Manulife reports strong topline results in 2Q23 with APE sales up 12%, NBV up 10%, new business CSM of $592 million up 15% and Global Wealth and Asset Management net inflows of $2.2 billion. Net income attributed to shareholders was $1.0 billion in 2Q23 and core earnings were $1.6 billion with strong EPS and core EPS growth

This earnings news release for Manulife Financial Corporation ("Manulife" or the "Company") should be read in conjunction with the Company's Second Quarter 2023 Report to Shareholders, including our unaudited interim Consolidated Financial Statements for the three and six months ended June 30, 2023, prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), which are both available on our website at www.manulife.com/en/investors/results-and-reports. The Company's Management's Discussion & Analysis ("MD&A") and additional information relating to the Company is available on the SEDAR+ website at http://www.sedarplus.com and on the U.S. Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

Manulife adopted IFRS 17 "Insurance Contracts" and IFRS 9 "Financial Instruments" effective for years beginning on January 1, 2023, to be applied retrospectively. Our quarterly and year-to-date 2022 results have been restated in accordance with IFRS 17 and IFRS 9.

The comparative restated 2022 results in this news release may not be fully representative of our market risk profile, as the transition of our general fund portfolio for asset-liability matching purposes under IFRS 17 and IFRS 9 was not completed until early 2023. Consequently, year-over-year variations between our 2023 results compared to the restated 2022 results should be viewed in this context.

In addition, our restated 2022 results are also not directly comparable to 2023 results because IFRS 9 hedge accounting and expected credit loss ("ECL") principles are applied prospectively effective January 1, 2023. Accordingly, we have also presented comparative quarterly and year-to-date 2022 results as if IFRS had allowed such principles to be implemented for 2022. Such results are denoted as being "transitional" throughout this news release and include the transitional net income attributed to shareholders for 2022. For a complete list of transitional financial measures, please see section A1 "Implementation of IFRS 17 and IFRS 9" of the Second Quarter 2023 MD&A.

Quarterly Results

YTD Results

($ millions, unless otherwise stated)

2Q23

2Q22
Transitional

2023

2022

Transitional

Profitability:

Net income (loss) attributed to shareholders⁽¹⁾

$

1,025

$

168

$

2,431

$

1,493

Return on common shareholders' equity ("ROE")⁽¹⁾

9.3 %

1.1 %

11.4 %

7.1 %

Diluted earnings (loss) per common share ($)⁽¹⁾

$

0.50

$

0.06

$

1.23

$

0.71

YTD Results

($ millions, unless otherwise stated)

2Q23

2Q22

2023

2022

Profitability:

Net income (loss) attributed to shareholders

$

1,025

$

(2,119)

$

2,431

$

(3,339)

Core earnings

$

1,637

$

1,526

$

3,168

$

2,919

EPS ($)

$

0.50

$

(1.13)

$

1.23

$

(1.79)

Core EPS ($)

$

0.83

$

0.76

$

1.63

$

1.45

ROE

9.3 %

(22.4) %

11.4 %

(17.9) %

Core ROE

15.5 %

15.1 %

15.2 %

14.5 %

Expense efficiency ratio⁽²⁾

45.1 %

43.1 %

46.1 %

44.7 %

Expenditure efficiency ratio⁽²⁾

51.9 %

50.1 %

52.9 %

51.7 %

General expenses

$

1,022

$

884

$

2,108

$

1,815

Core expenses⁽³⁾

$

1,598

$

1,381

$

3,203

$

2,797

Core expenditures⁽³⁾

$

2,099

$

1,835

$

4,211

$

3,707

Business performance:

Asia APE sales

$

1,181

$

900

$

2,354

$

1,987

Canada APE sales

$

322

$

361

$

615

$

724

U.S. APE sales

$

130

$

147

$

264

$

307

Total APE sales

$

1,633

$

1,408

$

3,233

$

3,018

Asia new business value

$

424

$

393

$

796

$

762

Canada new business value

$

106

$

82

$

198

$

186

U.S. new business value

$

55

$

35

$

100

$

76

Total new business value

$

585

$

510

$

1,094

$

1,024

Asia new business CSM

$

432

$

328

$

733

$

645

Canada new business CSM

$

57

$

47

$

103

$

108

U.S. new business CSM

$

103

$

118

$

198

$

230

Total new business CSM

$

592

$

493

$

1,034

$

983

Asia CSM net of NCI

$

9,630

$

9,025

$

9,630

$

9,025

Canada CSM

$

3,656

$

3,626

$

3,656

$

3,626

U.S. CSM

$

4,106

$

4,026

$

4,106

$

4,026

Corporate and Other CSM

$

31

$

34

$

31

$

34

Total CSM net of NCI

$

17,423

$

16,711

$

17,423

$

16,711

Post-tax CSM net of NCI

$

14,877

$

14,224

$

14,877

$

14,224

Global WAM net flows ($ billions)

$

2.2

$

1.7

$

6.6

$

8.5

Global WAM gross flows ($ billions)⁽⁴⁾

$

35.2

$

34.1

$

74.0

$

72.5

Global WAM assets under management and administration ($ billions)⁽³⁾

$

819.6

$

746.8

$

819.6

$

746.8

Global WAM total invested assets ($ billions)

$

5.5

$

5.7

$

5.5

$

5.7

Global WAM segregated funds net assets ($ billions)

$

238.7

$

213.3

$

238.7

$

213.3

Financial strength:

MLI's LICAT ratio

136 %

137 %

136 %

137 %

Financial leverage ratio⁽²⁾

25.8 %

26.0 %

25.8 %

26.0 %

Book value per common share ($)

$

21.30

$

20.62

$

21.30

$

20.62

Adjusted book value per common share ($)

$

29.42

$

28.06

$

29.42

$

28.06

________________________________________

¹

Asia Other excludes Hong Kong and Japan.

²

Effective January 1, 2023, international high net worth business was reclassified from the U.S. segment to the Asia segment. Prior period comparative information has been restated to reflect the change in segment reporting.

Quarterly Results

YTD Results

($ millions)

2Q23

1Q23

2Q22

2023

2022

Core earnings

Asia

$            473

$            489

$            450

$            962

$            929

Canada

374

353

366

727

700

U.S.

458

385

428

843

721

Global Wealth and Asset Management

320

287

327

607

671

Corporate and Other

12

17

(45)

29

(102)

Total core earnings

$         1,637

$         1,531

$         1,526

$         3,168

$         2,919

Items excluded from core earnings:

Market experience gains (losses)

(570)

(65)

(1,358)

(635)

(1,355)

Change in actuarial methods and assumptions that flow
   directly through income

-

-

-

-

-

Restructuring charge

-

-

-

-

-

Reinsurance transactions, tax-related items and other

(42)

(60)

-

(102)

(71)

Net income attributed to shareholders / Transitional⁽¹⁾

$         1,025

$         1,406

$            168

$         2,431

$         1,493

⁽¹⁾

This item is a non-GAAP financial measure.

2Q23

($ millions, post-tax and based on actual foreign exchange
rates in effect in the applicable reporting period, unless
otherwise stated)

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Income (loss) before income taxes

$        345

$        312

$        220

$        362

$        197

$     1,436

Income tax (expense) recovery

Core earnings

(73)

(97)

(110)

(45)

18

(307)

Items excluded from core earnings

(18)

33

73

1

(47)

42

Income tax (expense) recovery

(91)

(64)

(37)

(44)

(29)

(265)

Net income (post-tax)

254

248

183

318

168

1,171

Less: Net income (post-tax) attributed to

Non-controlling interests ("NCI")

25

-

-

1

-

26

Participating policyholders

99

21

-

-

-

120

Net income (loss) attributed to shareholders (post-tax)

130

227

183

317

168

1,025

Less: Items excluded from core earnings (post-tax)

Market experience gains (losses)

(297)

(147)

(275)

(7)

156

(570)

Changes in actuarial methods and assumptions that
   flow directly through income

-

-

-

-

-

-

Restructuring charge

-

-

-

-

-

-

Reinsurance transactions, tax related items and other

(46)

-

-

4

-

(42)

Core earnings (post-tax)

$        473

$        374

$        458

$        320

$          12

$     1,637

Income tax on core earnings (see above)

73

97

110

45

(18)

307

Core earnings (pre-tax)

$        546

$        471

$        568

$        365

$          (6)

$     1,944

2Q23

(Canadian $ millions, post-tax and based on actual foreign
exchange rates in effect in the applicable reporting period,
unless otherwise stated)

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Core earnings (post-tax)

$        473

$        374

$        458

$        320

$          12

$     1,637

CER adjustment⁽¹⁾

-

-

-

-

-

-

Core earnings, CER basis (post-tax)

$        473

$        374

$        458

$        320

$          12

$     1,637

Income tax on core earnings, CER basis⁽²⁾

73

97

110

45

(18)

307

Core earnings, CER basis (pre-tax)

$        546

$        471

$        568

$        365

$          (6)

$     1,944

⁽¹⁾

The impact of updating foreign exchange rates to that which was used in 2Q23.

⁽²⁾

Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q23.

1Q23

($ millions, post-tax and based on actual foreign exchange
rates in effect in the applicable reporting period, unless
otherwise stated)

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Income (loss) before income taxes

$        613

$        423

$        219

$       345

$        119

$     1,719

Income tax (expense) recovery

Core earnings

(68)

(85)

(86)

(45)

14

(270)

Items excluded from core earnings

(37)

(14)

53

(3)

(38)

(39)

Income tax (expense) recovery

(105)

(99)

(33)

(48)

(24)

(309)

Net income (post-tax)

508

324

186

297

95

1,410

Less: Net income (post-tax) attributed to

Non-controlling interests ("NCI")

54

-

-

-

-

54

Participating policyholders

(65)

15

-

-

-

(50)

Net income (loss) attributed to shareholders (post-tax)

519

309

186

297

95

1,406

Less: Items excluded from core earnings (post-tax)

Market experience gains (losses)

30

(44)

(166)

9

106

(65)

Changes in actuarial methods and assumptions that
   flow directly through income

-

-

-

-

-

-

Restructuring charge

-

-

-

-

-

-

Reinsurance transactions, tax related items and other

-

-

(33)

1

(28)

(60)

Core earnings (post-tax)

$        489

$        353

$        385

$       287

$          17

$     1,531

Income tax on core earnings (see above)

68

85

86

45

(14)

270

Core earnings (pre-tax)

$        557

$        438

$        471

$       332

$            3

$     1,801

1Q23

(Canadian $ millions, post-tax and based on actual foreign
exchange rates in effect in the applicable reporting period,
unless otherwise stated)

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Core earnings (post-tax)

$        489

$        353

$        385

$        287

$          17

$     1,531

CER adjustment⁽¹⁾

(8)

-

(3)

(1)

-

(12)

Core earnings, CER basis (post-tax)

$        481

$        353

$        382

$        286

$          17

$     1,519

Income tax on core earnings, CER basis⁽²⁾

67

85

85

45

(14)

268

Core earnings, CER basis (pre-tax)

$        548

$        438

$        467

$        331

$            3

$     1,787

⁽¹⁾

The impact of updating foreign exchange rates to that which was used in 2Q23.

⁽²⁾

Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q23.

2Q22

($ millions, post-tax and based on actual foreign exchange
rates in effect in the applicable reporting period, unless
otherwise stated)

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Income (loss) before income taxes

$          49

$      (923)

$   (1,561)

$        170

$      (391)

$   (2,656)

Income tax (expense) recovery

Core earnings

(64)

(88)

(101)

(60)

12

(301)

Items excluded from core earnings

(35)

415

436

40

(2)

854

Income tax (expense) recovery

(99)

327

335

(20)

10

553

Net income (post-tax)

(50)

(596)

(1,226)

150

(381)

(2,103)

Less: Net income (post-tax) attributed to

Non-controlling interests

52

-

-

-

-

52

Participating policyholders

(51)

15

-

-

-

(36)

Net income (loss) attributed to shareholders (post-tax)

(51)

(611)

(1,226)

150

(381)

(2,119)

IFRS 9 transitional impacts (post-tax)

(176)

882

1,581

-

-

2,287

Transitional net income (loss) attributed to shareholders (post-tax)

(227)

271

355

150

(381)

168

Less: Items excluded from core earnings (post-tax)

Market experience gains (losses)

(677)

(95)

(73)

(177)

(336)

(1,358)

Changes in actuarial methods and assumptions that
   flow directly through income

-

-

-

-

-

-

Restructuring charge

-

-

-

-

-

-

Reinsurance transactions, tax related items and other

-

-

-

-

-

-

Core earnings (post-tax)

$        450

$        366

$        428

$        327

$        (45)

$     1,526

Income tax on core earnings (see above)

64

88

101

60

(12)

301

Core earnings (pre-tax)

$        514

$        454

$        529

$        387

$        (57)

$     1,827

2Q22

(Canadian $ millions, post-tax and based on actual foreign
exchange rates in effect in the applicable reporting period,
unless otherwise stated)

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Core earnings (post-tax)

$        450

$        366

$        428

$        327

$        (45)

$     1,526

CER adjustment⁽¹⁾

18

-

22

12

-

52

Core earnings, CER basis (post-tax)

$        468

$        366

$        450

$        339

$        (45)

$     1,578

Income tax on core earnings, CER basis⁽²⁾

65

88

106

62

(12)

309

Core earnings, CER basis (pre-tax)

$        533

$        454

$        556

$        401

$        (57)

$     1,887

⁽¹⁾

The impact of updating foreign exchange rates to that which was used in 2Q23.

⁽²⁾

Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q23.

YTD 2023

($ millions, post-tax and based on actual foreign exchange
rates in effect in the applicable reporting period, unless
otherwise stated)

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Income (loss) before income taxes

$        958

$        735

$        439

$        707

$        316

$     3,155

Income tax (expense) recovery

Core earnings

(141)

(182)

(196)

(90)

32

(577)

Items excluded from core earnings

(55)

19

126

(2)

(85)

3

Income tax (expense) recovery

(196)

(163)

(70)

(92)

(53)

(574)

Net income (post-tax)

762

572

369

615

263

2,581

Less: Net income (post-tax) attributed to

Non-controlling interests

79

-

-

1

-

80

Participating policyholders

34

36

-

-

-

70

Net income (loss) attributed to shareholders (post-tax)

649

536

369

614

263

2,431

Less: Items excluded from core earnings (post-tax)

Market experience gains (losses)

(267)

(191)

(441)

2

262

(635)

Changes in actuarial methods and assumptions that
   flow directly through income

-

-

-

-

-

-

Restructuring charge

-

-

-

-

-

-

Reinsurance transactions, tax related items and other

(46)

-

(33)

5

(28)

(102)

Core earnings (post-tax)

$        962

$        727

$        843

$        607

$          29

$     3,168

Income tax on core earnings (see above)

141

182

196

90

(32)

577

Core earnings (pre-tax)

$     1,103

$        909

$     1,039

$        697

$          (3)

$     3,745

YTD 2023

(Canadian $ millions, post-tax and based on actual foreign
exchange rates in effect in the applicable reporting period,
unless otherwise stated)

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Core earnings (post-tax)

$        962

$        727

$        843

$        607

$          29

$     3,168

CER adjustment⁽¹⁾

(8)

-

(2)

(1)

(1)

(12)

Core earnings, CER basis (post-tax)

$        954

$        727

$        841

$        606

$          28

$     3,156

Income tax on core earnings, CER basis⁽²⁾

140

182

195

90

(32)

575

Core earnings, CER basis (pre-tax)

$     1,094

$        909

$     1,036

$        696

$          (4)

$     3,731

⁽¹⁾

The impact of updating foreign exchange rates to that which was used in 2Q23.

⁽²⁾

Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q23.

YTD 2022

($ millions, post-tax and based on actual foreign exchange
rates in effect in the applicable reporting period, unless
otherwise stated)

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Income (loss) before income taxes

$        241

$   (1,961)

$   (2,336)

$        506

$      (769)

$   (4,319)

Income tax (expense) recovery

Core earnings

(128)

(160)

(162)

(124)

32

(542)

Items excluded from core earnings

(44)

870

673

51

(15)

1,535

Income tax (expense) recovery

(172)

710

511

(73)

17

993

Net income (post-tax)

69

(1,251)

(1,825)

433

(752)

(3,326)

Less: Net income (post-tax) attributed to

Non-controlling interests

54

-

-

-

-

54

Participating policyholders

(73)

32

-

-

-

(41)

Net income (loss) attributed to shareholders (post-tax)

88

(1,283)

(1,825)

433

(752)

(3,339)

IFRS 9 transitional impacts (post-tax)

(110)

1,880

3,065

-

(3)

4,832

Transitional net income (loss) attributed to
   shareholders (post-tax)

(22)

597

1,240

433

(755)

1,493

Less: Items excluded from core earnings (post-tax)

Market experience gains (losses)

(951)

(103)

519

(238)

(582)

(1,355)

Changes in actuarial methods and assumptions that
   flow directly through income

-

-

-

-

-

-

Restructuring charge

-

-

-

-

-

-

Reinsurance transactions, tax related items and other

-

-

-

-

(71)

(71)

Core earnings (post-tax)

$        929

$        700

$        721

$        671

$      (102)

$     2,919

Income tax on core earnings (see above)

127

160

162

124

(32)

541

Core earnings (pre-tax)

$     1,056

$        860

$        883

$        795

$      (134)

$     3,460

YTD 2022

(Canadian $ millions, post-tax and based on actual foreign
exchange rates in effect in the applicable reporting period,
unless otherwise stated)

Asia

Canada

U.S.

Global
WAM

Corporate
and Other

Total

Core earnings (post-tax)

$        929

$        700

$        721

$        671

$      (102)

$     2,919

CER adjustment⁽¹⁾

27

-

40

25

2

94

Core earnings, CER basis (post-tax)

$        956

$        700

$        761

$        696

$      (100)

$     3,013

Income tax on core earnings, CER basis⁽²⁾

130

160

171

127

(32)

556

Core earnings, CER basis (pre-tax)

$     1,086

$        860

$        932

$        823

$      (132)

$     3,569

⁽¹⁾

The impact of updating foreign exchange rates to that which was used in 2Q23.

⁽²⁾

Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q23.

Quarterly Results

YTD Results

Full Year
Results

2Q23

1Q23

4Q22

3Q22

2Q22

2023

2022

2022

Core earnings

$    1,637

$    1,531

$    1,543

$    1,339

$    1,526

$    3,168

$    2,919

$    5,801

Less: Preferred share dividends

(98)

(52)

(97)

(51)

(60)

(150)

(112)

(260)

Core earnings available to common
   shareholders 

1,539

1,479

1,446

1,288

1,466

3,018

2,807

5,541

CER adjustment⁽¹⁾

-

(12)

(4)

27

52

(12)

94

117

Core earnings available to common
   shareholders, CER basis

$    1,539

$    1,467

$    1,442

$    1,315

$    1,518

$    3,006

$    2,901

$    5,658

⁽¹⁾

The impact of updating foreign exchange rates to that which was used in 2Q23.

Quarterly Results

YTD Results

Full Year
Results

2Q23

1Q23

4Q22

3Q22

2Q22

2023

2022

2022

Core earnings available to common
   shareholders

$    1,539

$    1,479

$    1,446

$    1,288

$    1,466

$    3,018

$    5,541

Annualized core earnings available
   to common shareholders

$    6,173

$    5,998

$    5,737

$    5,110

$    5,880

$    6,086

$    5,661

$    5,541

Average common shareholders'
   equity (see below)

$  39,881

$  40,465

$  40,667

$  40,260

$  39,095

$  40,173

$  38,988

$  39,726

Core ROE (annualized) (%)

15.5 %

14.8 %

14.1 %

12.7 %

15.1 %

15.2 %

14.5 %

14.0 %

Average common shareholders' equity

Total shareholders' and other equity

$  45,707

$  47,375

$  46,876

$  47,778

$  46,061

$  45,707

$  46,061

$  46,876

Less: Preferred shares and other equity

6,660

6,660

6,660

6,660

6,660

6,660

6,660

6,660

Common shareholders' equity

$  39,047

$  40,715

$  40,216

$  41,118

$  39,401

$  39,047

$  39,401

$  40,216

Average common shareholders'
   equity

$  39,881

$  40,465

$  40,667

$  40,260

$  39,095

$  40,173

$  38,988

$  39,726

Quarterly Results

YTD
Results

Full Year
Results

4Q22

3Q22

2Q22

1Q22

2022

2022

Total transitional net income (loss) attributed to
   shareholders

$    1,228

$       777

$       168

$   1,325

$    3,498

Preferred share dividends and other equity distributions

(97)

(51)

(60)

(52)

(260)

Common shareholders transitional net income (loss)

$    1,131

$       726

$       108

$   1,273

$    1,381

$    3,238

Annualized common shareholders transitional net income
   (loss)

$    4,487

$    2,876

$       437

$   5,163

$    2,785

$    3,238

Average common shareholders' equity (see below)

$  40,667

$  40,260

$  39,095

$ 38,881

$  38,988

$  39,726

Transitional ROE (annualized) (%)

11.0 %

7.1 %

1.1 %

13.3 %

8.2 %

As at

Jun 30,
2023

Mar 31,
2023

Dec 31,
2022

Sept 30,
2022

Jun 30,
2022

Post-tax CSM

CSM

$       18,103

$       18,200

$       17,977

$       17,798

$       17,452

Marginal tax rate on CSM

(2,645)

(2,724)

(2,726)

(2,632)

(2,595)

Post-tax CSM

$       15,458

$       15,476

$       15,251

$       15,166

$       14,857

CSM, net of NCI

$       17,423

$       17,467

$       17,283

$       17,086

$       16,711

Marginal tax rate on CSM net of NCI

(2,546)

(2,617)

(2,624)

(2,526)

(2,487)

Post-tax CSM net of NCI

$       14,877

$       14,850

$       14,659

$       14,560

$       14,224

Quarterly Results

YTD Results

Full Year
Results

2Q23

1Q23

4Q22

3Q22

2Q22

2023

2022

2022

New business CSM, net of NCI

Hong Kong

$    191

$    119

$        110

$    127

$      94

$    310

$   200

$         437

Japan

19

36

28

37

38

55

75

140

Asia Other

222

146

186

176

196

368

370

732

International High Net Worth

197

Mainland China

12

Singapore

189

Vietnam

305

Other Emerging Markets

29

Asia

432

301

324

340

328

733

645

1,309

Canada

57

46

47

44

47

103

108

199

U.S.

103

95

71

86

118

198

230

387

Total new business CSM net of NCI

592

442

442

470

493

1,034

983

1,895

Asia NCI 

38

19

-

2

1

57

18

20

Total impact of new insurance business in CSM

$    630

$    461

$        442

$    472

$    494

$ 1,091

$ 1,001

$      1,915

New business CSM, net of NCI, CER adjustment⁽¹⁾

Hong Kong

$         -

$      (1)

$          (1)

$        3

$        5

$      (1)

$     12

$           14

Japan

-

(1)

1

2

(1)

(1)

(4)

(3)

Asia Other

-

(2)

2

7

11

(2)

15

25

International High Net Worth

5

Mainland China

-

Singapore

12

Vietnam

8

Other Emerging Markets

-

Asia

-

(4)

2

12

15

(4)

23

36

Canada

-

-

-

-

(1)

-

-

-

U.S.

-

-

(1)

3

6

-

13

15

Total new business CSM net of NCI

-

(4)

1

15

20

(4)

36

51

Asia NCI 

-

(1)

(1)

(1)

1

(1)

(1)

(1)

Total impact of new insurance business in CSM

$         -

$      (5)

$             -

$      14

$      21

$      (5)

$     35

$           50

New business CSM net of NCI, CER basis

Hong Kong

$    191

$    118

$        109

$    130

$      99

$    309

$   212

$         451

Japan

19

35

29

39

37

54

71

137

Asia Other

222

144

188

183

207

366

385

757

International High Net Worth

202

Mainland China

12

Singapore

201

Vietnam

313

Other Emerging Markets

29

Asia

432

297

326

352

343

729

668

1,345

Canada

57

46

47

44

46

103

108

199

U.S.

103

95

70

89

124

198

243

402

Total new business CSM net of NCI, CER basis

592

438

443

485

513

1,030

1,019

1,946

Asia NCI, CER basis

38

18

(1)

1

2

56

17

19

Total impact of new insurance business in
   CSM, CER basis

$    630

$    456

$        442

$    486

$    515

$ 1,086

$ 1,036

$      1,965

⁽¹⁾

The impact of updating foreign exchange rates to that which was used in 2Q23.

As at

($ millions)

June 30,
2023

Mar 31,
2023

Dec 31,
2022

Sept 30,
2022

June 30,
2022

Common shareholders' equity

$   39,047

$   40,715

$   40,216

$   41,118

$   39,401

Post tax CSM, net of NCI

14,877

14,850

14,659

14,560

14,224

Adjusted book value

$   53,924

$   55,565

$   54,875

$   55,678

$   53,625

As at

June 30,
2023

Mar 31,
2023

Dec 31,
2022

Sept 30,
2022

June 30,
2022

Total invested assets

$   403,428

$   412,476

$   400,142

$   396,583

$   391,098

Less: Non Global WAM total invested assets

397,964

406,911

394,390

390,997

385,400

Total invested assets – Global WAM

5,464

5,565

5,752

5,586

5,698

Total segregated funds net assets

$   365,981

$   364,044

$   348,563

$   335,245

$   334,903

Less: Non Global WAM total segregated funds net assets

127,304

128,466

124,372

120,776

121,624

Total invested assets – Global WAM

238,677

235,578

224,191

214,469

213,279

Global WAM total invested assets and net segregated funds
   assets

$   244,141

$   241,143

$   229,943

$   220,055

$   218,977

Global WAM AUMA

Total invested assets

$       5,464

$       5,565

$       5,752

$       5,586

$       5,698

Segregated funds net assets

Segregated funds net assets - Institutional

3,564

3,718

3,719

4,118

4,098

Segregated funds net assets - Other

235,113

231,860

220,472

210,351

209,181

Total

238,677

235,578

224,191

214,469

213,279

Mutual funds

267,835

267,767

258,273

249,591

250,517

Institutional asset management⁽¹⁾

112,491

113,781

109,739

100,474

96,997

Other funds

14,674

14,302

13,617

12,910

15,075

Total Global WAM AUM

639,141

636,993

611,572

583,030

581,566

Assets under administration

180,430

177,510

170,768

168,316

165,197

Total Global WAM AUMA

$   819,571

$   814,503

$   782,340

$   751,346

$   746,763

Total Global WAM AUMA

$   819,571