Manulife Financial Corp. reported $1.5 billion in net income attributed to shareholders in the fourth quarter, down from $1.6 billion during the same period a year earlier.
Core earnings of $2 billion were up 5% compared to the final quarter of 2024.
Net income for Manulife’s Canada segment for 2025 came in at $1.3 billion, up from $1.2 billion in 2024. Meanwhile, core earnings edged up to $1.63 billion in 2025 from $1.57 billion the previous year, mainly driven by higher investment earnings, growth in group insurance, improved experience in individual insurance and increased contractual service margin amortization. This was partially offset by a less favourable experience in group insurance and lower Manulife Bank earnings.
Annual premium equivalent sales came in at $1.6 billion in 2025 in Canada, down 6% compared to 2024. Individual insurance annual premium equivalent sales were $630 million, up 20% year over year, primarily from higher participating life sales. Annuities annual premium equivalent sales were $261 million, up 7% mainly from higher segregated funds sales. But group insurance annual premium equivalent sales were down 24% to $702 million from the non-recurrence of a large case sale in 2024.
Global wealth and asset management net income hit $1.9 billion in 2025, compared to $1.6 billion in 2024. Net outflows were $14.3 billion in 2025 compared to net inflows of $13.3 billion in 2024, mainly driven by retirement and retail net outflows, which were partially offset by institutional asset management net inflows.
As of Dec. 31, Manulife had $1.1 trillion in assets under management and administration globally in its wealth and asset management businesses, up 7.3% on a year-over-year basis.
In Canada, the insurer had $153 billion in assets under management and administration, up 5% from the same period a year earlier.
In a release, Manulife CEO Phil Witherington said 2025 was a defining year for the company as it achieved record core earnings.
Manulife ended the year with a life insurance capital adequacy test ratio of 136%.
— With files from the Canadian Press. This article contains a correction.