.	241	(20)% decrease
Global WAM	525	9% increase

The U.S. business, operating primarily as John Hancock, saw APE sales growth of 53% in Q3 2025, with a new business CSM margin of 72%. Asia's APE sales were $1.45 billion in Q3 2025. Asia and Global WAM together contributed 76% of core earnings year-to-date in Q3 2025. Manulife Financial Corporation is also planning expansion into India through a joint venture.

Manulife Financial Corporation (MFC) - Canvas Business Model: Cost Structure

You're looking at the major outlays that keep Manulife Financial Corporation running, which is crucial for understanding their margin profile. The cost structure is heavily influenced by their insurance obligations and the ongoing digital pivot.

The most significant financial commitment is to policyholders.

• Significant policyholder benefit and claims expenses are a primary cost driver, as evidenced by the Q2 2025 report noting unfavourable life insurance claims experience in the U.S. weighed on core earnings.
• In Q1 2025, the company also took a hit from a specific provision for the California wildfires.

Distribution and sales are another major area of expenditure, reflecting the scale of their distribution network.

• High distribution costs include agent commissions and partner fees, which vary with activity volumes.
• As of the end of 2024, Manulife Financial Corporation supported a large sales force with over 109,000 agents and thousands of distribution partners.
• Costs associated with exchange traded funds (ETFs) and ETF series include commissions, management fees, and brokerage fees.

Technology investment is a deliberate, large-scale cost aimed at future efficiency.

• Manulife Financial Corporation has made a substantial investment in technology and AI for digital transformation, spending $1 billion from 2023 through 2025 to upgrade digital capabilities.
• The company reaped $600 million of benefits from AI in 2024 alone from its digital initiatives globally.
• As of Q1 2025, Manulife Financial Corporation had over 43 GenAI use cases in production, with an additional 70 prioritized for deployment by the end of 2025.
• The firm employs approximately 200 data scientists and machine learning engineers to drive these proprietary solutions.

Operating expenses cover the day-to-day running of the global enterprise.

• General and administrative expenses, often captured within SG&A (Selling, General, and Administrative), were reported at $5.772B for the twelve months ending September 30, 2025.
• The company's workforce, a key component of these costs, stood at approximately 37,000 employees as of March 30, 2025.
• Year-to-date 2025 general expenses showed discipline, decreasing 7% on an actual exchange rate basis compared to Q2 2024.

Financing costs are managed through debt issuance, with a recent move to lock in long-term rates.

Cost Component	Latest Reported Figure	Period/Context
SG&A Expenses	$5.772B	Twelve months ending September 30, 2025
AI/Digital Investment (Cumulative)	$1.0 billion	2023 to 2025
AI-Related Benefits Realized	$600 million	2024
New Senior Notes Issuance	US$1.00 billion	December 2025
New Senior Notes Coupon Rate	4.986%	Due 2035
Employees (Approximate)	37,000	As of late 2024/Early 2025

The recent debt issuance directly impacts future interest expense.

• Manulife Financial Corporation priced a U.S. public offering of US$1,000,000,000 aggregate principal amount of 4.986% senior notes due 2035 on December 2, 2025.
• This establishes a predictable, fixed interest expense cost of approximately $49.86 million annually (US$1.0B 4.986%) on this specific tranche until maturity.
• The net proceeds from this offering are intended for general corporate purposes, which may include future refinancing requirements.

Finance: draft 13-week cash view by Friday.

Manulife Financial Corporation (MFC) - Canvas Business Model: Revenue Streams

The revenue streams for Manulife Financial Corporation are fundamentally built upon insurance underwriting, asset management fees, and investment returns from its general account portfolio.

Insurance premiums from life, health, and property & casualty products form a core component of the top line. While specific premium dollar amounts for 3Q25 aren't isolated here, the health of the new business pipeline is evident through key sales metrics:

• APE sales (Annual Premium Equivalent) were up 8% from 3Q24.
• New business CSM (Contractual Service Margin) increased by 25% from 3Q24.
• New business value (NBV) saw an increase of 11% from 3Q24.
• The NBV margin improved to 39.0% in 3Q25.

Fee income is generated through Global Wealth & Asset Management (WAM) services. This stream showed mixed results in the third quarter of 2025. The segment's core earnings increased 9%, supported by higher net fee income from favorable market impacts over the preceding 12 months and higher performance fees. However, the period also saw net outflows:

• Global WAM experienced net outflows of $6.2 billion in 3Q25.
• This compares to $5.2 billion of net inflows in 3Q24.

Net investment income is realized through the general account portfolio, contributing to overall core earnings. The company's overall revenue for the trailing twelve months stood at $36.43 billion.

Performance highlights for the period ending September 30, 2025, reflect the strength across these revenue drivers:

Metric	3Q25 Amount	Year-over-Year Change
Core earnings	$2.0 billion	Up 10% on a CER basis
Core earnings (Excluding ECL impact)	$2.0 billion	Up 6% from 3Q24
Net income attributed to shareholders	$1.8 billion	In line with 3Q24
Core EPS	$1.16	Up 16% from 3Q24
Core ROE	18.1%	N/A
ROE	16.0%	N/A
Core EBITDA margin	30.9%	+310 bps expansion

Cash flow generation tied to these earnings directly supports capital deployment and shareholder returns. The expected remittances for 2025 are set at approximately $6 billion. This figure aligns with the company's stated expectation that 60% to 70% of Core Earnings will materialize as cash remittances on a go-forward basis. This is part of a larger goal to achieve a cumulative remittance target of $22B by 2027.