Manulife reports record core earnings of $2.1 billion
The insurance provider saw net income attributed to shareholders fall by $0.4 billion to $1.4 billion in the third quarter of 2026.
Manulife Financial Corporation (MFC), the insurance and financial services provider, reported record core earnings of $2.1 billion for the third quarter ended September 30, 2026. This represents a 4% increase on a constant exchange rate basis compared to the third quarter of 2025. Net income attributed to shareholders for the period was $1.4 billion, a decrease of $0.4 billion from the same quarter last year.
Core earnings per share rose 6% to $1.24, while reported earnings per share fell 21% to $0.82. The company reported a core return on equity of 17.8% and a return on equity of 11.8%.
Growth in Asia served as a primary driver for the results. The Asia segment reported core earnings of US$635 million, a 17% increase from the US$550 million recorded in the third quarter of 2025. Year-to-date core earnings for Asia rose 20% to US$1.8 billion. In North America, the Canada segment saw core earnings increase 3% to $440 million.
New business metrics remained largely stable. Annualized premium equivalent sales were $2.6 billion, compared to $2.6 billion in the third quarter of 2025. New business contract service margin and new business value were also broadly in line with the prior year's third quarter.
Asset management trends showed a reduction in outflows. Global Wealth and Asset Management net outflows were $3.6 billion in the third quarter of 2026, compared to $6.2 billion in the third quarter of 2025. However, year-to-date net outflows for the segment increased to $7.5 billion from $4.8 billion in the previous year.
Manulife returned $1.3 billion to shareholders during the quarter. The company maintained a Life Insurance Capital Adequacy Ratio of 136% and reported a financial leverage ratio of 23.0%.
Management noted that the company completed an annual review of actuarial methods and assumptions, which resulted in a net favourable impact. The company said it further improved expense efficiency during the quarter and continues to invest in growth across its businesses.
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