Manulife Financial Corporation reported its first-quarter financial results for the period ending March 31, 2026. Core earnings reached C$1.8 billion, representing an 8% increase compared to the first quarter of 2025 on a constant currency basis. Net income attributed to shareholders was C$1.1 billion, an increase of C$0.7 billion from the prior-year period. The company reported core earnings per share (EPS) of C$1.06, an 11% rise year-over-year. Reported EPS was C$0.65, a significant increase of 178% from Q1 2025. The Global Wealth and Asset Management segment recorded net outflows of C$4.4 billion, a shift from the C$0.5 billion in net inflows recorded in the first quarter of 2025.
"We delivered a solid first quarter by executing our strategy and demonstrating the strength of our diversified business portfolio. Our core EPS grew by double digits, and new business momentum continued to build. Despite macroeconomic uncertainties, all three insurance segments delivered double-digit growth in new business CSM," said Phil Witherington, President and CEO of Manulife. "Asia delivered another strong quarter, with core earnings up 22% and new business value growth of 15%, reflecting robust contributions from key markets in the region. In Global Wealth and Asset Management, the core EBITDA margin improved year-over-year despite the transition to the eMPF platform in Hong Kong. Manulife | Comvest also made positive contributions to margin, core earnings, and net flows."
"We continue to advance our strategic priorities—expanding our health solutions through new partnerships in Asia and Canada; driving growth in Global Wealth and Asset Management through our partnership with L&G; and further differentiating our product offerings in the U.S. market. We are also advancing the use of AI globally to enhance the experience for our distribution partners and further improve productivity and operational efficiency. We are confident in our ability to deliver on our commitments and capture growth opportunities to create sustainable value for our shareholders," added Witherington.
"Amidst volatile market conditions this quarter, our financial position and performance demonstrated resilience. Our excess capital remains strong, the financial leverage ratio improved further, and book value per common share reached a new all-time high. We continued our disciplined and orderly approach to capital deployment, returning C$1.2 billion to shareholders through dividends and share buybacks, and completing the acquisition of Schroders Indonesia. The quarterly core return on equity (ROE) was 16.5%, up 90 basis points from Q1 2025. Our expense efficiency ratio remained stable at 46%, consistent with the prior year, as we continued to invest in strategic initiatives like AI and reflected the impact of the Comvest acquisition in Global Wealth and Asset Management," stated Colin Simpson, Chief Financial Officer of Manulife.
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