Form 20-F
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◻
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Form 40-F
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☑
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Exhibit
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Description of Exhibit
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99.1
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News release – third quarter results dated November 3, 2021
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99.2
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News release – quarterly dividend announcement dated November 3, 2021
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MANULIFE FINANCIAL CORPORATION
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By: /s/ Kay Song
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Name: Kay Song
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Title: Assistant
Corporate Secretary
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Date: November 3, 2021
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Exhibit
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Description of Exhibit
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99.1
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News release – third quarter results dated November 3, 2021
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99.2
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News release – quarterly dividend announcement dated November 3, 2021
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This earnings news release for Manulife Financial Corporation (“Manulife” or the “Company”) should be read in
conjunction with the Company’s Third Quarter 2021 Report to Shareholders, including our unaudited Interim Consolidated Financial Statements for the three and nine months ended September 30, 2021, prepared in accordance with International
Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), which are available on our website at www.manulife.com/en/investors/results-and-reports. Additional information relating to the Company is available on the SEDAR website at http://www.sedar.com and on the U.S. Securities and Exchange Commission's (“SEC”) website at http://www.sec.gov.
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◾
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Net income attributed to shareholders of $1.6 billion in 3Q21, down $476 million from the third quarter of 2020 (“3Q20”). 3Q21 results included strong investment gains that offset a $532 million charge from the previously announced Ultimate Reinvestment Rate (“URR”) reduction.
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◾
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Core earnings1 of $1.5 billion in 3Q21, up 10% on a constant exchange rate basis2 from 3Q20
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◾
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Core ROE1 of 12.0% and ROE of 12.6% in 3Q21
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◾
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NBV1 of $539 million in 3Q21, up 22% from 3Q20
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◾
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APE sales1 of $1.4 billion in 3Q21, up 5% from 3Q20
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◾
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Global Wealth and Asset Management (“Global WAM”) net inflows1 of $9.8 billion in 3Q21, compared with net outflows of $2.2 billion in 3Q20
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1 |
Core earnings, core return on common shareholders’ equity (“core ROE”), new business value (“NBV”), annualized premium equivalent (“APE”) sales, and net flows are non-GAAP measures.
See “Performance and non-GAAP measures” below and in our Third Quarter 2021 Management’s Discussion and Analysis (“3Q21 MD&A”) for additional information.
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2 |
All percentage growth / declines in financial metrics in this news release are reported on a constant exchange rate basis. Constant exchange rate basis excludes the impact of currency
fluctuations and is a non-GAAP measure. See “Performance and non-GAAP measures” below and in our 3Q21 MD&A for additional information.
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Quarterly Results
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YTD Results
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|||||||||||||||
($ millions, unless otherwise stated)
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3Q21
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3Q20
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2021
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2020
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||||||||||||
Profitability:
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Net income attributed to shareholders
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$
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1,592
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$
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2,068
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$
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5,021
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$
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4,091
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Core earnings(1)
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$
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1,517
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$
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1,453
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$
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4,828
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$
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4,042
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Diluted earnings per common share ($)
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$
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0.80
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$
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1.04
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$
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2.51
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$
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2.04
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Diluted core earnings per common share ($)(1)
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$
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0.76
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$
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0.73
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$
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2.41
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$
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2.01
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Return on common shareholders’ equity (“ROE”)
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12.6
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%
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16.4
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%
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13.7
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%
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10.8
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%
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Core ROE(1)
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12.0
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%
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11.4
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%
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13.2
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%
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10.6
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%
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Expense efficiency ratio(1)
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51.3
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%
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51.2
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%
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48.9
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%
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52.9
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%
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Performance:
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Asia new business value
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$
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399
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$
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365
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$
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1,275
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$
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1,019
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Canada new business value
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$
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71
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$
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67
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$
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225
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$
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190
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U.S. new business value
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$
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69
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$
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28
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$
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188
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$
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104
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Total new business value(1)
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$
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539
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$
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460
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$
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1,688
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$
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1,313
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Asia APE sales
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$
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930
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$
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1,005
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$
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3,160
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$
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2,873
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Canada APE sales
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$
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303
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$
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289
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$
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932
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$
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903
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U.S. APE sales
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$
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203
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$
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136
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$
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544
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$
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431
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Total APE sales(1)
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$
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1,436
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$
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1,430
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$
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4,636
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$
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4,207
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Global Wealth and Asset Management net flows ($ billions)(1)
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$
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9.8
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$
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(2.2
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)
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$
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19.8
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$
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6.1
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Global Wealth and Asset Management gross flows ($ billions)(1)
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$
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35.2
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$
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27.5
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$
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108.7
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$
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98.7
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Global Wealth and Asset Management assets under management
and administration ($ billions)(1)
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$
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823.6
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$
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715.4
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$
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823.6
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$
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715.4
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Financial Strength:
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MLI’s LICAT ratio
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138
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%
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155
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%
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138
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%
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155
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%
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Financial leverage ratio
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25.5
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%
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26.7
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%
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25.5
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%
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26.7
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%
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Book value per common share ($)
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$
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25.78
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$
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25.49
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$
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25.78
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$
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25.49
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Book value per common share excluding AOCI ($)
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$
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23.41
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$
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21.13
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$
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23.41
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$
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21.13
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(1)
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This item is a non-GAAP measure. See “Performance and non-GAAP measures” below and in our 3Q21 MD&A for additional information.
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1 |
Core investment gains and average assets under management and administration (“average AUMA”) are non-GAAP measures. See “Performance and non-GAAP measures” below and in our 3Q21
MD&A for additional information.
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2 |
Asia Other excludes Japan and Hong Kong.
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Media Inquiries
Cheryl Holmes
(416) 557-0945
Cheryl_Holmes@manulife.com
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Investor Relations
Hung Ko
416) 806-9921
Hung_Ko@manulife.com
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1 |
Gross flows is a non-GAAP measure. See “Performance and non-GAAP measures” below and in our 3Q21 MD&A for additional information.
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Quarterly Results
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YTD Results
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($ millions)
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3Q21
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2Q21
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3Q20
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2021
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2020
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Core earnings(1)
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Global Wealth and Asset Management
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$
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351
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$
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356
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$
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308
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$
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1,019
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$
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796
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Asia
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533
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526
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559
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1,629
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1,539
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Canada
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311
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318
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279
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893
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858
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U.S.
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490
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478
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498
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1,469
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1,516
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Corporate and Other (excluding core investment gains)
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(268
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)
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(96
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)
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(191
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)
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(482
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)
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(667
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)
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Core investment gains(1)
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100
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100
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-
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300
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-
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Total core earnings
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$
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1,517
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$
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1,682
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$
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1,453
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$
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4,828
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$
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4,042
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Items excluded from core earnings:
Investment-related experience outside of core earnings
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700
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739
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147
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1,516
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(1,377
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)
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Direct impact of equity markets and interest rates and variable
annuity guarantee liabilities
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(597
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)
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217
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390
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(1,215
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)
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1,255
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Change in actuarial methods and assumptions
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(41
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-
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(198
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)
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(41
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)
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(198
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)
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Reinsurance transactions
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13
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8
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276
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29
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297
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Restructuring Charge
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-
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-
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-
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(115
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)
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-
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Tax-related items and other
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-
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-
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-
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19
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72
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Net income attributed to shareholders
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$
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1,592
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$
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2,646
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$
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2,068
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$
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5,021
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$
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4,091
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(1)
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This item is a non-GAAP measure. See “Performance and non-GAAP measures” below and in our 3Q21 MD&A for additional
information.
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Media Relations Contact:
Cheryl Holmes
Manulife
416-557-0945
cheryl_holmes@manulife.com
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Investor Relations:
Hung Ko
Manulife
416-806-9921
hung_ko@manulife.com
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