Manulife Financial Corporation (MFC): Business Model Canvas [Dec-2025 Updated]

You're looking at how a giant like Manulife Financial Corporation is retooling for the next decade, and honestly, the shift is clear: they are aggressively moving toward capital-light growth, especially in Asia and private credit, evidenced by moves like the Comvest Credit Partners acquisition. As an analyst who's seen these pivots before, I can tell you this strategic realignment-balancing a massive C$1.4 trillion in Assets Under Management and Administration (AUMA) with a focus on high-margin fee income-is what separates the survivors from the laggards. This Business Model Canvas breaks down exactly where Manulife Financial Corporation is putting its chips right now, from their 109,000 agents to their core earnings growth, so dive in to see the blueprint.

Manulife Financial Corporation (MFC) - Canvas Business Model: Key Partnerships

You're looking at the structure of Manulife Financial Corporation's alliances, which are critical for scaling distribution and expertise across its global footprint, especially in high-growth areas like Asia and private credit. Here is the data on those key relationships as of late 2025.

Mahindra & Mahindra Ltd. for 50:50 Life Insurance Joint Venture in India

This partnership builds on the existing mutual fund collaboration launched in 2020. The new 50:50 life insurance joint venture has a planned total capital commitment from each shareholder of up to ₹3,600 crore (approximately US$400 million each).

• Initial investment expected from each partner in the first five years: ₹1,250 crore (approximately US$140 million).
• Mahindra brings distribution access via 1,345 pan-India branches, reaching over 2.5 million active customers.
• The Indian life insurance market surpassed $20 billion in new business premiums, growing at a 12% CAGR over the past five years.

DBS Bank and China CITIC Bank for Long-Term Bancassurance Distribution in Asia

The established regional distribution bancassurance partnership with DBS Bank is a 15-year agreement valued at US$1.2 billion, covering Hong Kong, Singapore, China, and Indonesia. Manulife Asia's performance reflects the strength in these markets; Q2 2025 core earnings reached $520m.

The partnership includes co-funding for digital technology and innovation investments up to S$100 million (US$69 million) over the term.

Metric	Value (Q2 2025)	Year-over-Year Change
Manulife Asia Core Earnings	$520m	13% YoY increase
Annualised Premium Equivalent (APE) Sales	$1.23b	31% YoY increase
New Business Contractual Service Margin (CSM)	$480m	34% YoY increase

Comvest Credit Partners Acquisition to Add US$14.7 Billion in Private Credit AUM

Manulife Financial Corporation signed an agreement to acquire a 75% stake in Comvest Credit Partners for an upfront consideration of US$937.5 million. Comvest Credit Partners had $14.7 billion of Assets Under Management (AUM) on its platform prior to the alignment. The transaction is expected to close in the fourth quarter of 2025.

The alignment creates a combined private credit asset management platform with $18.4 billion in AUM, incorporating Manulife's existing Senior Credit team managing $3.7 billion AUM. An additional consideration of up to $337.5 million is contingent on performance targets.

Technology Partners for AI-Powered Solutions and Digital Innovation

Manulife has made a multi-billion-dollar investment in its digital transformation, including a cloud-based data and AI platform. The company has over 200 global data scientists and machine learning engineers.

• 75 percent of the global workforce is engaged with Generative AI (GenAI) tools.
• AI-enabled enhancements are expected to generate a threefold return on investment over five years through 2027.
• Over $600 million of benefits were realized in 2024 from global digital initiatives.
• The company has deployed more than 35 GenAI use cases across Canada, the U.S., and Asia, with an additional 70 prioritized for deployment by the end of 2025.
• The current production pipeline includes 29 active use cases/models, with 425 identified company-wide use cases in the validation lineup.

Third-Party Intermediaries, Brokers, and Independent Financial Advisors for Distribution

The combined Manulife | Comvest platform will lead distribution of its strategies in close coordination with Manulife's global distribution teams across institutional, wealth, retail, and retirement channels.

Manulife Financial Corporation (MFC) - Canvas Business Model: Key Activities

You're looking at the core engine of Manulife Financial Corporation-the things they absolutely must get right every day to make the business work. Here's a breakdown of those essential actions, grounded in their late 2025 performance data.

Underwriting and managing a diversified portfolio of life and health insurance risk

This is the bedrock of the insurance business: taking on risk and pricing it correctly. Manulife Financial Corporation manages this across its global footprint in Canada, Asia, and the United States, primarily through its John Hancock subsidiary in the U.S. The performance of this activity is reflected in the overall financial health and capital strength.

The company's commitment to prudent risk management is evident in its capital position as of the third quarter of 2025 (3Q25). Manulife Financial Corporation maintained a strong Life Insurance Capital Adequacy Test (LICAT) ratio of 138% in 3Q25. This ratio was up from 136% in the second quarter of 2025 (2Q25). Insurance new business momentum remained strong, with new business Contractual Service Margin (CSM) increasing by 25% in 3Q25 compared to 3Q24.

Global wealth and asset management (WAM) for retail and institutional clients

Managing assets for others is a major revenue driver, though it can see volatility based on market conditions and client flows. As of the first quarter of 2025 (1Q25), Manulife Financial Corporation managed over CA$1.3 trillion in assets. The segment saw mixed results in client flows through the first three quarters of 2025. For instance, the Global Wealth and Asset Management (Global WAM) segment reported net outflows of $6.2 billion in 3Q25, contrasting with net inflows of $5.2 billion in 3Q24. However, 2Q25 showed net inflows of $0.9 billion, and 1Q25 saw net inflows of $0.5 billion.

The core earnings from this activity are significant, with Global WAM core earnings increasing by 9% in 3Q25, driven by higher net fee income and performance fees.

Strategic portfolio optimization, including de-risking legacy businesses (e.g., LTC)

Manulife Financial Corporation actively reshapes its portfolio to reduce risk and focus on higher-return areas, with Long-Term Care (LTC) being a key focus for de-risking. This activity involves complex reinsurance transactions. A major step in 2025 was the closure of a $4.1 billion reinsurance transaction with Reinsurance Group of America (RGA) in January 2025. This deal included $1.9 billion in LTC reserves. This followed a prior, massive CA$13 billion reinsurance deal with Global Atlantic. The annual review of actuarial methods and assumptions in 3Q25, which included the U.S. LTC business, resulted in a net favourable impact of a $605 million decrease in overall pre-tax fulfillment cash flows.

Here's a look at the scale of risk mitigation activities:

Activity/Metric	Value/Amount	Reporting Period
RGA LTC Reinsurance Reserves	$1.9 billion	3Q25 Context (Closed Jan 2025)
Global Atlantic LTC Reinsurance Reserves (Total)	CA$6 billion (part of larger deal)	Pre-2025 Context
Favourable Impact from U.S. LTC Actuarial Review	$605 million decrease in pre-tax fulfillment cash flows	3Q25
Manulife Financial Corporation LICAT Ratio	138%	3Q25

Integrating AI and digital tools to enhance distribution and customer experience

Manulife Financial Corporation is heavily investing in digital transformation to improve efficiency and client interaction. The company spent $1 billion from 2023 to 2025 to upgrade digital capabilities, including AI. As of mid-2025, they had deployed over 35 generative AI use cases globally, with plans to deploy over 70 more by the end of 2025. In fact, by early 2025, they had deployed over 43 GenAI use cases in production.

The adoption level is high; three-quarters of the global workforce engages with Gen AI tools like the proprietary assistant, ChatMFC. This focus earned Manulife Financial Corporation the #1 ranking in the life insurance sector for AI maturity in the inaugural Evident AI Index for Insurance in 2025. The company employs nearly 200 data scientists and machine learning engineers to support this.

Digital initiatives delivered tangible results:

• Benefits realized from digital initiatives in 2024: over $600 million.
• Specific GenAI capabilities generated: $4.7 million in benefits.
• Digital investment period: 2023 to 2025.

Capital management to maintain a strong LICAT ratio of 138% (3Q25)

Maintaining a robust capital buffer is a non-negotiable key activity. The target capital position is clearly demonstrated by the 3Q25 LICAT ratio of 138%. This strong balance sheet supports strategic deployment. The company also reported a financial leverage ratio of 22.7% in 3Q25. The strong capital position enables strategic moves, such as the acquisition of Comvest Credit Partners and the agreement to acquire Schroders Indonesia, reinforcing their approach to capital deployment.

Key financial performance metrics from 3Q25 underscore the effectiveness of these activities:

• Core earnings: $2.0 billion, up 10% on a constant exchange rate (CER) basis from 3Q24.
• Core Earnings Per Share (EPS): $1.16, up 16% on a CER basis from 3Q24.
• Core Return on Equity (ROE): 18.1%.

Finance: draft 13-week cash view by Friday.

Manulife Financial Corporation (MFC) - Canvas Business Model: Key Resources

You're looking at the core assets that power Manulife Financial Corporation's global operations as of late 2025. These aren't just abstract concepts; they are concrete figures that define the company's scale and competitive moat.

The sheer size of the client base and assets under management provides a massive, stable foundation for fee generation and cross-selling opportunities across its diversified segments in Asia, Canada, and the U.S.

Here are the key quantifiable resources:

• Global scale serving over 36 million customers worldwide (end of 2024).
• Assets under management and administration (AUMA) of approximately C$1.7 trillion as at September 30, 2025.
• Extensive global agency force exceeding 109,000 agents (end of 2024).
• Proprietary digital assets underpinning customer engagement and efficiency.
• Strong brand equity, evidenced by its ranking as a top 10 largest life insurance company globally based on market capitalization as at September 30, 2025.

Let's break down the scale of the distribution network and digital assets, which are crucial for future growth.

Resource Metric	Value/Status	Date/Context
Customers Served	Over 36 million	End of 2024
Assets Under Management and Administration (AUMA)	C$1.7 trillion	September 30, 2025
Global Agency Force Size	Over 109,000 agents	End of 2024
Global Market Ranking (by Market Cap)	Top 10	September 30, 2025

The proprietary behavioral insurance platforms, like Manulife Vitality and John Hancock Vitality, are supported by significant investment in technology. This isn't just about having the platform; it's about the scale of its deployment and the benefits realized.

For instance, Manulife Asia is leveraging its agency strength, reporting a 23% year-over-year increase in Million Dollar Round Table (MDRT) members as of the second quarter of 2025, making it the third largest globally in 2025 MDRT membership.

The investment in digital capabilities is also a tangible resource:

• Digital initiatives generated over $600 million of benefits globally in 2024.
• By the end of 2024, 27 Generative AI use cases were launched into production.
• An additional 32 Generative AI use cases were in development as of the end of 2024.
• The company deployed nearly $600 million of its committed $1 billion investment in digital capabilities between 2023 and the end of 2024.

These digital deployments help drive efficiency; the expense efficiency ratio ended at 44.8% for full year 2024, already meeting the medium-term target of below 45%.

Finance: draft 13-week cash view by Friday.

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.