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Sep 30
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Manulife Q3 2025 Earnings Report
Manulife reported record core earnings and strong insurance growth in Q3 2025.
Key Takeaways
Manulife posted $2.0 billion in core earnings and $1.8 billion in net income for Q3 2025. Insurance sales saw solid growth across all segments, though Global WAM experienced significant net outflows.
Core earnings rose to $2.0 billion, with core EPS of $1.16
Net income was steady at $1.8 billion, flat year-over-year
APE sales and new business CSM grew 8% and 25%, respectively
Global WAM recorded $6.2 billion in net outflows vs. $5.2 billion in inflows in Q3 2024
Manulife
Manulife
Manulife Revenue by Segment
Manulife Revenue by Geographic Location
Revenue by Segment
Global WAM Revenue
CapyFin.comRevenue by Geographic Location
Asia Revenue
CapyFin.comCanada Revenue
CapyFin.comU.S. Revenue
CapyFin.comGlobal WAM Revenue
CapyFin.com Forward Guidance
Manulife remains confident in delivering on its 2027 targets, supported by strong core performance, insurance momentum, and strategic capital deployment.
Positive Outlook
- Asia, Canada, and Global WAM achieved record core earnings
- All insurance segments posted strong new business CSM growth
- Comvest and Schroders Indonesia acquisitions expected to fuel growth
- Expanded AI-powered digital tools across Asia and North America
- Strong capital position with LICAT ratio at 138%
Challenges Ahead
- Global WAM saw $6.2 billion in net outflows
- U.S. segment reported a net loss of $75 million
- Unfavorable life insurance claims impacted U.S. performance
- Retail outflows driven by weaker sales via third-party intermediaries
- Institutional redemptions in equity mandates weighed on flows