Manulife Delivers Record Core Earnings in 2025, Raises Dividend by 10%
Manulife Financial Corporation closed 2025 with record core earnings and strong insurance new business growth, underscoring a year of disciplined execution and strategic expansion. The company reported full-year core earnings of $7.5 billion, up 3% on a constant exchange rate basis, while fourth-quarter core earnings rose 5% year over year to $2.0 billion. Net income attributable to shareholders reached $5.6 billion for the year, a 2% increase from 2024.
Core earnings per share climbed 8% to $4.21 for 2025, supported by double-digit growth in new business contractual service margin (CSM) and annualized premium equivalent (APE) sales. Insurance momentum remained broad-based, with APE sales up 14%, new business CSM up 28%, and new business value (NBV) up 18% for the year. Asia led performance with 18% growth in APE sales and 27% growth in new business CSM, while the U.S. business posted strong gains in sales and margins despite pressure from claims experience.
Global Wealth and Asset Management (WAM) delivered a 14% increase in core earnings, driven by higher fee income, disciplined expense management, and the acquisition of Comvest Credit Partners. Although the segment recorded net outflows in 2025, institutional mandates and private credit capabilities strengthened its long-term positioning. Manulife also reported a solid LICAT ratio of 136% and remittances of $6.4 billion, reflecting strong capital generation.
Backed by this performance, the Board approved a 10.2% increase in the quarterly common share dividend and announced a new Normal Course Issuer Bid authorizing the repurchase of up to 2.5% of outstanding shares. In 2025 alone, the company repurchased and cancelled 54.4 million shares worth $2.4 billion.
Throughout the year, Manulife advanced its refreshed strategy through expansion in India via a joint venture with Mahindra, the establishment of a high-net-worth office in Dubai, and the acquisition of Schroders Indonesia. The company also accelerated its AI integration across markets, enhancing underwriting, sales enablement, and investment research capabilities.
With a strengthened diversified portfolio, sustained new business growth, and disciplined capital deployment, Manulife enters 2026 positioned to deliver sustainable long-term value amid a dynamic global environment.
