Manulife Financial Corporation
(NYSE:MFC)

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; And Corporate and Other segments. The...

Website: http://www.manulife.com

Founded: 1887

Full Time Employees: 35,000

Sector: Financial Services

Industry: Insurance-Life

Insurance Financial Services

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Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-08-07	2024-05-08	2024-02-14	2023-12-31	2023-11-08	2023-08-09	2023-05-10	2023-02-15	2022-11-09	2022-05-11	2022-03-25	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2018-06-30	2018-03-31	2017-09-30	2016-12-31	2016-03-31	2015-12-31	2015-11-13	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-09-30	2010-06-30	2010-03-31	2010-03-25	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2008-03-26	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2007-03-27	2007-02-14	2006-12-31	2006-09-30	2006-06-30	2006-03-31	2005-09-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-09-30	2003-06-30	2003-03-31

assets
cash and short-term securities	25,832,000,000	23,773,000,000		22,884,000,000	22,098,000,000	21,481,000,000	20,338,000,000	20,338,000,000	22,137,000,000	21,018,000,000	18,775,000,000	19,153,000,000	20,951,000,000	22,069,000,000	22,594,000,000	22,594,000,000	26,167,000,000	20,300,000,000	16,215,000,000	17,230,000,000	17,020,000,000		15,151,000,000	17,864,000,000	17,885,000,000		19,005,000,000	15,647,000,000	18,589,000,000	21,079,000,000	17,971,000,000	14,042,000,000	14,035,000,000	13,630,000,000	14,691,000,000	13,642,000,000	13,484,000,000	10,299,000,000	13,008,000,000	12,312,000,000	12,813,000,000	13,804,000,000	12,823,000,000	11,379,000,000	14,887,000,000	17,508,000,000	17,289,000,000	11,791,000,000	18,780,000,000	19,462,000,000	17,110,000,000	18,062,000,000	17,269,000,000	11,626,000,000	12,196,000,000	11,512,000,000	17,269,000,000	12,354,000,000,000	9,775,000,000	10,368,000,000	10,381,000,000	12,354,000,000
debt securities	216,479,000,000	208,369,000,000		207,859,000,000	196,994,000,000	200,103,000,000	212,149,000,000	212,149,000,000	197,838,000,000	203,324,000,000	212,366,000,000	203,904,000,000	201,358,000,000	208,587,000,000	224,139,000,000	224,139,000,000	218,724,000,000	198,122,000,000	185,594,000,000	180,821,000,000	178,198,000,000		168,622,000,000	161,425,000,000	157,827,000,000		150,788,000,000	148,606,000,000	159,758,000,000	134,446,000,000	129,586,000,000	123,748,000,000	123,435,000,000
public equities	39,279,000,000	34,668,000,000		30,850,000,000	27,972,000,000	27,695,000,000	25,531,000,000	25,531,000,000	24,272,000,000	25,075,000,000	24,825,000,000	23,519,000,000	22,327,000,000	25,449,000,000	28,067,000,000	28,067,000,000	23,722,000,000	22,851,000,000	19,179,000,000	21,567,000,000	21,211,000,000		19,496,000,000	16,641,000,000	16,983,000,000		16,068,000,000	17,315,000,000	17,484,000,000	14,543,000,000	14,074,000,000	13,732,000,000	13,521,000,000
mortgages	56,747,000,000	55,479,000,000	55,105,000,000	54,083,000,000	53,031,000,000	52,605,000,000	52,421,000,000	52,421,000,000	51,012,000,000	51,459,000,000	52,128,000,000	54,638,000,000	54,685,000,000	52,287,000,000	52,014,000,000	52,014,000,000	50,207,000,000	49,376,000,000	48,363,000,000	47,019,000,000	45,527,000,000		44,193,000,000	42,987,000,000	43,818,000,000		43,864,000,000	45,063,000,000	45,114,000,000	39,458,000,000	38,638,000,000	37,806,000,000	38,337,000,000	37,558,000,000	36,547,000,000	36,244,000,000	35,082,000,000	34,459,000,000	34,737,000,000	34,943,000,000	35,023,000,000	34,792,000,000	33,195,000,000	32,820,000,000	31,858,000,000	31,781,000,000	30,605,000,000	31,816,000,000	30,699,000,000	30,718,000,000	31,379,000,000	31,795,000,000	30,963,000,000	28,948,000,000	27,637,000,000	27,165,000,000	30,963,000,000	26,061,000,000,000	25,589,000,000	26,350,000,000	27,641,000,000	26,061,000,000		28,131,000,000	27,485,000,000	27,239,000,000	27,845,000,000	28,113,000,000	28,904,000,000	28,684,000,000			10,688,000,000		9,520,000,000	9,396,000,000
private placements	51,278,000,000	49,014,000,000		48,404,000,000	46,861,000,000	45,762,000,000	45,606,000,000	45,606,000,000	41,849,000,000	42,584,000,000	43,771,000,000	47,057,000,000	46,672,000,000	42,650,000,000	42,842,000,000	42,842,000,000	40,756,000,000	37,979,000,000	35,754,000,000	34,701,000,000	33,373,000,000		29,729,000,000	26,224,000,000	27,578,000,000		26,043,000,000	26,652,000,000	26,352,000,000	23,284,000,000	22,100,000,000	21,115,000,000	21,788,000,000	21,015,000,000	20,095,000,000	20,890,000,000	20,275,000,000	19,225,000,000	19,840,000,000	20,098,000,000	20,294,000,000	20,297,000,000	19,178,000,000	19,281,000,000	22,702,000,000	22,523,000,000	22,123,000,000	22,343,000,000	22,912,000,000	23,149,000,000	24,701,000,000	26,235,000,000	25,705,000,000	23,489,000,000	22,670,000,000	22,123,000,000	25,705,000,000	21,591,000,000,000	21,877,000,000	22,937,000,000	24,406,000,000	21,591,000,000
loans to bank clients	2,550,000,000	2,506,000,000	2,382,000,000	2,283,000,000	2,338,000,000	2,383,000,000	2,436,000,000	2,436,000,000	2,513,000,000	2,632,000,000	2,706,000,000	2,781,000,000	2,799,000,000	2,667,000,000	2,506,000,000	2,506,000,000	1,976,000,000	1,740,000,000	1,793,000,000	1,803,000,000	1,772,000,000		1,745,000,000	1,822,000,000	1,778,000,000		1,761,000,000	1,750,000,000	1,770,000,000	1,772,000,000	1,786,000,000	1,811,000,000
real estate	12,900,000,000	12,767,000,000		12,942,000,000	13,024,000,000	13,052,000,000	13,049,000,000	13,049,000,000	13,344,000,000	13,426,000,000	14,041,000,000	13,272,000,000	14,096,000,000	13,334,000,000	13,233,000,000	13,233,000,000	12,832,000,000	12,928,000,000	12,777,000,000	14,216,000,000	14,456,000,000		14,132,000,000	14,870,000,000	15,347,000,000		14,848,000,000	13,193,000,000	12,391,000,000	10,101,000,000	10,204,000,000	9,551,000,000	9,645,000,000	9,708,000,000	8,811,000,000	8,686,000,000	8,513,000,000	8,436,000,000	8,136,000,000	7,694,000,000	7,466,000,000	6,912,000,000	6,346,000,000	6,265,000,000	6,253,000,000	6,028,000,000	5,798,000,000	6,358,000,000	5,897,000,000	5,989,000,000	6,228,000,000	6,491,000,000	7,274,000,000	6,427,000,000	6,029,000,000	6,000,000,000	7,274,000,000	5,727,000,000,000	5,660,000,000	5,826,000,000	6,118,000,000	5,727,000,000		5,905,000,000	5,294,000,000	5,239,000,000	5,341,000,000	4,602,000,000	4,706,000,000	4,669,000,000			4,063,000,000		3,780,000,000	3,807,000,000
other invested assets	53,902,000,000	51,890,000,000		49,847,000,000	48,301,000,000	47,595,000,000	45,680,000,000	45,680,000,000	45,771,000,000	43,910,000,000	43,864,000,000	42,783,000,000	41,571,000,000	36,050,000,000	35,306,000,000	35,306,000,000	30,195,000,000	28,760,000,000	27,543,000,000	25,500,000,000	24,845,000,000		22,760,000,000	19,319,000,000	20,378,000,000		19,737,000,000	18,526,000,000	18,525,000,000	16,751,000,000	15,763,000,000	14,934,000,000	14,749,000,000	13,495,000,000	12,810,000,000	12,686,000,000	12,363,000,000	12,146,000,000	11,663,000,000	11,163,000,000	11,079,000,000			9,726,000,000
total invested assets	458,967,000,000	438,466,000,000		429,152,000,000	410,619,000,000	410,676,000,000	417,210,000,000	417,210,000,000	398,736,000,000	403,428,000,000	412,476,000,000	414,001,000,000	411,292,000,000	409,401,000,000	427,098,000,000	427,098,000,000	410,977,000,000	378,527,000,000	353,664,000,000	348,974,000,000	342,389,000,000		321,869,000,000	308,450,000,000	309,267,000,000		299,595,000,000	295,393,000,000	308,680,000,000	269,310,000,000	257,842,000,000	244,129,000,000	244,970,000,000	232,709,000,000	230,336,000,000	231,935,000,000	229,928,000,000	224,761,000,000	227,939,000,000	223,837,000,000	226,520,000,000	225,925,000,000	202,341,000,000	198,603,000,000	205,241,000,000	199,272,000,000	188,308,000,000	199,448,000,000	187,470,000,000	188,465,000,000	188,332,000,000	191,132,000,000	187,501,000,000	165,163,000,000	164,445,000,000	165,661,000,000	187,501,000,000	161,300,000,000,000	159,028,000,000	163,532,000,000	174,035,000,000	161,300,000,000		171,164,000,000	163,041,000,000	162,459,000,000	167,268,000,000	164,187,000,000	168,545,000,000	169,142,000,000			75,986,000,000		73,865,000,000	75,810,000,000
other assets
accrued investment income	3,304,000,000	2,901,000,000		2,905,000,000	2,651,000,000	2,971,000,000	2,678,000,000	2,678,000,000	2,919,000,000	2,534,000,000	2,913,000,000	2,813,000,000	2,910,000,000	2,801,000,000	2,641,000,000	2,641,000,000	2,523,000,000	2,416,000,000	2,427,000,000	2,263,000,000	2,313,000,000		2,260,000,000	2,138,000,000	2,275,000,000		2,068,000,000	2,182,000,000	2,248,000,000	2,003,000,000	1,901,000,000	1,836,000,000	1,924,000,000	1,813,000,000	1,816,000,000	1,835,000,000	1,802,000,000	1,805,000,000	1,806,000,000	1,839,000,000	1,802,000,000	1,840,000,000	1,691,000,000	1,735,000,000	1,780,000,000	1,621,000,000	1,663,000,000	1,621,000,000	1,540,000,000	1,628,000,000	1,667,000,000	1,792,000,000	1,760,000,000	1,590,000,000	1,420,000,000	1,509,000,000	1,760,000,000	1,414,000,000,000	1,567,000,000	1,488,000,000	1,578,000,000	1,414,000,000		1,557,000,000	1,684,000,000	1,556,000,000	1,660,000,000	1,883,000,000	1,828,000,000	1,777,000,000			891,000,000		860,000,000	925,000,000
derivatives	9,620,000,000	9,093,000,000		9,138,000,000	8,727,000,000	8,368,000,000	8,546,000,000	8,546,000,000	9,131,000,000	8,358,000,000	8,408,000,000	8,588,000,000	8,935,000,000	10,302,000,000	17,503,000,000	17,503,000,000	27,793,000,000	19,449,000,000	13,703,000,000	13,145,000,000	13,821,000,000		23,672,000,000	34,432,000,000	24,272,000,000		25,615,000,000	17,581,000,000	26,606,000,000	19,315,000,000	13,385,000,000	11,913,000,000	10,812,000,000	9,673,000,000	9,783,000,000	10,349,000,000	14,707,000,000	16,345,000,000	16,772,000,000	11,388,000,000	15,472,000,000	7,267,000,000	3,203,000,000	3,400,000,000	6,817,000,000	4,899,000,000	2,646,000,000	3,909,000,000	2,680,000,000	4,388,000,000	3,713,000,000	6,590,000,000	7,883,000,000	2,379,000,000	2,227,000,000	2,809,000,000	7,883,000,000	2,129,000,000,000	2,833,000,000	2,696,000,000	2,500,000,000	2,129,000,000
insurance contract assets	189,000,000	183,000,000		112,000,000	130,000,000	140,000,000	145,000,000	145,000,000	190,000,000	404,000,000	325,000,000
reinsurance contract held assets	62,707,000,000	61,235,000,000		59,283,000,000	57,807,000,000	54,070,000,000	42,651,000,000	42,651,000,000	41,140,000,000	43,386,000,000	46,148,000,000
deferred tax assets	5,857,000,000	5,934,000,000		6,236,000,000	6,121,000,000	6,467,000,000	6,739,000,000	6,739,000,000	6,778,000,000	6,863,000,000	6,766,000,000	5,423,000,000	5,266,000,000	5,313,000,000	5,254,000,000	5,254,000,000	4,842,000,000	4,574,000,000	4,318,000,000	4,775,000,000	4,797,000,000		4,439,000,000	3,724,000,000	4,067,000,000		3,766,000,000	3,576,000,000	3,471,000,000	3,329,000,000	3,188,000,000	2,857,000,000	2,763,000,000										1,318,000,000
goodwill and intangible assets	10,979,000,000	10,825,000,000		10,727,000,000	10,706,000,000	10,399,000,000	10,310,000,000	10,310,000,000	10,428,000,000	10,310,000,000	10,499,000,000	10,519,000,000	10,067,000,000	9,726,000,000	9,915,000,000	9,915,000,000	9,929,000,000	9,975,000,000	10,097,000,000	10,065,000,000	9,980,000,000		10,107,000,000	9,624,000,000	9,384,000,000		9,127,000,000	8,460,000,000	7,790,000,000	5,461,000,000	5,393,000,000	5,292,000,000	5,446,000,000	5,298,000,000	5,199,000,000	5,265,000,000	5,113,000,000	5,135,000,000	5,423,000,000	5,362,000,000	5,442,000,000	6,088,000,000	5,804,000,000	5,817,000,000	8,021,000,000	9,221,000,000	8,930,000,000	7,857,000,000
miscellaneous	12,205,000,000	12,274,000,000		12,098,000,000	12,406,000,000	12,019,000,000	9,751,000,000	9,751,000,000	9,640,000,000	10,047,000,000	10,543,000,000	9,875,000,000	10,778,000,000	9,957,000,000	9,571,000,000	9,571,000,000	9,569,000,000	8,250,000,000	8,431,000,000	8,456,000,000	8,175,000,000		7,360,000,000	6,469,000,000	5,825,000,000		6,159,000,000	7,690,000,000	6,225,000,000	4,194,000,000	4,408,000,000	4,869,000,000	4,524,000,000	3,324,000,000	3,234,000,000	3,235,000,000	3,683,000,000	5,331,000,000	4,628,000,000	3,799,000,000	3,542,000,000	18,808,000,000	9,235,000,000	3,230,000,000	5,593,000,000	4,489,000,000	3,654,000,000	4,166,000,000	3,511,000,000	3,553,000,000	3,662,000,000	3,575,000,000	3,287,000,000	3,296,000,000	2,804,000,000	2,922,000,000	3,287,000,000	2,649,000,000,000	3,478,000,000	3,013,000,000	3,447,000,000	2,649,000,000		3,610,000,000	2,911,000,000	3,140,000,000	3,195,000,000	3,260,000,000	3,657,000,000	3,640,000,000			1,098,000,000		1,131,000,000	1,202,000,000
total other assets	104,861,000,000	102,445,000,000		100,499,000,000	98,548,000,000	94,434,000,000	80,820,000,000	80,820,000,000	80,226,000,000	81,902,000,000	85,602,000,000	86,378,000,000	88,186,000,000	83,789,000,000	90,757,000,000	90,757,000,000	101,936,000,000	87,495,000,000	83,398,000,000	71,256,000,000	71,423,000,000		83,635,000,000	90,217,000,000	82,127,000,000		82,078,000,000	60,519,000,000	68,684,000,000	53,564,000,000	47,076,000,000	45,115,000,000	44,179,000,000	41,048,000,000	42,039,000,000	44,314,000,000	48,143,000,000	50,237,000,000	48,105,000,000	35,498,000,000	39,524,000,000	38,815,000,000	26,459,000,000	23,904,000,000	22,889,000,000	20,947,000,000	17,627,000,000	18,224,000,000	17,670,000,000	19,610,000,000	19,436,000,000	22,923,000,000	23,524,000,000	16,751,000,000	15,626,000,000	16,492,000,000	23,524,000,000	15,158,000,000,000	16,857,000,000	16,405,000,000	17,258,000,000	15,158,000,000		15,005,000,000	14,137,000,000	14,221,000,000	14,685,000,000	15,128,000,000	15,323,000,000	15,104,000,000			2,986,000,000		3,021,000,000	3,277,000,000
segregated funds net assets	462,854,000,000	436,558,000,000		422,979,000,000	406,106,000,000	402,109,000,000	377,544,000,000	377,544,000,000	356,912,000,000	365,981,000,000	364,044,000,000	348,562,000,000	335,245,000,000	371,928,000,000	399,788,000,000	399,788,000,000	367,436,000,000	343,108,000,000	313,209,000,000	331,995,000,000	326,011,000,000		315,177,000,000	298,684,000,000	313,249,000,000		301,276,000,000	303,589,000,000	312,302,000,000	256,532,000,000	250,406,000,000	247,186,000,000	249,724,000,000	239,871,000,000	225,842,000,000	221,952,000,000	207,985,000,000	205,841,000,000	203,563,000,000	205,953,000,000	196,058,000,000	190,336,000,000	198,797,000,000	200,890,000,000	201,752,000,000	190,243,000,000	194,149,000,000	200,057,000,000	191,741,000,000	188,148,000,000	178,161,000,000	164,464,000,000	165,380,000,000	166,098,000,000	176,395,000,000	175,248,000,000	165,380,000,000	175,544,000,000,000	175,094,000,000	177,509,000,000	179,441,000,000	175,544,000,000		172,937,000,000	154,606,000,000	146,904,000,000	151,858,000,000	132,124,000,000	120,814,000,000	117,890,000,000			77,797,000,000
total assets	1,026,682,000,000	977,469,000,000		952,630,000,000	915,273,000,000	907,219,000,000	875,574,000,000	875,574,000,000	835,874,000,000	851,311,000,000	862,122,000,000	848,941,000,000	834,723,000,000	865,118,000,000	917,643,000,000	917,643,000,000	880,349,000,000	809,130,000,000	750,271,000,000	752,225,000,000	739,823,000,000		720,681,000,000	697,351,000,000	704,643,000,000		682,949,000,000	659,501,000,000	689,666,000,000	579,406,000,000	555,324,000,000	536,430,000,000	538,873,000,000	513,628,000,000	498,217,000,000	498,201,000,000	486,056,000,000	480,839,000,000	479,607,000,000	465,288,000,000	462,102,000,000	455,076,000,000	427,597,000,000	423,397,000,000	228,130,000,000	220,219,000,000	205,935,000,000	217,672,000,000	205,140,000,000	208,075,000,000	207,768,000,000	214,055,000,000	211,025,000,000	181,914,000,000	180,071,000,000	182,153,000,000	211,025,000,000	176,458,000,000,000	175,885,000,000	179,937,000,000	191,293,000,000	176,458,000,000		186,169,000,000	177,178,000,000	176,680,000,000	181,953,000,000	179,315,000,000	183,868,000,000	184,246,000,000			78,972,000,000		76,886,000,000	79,087,000,000
liabilities and equity																																																																							135,056,000,000			52,490,000,000
liabilities
insurance contract liabilities, excluding those for account of segregated fund holders	414,740,000,000	397,487,000,000		390,943,000,000	370,728,000,000	370,940,000,000	367,996,000,000	367,996,000,000	343,360,000,000	358,413,000,000	367,851,000,000
reinsurance contract held liabilities	3,153,000,000	2,942,000,000		2,763,000,000	2,492,000,000	2,987,000,000	2,831,000,000	2,831,000,000	2,687,000,000	2,480,000,000	2,405,000,000
investment contract liabilities	14,330,000,000	14,071,000,000		13,266,000,000	13,031,000,000	12,174,000,000	11,816,000,000	11,816,000,000	11,645,000,000	10,557,000,000	10,545,000,000	3,248,000,000	3,259,000,000	3,095,000,000	3,117,000,000	3,117,000,000	3,288,000,000	3,104,000,000	3,265,000,000	3,201,000,000	3,161,000,000		3,275,000,000	3,253,000,000	3,497,000,000		3,472,000,000	6,631,000,000	6,770,000,000	2,644,000,000	2,568,000,000	2,464,000,000	2,527,000,000	2,524,000,000	2,437,000,000	2,531,000,000	2,424,000,000	2,361,000,000	2,509,000,000	2,537,000,000	2,540,000,000
deposits from bank clients	23,181,000,000	22,416,000,000		22,345,000,000	21,745,000,000	21,871,000,000	21,616,000,000	21,616,000,000	21,956,000,000	21,945,000,000	21,814,000,000	22,507,000,000	21,669,000,000	21,714,000,000	20,720,000,000	20,720,000,000	20,889,000,000	21,488,000,000	19,684,000,000	19,122,000,000	18,976,000,000		17,919,000,000	18,135,000,000	18,114,000,000		18,222,000,000	18,037,000,000	18,555,000,000	18,384,000,000	19,781,000,000	19,683,000,000
deferred tax liabilities	2,052,000,000	1,901,000,000		2,038,000,000	1,795,000,000	1,818,000,000	1,697,000,000	1,697,000,000	1,694,000,000	1,609,000,000	1,648,000,000	2,774,000,000	2,764,000,000	3,057,000,000	2,769,000,000	2,769,000,000	2,614,000,000	1,972,000,000	1,814,000,000	1,457,000,000	1,448,000,000		1,359,000,000	1,507,000,000	1,235,000,000		1,274,000,000	1,277,000,000	1,497,000,000	1,228,000,000	1,343,000,000	1,080,000,000	944,000,000
other liabilities	27,036,000,000	23,955,000,000		21,896,000,000	20,348,000,000	18,534,000,000	18,879,000,000	18,879,000,000	18,405,000,000	18,184,000,000	19,640,000,000	17,421,000,000	17,554,000,000	16,855,000,000	18,205,000,000	18,205,000,000	18,607,000,000	16,244,000,000	15,190,000,000	14,985,000,000	15,043,000,000		15,596,000,000	15,588,000,000	14,953,000,000		14,516,000,000	13,842,000,000	16,760,000,000	14,365,000,000	12,614,000,000	11,936,000,000	10,747,000,000	10,383,000,000	13,126,000,000	12,867,000,000	14,253,000,000	12,504,000,000	12,227,000,000	11,637,000,000	12,341,000,000	12,212,000,000	11,015,000,000	9,062,000,000	9,465,000,000	7,122,000,000	7,087,000,000	6,543,000,000	6,487,000,000	7,396,000,000	7,142,000,000	7,461,000,000	7,360,000,000	6,091,000,000	5,844,000,000	5,702,000,000	7,360,000,000	5,820,000,000,000	6,383,000,000	5,253,000,000	5,955,000,000	5,820,000,000		6,453,000,000	5,711,000,000	5,618,000,000	6,169,000,000	5,710,000,000	7,800,000,000	6,800,000,000			3,179,000,000		3,009,000,000	2,546,000,000
long-term debt	6,417,000,000	6,292,000,000		6,225,000,000	6,304,000,000	6,233,000,000	6,071,000,000	6,071,000,000	6,224,000,000	6,090,000,000	6,228,000,000	6,234,000,000	6,320,000,000	5,744,000,000	4,882,000,000	4,882,000,000	6,164,000,000	4,543,000,000	4,769,000,000	4,603,000,000	4,906,000,000		5,696,000,000	4,048,000,000	1,853,000,000		1,829,000,000	3,432,000,000	4,004,000,000	3,885,000,000	3,843,000,000	3,785,000,000	4,825,000,000	4,775,000,000	4,736,000,000	4,760,000,000	5,452,000,000	5,458,000,000	5,501,000,000	5,472,000,000	5,503,000,000	5,702,000,000	5,591,000,000	5,806,000,000	5,329,000,000	3,307,000,000	3,307,000,000	5,443,000,000	3,308,000,000	4,303,000,000	4,296,000,000	3,602,000,000	3,689,000,000	2,247,000,000	2,775,000,000	1,836,000,000	3,689,000,000	1,820,000,000,000	2,853,000,000	2,923,000,000	3,016,000,000	1,820,000,000		3,062,000,000	2,472,000,000	2,487,000,000	2,553,000,000	2,460,000,000	2,902,000,000	2,948,000,000
capital instruments	7,011,000,000	6,985,000,000		6,997,000,000	7,714,000,000	7,196,000,000	6,667,000,000	6,667,000,000	6,702,000,000	6,662,000,000	7,317,000,000	6,122,000,000	7,118,000,000	6,950,000,000	6,980,000,000	6,980,000,000	7,829,000,000	7,120,000,000	8,732,000,000	8,888,000,000	8,275,000,000		7,180,000,000	7,653,000,000
total liabilities, excluding those for account of segregated fund holders	510,837,000,000	489,658,000,000		478,012,000,000	458,411,000,000	455,218,000,000	449,303,000,000	449,303,000,000	429,927,000,000	438,174,000,000	449,327,000,000
insurance contract liabilities for account of segregated fund holders	129,840,000,000	123,539,000,000		123,720,000,000	119,691,000,000	119,896,000,000	114,143,000,000	114,143,000,000	108,781,000,000	112,529,000,000	113,497,000,000
investment contract liabilities for account of segregated fund holders	333,014,000,000	313,019,000,000		299,259,000,000	286,415,000,000	282,213,000,000	263,401,000,000	263,401,000,000	248,131,000,000	253,452,000,000	250,547,000,000
insurance and investment contract liabilities for account of segregated fund holders	462,854,000,000	436,558,000,000		422,979,000,000	406,106,000,000	402,109,000,000	377,544,000,000	377,544,000,000	356,912,000,000	365,981,000,000	364,044,000,000
total liabilities	973,691,000,000	926,216,000,000		900,991,000,000	864,517,000,000	857,327,000,000	826,847,000,000	826,847,000,000	786,839,000,000	804,155,000,000	813,371,000,000	792,562,000,000	778,416,000,000	808,269,000,000	858,774,000,000	858,774,000,000	827,343,000,000	759,024,000,000	703,120,000,000	706,907,000,000	695,734,000,000		677,858,000,000	656,000,000,000	662,705,000,000		642,059,000,000	620,824,000,000	650,231,000,000	545,480,000,000	522,728,000,000	505,650,000,000	507,686,000,000	484,595,000,000	471,336,000,000	471,657,000,000	459,960,000,000	455,878,000,000	453,522,000,000	439,464,000,000	437,223,000,000	429,733,000,000	402,216,000,000	398,285,000,000
equity
preferred shares and other equity	6,660,000,000	6,660,000,000		6,660,000,000	6,660,000,000	6,660,000,000	6,660,000,000	6,660,000,000	6,660,000,000	6,660,000,000	6,660,000,000	6,660,000,000	6,660,000,000	5,670,000,000	6,381,000,000	6,381,000,000
common shares	20,238,000,000	20,398,000,000		21,015,000,000	21,314,000,000	21,488,000,000	21,527,000,000	21,527,000,000	21,642,000,000	21,816,000,000	22,012,000,000	22,178,000,000	22,453,000,000	22,933,000,000	23,093,000,000	23,093,000,000	23,042,000,000	23,127,000,000	22,961,000,000	23,031,000,000	23,010,000,000		22,865,000,000	22,804,000,000	22,799,000,000		22,790,000,000	22,785,000,000	22,768,000,000	20,556,000,000	20,548,000,000	20,432,000,000	20,339,000,000	20,234,000,000	20,138,000,000	20,046,000,000	19,886,000,000	19,803,000,000	19,723,000,000	19,644,000,000	19,560,000,000	19,483,000,000	19,413,000,000	19,332,000,000	19,169,000,000	19,088,000,000	19,005,000,000	19,254,000,000	18,937,000,000	16,444,000,000	16,250,000,000	16,177,000,000	16,157,000,000	13,943,000,000	13,958,000,000	13,972,000,000	16,157,000,000	14,000,000,000,000	14,004,000,000	14,043,000,000	14,207,000,000	14,000,000,000		14,248,000,000	14,211,000,000	14,294,000,000	14,503,000,000	14,485,000,000	14,593,000,000				616,000,000
contributed surplus	200,000,000	201,000,000		208,000,000	210,000,000	217,000,000	222,000,000	222,000,000	229,000,000	233,000,000	235,000,000	238,000,000	262,000,000	262,000,000	262,000,000	262,000,000	261,000,000	254,000,000	265,000,000	274,000,000	275,000,000		284,000,000	286,000,000	277,000,000		276,000,000	275,000,000	275,000,000	267,000,000	266,000,000	265,000,000	260,000,000	256,000,000	269,000,000	267,000,000	257,000,000	255,000,000	258,000,000	253,000,000	245,000,000	240,000,000	234,000,000	229,000,000	202,000,000	195,000,000	190,000,000	207,000,000	182,000,000	176,000,000	169,000,000	161,000,000	160,000,000	156,000,000	152,000,000	148,000,000	160,000,000	140,000,000,000	133,000,000	130,000,000	125,000,000	140,000,000		125,000,000	85,000,000	83,000,000	82,000,000	92,000,000	98,000,000				19,000,000
shareholders and other equity holders’ retained earnings	5,089,000,000	4,538,000,000		4,973,000,000	4,574,000,000	4,779,000,000	4,819,000,000	4,819,000,000
shareholders and other equity holders’ accumulated other comprehensive income
insurance finance income	34,066,000,000	35,439,000,000		29,250,000,000	37,641,000,000	34,196,000,000	30,010,000,000	30,010,000,000	45,758,000,000	33,150,000,000	31,537,000,000
reinsurance finance income	-6,110,000,000	-6,540,000,000		-4,863,000,000	-6,665,000,000	-5,753,000,000	-4,634,000,000	-4,634,000,000	-6,793,000,000	-4,932,000,000	-4,621,000,000
fair value through other comprehensive income (“oci”) investments	-15,781,000,000	-17,196,000,000		-13,444,000,000	-20,516,000,000	-18,715,000,000	-16,262,000,000	-16,262,000,000	-29,563,000,000	-20,051,000,000	-18,306,000,000
translation of foreign operations	6,313,000,000	5,589,000,000		5,767,000,000	5,699,000,000	5,393,000,000	4,801,000,000	4,801,000,000	5,385,000,000	4,869,000,000	5,963,000,000	6,514,000,000	6,832,000,000	3,763,000,000	4,579,000,000	4,579,000,000	4,993,000,000	5,398,000,000	7,010,000,000											2,112,000,000	1,481,000,000	478,000,000	1,380,000,000		-347,000,000
other	41,000,000			7,000,000	48,000,000	-15,000,000	-104,000,000	-104,000,000														13,000,000,000
total shareholders and other equity holders’ equity	50,716,000,000	49,080,000,000		49,573,000,000	48,965,000,000	48,250,000,000	47,039,000,000	47,039,000,000
participating policyholders’ equity	727,000,000	775,000,000		504,000,000	379,000,000	314,000,000	257,000,000	257,000,000	166,000,000	-17,000,000	-135,000,000	-1,346,000,000			-1,233,000,000	-1,233,000,000	-784,000,000	-243,000,000	94,000,000				248,000,000		187,000,000					156,000,000							146,000,000	126,000,000		264,000,000	249,000,000			185,000,000				159,000,000									62,000,000					82,000,000		142,000,000			151,000,000	165,000,000	149,000,000	150,000,000			80,000,000		95,000,000	94,000,000
non-controlling interests	1,548,000,000	1,398,000,000		1,562,000,000	1,412,000,000	1,328,000,000	1,431,000,000	1,431,000,000	1,462,000,000	1,466,000,000	1,511,000,000	1,664,000,000	1,655,000,000	1,714,000,000	1,694,000,000	1,694,000,000	1,455,000,000	1,211,000,000	1,093,000,000	1,042,000,000	982,000,000		743,000,000	631,000,000	592,000,000		577,000,000	537,000,000	496,000,000	464,000,000	459,000,000	509,000,000	461,000,000	376,000,000	326,000,000	280,000,000
total equity	52,991,000,000	51,253,000,000	53,164,000,000	51,639,000,000	50,756,000,000	49,892,000,000	48,727,000,000	48,727,000,000	49,035,000,000	47,156,000,000	48,751,000,000	56,379,000,000	56,307,000,000	56,849,000,000	58,869,000,000	58,869,000,000	53,006,000,000	50,106,000,000	47,151,000,000	45,318,000,000	44,089,000,000		42,823,000,000	41,351,000,000	41,938,000,000		40,890,000,000	38,677,000,000	39,435,000,000	33,926,000,000	32,596,000,000	30,780,000,000	31,187,000,000	29,033,000,000	26,881,000,000	26,544,000,000	26,096,000,000	24,961,000,000	26,085,000,000	25,824,000,000	24,879,000,000	25,343,000,000	25,381,000,000	25,112,000,000	26,062,000,000	27,804,000,000	29,326,000,000	26,873,000,000	28,907,000,000	26,355,000,000	27,686,000,000	26,612,000,000	27,455,000,000	25,185,000,000	25,048,000,000	25,149,000,000	27,455,000,000	24,335,000,000,000	24,052,000,000	25,411,000,000	27,190,000,000	24,335,000,000		25,656,000,000	23,982,000,000	23,712,000,000	24,614,000,000	23,366,000,000	23,643,000,000	23,445,000,000			9,704,000,000		8,986,000,000	8,719,000,000
total liabilities and equity	1,026,682,000,000	977,469,000,000		952,630,000,000	915,273,000,000	907,219,000,000	875,574,000,000	875,574,000,000	835,874,000,000	851,311,000,000	862,122,000,000	848,941,000,000	834,723,000,000	865,118,000,000	917,643,000,000	917,643,000,000	880,349,000,000	809,130,000,000	750,271,000,000	752,225,000,000	739,823,000,000		720,681,000,000	697,351,000,000	704,643,000,000		682,949,000,000	659,501,000,000	689,666,000,000	579,406,000,000	555,324,000,000	536,430,000,000	538,873,000,000	513,628,000,000	498,217,000,000	498,201,000,000	486,056,000,000	480,839,000,000	479,607,000,000	465,288,000,000	462,102,000,000	455,076,000,000	427,597,000,000	423,397,000,000	228,130,000,000	220,219,000,000	205,935,000,000	217,672,000,000	205,140,000,000	208,075,000,000	207,768,000,000	214,055,000,000	211,025,000,000	181,914,000,000	180,071,000,000	182,153,000,000	211,025,000,000	176,458,000,000,000	175,885,000,000	179,937,000,000	191,293,000,000	176,458,000,000		186,169,000,000	177,178,000,000	176,680,000,000	181,953,000,000	179,315,000,000	183,868,000,000	184,246,000,000			78,972,000,000		76,886,000,000	79,087,000,000
the accompanying notes are an integral part of these unaudited interim consolidated financial statements.
less: mortgages not held by manulife bank			30,352,000,000
total mortgages held by manulife bank			24,753,000,000
manulife bank net lending assets			27,135,000,000
manulife bank average net lending assets
beginning of period			26,718,000,000
end of period			27,135,000,000
manulife bank average net lending assets by quarter			26,927,000,000
manulife bank average net lending assets – full year			26,278,000,000
as at
common shareholders' equity			44,475,000,000
post-tax csm, net of nci			18,524,000,000
adjusted book value			62,999,000,000
less: aoci gain/(loss) on cash flow hedges			89,000,000
total equity excluding aoci on cash flow hedges			53,075,000,000
post-tax csm			19,784,000,000
qualifying capital instruments			7,542,000,000
consolidated capital			80,401,000,000
shareholders’ and other equity holders’ retained earnings									4,097,000,000	4,027,000,000	4,009,000,000	27,010,000,000			23,492,000,000	23,492,000,000
shareholders’ accumulated other comprehensive income
total shareholders’ and other equity									47,407,000,000	45,707,000,000	47,375,000,000	56,061,000,000			58,408,000,000	58,408,000,000
pension and other post-employment plans										-103,000,000	-113,000,000	-97,000,000	-97,000,000	-101,000,000	-114,000,000	-114,000,000	-313,000,000	-350,000,000	-426,000,000	-388,000,000	-385,000,000		-417,000,000	-503,000,000	-521,000,000		-561,000,000	-543,000,000	-548,000,000	-529,000,000	-462,000,000	-453,000,000	-459,000,000		-665,000,000
real estate revaluation reserve										23,000,000	24,000,000	22,000,000	23,000,000	23,000,000	23,000,000	23,000,000	34,000,000
cost of hedging										15,000,000	13,000,000
cash flow hedges											-38,000,000	8,000,000	-18,000,000	-70,000,000	-156,000,000	-156,000,000	-229,000,000	-143,000,000	-127,000,000	-139,000,000	-146,000,000		-232,000,000	-380,000,000	-264,000,000		-309,000,000	-205,000,000	-280,000,000	-211,000,000	-159,000,000	-136,000,000	-139,000,000		-115,000,000
policy loans												6,894,000,000	6,833,000,000	6,308,000,000	6,397,000,000	6,397,000,000	6,398,000,000	6,471,000,000	6,446,000,000	6,117,000,000	5,987,000,000		6,041,000,000	7,298,000,000	7,673,000,000		7,481,000,000	8,641,000,000	8,697,000,000	7,876,000,000	7,720,000,000	7,390,000,000	7,599,000,000	7,370,000,000	7,094,000,000	7,218,000,000	6,793,000,000	6,716,000,000	6,895,000,000	6,710,000,000	6,827,000,000	6,938,000,000	6,431,000,000	6,400,000,000	6,648,000,000	6,857,000,000	6,495,000,000	6,486,000,000	6,609,000,000	6,666,000,000	7,090,000,000	7,746,000,000	7,533,000,000	6,408,000,000	6,133,000,000	6,129,000,000	7,533,000,000	5,823,000,000,000	5,770,000,000	6,052,000,000	6,417,000,000	5,823,000,000		6,413,000,000	6,076,000,000	6,015,000,000	6,191,000,000	6,025,000,000	6,871,000,000	6,743,000,000			4,528,000,000		4,456,000,000	4,773,000,000
outstanding premiums												1,448,000,000	1,301,000,000	1,300,000,000	1,294,000,000	1,294,000,000	1,444,000,000	1,385,000,000	1,369,000,000	1,256,000,000	1,172,000,000		845,000,000	813,000,000	878,000,000		840,000,000	812,000,000	918,000,000	737,000,000	749,000,000	728,000,000	828,000,000	734,000,000	699,000,000	888,000,000	1,009,000,000	781,000,000	966,000,000	654,000,000	781,000,000	698,000,000	751,000,000	754,000,000	678,000,000	717,000,000	734,000,000	671,000,000	812,000,000	753,000,000	771,000,000	751,000,000	799,000,000	763,000,000	691,000,000	686,000,000	799,000,000	672,000,000,000	608,000,000	670,000,000	638,000,000	672,000,000		669,000,000	648,000,000	619,000,000	585,000,000	751,000,000	678,000,000	549,000,000			388,000,000		462,000,000	487,000,000
reinsurance assets												47,712,000,000	48,929,000,000	44,390,000,000	44,579,000,000	44,579,000,000	45,836,000,000	41,446,000,000	43,053,000,000	31,296,000,000	31,165,000,000		34,952,000,000	33,017,000,000	35,426,000,000		34,503,000,000	20,218,000,000	21,426,000,000	18,525,000,000	18,052,000,000	17,620,000,000	17,882,000,000	17,443,000,000	17,475,000,000	18,802,000,000	18,681,000,000	18,574,000,000	16,548,000,000	10,737,000,000	10,728,000,000	9,377,000,000	7,660,000,000	7,778,000,000
insurance contract liabilities												371,405,000,000	369,671,000,000	368,889,000,000	392,275,000,000	392,275,000,000	385,554,000,000	351,161,000,000	328,654,000,000	315,473,000,000	310,481,000,000		297,505,000,000	286,514,000,000	287,059,000,000		278,208,000,000	256,192,000,000	267,523,000,000	229,513,000,000	216,683,000,000	206,897,000,000	205,775,000,000	193,242,000,000	193,262,000,000	198,441,000,000	199,588,000,000	198,877,000,000	198,650,000,000	184,232,000,000	190,366,000,000	188,929,000,000	159,286,000,000	155,625,000,000
segregated funds net liabilities												348,562,000,000	335,245,000,000	371,928,000,000	399,788,000,000	399,788,000,000	367,436,000,000	343,108,000,000	313,209,000,000	331,995,000,000	326,011,000,000		315,177,000,000	298,684,000,000	313,249,000,000		301,276,000,000	303,589,000,000	312,302,000,000	256,532,000,000	250,406,000,000	247,186,000,000	249,724,000,000	239,871,000,000	225,842,000,000	221,952,000,000	207,985,000,000	205,841,000,000	203,563,000,000	205,953,000,000	196,058,000,000	190,336,000,000	198,797,000,000	200,890,000,000	201,752,000,000	190,243,000,000	194,149,000,000	200,057,000,000	191,741,000,000	188,148,000,000	178,161,000,000	164,464,000,000	165,380,000,000	166,098,000,000	176,395,000,000	175,248,000,000	165,380,000,000	175,544,000,000,000	175,094,000,000	177,509,000,000	179,441,000,000	175,544,000,000		172,937,000,000	154,606,000,000	146,904,000,000	151,858,000,000	132,124,000,000	120,814,000,000	117,890,000,000			77,797,000,000
available-for-sale securities												-6,472,000,000	-6,189,000,000	-1,582,000,000	848,000,000	848,000,000	1,838,000,000	1,511,000,000	-265,000,000	-115,000,000	-159,000,000		-394,000,000	452,000,000	345,000,000		422,000,000	611,000,000	1,175,000,000	794,000,000	619,000,000	612,000,000	478,000,000		224,000,000
the accompanying notes are an integral part of these consolidated financial statements.
shareholders' and other equity holders' retained earnings													26,152,000,000	25,559,000,000
shareholders' accumulated other comprehensive income																																		46,000,000					206,000,000			528,000,000	-806,000,000
total shareholders' and other equity													56,078,000,000	56,457,000,000
participating policyholders' equity													-1,426,000,000	-1,322,000,000						132,000,000	173,000,000			171,000,000			214,000,000	188,000,000	139,000,000		96,000,000	100,000,000	109,000,000	134,000,000	86,000,000	194,000,000			233,000,000			249,000,000	160,000,000		139,000,000	91,000,000	88,000,000		80,000,000	103,000,000	69,000,000	59,000,000	62,000,000	61,000,000	64,000,000	74,000,000		82,000,000,000	152,000,000	153,000,000	156,000,000				134,000,000	140,000,000
shareholders' accumulated other comprehensive income:
shareholders’ accumulated other comprehensive income:
preferred shares																	3,822,000,000	3,822,000,000	3,822,000,000	3,822,000,000	3,822,000,000		3,577,000,000	3,110,000,000	2,693,000,000		2,693,000,000	2,693,000,000	2,693,000,000	2,693,000,000	2,447,000,000	2,446,000,000	2,888,000,000	2,693,000,000	2,693,000,000	2,693,000,000	2,497,000,000	2,301,000,000	2,301,000,000	2,057,000,000	1,813,000,000	1,618,000,000	1,618,000,000	1,618,000,000	1,422,000,000	1,422,000,000	1,422,000,000	1,422,000,000	1,422,000,000	1,419,000,000	1,419,000,000	1,080,000,000	638,000,000	638,000,000	638,000,000	638,000,000	638,000,000	638,000,000,000	638,000,000	638,000,000	638,000,000	638,000,000		638,000,000	638,000,000	638,000,000	638,000,000	344,000,000	344,000,000				344,000,000
shareholders’ retained earnings																	18,887,000,000	15,488,000,000	12,704,000,000				9,759,000,000		8,398,000,000					7,624,000,000							3,178,000,000	2,389,000,000		3,448,000,000	2,501,000,000			4,124,000,000
total shareholders’ equity																	52,335,000,000	49,138,000,000	45,964,000,000				41,832,000,000		41,159,000,000					33,306,000,000							25,449,000,000	24,348,000,000		25,129,000,000	24,215,000,000			24,511,000,000
real estate revaluation surplus																		31,000,000	20,000,000
shareholders' retained earnings																				11,768,000,000	10,987,000,000			9,074,000,000			8,517,000,000	8,259,000,000	8,023,000,000		7,301,000,000	6,527,000,000	5,870,000,000	5,294,000,000	4,272,000,000	3,512,000,000			2,883,000,000			2,826,000,000	4,360,000,000
translation of foreign operations and real estate revaluation surplus																				5,891,000,000	5,530,000,000		6,390,000,000	5,706,000,000	7,432,000,000		6,271,000,000	4,077,000,000	4,694,000,000
total shareholders' equity																				44,144,000,000	42,934,000,000			40,549,000,000			40,099,000,000	37,952,000,000	38,800,000,000		32,041,000,000	30,171,000,000	30,617,000,000	28,523,000,000	26,469,000,000	26,070,000,000			25,371,000,000			24,695,000,000	24,819,000,000
roy gori president and chief executive officer
roy gori
president and chief executive officer
core earnings																						3,360,000,000,000				870,000,000,000
asia division																						1,241,000,000,000				356,000,000,000
canadian division																						1,130,000,000,000				338,000,000,000
u.s. division																						1,412,000,000,000				393,000,000,000
corporate and other excluding expected cost of macro hedges and core investment gains
expected cost of macro hedges
core investment gains																						300,000,000,000
investment-related experience outside of core earnings																						149,000,000,000
core earnings and investment-related experience outside of core earnings																						3,509,000,000,000				701,000,000,000
direct impact of equity markets and interest rates and variable annuity guarantee liabilities																						277,000,000,000				232,000,000,000
changes in actuarial methods and assumptions
integration and acquisition costs
net income attributed to shareholders																						3,710,000,000,000				622,000,000,000
·
media inquiries sean b. pasternak (416) 852-2745 [email protected]
preferred share dividends
common shareholders' net income																						3,591,000,000,000
basic earnings per common share																						1,820,000,000				300,000,000
diluted earnings per common share																						1,810,000,000				300,000,000																																					2,780,000,000
diluted core earnings per common share																						1,630,000,000				430,000,000
return on common shareholders' equity																						12,300,000,000
core roe																						11,100,000,000				9,200,000,000
sales insurance products																						3,701,000,000,000				803,000,000,000
wealth and asset management gross flows																						91,387,000,000,000				25,862,000,000,000
wealth and asset management net flows																						13,887,000,000,000				4,514,000,000,000
other wealth products																						5,976,000,000,000				1,845,000,000,000
premiums and deposits insurance products																						25,958,000,000,000				7,476,000,000,000
wealth and asset management products																						91,387,000,000,000				25,862,000,000,000
corporate and other																						90,000,000,000				24,000,000,000
assets under management and administration																						1,006,000,000,000				888,000,000,000
capital																						51,800,000,000				47,900,000,000
mli's mccsr ratio																						234,000,000,000
this item is a non-gaap measure.
total core earnings																						1,287,000,000,000
core earnings plus investment-related experience outside of core earnings																						1,287,000,000,000
other items to reconcile core earnings to net income attributed to shareholders:
recapture of reinsurance treaties
change in actuarial methods and assumptions
other market-related factors
direct impact of equity markets and variable annuity guarantee liabilities
gains (charges) on higher (lower) fixed income reinvestment rates assumed in the valuation of policy liabilities
gains (charges) on sale of afs bonds and derivative positions in the corporate segment
risk reduction items
asia division core earnings																						388,000,000,000
other items to reconcile core earnings to net income attributed to shareholders
canadian division core earnings																						359,000,000,000
u.s. division core earnings																						471,000,000,000
corporate and other core loss
core loss plus investment-related experience outside of core earnings
donald a. guloien
liabilities for preferred shares and capital instruments																									7,695,000,000		6,681,000,000	6,639,000,000	6,647,000,000	5,426,000,000	4,909,000,000	4,884,000,000	4,902,000,000	4,385,000,000	4,119,000,000	4,130,000,000	3,501,000,000	3,495,000,000	3,511,000,000	4,501,000,000	4,012,000,000	3,475,000,000	3,439,000,000	3,442,000,000	4,581,000,000	4,596,000,000	4,569,000,000	4,412,000,000	4,581,000,000	4,593,000,000	3,634,000,000	3,683,000,000	3,674,000,000	3,578,000,000	3,024,000,000	3,029,000,000	3,674,000,000	3,010,000,000,000	1,990,000,000	1,990,000,000	1,990,000,000	3,010,000,000		2,572,000,000	1,886,000,000	1,897,000,000	1,911,000,000	1,916,000,000	1,940,000,000
liabilities for subscription receipts																														2,220,000,000	2,214,000,000
common shareholders’ net income																										593,000,000,000
reconciliation of core earnings to net income attributed to shareholders:
other items
return on common shareholders’ equity																										6,500,000,000																																					18,400,000,000
mli’s mccsr ratio																										226,000,000,000
this item is a non-gaap measure. see “performance and non-gaap measures” below.
in 3q15 we also included a 51 million charge in core earnings for investment-related experience, offsetting the 51 million of core investment gains reported in 2q15, compared with 50 million of core investment gains in 3q14. total investment-related experience in 3q15 was a net charge of 220 million.
17
b1
investment-related experience in core earnings
direct impact of equity markets and interest rates and variable annuity guarantee liabilities (see table below),																										232,000,000,000
net impact of acquisitions and divestitures
other items excluded from core earnings
the 3q15 charge of 26 million included integration costs of 18 million and 8 million for the standard life transaction and closed block reinsurance transaction, respectively.
c millions, unaudited																										3,000,000,000
fixed income reinvestment rates assumed in the valuation of policy liabilities																										647,000,000,000
sale of afs bonds and derivative positions in the corporate and other segment																										4,000,000,000
charges due to lower fixed income urr assumptions used in the valuation of policy liabilities
in 3q15, gains of 1,713 million from dynamic hedging experience and 243 million from macro hedge experience were more than offset by losses of 2,375 million from gross equity exposure, which resulted in a charge of 419 million.
the periodic urr charges ceased effective 4q14 due to revisions to the canadian actuarial standards of practice related to economic reinvestment assumptions.
b2
net premium income																										6,233,000,000,000
investment income																										2,708,000,000,000
other revenue																										2,487,000,000,000
revenue before items noted below																										11,428,000,000,000
realized and unrealized gains on assets supporting insurance and investment contract liabilities and on macro hedging program																										3,672,000,000,000
premiums ceded, net of ceded commissions and additional consideration relating to closed block reinsurance transaction
total revenue																										7,104,000,000,000
b3
b4
b5
b6
18
b7
c
c1
canadian dollars																										3,000,000,000
revenue																										3,250,000,000,000
revenue before realized and unrealized investment income gains and losses																										3,885,000,000,000
premiums and deposits																										5,965,000,000,000
assets under management																										98,000,000,000
u.s. dollars
see “performance and non-gaap measures” below for a reconciliation between ifrs net income attributed to shareholders and core earnings.
see section “b6 - impact of fair value accounting”.
c2
c3
revenue before realized and unrealized investment income gains and losses and excluding the closed blockreinsurance transaction,																										4,950,000,000,000
revenue before realized and unrealized investment income gains and losses and excluding the closed block reinsurance transaction,																										3,783,000,000,000
see section “b6 – impact of fair value accounting”.
for the purposes of comparable period-over-period reporting the impact of closed block reinsurance transaction is excluded from revenue before realized and unrealized investment income gains in this table. this transaction resulted in a net ceded premium, including ceded commissions and additional consideration of approximately us6.1 billion.
shareholders' accumulated other comprehensive income on:
bank loans																																	1,861,000,000	1,901,000,000	1,972,000,000	2,028,000,000	2,142,000,000	2,202,000,000	2,251,000,000	2,275,000,000	2,288,000,000	2,295,000,000	2,311,000,000	2,342,000,000	2,402,000,000	2,438,000,000	2,468,000,000	2,355,000,000	2,457,000,000	2,470,000,000	2,458,000,000	2,439,000,000	2,384,000,000	2,285,000,000	2,257,000,000	2,238,000,000	2,384,000,000	2,182,000,000,000	2,160,000,000	2,106,000,000	2,081,000,000	2,182,000,000		2,009,000,000	1,978,000,000	1,983,000,000	1,909,000,000	1,729,000,000	1,548,000,000	1,391,000,000
bank deposits																																	20,092,000,000	19,869,000,000	19,315,000,000	18,838,000,000	18,857,000,000	18,953,000,000	18,823,000,000	18,424,000,000	18,010,000,000	18,530,000,000	17,409,000,000	16,900,000,000	15,724,000,000	15,669,000,000	15,303,000,000	16,300,000,000	14,735,000,000	15,295,000,000	14,483,000,000	13,481,000,000	12,210,000,000	11,030,000,000	10,704,000,000	10,578,000,000	12,210,000,000	10,008,000,000,000	8,901,000,000	8,107,000,000	7,921,000,000	10,008,000,000		7,845,000,000	7,124,000,000	6,886,000,000	5,890,000,000	5,374,000,000	4,570,000,000	4,373,000,000
shareholders' accumulated other comprehensive income on
invested assets
securities
bonds																																		114,957,000,000	115,218,000,000	117,546,000,000	119,281,000,000	120,045,000,000	120,692,000,000	117,416,000,000	120,487,000,000	120,172,000,000	101,459,000,000	99,756,000,000	104,180,000,000	96,674,000,000	88,090,000,000	101,560,000,000	85,107,000,000	84,053,000,000	83,725,000,000	84,295,000,000	83,148,000,000	72,101,000,000	72,195,000,000	75,213,000,000	83,148,000,000	72,831,000,000,000	73,008,000,000	74,453,000,000	80,860,000,000	72,831,000,000		103,159,000,000	100,804,000,000	100,584,000,000	104,452,000,000	103,033,000,000	106,462,000,000	106,612,000,000			42,630,000,000		42,264,000,000	44,584,000,000
equities																																		13,075,000,000	13,098,000,000	12,995,000,000
loans
deferred tax asset																																		2,763,000,000	3,833,000,000	3,940,000,000	3,148,000,000	2,266,000,000	1,962,000,000	1,719,000,000	1,757,000,000	2,004,000,000		1,190,000,000
policy liabilities																																													160,240,000,000	155,519,000,000	140,916,000,000	151,944,000,000	141,687,000,000	144,201,000,000	143,848,000,000	150,162,000,000	146,059,000,000	126,471,000,000	125,388,000,000	127,910,000,000	146,059,000,000	124,422,000,000,000	123,856,000,000	128,368,000,000	137,367,000,000	124,422,000,000		130,819,000,000	126,597,000,000	126,753,000,000	131,564,000,000
deferred tax liability																																		617,000,000	630,000,000	626,000,000	694,000,000	716,000,000	763,000,000	712,000,000	766,000,000	791,000,000	925,000,000	758,000,000
issued share capital
shareholders' accumulated other comprehensive loss																																				-448,000,000
stocks																																					11,995,000,000	11,233,000,000	10,717,000,000	11,226,000,000	10,243,000,000	9,856,000,000	10,631,000,000	10,634,000,000	10,396,000,000	9,585,000,000	9,967,000,000	10,475,000,000	9,688,000,000	10,437,000,000	9,688,000,000	7,946,000,000	8,354,000,000	9,526,000,000	11,303,000,000	11,379,000,000	8,354,000,000	11,134,000,000,000	11,812,000,000	11,930,000,000	12,510,000,000	11,134,000,000		11,272,000,000	10,184,000,000	10,107,000,000	9,945,000,000	9,061,000,000	8,321,000,000	7,805,000,000			5,658,000,000		6,724,000,000	6,940,000,000
on available-for-sale securities																																					366,000,000	271,000,000		250,000,000	104,000,000			309,000,000	624,000,000	802,000,000	687,000,000			568,000,000		-634,000,000			519,000,000
on cash flow hedges																																					-50,000,000	-58,000,000		-52,000,000	-91,000,000			-54,000,000	-220,000,000	-172,000,000	-54,000,000	-99,000,000		-126,000,000		-282,000,000			-51,000,000		-317,000,000
on translation of foreign operations																																					-685,000,000	-613,000,000		-471,000,000	83,000,000
non-controlling interest in subsidiaries																																					501,000,000	487,000,000	481,000,000	431,000,000	415,000,000	399,000,000	402,000,000	416,000,000	283,000,000	259,000,000	246,000,000	254,000,000	202,000,000	216,000,000	209,000,000	222,000,000	217,000,000	167,000,000	167,000,000	162,000,000	217,000,000	146,000,000,000	202,000,000	202,000,000	207,000,000	146,000,000		202,000,000	207,000,000	204,000,000	203,000,000	200,000,000	142,000,000	1,043,000,000			1,040,000,000		1,054,000,000	1,057,000,000
other investments																																										10,859,000,000	9,967,000,000		5,915,000,000	5,878,000,000	5,473,000,000	6,264,000,000	5,321,000,000	5,521,000,000	5,953,000,000	6,123,000,000	4,871,000,000	4,353,000,000	4,025,000,000	3,902,000,000	4,871,000,000	3,597,000,000,000	3,377,000,000	3,510,000,000	3,621,000,000	3,597,000,000		3,530,000,000	3,510,000,000	3,516,000,000	3,661,000,000	4,876,000,000	4,855,000,000	4,721,000,000			845,000,000		1,222,000,000	1,198,000,000
investment contract liabilities and deposits																																										2,491,000,000	2,551,000,000	2,617,000,000
on translation of net foreign operations																																												-1,047,000,000						-4,518,000,000		-1,305,000,000			-5,544,000,000	-5,246,000,000	-1,795,000,000		-6,135,000,000		-3,321,000,000	-6,204,000,000
deferred realized net gains																																													127,000,000	106,000,000	103,000,000	128,000,000	108,000,000	108,000,000	113,000,000	120,000,000	127,000,000	106,000,000	106,000,000	112,000,000	127,000,000	107,000,000,000	110,000,000	115,000,000	121,000,000	107,000,000		4,442,000,000	4,248,000,000	4,426,000,000	4,574,000,000	4,327,000,000	3,820,000,000	3,667,000,000			3,553,000,000		3,371,000,000	3,364,000,000
consumer notes																																													1,127,000,000	1,211,000,000	1,225,000,000	978,000,000	1,291,000,000	1,345,000,000	1,486,000,000	1,642,000,000	1,876,000,000	1,690,000,000	1,894,000,000	2,038,000,000	1,876,000,000	2,085,000,000,000	2,209,000,000	2,382,000,000	2,711,000,000	2,085,000,000		2,860,000,000	2,763,000,000	2,772,000,000	2,912,000,000	2,912,000,000	2,983,000,000	2,881,000,000
future income tax liability																																													900,000,000	1,092,000,000	1,305,000,000	1,393,000,000	1,178,000,000	989,000,000	1,552,000,000	1,413,000,000	1,969,000,000	3,085,000,000	3,068,000,000	2,966,000,000	1,969,000,000	2,839,000,000,000	2,806,000,000	2,611,000,000	2,564,000,000	2,839,000,000		2,258,000,000	2,188,000,000	1,925,000,000	1,563,000,000	1,088,000,000		980,000,000			253,000,000
shareholders' equity
retained earnings																																													9,932,000,000	11,131,000,000	13,760,000,000	11,473,000,000	12,870,000,000	12,289,000,000	12,693,000,000	11,356,000,000	13,079,000,000	15,345,000,000	15,312,000,000	14,756,000,000	13,079,000,000	14,388,000,000,000	13,710,000,000	13,632,000,000	13,539,000,000	14,388,000,000
accumulated other comprehensive income
on translation of self-sustaining foreign operations																																													-5,206,000,000	-4,753,000,000	-5,772,000,000	-5,794,000,000
shareholders’ equity
accumulated other comprehensive income on available-for-sale securities																																																251,000,000									-529,000,000
goodwill																																																	7,122,000,000	7,252,000,000	7,608,000,000	8,055,000,000	7,929,000,000	7,078,000,000	6,882,000,000	6,946,000,000	7,929,000,000	6,721,000,000,000	6,769,000,000	6,977,000,000	7,409,000,000	6,721,000,000		7,461,000,000	7,247,000,000	7,255,000,000	7,509,000,000	7,488,000,000	7,347,000,000	7,332,000,000			609,000,000		556,000,000	597,000,000
intangible assets																																																	2,005,000,000	2,036,000,000	2,015,000,000	2,160,000,000	1,866,000,000	1,645,000,000	1,602,000,000	1,620,000,000	1,866,000,000	1,573,000,000,000	1,602,000,000	1,561,000,000	1,686,000,000	1,573,000,000		1,708,000,000	1,647,000,000	1,651,000,000	1,736,000,000	1,746,000,000	1,813,000,000	1,806,000,000
accumulated other comprehensive loss																																																	-4,584,000,000		-2,914,000,000		-2,641,000,000	-4,958,000,000				-4,913,000,000,000		-3,185,000,000
1 opening retained earnings at january 1, 2008 have been reduced by 283 million relating to an understatement
of policy liabilities and an understatement of future income tax liabilities relating primarily to periods prior
to the merger with john hancock financial services, inc. in april 2004.
1 opening retained earnings at january 1, 2008 have been reduced by 229 million relating to an understatement
of policy liabilities and an understatement of future income tax liabilities relating primarily to periods prior to the
merger with john hancock financial services, inc. in april 2004.
on available-for-sale securities and cash flow hedges																																																								807,000,000			1,550,000,000		1,846,000,000
accumulated other comprehensive income on available-for-sale securities and cash flow hedges																																																														1,291,000,000
§
shareholders’ net income																																																															4,302,000,000,000
premiums & deposits																																																															69,438,000,000,000
funds under management
premiums																																																															1,026,000,000,000
media inquiries: laurie lupton (416) 852-7792 [email protected]
financial highlights
net income
income attributed to participating policyholders
net income available to common shareholders
premiums and deposits:
life and health insurance premiums
annuity and pension premiums
segregated fund deposits
mutual fund deposits
aso premium equivalents
other fund deposits
total premiums and deposits
funds under management:
general fund
segregated funds
mutual funds
other funds
total funds under management
capitalization:
accumulated other comprehensive loss on afs and translation of net foreign operations
total capital
selected key performance measures:
return on common shareholders' equity (annualized) 1
book value per common share
common shares outstanding
weighted-average - basic
weighted-average - diluted
1 return on common shareholders' equity is net income available to common shareholders divided by
average common shareholders' equity excluding accumulated other comprehensive income on afs
securities and cash flow hedges.
cash and short-term investments																																																																10,745,000,000	7,710,000,000	7,776,000,000	7,924,000,000	6,748,000,000	6,878,000,000	8,517,000,000			6,424,000,000		5,899,000,000	5,112,000,000
retained earnings and currency translation account																																																																10,503,000,000	8,914,000,000	8,557,000,000	9,240,000,000	8,280,000,000	8,459,000,000				8,645,000,000
actuarial liabilities																																																																				124,374,000,000	129,704,000,000	130,608,000,000			52,424,000,000		51,791,000,000	54,335,000,000
benefits payable and benefit from unreported claims																																																																				2,921,000,000	2,018,000,000	1,933,000,000			1,734,000,000		2,266,000,000	2,511,000,000
policyholder amounts on deposit																																																																				4,667,000,000	4,346,000,000	4,869,000,000			2,535,000,000		2,487,000,000	2,677,000,000
trust preferred securities issued by subsidiaries																																																																						606,000,000			646,000,000		681,000,000	724,000,000
preferred shares issued by a subsidiary																																																																						93,000,000
shareholders' net income
manulife bank loans																																																																									1,150,000,000
future income tax asset
manulife bank deposits																																																																									2,776,000,000
subordinated debt																																																																									1,128,000,000		1,352,000,000	1,388,000,000
/s/ dominic d’alessandro
dominic d’alessandro
future income taxes																																																																											12,000,000	66,000,000
segregated fund net assets																																																																											60,966,000,000	56,508,000,000
banking deposits																																																																											1,889,000,000	1,766,000,000
segregated fund net liabilities																																																																											60,966,000,000	56,508,000,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2024-08-07	2024-05-08	2023-12-31	2023-11-08	2023-08-09	2023-05-10	2023-02-15	2022-05-11	2006-12-31

operating activities
net income	1,132,000,000	972,000,000	1,801,000,000	1,225,000,000	1,171,000,000	1,410,000,000	1,976,000,000	2,902,000,000	3,253,000,000
adjustments:
increase in insurance contract net liabilities	2,198,000,000	1,004,000,000
increase in investment contract liabilities	130,000,000	111,000,000	123,000,000	72,000,000	157,000,000	83,000,000	31,000,000	-14,000,000
decrease in reinsurance contract assets, excluding reinsurance transaction noted below	-248,000,000	-316,000,000
amortization of (premium) discount on invested assets	-81,000,000	-61,000,000	-63,000,000	-56,000,000	-50,000,000	28,000,000	-53,000,000	34,000,000
contractual service margin (“csm”) amortization	-575,000,000	-592,000,000	-603,000,000	-476,000,000	-472,000,000	-447,000,000
other amortization	156,000,000	146,000,000	161,000,000	141,000,000	141,000,000	138,000,000	138,000,000	133,000,000	206,000,000
net realized and unrealized losses and impairment on assets	1,011,000,000	299,000,000		2,665,000,000	-6,000,000	-1,863,000,000	-939,000,000	19,731,000,000
deferred income tax expenses	64,000,000	2,000,000
net loss on reinsurance transactions
cash from operating activities before undernoted items	3,740,000,000	1,683,000,000	6,592,000,000	-32,000,000	1,237,000,000	5,985,000,000	2,532,000,000	6,409,000,000
changes in policy related and operating receivables and payables	3,533,000,000	2,893,000,000	-424,000,000	5,538,000,000	4,557,000,000	-3,030,000,000	2,569,000,000	-2,621,000,000
cash from operating activities	7,273,000,000	4,576,000,000	6,168,000,000	5,506,000,000	5,794,000,000	2,955,000,000	4,987,000,000	2,525,000,000	5,866,000,000
capital expenditures	0	0	0	0	0	0	0	0	0
free cash flows	7,273,000,000	4,576,000,000	6,168,000,000	5,506,000,000	5,794,000,000	2,955,000,000	4,987,000,000	2,525,000,000	5,866,000,000
investing activities
purchases and mortgage advances	-30,536,000,000	-36,472,000,000	-24,390,000,000	-20,030,000,000	-17,315,000,000	-22,286,000,000	-23,952,000,000	-33,821,000,000	-54,278,000,000
disposals and repayments	24,264,000,000	32,745,000,000	18,613,000,000	16,306,000,000	17,434,000,000	17,928,000,000	19,181,000,000	30,318,000,000	52,709,000,000
change in investment broker net receivables and payables	41,000,000	223,000,000	-403,000,000	164,000,000	-145,000,000	405,000,000	151,000,000	515,000,000
net cash increase from sale of subsidiaries
cash from investing activities	-6,529,000,000	-3,504,000,000	-6,180,000,000	-3,560,000,000	-27,000,000	-3,953,000,000	-4,802,000,000	-2,988,000,000	-1,628,000,000
financing activities
change in repurchase agreements and securities sold but not yet purchased	314,000,000	-81,000,000	-302,000,000	39,000,000	-582,000,000	152,000,000	-94,000,000	-78,000,000
issue of capital instruments	502,000,000	1,094,000,000	0	0	0	1,194,000,000
redemption of capital instruments	0	-609,000,000	0	0
secured borrowing from securitization transactions	385,000,000	131,000,000	125,000,000	44,000,000	174,000,000	194,000,000
change in deposits from bank clients	-131,000,000	244,000,000	-328,000,000	-12,000,000	131,000,000	-686,000,000
lease payments	-31,000,000	-30,000,000	-27,000,000	-31,000,000	-29,000,000	-11,000,000	-30,000,000	-33,000,000
shareholders’ dividends and other equity distributions	-817,000,000	-777,000,000	-759,000,000	-720,000,000	-770,000,000	-723,000,000
contributions from (distributions to) non-controlling interests		1,000,000	0					3,000,000
common shares repurchased	-652,000,000	-203,000,000	-333,000,000	-421,000,000	-443,000,000	-398,000,000	-552,000,000	-377,000,000
common shares issued	47,000,000	35,000,000	40,000,000	24,000,000	10,000,000	20,000,000	4,000,000	11,000,000
cash from financing activities	-385,000,000	-195,000,000	-1,584,000,000	-1,087,000,000	-2,113,000,000	-258,000,000	-1,898,000,000	360,000,000	-2,789,000,000
cash and short-term securities
increase during the period	359,000,000	877,000,000		859,000,000	3,654,000,000	-1,256,000,000		-103,000,000
effect of foreign exchange rate changes on cash and short-term securities	77,000,000	264,000,000	-259,000,000	222,000,000	-386,000,000	11,000,000	-10,000,000	-255,000,000
balance, beginning of period	0	19,884,000,000		0	0	18,635,000,000		21,930,000,000
balance, end of period	436,000,000	21,025,000,000		1,081,000,000	3,268,000,000	17,390,000,000		21,572,000,000
beginning of period
gross cash and short-term securities	0	20,338,000,000	0	0	0	19,153,000,000	0	22,594,000,000
net payments in transit, included in other liabilities	0	-454,000,000	0	0	0	-518,000,000	0	-664,000,000	-72,000,000
net cash and short-term securities, beginning of period	0	19,884,000,000		0	0	18,635,000,000		21,930,000,000
end of period
net cash and short-term securities, end of period	436,000,000	21,025,000,000		1,081,000,000	3,268,000,000	17,390,000,000		21,572,000,000
supplemental disclosures on cash flow information
interest received	3,689,000,000	3,124,000,000	3,697,000,000	2,877,000,000	3,567,000,000	2,627,000,000	3,608,000,000	2,712,000,000
interest paid	432,000,000	386,000,000	390,000,000	365,000,000	464,000,000	329,000,000	412,000,000	212,000,000
income taxes paid	196,000,000	517,000,000	185,000,000	47,000,000	73,000,000	131,000,000	-2,000,000	535,000,000
loss on reinsurance transaction		118,000,000
stock option expense						1,000,000	2,000,000	2,000,000
increase in net insurance contract liabilities			8,300,000,000	-3,523,000,000	-242,000,000	6,162,000,000
gain on u.s. variable annuity reinsurance transaction							-44,000,000	-1,065,000,000
gain on derecognition of joint venture interest during manulife fund management co., ltd. acquisition
cash decrease due to u.s. variable annuity reinsurance transaction							-114,000,000	-1,263,000,000
issue of long-term debt							0	946,000,000	784,000,000
preferred shares and other equity issued							0
preferred shares redeemed							0	-711,000,000
increase during the year
balance, beginning of year
balance, end of year
beginning of year
net cash and short-term securities, beginning of year
end of year
net cash and short-term securities, end of year
increase in reinsurance contract assets, excluding reinsurance transaction noted below
net realized and unrealized (gains) losses and impairment on assets
net cash increase from sale (purchase) of subsidiaries
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230
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246
248
249
250
251
256
258
260
262
264
265
266
272
276
decrease in reinsurance contract assets excluding reinsurance transaction noted below				140,000,000	531,000,000	356,000,000
deferred income tax expense				-220,000,000	8,000,000	117,000,000	-146,000,000	533,000,000
net cash increase from sale of subsidiary
increase in insurance contract liabilities							624,000,000	-16,080,000,000
decrease in reinsurance assets excluding coinsurance transactions
gain on derecognition of joint venture interest during manulife teda acquisition
redemption of long-term debt
secured borrowings							-298,000,000	291,000,000
contributions from (distributions to, acquisition of) non-controlling interests
balance, december 31
net cash and short-term securities, january 1
net cash and short-term securities, december 31
decrease in reinsurance assets								233,000,000
net cash flows from acquisition and disposal of subsidiaries and businesses
changes in deposits from bank clients								1,005,000,000
shareholders' dividends and other equity distributions								-697,000,000
the accompanying notes are an integral part of these unaudited interim consolidated financial statements.
adjustments for non-cash items in net income:
increase in actuarial liabilities, excluding john hancock fixed institutional products
amortization of net realized and unrealized gains on investments
amortization of premium/discount and mark-to-market adjustments
future income tax expense									786,000,000
provisions on investments
stock-based compensation expense									19,000,000
non-controlling interest in subsidiaries									-4,000,000
net income adjusted for non-cash items									5,814,000,000
net cash decrease from sales and acquisitions of subsidiaries
decrease in repurchase agreements and securities sold but not yet purchased
repayment of long-term debt
issue of subordinated notes
repayment of subordinated debt securities
net redemptions in john hancock fixed institutional products
bank deposits
capital from joint venture partner
consumer notes (matured) issued
preferred share dividends									-26,000,000
common share dividends									-922,000,000
funds repaid
purchase and cancellation of common shares									-1,527,000,000
common shares issued on exercise of options									-20,000,000
tax benefit of stock options exercised
preferred shares issued
cash and short-term investments
currency impact on cash and short-term investments									316,000,000
balance, january 1
gross cash and short-term investments									-118,000,000
net cash and short-term investments, january 1
net cash and short-term investments, december 31
as at december 31,
investments, at market value
bonds
stocks and mutual funds
other investments
accrued investment income
other liabilities
total segregated funds net assets
composition of segregated funds net assets:
held by policyholders
held by the company
held by other contract holders
cash flows from operating activities
increase in actuarial liabilities, excluding guaranteed and structured financial products
amortization of net deferred realized and unrealized gains on investments
amortization of premium/discount and mark to market adjustments
recoveries on investments
changes in operating assets and liabilities:
decrease in other policy related liabilities
additional changes in other assets and liabilities
cash received from acquisition of business, net of cash paid
increase in repurchase agreements and securities sold but not yet purchased
net redemptions in guaranteed and structured financial products
banking deposits
consumer notes issued
sale of preferred shares of a subsidiary
borrowed funds
balance, september 30
composition of cash and short-term investments
net cash and short-term investments, beginning of period
net cash and short-term investments, september 30

Manulife Financial Corporation(NYSE:MFC)

Manulife Financial Corporation
(NYSE:MFC)