Moat ranks
Balance sheet
| CA$B | Dec 31 | Sep 30 |
|---|---|---|
| Equity | 50.1 | 53.1 |
- Diluted shares
- 1,661M
- Book value / share
- CA$31.95
- Price / book
- 2.0×
- Market cap
- CA$103.8B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | -30.8% | -52.6 pts | |
| Pretax margin | 14.3% | +1.7 pts | |
| Asia Annualized premium equivalent sales | CA$1.5B | -27% | |
| Asia New-business contractual service margin | CA$518M | -27% | |
| Canada Annualized premium equivalent sales | CA$384M | +3% | |
| Canada New-business contractual service margin | CA$114M | +5% | |
| U.S. Annualized premium equivalent sales | CA$147M | -27% | |
| U.S. New-business contractual service margin | CA$85M | -41% | |
| Asia MDRT qualifying agents growth | +9% | -14 pts |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About MFC
Manulife sells life, health and savings insurance in Asia and Canada, U.S. insurance under John Hancock, and global wealth and asset management. The U.S. is the largest segment by 2025 reported revenue; Asia contributes the strongest current growth.
- Distribution Control
Manulife has a large Asian agency and bank distribution network, including exclusive access to bank customers.
- Brand Trust
More than 125 years in Asia and a broad insurance franchise support distributor and customer confidence.
- Brand Trust
Manulife has more than 135 years in Canada and serves over seven million Canadian customers.
- Brand Trust
John Hancock has more than 160 years of U.S. operating history and a recognized life-insurance brand.
- Oct 1, 2026
Manulife closed its Munich Re long-term-care reinsurance transaction, effective July 1. It transfers biometric risk on C$3.2 billion of reserves at an 80% quota share while retaining the invested assets, reducing claims exposure without removing investment risk. Source: Manulife October 1 closing announcement.
- Aug 5, 2026
Manulife agreed to reinsure biometric risk on C$3.2 billion of long-term-care reserves with Munich Re. The deal can reduce claims uncertainty while retaining the invested assets; closing is expected in Q4 2026 subject to regulatory approval.
- Nov 3, 2025
Manulife bought 75% of Comvest Credit Partners for C$1.328 billion consideration, adding C$17.5 billion of private-credit assets and a broader institutional lending platform.
- Jun 2, 2025
Manulife and Chinabank renewed their bank distribution agreement through Manulife China Bank Life for 15 years. The exclusive channel extends through 2039 and reaches customers through 650 branches, protecting a route to insurance sales in the Philippines.
- May 9, 2025
Phil Witherington became CEO, bringing experience leading the Asia business as Manulife places greater emphasis on its Asian insurance franchise.
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (CA$) | |||||||||||||
| Revenue | 26.98 | 29.37 | 19.60 | 40.56 | 40.61 | 31.77 | 15.49 | 26.52 | 29.85 | 35.69 | 36.19 | +3.2%/yr | |
| Earnings | 1.48 | 1.06 | 2.41 | 2.86 | 3.02 | 3.65 | -1.01 | 2.78 | 3.02 | 3.26 | 3.72 | +9.2%/yr | |
| Dividends | 0.81 | 0.90 | 0.90 | 0.71 | 1.20 | 1.28 | 1.46 | 1.62 | 1.77 | 1.94 | 2.10 | +10.2%/yr | |
| Book value | 21.16 | 20.65 | 23.12 | 25.04 | 26.94 | 30.01 | 24.50 | 25.59 | 28.56 | 29.34 | 31.95 | +3.7%/yr | |
| Diluted shares (M) | 1,977 | 1,986 | 1,988 | 1,962 | 1,943 | 1,946 | 1,913 | 1,838 | 1,785 | 1,708 | 1,661 | -1.6%/yr | |
| Totals (CA$B) | |||||||||||||
| Revenue | 53.3 | 58.3 | 39.0 | 79.6 | 78.9 | 61.8 | 29.6 | 48.7 | 53.3 | 61.0 | 60.1 | +1.5%/yr | |
| Pretax income | 3.3 | 2.5 | 5.5 | 6.2 | 6.8 | 8.1 | -3.1 | 6.5 | 7.1 | 7.1 | 7.9 | +8.8%/yr | |
| Net income | 2.9 | 2.1 | 4.8 | 5.6 | 5.9 | 7.1 | -1.9 | 5.1 | 5.4 | 5.6 | 6.2 | +7.4%/yr | |
| Buybacks | 0.0 | 0.0 | 0.5 | 1.3 | 0.3 | 0.0 | 1.9 | 1.6 | 3.3 | 2.4 | 2.1 | – | |
| Dividends | 1.6 | 1.8 | 1.8 | 1.4 | 2.3 | 2.5 | 2.8 | 3.0 | 3.2 | 3.3 | 3.5 | +8.4%/yr | |
| Margins & returns (%) | |||||||||||||
| Pretax margin | 6.2 | 4.3 | 14.2 | 7.8 | 8.6 | 13.1 | -10.6 | 13.2 | 13.3 | 11.6 | 13.1 | +5.4 pts | |
| Net margin | 5.5 | 3.6 | 12.3 | 7.0 | 7.4 | 11.5 | -6.5 | 10.5 | 10.1 | 9.1 | 10.3 | +3.6 pts | |
| Return on equity | 7.0 | 5.1 | 10.4 | 11.4 | 11.2 | 12.2 | -4.1 | 10.8 | 10.6 | 11.1 | 11.6 | +4.1 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Competitive
- Durability
- medium
- Trajectory
- widening
- Pricing power
- moderate
- Asia29.8%2 claims
- Global Wealth and Asset Management12.1%No moat
- Canada25.7%1 claim
- U.S.30.0%1 claim
- Corporate and Other2.4%Not scored: evidence insufficient
Moat claims
- Applies to
- Asia
- Confidence
- Durability
- medium
- Trajectory
- wideningas of Jun 30, 2026
Manulife has a large Asian agency and bank distribution network, including exclusive access to bank customers. The 2025 Chinabank renewal protects access through 650 branches until 2039, and reported sales per active agent rose 17% in 2025. These are concrete advantages in reaching customers, although bank contracts cost money and larger rivals have more highly qualified agents.
The agent network is improving in quality: MDRT qualifying agents grew 9% in Q2 2026, alongside higher APE sales and new-business CSM. Bank access and the Hong Kong Bupa partnership deepen reach, although rivals can compete for both agents and bank renewals.
- Asia Annualized premium equivalent salesCA$1.5B-27%
- Asia New-business contractual service marginCA$518M-27%
- Asia MDRT qualifying agents growth+9%
- Asia sales per active agent growth+17%
- Global MDRT members4,442
- Bancassurance partnerships expire, are renegotiated, or underperform
- Digital aggregators weaken agency and bank-channel control
- Regulatory changes restrict sales practices or commissions
- Local insurers and AIA compete aggressively for agents and bank partners
- FilingManulife 2025 Annual MD&A - Asia distribution scaleFeb 11, 2026
- FilingManulife 2025 Annual MD&A - bancassurance accessFeb 11, 2026
- SourceManulife and Chinabank renew their bank distribution agreementJun 2, 2025
- SourceMDRT 2026 company rankings, membership at July 1Oct 6, 2026
- Applies to
- Asia
- Confidence
- Durability
- medium
- Trajectory
- stableas of Jun 30, 2026
More than 125 years in Asia and a broad insurance franchise support distributor and customer confidence. Management describes Manulife as a top-three pan-Asian life insurer; that regional position does not imply leadership in every country. Claims service and fair selling matter more than awards alone.
The long-established brand continues to attract new protection and savings business, but rising sales alone cannot prove stronger trust. No comparable policy-persistency or claims-satisfaction series is disclosed.
- Asia Annualized premium equivalent salesCA$1.5B-27%
- Asia New-business contractual service marginCA$518M-27%
- Claims experience, misselling, or product complexity damages trust
- Country-level political or regulatory events reduce foreign-insurer appeal
- Product performance trails local competitors
- FilingManulife 2025 AIF - Asia operating historyFeb 11, 2026
- FilingManulife Q1 2026 Report - Asia wealth recognitionMay 13, 2026
- FilingManulife Q2 2026 report to shareholdersAug 5, 2026
- Applies to
- Canada
- Confidence
- Durability
- durable
- Trajectory
- stableas of Jun 30, 2026
Manulife has more than 135 years in Canada and serves over seven million Canadian customers. Brand trust matters in life, health, group benefits, banking, and advisor-sold products, though consumer price sensitivity and plan-sponsor procurement limit pricing power.
New-business sales and expected profit improved in Q2 2026, but higher claims and group-insurance expenses reduced core earnings. The brand remains useful in winning business; comparable rivals and employer procurement limit pricing power.
- Canada Annualized premium equivalent salesCA$384M+3%
- Canada New-business contractual service marginCA$114M+5%
- Claims disputes or service issues weaken trust
- Rival insurers underprice group-benefit renewals
- Banking products remain small versus major Canadian banks
- Healthcare inflation pressures plan economics
- FilingManulife 2025 Annual MD&A - Canada operating history and customersFeb 11, 2026
- FilingManulife 2025 Annual MD&A - Canada customer reachFeb 11, 2026
- FilingManulife Q2 2026 report to shareholdersAug 5, 2026
- Applies to
- U.S.
- Confidence
- Durability
- medium
- Trajectory
- stableas of Jun 30, 2026
John Hancock has more than 160 years of U.S. operating history and a recognized life-insurance brand. Brand supports advisor trust and HNW planning, but the U.S. market is crowded and product economics are sensitive to rates and claims.
John Hancock increased Q2 2026 APE sales, but new-business CSM did not improve from a year earlier. Better claims lifted current earnings without proving a stronger competitive position, and legacy LTC exposure remains.
- U.S. Annualized premium equivalent salesCA$147M-27%
- U.S. New-business contractual service marginCA$85M-41%
- Adverse life or LTC claims experience
- Advisor channel shifts toward competitors
- Spread compression reduces product economics
- Legacy block volatility damages investor confidence
- FilingManulife 2025 Annual MD&A - John Hancock historyFeb 11, 2026
- FilingManulife 2025 Annual MD&A - John Hancock relationshipsFeb 11, 2026
- FilingManulife Q2 2026 report to shareholdersAug 5, 2026
- SourceManulife closes long-term-care reinsurance with Munich ReOct 1, 2026
Profile change log
- Oct 6, 2026 · analyst revision
Independent MDRT rankings confirm Manulife has 4,442 qualifying members, behind AIA Group and Prudential plc. The bank renewal and 17% improvement in sales per active agent support distribution; its score is unchanged. John Hancock has 2.49% of NAIC direct life premiums. The debate reflects completed LTC reinsurance. Market context now distinguishes the strength of rate, employment, claims-cost and currency effects. Regulators and market exposures are no longer listed as suppliers.
- Oct 6, 2026 · business change
Manulife closed its Munich Re long-term-care reinsurance transaction, effective July 1. It transfers biometric risk on C$3.2 billion of reserves at an 80% quota share while retaining the invested assets, reducing claims exposure without removing investment risk. Source: Manulife October 1 closing announcement.
- Oct 6, 2026 · business change
Manulife and Chinabank renewed their bank distribution agreement through Manulife China Bank Life for 15 years. The exclusive channel extends through 2039 and reaches customers through 650 branches, protecting a route to insurance sales in the Philippines.
- Oct 5, 2026 · business change
Manulife agreed to reinsure biometric risk on C$3.2 billion of long-term-care reserves with Munich Re. The deal can reduce claims uncertainty while retaining the invested assets; closing is expected in Q4 2026 subject to regulatory approval.
- Oct 5, 2026 · business change
Manulife bought 75% of Comvest Credit Partners for C$1.328 billion consideration, adding C$17.5 billion of private-credit assets and a broader institutional lending platform.
- Oct 5, 2026 · business change
Phil Witherington became CEO, bringing experience leading the Asia business as Manulife places greater emphasis on its Asian insurance franchise.
- Oct 5, 2026 · analyst revision
Verified the distribution and brand evidence against annual and Q2 filings. Asia distribution is widening; brand advantages are stable. Added claim trajectories, operating tests, management, the investment debate and life-insurance and asset-management market context. Existing Global WAM no-moat status and claim scores are unchanged.
- Oct 5, 2026 · analyst revision
Replaced first-half core-earnings weights labeled as operating-profit shares with 2025 reported revenue shares: Asia 29.8%, Global WAM 12.1%, Canada 25.7%, U.S. 30.0% and Corporate and Other 2.4%. Corporate revenue is now included, making John Hancock the largest revenue segment. Source: 2025 annual MD&A.
- Oct 5, 2026 · business change
Manulife closed its U.S. legacy-block reinsurance transaction with RGA, including long-term-care policies. It transferred C$5.4 billion of invested assets and reinsured C$5.2 billion of insurance liabilities, reducing retained legacy exposure. The contract took effect January 1.
- Oct 5, 2026 · business change
Manulife completed the acquisition of alternative credit manager CQS, expanding its institutional credit investment capabilities. Acquired assets increase scale, but do not prove organic demand or a stronger moat.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
U.S. life insurance and legacy long-term care
Life protection and insurance-based savings sold through advisors, employers and agents, plus the management of legacy long-term-care policies. Annuities are a related retirement market; their premiums are not added to life premiums. Long-duration claims and invested assets make earnings different from a simple premium-minus-expense business.
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| MFC | 53 | – | – | |
| Industry median | 5 | 83 | – | – |
| Sector median | 49 | 73 | 61.5% | 35.0% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Affluent-household protection, estate planning and retirement demand support advisor sales. Manulife Q2 2026 disclosures show higher U.S. APE sales, but no increase in new-business CSM, so volume must be tested against expected profit.
- Rates have a strong effect on new investment yields and liability values, but hedging limits the disclosed immediate net-income shock. Manulife estimates a C$100 million net-income reduction for a 50-basis-point rate rise at June 2026. Longer-term reinvestment income can move differently from the immediate accounting effect.
- Completed risk transfers reduce exposure to long-duration claims. The Munich Re deal retains the invested assets, so it reduces biometric risk without removing market risk. It adds a reinsurer counterparty and an expected earnings cost.
- LTC claims depend on disability incidence, claim duration, mortality and lapses over decades. Medical inflation and limits on approved premium increases can make old policies uneconomic.
- Established mutual and listed insurers compete through the same advisors. Brand recognition does not imply dominant share or superior new-business profitability.
- Falling asset prices, wider credit losses and hedge or collateral demands can reduce capital. Tax changes can alter the appeal of insurance savings and estate-planning products.
- The economic cycle has a medium demand effect through affluent-household savings and policy lapses. Asset prices and private-credit defaults have a stronger immediate effect on reported profit. CAD translation moves reported U.S. profit without changing the underlying USD business.
Bulls & bears
Can Asia turn its distribution gains into sustained insurance profit faster than claims, lower asset-management fees and legacy long-term-care risk consume it?
Arguments
What to watch
- 1Asia APE sales and new-business CSM at actual and constant exchange rates
- 2MDRT qualifying agents, bank renewals and policy persistency
- 3Canada group-insurance claims and U.S. life/LTC claims experience
- 4Global WAM net flows and net fee income yield
- 5MLI and MFC LICAT ratios, surplus capital and retained LTC morbidity sensitivity after reinsurance
- 6IFRS shareholder net income, core earnings and recurring adjustment size
Next check: Q4 2026 results: check Asia new-business momentum after flat Q3 APE/CSM, WAM fee compression and outflows, and post-close Munich Re LTC accounting and retained risks. No official date verified November11.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 53/100 by <a href="https://www.findmymoat.com/stocks/XTSE:MFC">Find My Moat</a> (as of September 2026)Curation & Accuracy
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