Manulife Financial Reports Robust First Quarter Results for 2026
On May 13, 2026, Manulife Financial Corporation delivered its eagerly awaited first quarter results for 2026, ending March 31, presenting a solid financial performance characterized by strong growth metrics in a challenging economic environment.
The company's core earnings reached C$1.8 billion, reflecting an 8% increase compared to the same quarter in 2025 when it reported C$1.7 billion. This solid growth was propelled by double-digit increases in core earnings per share (EPS), which soared to C$1.06, an 11% rise from C$0.99 year-over-year. In terms of net income attributed to shareholders, Manulife reported C$1.1 billion, a remarkable leap of 149% from C$485 million in the first quarter of 2025.
Key highlights from the quarter include an impressive core return on equity (ROE) of 16.5%, up 90 basis points, and a life insurance capital adequacy test (LICAT) ratio recorded at 136%. In terms of sales, the annualized premium equivalent (APE) sales increased by 7%, while the new business contractual service margin (CSM) enhanced by 16%.
Despite these positive outcomes, it is worth noting the challenges faced by Manulife’s Global Wealth and Asset Management segment, which saw net outflows of C$4.4 billion, a stark contrast to net inflows of C$0.5 billion recorded in the preceding year. Nevertheless, the company remains vigilant, deploying strategies to bolster growth across all three of its insurance segments.
Phil Witherington, Manulife's President and CEO, expressed satisfaction with the solid start to the year, highlighting the company’s resilient strategy in executing diversified operations. The Asian markets performed particularly well, recording a 22% increase in core earnings, and a 15% rise in new business value, significantly contributing to the overall financial strength.
Moreover, in response to macroeconomic uncertainties, Manulife has actively expanded its health proposition through new partnerships in Asia and Canada. This includes a recent collaboration with Guardant Health in Asia, which will allow customers access to advanced cancer detection tests.
Continuing its innovation trajectory, Manulife has also accelerated the integration of artificial intelligence (AI) within its operations, indicating a commitment to enhancing distributor experience and productivity. This is evidenced by the launch of an AI-powered distributor tool in Vietnam, facilitating quicker access to pivotal product information and better customer service.
Colin Simpson, the Chief Financial Officer, emphasized the organization's robust balance sheet, which showcased a remarkable increase in book value per common share to an all-time high of C$26.30. The disciplined capital deployment, including C$1.2 billion returned to shareholders during the quarter via dividends and share buybacks, demonstrates a commitment to providing sustainable shareholder value.
As the company moves forward, it continues to navigate the intricacies of the financial landscape with agility while focusing on strategic investments that prioritize health, wealth, and longevity for its customers. Manulife's commitment to growth persists as it aims to maximize opportunities presented by evolving market dynamics and consumer needs. The financial results amidst a volatile economic backdrop are a compelling testament to Manulife's resilience and strategic vision for the future.
The company's core earnings reached C$1.8 billion, reflecting an 8% increase compared to the same quarter in 2025 when it reported C$1.7 billion. This solid growth was propelled by double-digit increases in core earnings per share (EPS), which soared to C$1.06, an 11% rise from C$0.99 year-over-year. In terms of net income attributed to shareholders, Manulife reported C$1.1 billion, a remarkable leap of 149% from C$485 million in the first quarter of 2025.
Key highlights from the quarter include an impressive core return on equity (ROE) of 16.5%, up 90 basis points, and a life insurance capital adequacy test (LICAT) ratio recorded at 136%. In terms of sales, the annualized premium equivalent (APE) sales increased by 7%, while the new business contractual service margin (CSM) enhanced by 16%.
Despite these positive outcomes, it is worth noting the challenges faced by Manulife’s Global Wealth and Asset Management segment, which saw net outflows of C$4.4 billion, a stark contrast to net inflows of C$0.5 billion recorded in the preceding year. Nevertheless, the company remains vigilant, deploying strategies to bolster growth across all three of its insurance segments.
Phil Witherington, Manulife's President and CEO, expressed satisfaction with the solid start to the year, highlighting the company’s resilient strategy in executing diversified operations. The Asian markets performed particularly well, recording a 22% increase in core earnings, and a 15% rise in new business value, significantly contributing to the overall financial strength.
Moreover, in response to macroeconomic uncertainties, Manulife has actively expanded its health proposition through new partnerships in Asia and Canada. This includes a recent collaboration with Guardant Health in Asia, which will allow customers access to advanced cancer detection tests.
Continuing its innovation trajectory, Manulife has also accelerated the integration of artificial intelligence (AI) within its operations, indicating a commitment to enhancing distributor experience and productivity. This is evidenced by the launch of an AI-powered distributor tool in Vietnam, facilitating quicker access to pivotal product information and better customer service.
Colin Simpson, the Chief Financial Officer, emphasized the organization's robust balance sheet, which showcased a remarkable increase in book value per common share to an all-time high of C$26.30. The disciplined capital deployment, including C$1.2 billion returned to shareholders during the quarter via dividends and share buybacks, demonstrates a commitment to providing sustainable shareholder value.
As the company moves forward, it continues to navigate the intricacies of the financial landscape with agility while focusing on strategic investments that prioritize health, wealth, and longevity for its customers. Manulife's commitment to growth persists as it aims to maximize opportunities presented by evolving market dynamics and consumer needs. The financial results amidst a volatile economic backdrop are a compelling testament to Manulife's resilience and strategic vision for the future.
Topics Financial Services & Investing）
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