Manurife Financial Corporation (MFC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des services financiers, Manurife Financial Corporation (MFC) se distingue comme une puissance mondiale, naviguant stratégiquement des marchés complexes à travers sa toile innovante du modèle commercial. Cette approche globale révèle comment MFC transforme les services d'assurance et financiers traditionnels en un écosystème de pointe centré sur le client qui couvre les continents et s'adapte aux besoins en évolution des clients. En intégrant la technologie de pointe, des solutions personnalisées et un réseau mondial robuste, Manufe s'est positionné comme une institution financière avant-gardiste qui va au-delà de la simple gestion des risques pour offrir une autonomisation financière holistique.

Manurife Financial Corporation (MFC) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec des institutions financières mondiales

Manufe a établi des partenariats stratégiques avec les institutions financières mondiales suivantes:

Institution partenaire	Pays	Détails du partenariat
DBS Bank	Singapour	Contrat de distribution de bancassurance
Banque d'Asie de l'Est	Hong Kong	Distribution complète des produits d'assurance
Banque agricole de Chine	Chine	Collaboration d'assurance-vie et de gestion de la patrimoine

Partenariats avec les fournisseurs de technologies pour la transformation numérique

Les principaux partenariats technologiques de Manulife comprennent:

• Microsoft Azure pour l'infrastructure cloud
• Salesforce pour la gestion de la relation client
• IBM pour les solutions d'intelligence artificielle et d'analyse de données

Collaboration avec les réseaux de soins de santé et les distributeurs d'assurance

Manufe a développé des partenariats stratégiques de soins de santé et de distribution:

Type de partenaire	Nombre de partenariats	Portée géographique
Réseaux de prestataires de soins de santé	87	Amérique du Nord, Asie
Distributeurs d'assurance	126	Plusieurs pays

Coentreprises sur les marchés émergents

Juticoles importantes de Manurife en Asie:

Pays	Coentreprise	Pourcentage de propriété
Vietnam	Banque commerciale de Saigon	35%
Philippines	Banque des îles Philippines	46%
Indonésie	Banque Cimb Niaga	40%

Partenariats avec les sociétés d'analyse de données

Collaborations d'analyse de données de Manurife:

• Palantir Technologies pour l'intégration avancée des données
• Datarobot pour les solutions d'apprentissage automatique
• Snowflake pour la plate-forme de données cloud

Manulife Financial Corporation (MFC) - Modèle d'entreprise: activités clés

Développement de produits d'assurance-vie et de santé

En 2023, Manufe a développé et géré plus de 200 gammes de produits d'assurance distinctes sur plusieurs marchés. La société a investi 387 millions de dollars dans la recherche et l'innovation de produits.

Catégorie de produits	Nombre de produits	Couverture du marché
Assurance-vie individuelle	78	Amérique du Nord, Asie
Assurance maladie en groupe	62	Canada, États-Unis
Produits de maladies graves	45	Marchés mondiaux

Services de gestion de la gestion des investissements et de la richesse

Manulife a géré 1,2 billion de dollars d'actifs au T4 2023, avec un portefeuille diversifié dans plusieurs catégories d'investissement.

• Gestion des fonds de retraite: 475 milliards de dollars
• Fonds communs de placement: 312 milliards de dollars
• Solutions de retraite: 213 milliards de dollars

Évaluation des risques et souscription

La société a traité 1,2 million de demandes d'assurance en 2023, en utilisant des algorithmes avancés d'analyse prédictive et d'apprentissage automatique.

Métriques d'évaluation des risques	2023 données
Applications traitées	1,200,000
Taux d'approbation	87.5%
Temps de traitement moyen	5,2 jours

Traitement des réclamations et support client

En 2023, Manulife a traité 3,6 millions de réclamations d'une valeur totale de 42,3 milliards de dollars dans divers segments d'assurance.

• Réclamations d'assurance-vie: 18,7 milliards de dollars
• Réclamations d'assurance maladie: 15,6 milliards de dollars
• Réclamations d'invalidité: 8 milliards de dollars

Innovation de plate-forme numérique et de technologie

Manufe a investi 512 millions de dollars dans l'infrastructure numérique de transformation et de technologie en 2023.

Métriques d'innovation numérique	2023 statistiques
Utilisateurs d'applications mobiles	4,2 millions
Transactions de service en ligne	76 millions
Interactions de service client alimenté par AI	2,8 millions

Manurife Financial Corporation (MFC) - Modèle d'entreprise: Ressources clés

Forte infrastructure financière mondiale

Actif total au troisième trimestre 2023: CAD 855 milliards. Présence mondiale dans 13 pays. Total des capitaux propres des actionnaires: 66,4 milliards de CAD.

Métrique financière	Valeur
Actif total	CAD 855 milliards
Capitaux propres des actionnaires	CAD 66,4 milliards
Capitalisation boursière	CAD 43,2 milliards

Réseau de distribution étendu

Canaux de distribution dans plusieurs régions:

• Canada: plus de 5 000 conseillers financiers
• États-Unis: 7 500+ professionnels financiers
• Asie: 60 000+ Force de l'agence

Analyse avancée des données et capacités de l'IA

Investissement technologique en 2023: 500 millions de CAD. Plateformes axées sur l'IA pour l'évaluation des risques et l'expérience client.

Catégorie d'investissement technologique	Dépenses annuelles
Transformation numérique	350 millions CAD
IA et apprentissage automatique	150 millions CAD

Main-d'œuvre qualifiée

Total des employés du monde entier: 37 000. Composition de la main-d'œuvre:

• Canada: 15 000 employés
• États-Unis: 10 000 employés
• Asie: 12 000 employés

Plates-formes technologiques numériques robustes

Métriques de plate-forme numérique:

• Utilisateurs d'applications mobiles: 3,5 millions
• Volume de transaction en ligne: 250 millions par an
• Taux d'adoption des services numériques: 68%

Métrique de la plate-forme numérique	Valeur
Utilisateurs d'applications mobiles	3,5 millions
Transactions en ligne	250 millions par an
Adoption du service numérique	68%

Manurife Financial Corporation (MFC) - Modèle d'entreprise: propositions de valeur

Solutions complètes de protection financière

Manurife propose une gamme de produits de protection financière avec 1,1 billion de dollars d'actifs totaux sous gestion au quatrième trimestre 2023. La société offre une couverture d'assurance-vie totalisant 1,4 billion de dollars dans le monde.

Catégorie de produits	Valeur de couverture totale	Reach sur le marché mondial
Assurance-vie	1,4 billion de dollars	11 pays
Assurance de groupe	687 milliards de dollars	8 marchés
Assurance individuelle	713 milliards de dollars	9 marchés

Retraite personnalisée et planification des investissements

Manufe gère 689 milliards de dollars de portefeuilles de richesse et de gestion des actifs à partir de 2023, avec une gamme diversifiée de solutions de retraite.

• Comptes d'épargne-retraite: 2,7 millions de comptes actifs
• Services de gestion des investissements couvrant 15 stratégies d'investissement différentes
• Gestion des pensions pour plus de 3 500 clients d'entreprise

Produits d'assurance flexibles adaptés aux besoins individuels

La société propose 127 variations de produits d'assurance personnalisables différentes entre les segments individuels et de groupe.

Type de produit	Nombre de variations	Taux de personnalisation moyenne du client
Assurance-vie	53 variations	Taux de personnalisation de 42%
Assurance maladie	38 variations	Taux de personnalisation de 35%
Produits de retraite	36 variations	Taux de personnalisation de 29%

Expérience client d'abord numérique

Manurife a investi 327 millions de dollars dans des initiatives de transformation numérique en 2023, avec 68% des interactions des clients se produisant actuellement par le biais de canaux numériques.

• Téléchargements d'applications mobiles: 2,3 millions
• Utilisation du service en ligne: 4,7 millions d'utilisateurs numériques actifs
• Traitement des réclamations numériques: 82% des réclamations traitées en ligne

Couverture mondiale avec la compréhension du marché local

Manufe opère dans 11 pays avec une clientèle de 37 millions de personnes et de clients institutionnels.

Région	Total des clients	Revenu supérieur
Amérique du Nord	22 millions	34,2 milliards de dollars
Asie	12 millions	18,7 milliards de dollars
Autres marchés	3 millions	5,4 milliards de dollars

Manurife Financial Corporation (MFC) - Modèle d'entreprise: relations avec les clients

Services de conseil financier personnalisés

Manurife fournit des services de conseil financier personnalisés par le biais de 9 700 conseillers financiers à travers le Canada en 2023. La société dessert environ 34 millions de clients dans le monde.

Type de service consultatif	Nombre de conseillers	Client portée
Conseillers en gestion de patrimoine	5,200	18 millions de clients
Spécialistes consultatifs de l'assurance	4,500	16 millions de clients

Plates-formes de libre-service numériques

Les plates-formes numériques de Manurife ont traité 72 millions de transactions numériques en 2023, avec une croissance de 35% en glissement annuel de l'engagement numérique.

• Téléchargements d'applications mobiles: 2,3 millions
• Utilisateurs de gestion des comptes en ligne: 6,8 millions
• Soumissions des réclamations numériques: 48% du total des réclamations

Support client multicanal

ManuLife exploite le support client sur plusieurs canaux avec les mesures suivantes:

Canal de support	Volume de contact annuel	Temps de réponse moyen
Support téléphonique	12,4 millions d'appels	3,2 minutes
Chat en direct	3,6 millions d'interactions	45 secondes
Assistance par e-mail	2,1 millions de courriels	24 heures

Consultations régulières en santé financière

Manufe effectue environ 240 000 revues complètes de santé financière chaque année sur ses marchés mondiaux.

Programmes de fidélité et de rétention

Le taux de rétention de la clientèle de Manurife est de 87,5% en 2023, avec des programmes de fidélité générant 124 millions de dollars supplémentaires de revenus croisés.

• Adhésion au programme de fidélité: 2,6 millions de clients
• Valeur à vie moyenne du client: 15 700 $
• Participation du programme de référence: 14% des clients existants

Manulife Financial Corporation (MFC) - Modèle d'entreprise: canaux

Plateformes numériques en ligne

Manufe exploite des plateformes numériques dans plusieurs pays, desservant 17,5 millions de clients en ligne en 2023. Les plateformes d'engagement numérique de la société ont traité 126,3 milliards de dollars de transactions numériques au cours de l'exercice.

Plate-forme numérique	Métriques des utilisateurs	Volume de transaction
Portail en ligne manulife	8,2 millions d'utilisateurs enregistrés	Transactions annuelles de 58,7 milliards de dollars
Plateforme d'investissement numérique Manulife	3,6 millions d'investisseurs actifs	35,4 milliards de dollars de transactions d'investissement

Applications mobiles

Les applications mobiles de Manurife prennent en charge 12,3 millions d'utilisateurs mobiles actifs sur les marchés d'Amérique du Nord et d'Asie.

• Application mobile ManuLife: 7,5 millions de téléchargements
• Plateforme mobile de Manulife Investment: 4,8 millions d'utilisateurs actifs
• Valeur de transaction mobile mensuelle moyenne: 2,3 milliards de dollars

Agents d'assurance et conseillers financiers

Manulife maintient un réseau mondial de 63 000 agents d'assurance agréés et conseillers financiers en 2023.

Région	Nombre d'agents	Ventes annuelles moyennes par agent
Amérique du Nord	28 500 agents	1,2 million de dollars
Asie	34 500 agents	$850,000

Bureaux et succursales des entreprises

Manufe exploite 550 bureaux et succursales d'entreprise dans 13 pays en 2023.

• Amérique du Nord: 210 bureaux
• Asie: 290 succursales
• Autres régions: 50 emplacements

Centres d'appel et support virtuel

L'infrastructure de support client de Manurife gère 22,6 millions d'interactions clients par an.

Canal de support	Interactions annuelles	Temps de réponse moyen
Support téléphonique	12,4 millions d'appels	3,2 minutes
Chat en ligne	6,8 millions d'interactions	2,7 minutes
Assistance par e-mail	3,4 millions de courriels	6,1 heures

Manurife Financial Corporation (MFC) - Modèle d'entreprise: segments de clientèle

Clients d'assurance-vie individuels

Au quatrième trimestre 2023, Manulife dessert environ 34 millions de clients individuels d'assurance-vie sur plusieurs marchés.

Marché	Nombre de clients individuels	Valeur de politique moyenne
Canada	8,2 millions	$285,000
États-Unis	7,5 millions	$325,000
Asie	18,3 millions	$175,000

Clients d'assurance des groupes d'entreprise

Manurife fournit des solutions d'assurance de groupe à 25 000 clients d'entreprise dans le monde.

• Revenus de prime d'assurance de groupes d'entreprise totale: 6,3 milliards de dollars en 2023
• Taille moyenne du client: 500 à 5 000 employés
• Industries servies: technologie, soins de santé, services financiers, fabrication

Participants à la retraite et à la retraite

Manufe gère des plans de retraite pour 2,8 millions de participants.

Type de plan de retraite	Nombre de participants	Total des actifs sous gestion
Régimes de prestations définies	680,000	42 milliards de dollars
Plans de contribution définis	2,1 millions	128 milliards de dollars

Individus à haute nette

Manulife dessert 125 000 clients à haute teneur en nouant avec des actifs de plus de 1 million de dollars.

• Valeur moyenne du portefeuille: 3,2 millions de dollars
• Revenus de services de gestion de patrimoine: 1,7 milliard de dollars en 2023

Marchés de petites et moyennes entreprises

Manufe fournit des solutions financières à 47 000 petites et moyennes entreprises.

Taille de l'entreprise	Nombre de clients	Prime annuelle moyenne
Petites entreprises (10-49 employés)	32,000	$85,000
Entreprises moyennes (50-250 employés)	15,000	$275,000

Manurife Financial Corporation (MFC) - Modèle d'entreprise: Structure des coûts

Développement de produits et dépenses d'innovation

Pour l'exercice 2023, Manurife Financial Corporation a déclaré des frais de recherche et de développement de 438 millions de dollars.

Catégorie de dépenses	Montant (en millions)
Développement de plate-forme numérique	$212
Innovation de produit	$226

Investissements infrastructures technologiques

Manufe a investi 675 millions de dollars dans l'infrastructure technologique en 2023.

• Infrastructure de cloud computing: 245 millions de dollars
• Systèmes de cybersécurité: 187 millions de dollars
• Plateformes d'analyse de données: 243 millions de dollars

Dépenses de vente et de marketing

Les coûts totaux de vente et de marketing pour 2023 étaient de 1,2 milliard de dollars.

Canal de marketing	Dépenses (en millions)
Marketing numérique	$380
Publicité traditionnelle	$290
Commission d'agent	$530

Coûts de gestion des réclamations

Les dépenses de gestion des réclamations ont totalisé 3,6 milliards de dollars en 2023.

• Réclamations d'assurance-vie: 1,8 milliard de dollars
• Réclamations d'assurance maladie: 1,2 milliard de dollars
• Technologie de traitement des réclamations: 600 millions de dollars

Compliance réglementaire et gestion des risques

Les frais de conformité et de gestion des risques ont atteint 512 millions de dollars en 2023.

Zone de conformité	Dépenses (en millions)
Conformité légale	$187
L'évaluation des risques	$215
Représentation réglementaire	$110

Manurife Financial Corporation (MFC) - Modèle d'entreprise: Strots de revenus

Collections de primes d'assurance

En 2023, Manurife Financial Corporation a déclaré des primes d'assurance totales de 22,9 milliards de dollars, avec une ventilation comme suit:

Segment	Revenus de primes (milliards)
Opérations en Asie	$8.7
Opérations canadiennes	$6.5
Opérations américaines	$7.7

Frais de gestion des investissements

Le revenu des frais de gestion des investissements pour 2023 a totalisé 4,6 milliards de dollars, la distribution suivante:

• Gestion des investissements institutionnels: 2,1 milliards de dollars
• Gestion des investissements au détail: 1,8 milliard de dollars
• Gestion des investissements alternatifs: 0,7 milliard de dollars

Revenu de gestion des actifs

Total des actifs sous gestion (AUM) au 31 décembre 2023: 1,2 billion de dollars

Catégorie d'actifs	Valeur (milliards)
Actifs en capitaux propres	$482
Actifs à revenu fixe	$538
Investissements alternatifs	$180

Revenus de produits de retraite

Les revenus des produits de retraite pour 2023 ont atteint 3,9 milliards de dollars, avec des segments clés:

• Produits de retraite individuels: 2,2 milliards de dollars
• Solutions de retraite de groupe: 1,7 milliard de dollars

Frais de service financier auxiliaires

Les revenus des services financiers auxiliaires en 2023 s'élevaient à 1,1 milliard de dollars, notamment:

• Frais d'administration des politiques: 0,4 milliard de dollars
• Frais de transaction: 0,3 milliard de dollars
• Autres services financiers: 0,4 milliard de dollars

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.