Manulife Financial, the parent company of John Hancock, reported Q3 net income attributed to shareholders of C$1.8 billion (US$1.285 billion), slightly down from C$1.84 billion in the same period last year.
The insurer’s core earnings, which exclude certain items, increased to C$2 billion from C$1.83 billion in Q3 2024, driven by record performances in its Asia and Canada businesses.
Chief executive Phil Witherington said the Asia and Canada divisions each delivered their strongest results to date. The Asia segment posted core earnings of US$550 million, up 29% year over year, supported by business expansion, favourable actuarial changes, and strong insurance experience. The Canada segment reported C$428 million in core earnings, a 4% rise from the prior year, driven by higher investment spreads, growth in group insurance, and solid individual insurance results.
In its Global Wealth and Asset Management (Global WAM) division, core earnings rose 9%, reflecting increased fee income and expense control. However, the segment saw net outflows of C$6.2 billion, compared to inflows in the same quarter last year, as investor sentiment remained cautious amid ongoing market volatility.
Manulife also launched the Longevity Institute, a new platform designed to help people live longer and more financially secure lives. The insurer has committed C$350 million through 2030 to support longevity research, partnerships, and new wellness-oriented insurance products.
The insurer’s capital position remains strong, with a Life Insurance Capital Adequacy Test (LICAT) ratio of 138% as of September 30, highlighting its resilience amid higher-for-longer interest rates and market uncertainty.
Manulife’s performance reflects wider industry trends among Canadian life insurers, particularly a focus on regional diversification and innovation in health and protection products. The strong Asia results underscore the importance of emerging markets for growth, while Canada’s steady performance shows resilience in core protection and group segments.
The launch of the Longevity Institute signals a shift toward prevention and long-term wellness as insurers adapt to demographic change and rising demand for health-linked insurance. Analysts suggest that integrating wellness initiatives with core insurance offerings could enhance engagement and retention, strengthening Manulife’s competitive position against peers such as Sun Life Financial and Great-West Lifeco, which are also expanding in Asia and modernizing product portfolios.
Overall, Manulife’s third-quarter results suggest a steady trajectory of earnings growth and capital discipline, positioning the company to meet its 2027 strategic targets while navigating global economic uncertainty.
