quarterly press release Q3 2024

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TORONTO, ON - November 6, 2024 - Manulife Financial Corporation ("Manulife" or the "Company") reported its third quarter results for the period ended September 30, 2024, delivering record core earnings and insurance new business results1.

Key highlights for the third quarter of 2024 ("3Q24") include:

• Core earnings2 of $1.8 billion, up 4% on a constant exchange rate basis3 from the third quarter of 2023 ("3Q23")
• Net income attributed to shareholders of $1.8 billion, up $0.8 billion from 3Q23
• Core EPS4 of $1.00, up 7%3 from 3Q23. EPS of $1.00, up 91%3 from 3Q23
• Excluding the impact of Global Minimum Taxes ("GMT")5, core EPS4 was $1.03, up 11%3 from 3Q23
• Core ROE4 of 16.6% and ROE of 16.6%
• LICAT ratio6 of 137%
• APE sales up40%7, new business CSM up 47%3 and new business value ("NBV") up 39%7 from 3Q238
• Global Wealth and Asset Management net inflows7 of $5.2 billion, up from net outflows of $0.8 billion in 3Q23

"We continued to drive momentum and delivered strong results in the third quarter, evident in record total company core earnings, substantial top-line growth across our operating segments and steady growth in our book value per share. In Global WAM, we generated a 37% increase in core earnings year-over-year, and our core EBITDA margin4 further improved to 27.8% driven by strong AUMA growth and higher operating leverage. In Asia, we reached record levels of APE sales, new business CSM and NBV, while delivering 17% growth in core earnings. On a year-to-date basis, we generated 70% of core earnings from our highest potential businesses4 which contributed to a 14% growth in core EPS excluding the impact of GMT. We remain focused on executing against our strategic priorities and delivering on our financial targets to bring a strong close to 2024, and I am optimistic in our ability to continue generating value to our shareholders."

• Roy Gori, Manulife President & Chief Executive Officer

"We have made progress on our financial targets unveiled at our Investor Day this year. Core ROE of 16.6% reflects strong business performance and disciplined capital allocation. We remain diligent in our expense management with 45.0% expense efficiency ratio4 on a year-to-date basis, in-line with our medium-term target of less than 45%. Our balance sheet is strong, and we returned more than $2 billion to our shareholders through our common share buyback program since the start of 20249."

• Colin Simpson, Manulife Chief Financial Officer

Results at a Glance

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Results by Segment

Strategic Highlights

We are driving profitable top-line growth through product and distribution innovations

In Asia, we continued the rollout of Manulife Pro, our proprietary recognition and activation program for top-tier agents, to Hong Kong in July. This key initiative contributed to improved productivity, reflecting our investments in our agency force and contributing to over 20% year-over-year growth in agency NBV and agency APE sales in 3Q24. With this expansion Manulife Pro is now available in five of our markets10.

In addition, we further enhanced our high-net-worth offerings with the launch of two innovative new products: Manulife Global Indexed UL PRO in our International High Net Worth business and Signature Indexed Income in Singapore. These offerings build on our capabilities to meet the complex and evolving protection, legacy planning and wealth management needs of high-net-worth customers.

In the U.S., we expanded a differentiated enhancement to our entire suite of survivorship solutions, allowing customers to proactively address their estate planning needs now in anticipation of potential estate tax changes in 2026.

In Global WAM, we announced the closing of a $1.1 billion institutional fund - Manulife Private Equity Partners II. This fund is part of our ongoing effort to provide specialized solutions for institutional investors seeking greater exposure to opportunities in the growing North American private equity market.

We are elevating the customer experience with continued digital and AI enhancements

In Asia, we improved customer experience and the operational efficiency of our Japan contact centre as part of global contact centre transformation initiatives. Our further enhancement of voice bot capabilities and the application of AI contributed to a record high transactional NPS11 on a year-to-date basis. AI-enabled speech-to- text and call summarization enhancements reduced average contact centre handling time by 28% compared with 3Q23.

Furthermore, we launched new mobile apps in Vietnam and Indonesia as part of our program to create a unified customer app experience in each of our Asia markets. These apps now enable customers to seamlessly conduct a wide range of policy management activities including accessing policy information, making premium payments,

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tracking claim status, updating personal information and downloading contracts. Since the launch of the new mobile app in Vietnam in August, monthly customer registrations have nearly doubled12.

In the U.S., we entered into a strategic distribution partnership with Ethos - a life insurance technology company focused on simplifying the purchase experience - to provide prospective customers and nearly 9,000 newly appointed agents with instant coverage decisions for our Simple Term solution via the Ethos platform.

In Global WAM, we launched an AI-powered planning tool in our wealth platform in Canada Retail to enhance support for advisors and their clients, delivering an elevated service experience through streamlined financial planning processes and personalized advice and solutions.

We are helping our customers live longer, healthier, and better lives

In Canada, we further enhanced our mobile app for the Manulife Vitality program with tailored activity recommendations to provide customers with a more personalized app experience to help them achieve their health and wellness goals. Continuous improvements have resulted in a 9% increase in utilization year-over-year.

In the U.S., we provided access to GRAIL's Galleri® multi-cancer early detection test to certain eligible John Hancock Vitality members ages 40 to 49 (previously ages 50 and up). This change aligns our offering with recent medical research indicating a significant increase in early-onset cancer diagnoses13, reinforcing our commitment to early detection and better health outcomes for our members.

Strong earnings driven by continued business growth and improved market experience14

Core earnings of $1.8 billion in 3Q24, up 4% from 3Q23

The increase reflected strong business growth led by Global WAM and Asia, and a lower net charge in the provision for Expected Credit Loss ("ECL"), more than offsetting the impacts of GMT and reinsurance transactions closed earlier this year.

• Asia core earnings were up 17%, reflecting continued business growth momentum and benefits from updates to actuarial methods and assumptions in 2023 and 2024.
• Global WAM core earnings hit a record level in 3Q24 and grew 37%, driven by higher net fee income from favourable market impacts and positive net flows, favourable tax true-ups and benefits, and continued expense discipline.
• Canada core earnings increased 1% as strong business growth in Group Insurance more than offset the impact of less favourable claims experience in 3Q24.
• U.S. core earnings were down 8%, primarily due to lower investment spreads, impact from the previously completed reinsurance transaction and the annual review of actuarial methods and assumptions, partially offset by a lower charge in the ECL provision and more favourable claims experience in life.
• Corporate and Other core earnings decreased $123 million, mainly due to the impact of GMT and higher interest on capital allocated to operating segments.

Net Income attributed to shareholders of $1.8 billion in 3Q24, $0.8 billion higher compared with 3Q23

The $0.8 billion increase in net income reflects improved market experience and core earnings growth, partially offset by lower tax-related benefits and a higher net charge from the annual review of actuarial methods and assumptions. The net gain from market experience in 3Q24 was primarily related to higher-than-expected returns from public equity and net realized gains from the sale of debt instruments, partially offset by lower-than-expected returns on alternative long-duration assets mainly related to real estate investments.

Record levels across all three insurance new business metrics for total company and Asia segment, and strong net inflows in Global WAM

Significant momentum continued into 3Q24 as the insurance business generated year-over-year growth of 40%, 47% and 39% in APE sales, new business CSM and NBV, respectively.

• Asia led with broad-based growth, generating 64%, 45% and 55% year-over-year growth in APE sales,
  new business CSM and NBV, respectively, reflecting higher sales volumes in Hong Kong, mainland China, Singapore and Japan. NBV margin7 remained resilient at 38.8%.
• Canada delivered solid new business results; higher sales in participating life insurance and Group Insurance were more than offset by the non-recurrence of a large affinity market sale in 3Q23. APE sales

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and NBV were down 20% and 7%, respectively, while new business CSM increased 86% due to strong individual insurance and segregated fund sales.

• U.S. delivered double-digit growth in APE sales, new business CSM and NBV of 23%, 30% and 36%, respectively, reflecting a rebound in demand from affluent customers for accumulation insurance products.

Global WAM net inflows of $5.2 billion in 3Q24, increased $6.0 billion compared with net outflows of $0.8 billion in 3Q23, reflecting strong Retail net flows across all geographies

• Retirement net inflows of$0.6 billion in 3Q24 increased from net outflows of $3.4 billion in 3Q23, primarily driven by the non-recurrence of a large-case retirement plan redemption in the U.S. in 3Q23.
• Retail net inflows of$3.9 billion in 3Q24 increased from net outflows of $0.2 billion in 3Q23, due to increased demand for investment products amid an equity market recovery and improved investor sentiment, as well as the onboarding of several new advisors in Canada wealth.
• Institutional Asset Management net inflows of$0.7 billion in 3Q24 decreased compared with net inflows of $2.8 billion in 3Q23, reflecting higher redemptions in fixed income mandates.

Growth in new business continues to drive higher organic CSM and CSM balance

CSM15 was $20,930 million as at September 30, 2024

CSM increased $490 million compared with December 31, 2023. Organic CSM movement contributed $724 million of the increase for the first three quarters of 2024, primarily driven by the impact of new business and interest accretion, partially offset by amortization recognized in core earnings and adverse insurance experience. Inorganic CSM movement was a decrease of $234 million for the same period, primarily driven by the impacts of reinsurance transactions and the annual review of actuarial methods and assumptions, partially offset by favourable impacts of changes in foreign currency exchange rates and equity market performance. Post-tax CSM net of NCI2 was $18,595 million as at September 30, 2024.

Annual Review of Actuarial Methods and Assumptions

We completed our annual review of actuarial methods and assumptions, which resulted in a net favourable impact of a $174 million16 decrease in pre-tax fulfillment cash flows. Under IFRS 17, the impact of the annual review of actuarial methods and assumptions is reported in several places. The $174 million decrease in pre-tax fulfillment cash flows in 3Q24 was comprised of a decrease in pre-tax net income attributed to shareholders of $250 million ($199 million post-tax), an increase in pre-tax net income attributed to participating policyholders of $29 million ($21 million post-tax), a decrease in CSM of $421 million, an increase in pre-tax other comprehensive income attributed to shareholders of $771 million ($632 million post-tax), and an increase in pre-tax other comprehensive income attributed to participating policyholders of $45 million ($32 million post-tax). The actuarial review this year included updates to our lapse assumptions for non-participating products in our U.S. life insurance business and in our International High Net Worth business in Asia segment, updates to discount rates used in the valuation of our non-participating business, a review of our reinsurance contracts and risk adjustment, updates to our global expense assumptions, updates to mortality and morbidity assumptions in certain products in Asia, as well as other methodology refinements.

1. Record levels of total company annualized premium equivalent ("APE") sales, new business contractual service margin ("new business CSM") and new business value ("NBV").
2. Core earnings and post-tax contractual service margin net of NCI ("post-tax CSM net of NCI") are non-GAAP financial measures. For more information on non-GAAP and other financial measures, see "Non-GAAP and other financial measures" below and in our 3Q24 Management's Discussion and Analysis ("3Q24 MD&A").
3. Percentage growth / declines in core earnings, diluted core earnings per common share ("core EPS"), diluted earnings (loss) per share ("EPS"), core EPS excluding the impact of GMT, new business contractual service margin net of NCI ("new business CSM"), and net income attributed to shareholders are stated on a constant exchange rate basis and are non-GAAP ratios.
4. Core EPS, core EPS excluding the impact of GMT, core ROE, core EBITDA margin, highest potential businesses core earnings contribution, expense efficiency ratio, adjusted book value per common share ("adjusted BV per common share") and financial leverage ratio are non-GAAP ratios.
5. On June 20, 2024, Canada enacted the Global Minimum Tax Act. The impact was reflected in Corporate & Other in situations where GMT was not substantively enacted in local jurisdictions where we operated as of September 30, 2024.
6. Life Insurance Capital Adequacy Test ("LICAT") ratio of The Manufacturers Life Insurance Company ("MLI") as at September 30, 2024. LICAT ratio is disclosed under the Office of the Superintendent of Financial Institutions Canada's ("OSFI's") Life Insurance Capital Adequacy Test Public Disclosure Requirements guideline.
7. For more information on annualized premium equivalent ("APE") sales, NBV, Global Wealth and Asset Management ("Global WAM") net flows, gross flows, average asset under management and administration ("average AUMA") and new business value margin ("NBV margin"), see "Non-GAAP and other financial measures" below. In this news release, percentage growth/decline in APE sales, NBV, net flows, gross flows and average AUMA are stated on a constant exchange rate basis.

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1. Refer to "Results at a Glance" for 3Q24 and 3Q23 results.
2. As of October 31, 2024.
3. Manulife Pro is available in Singapore, Vietnam, Indonesia, Japan and Hong Kong.
4. Net promoter score ("NPS").
5. Compared with registration in May 2024, prior to the soft launch of the app in June 2024.
6. Jianhui Zhao, Liying Xu, et al - Global trends in incidence, death, burden and risk factors of early-onset cancer from 1990 to 2019: BMJ Oncology 2023.
7. See section A1 "Profitability" in our 3Q24 MD&A for more information on notable items attributable to core earnings and net income attributed to shareholders.
8. Net of non-controlling interests ("NCI").
9. This amount excludes the portion related to NCI.

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Quarterly Results Conference Call

Manulife will host a conference call and live webcast on its third quarter 2024 results on November 7, 2024, at 8:00 a.m. (ET). To access the conference call, dial 1-800-806-5484 or 1-416-340-2217 (Passcode: 3664682#). Please call in 15 minutes before the scheduled start time. You will be required to provide your name and organization to the operator. You may access the webcast at manulife.com/en/investors/results-and-reports.

The archived webcast will be available following the call at the same URL as above. A replay of the call will also be available until December 7, 2024, by dialing 1-800-408-3053 or 1-905-694-9451 (Passcode: 5071593#).

The Third Quarter 2024 Statistical Information Package is also available on the Manulife website at www.manulife.com/en/investors/results-and-reports.

This earnings news release should be read in conjunction with the Company's Third Quarter 2024 Report to Shareholders, including our unaudited interim Consolidated Financial Statements for the three and nine months ended September 30, 2024, prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, which is available on our website at https://www.manulife.com/en/investors/results-and-reports.html. The Company's 3Q24 MD&A and additional information relating to the Company is available on the SEDAR+ website at http://www.sedarplus.caand on the U.S. Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

Any information contained in, or otherwise accessible through, websites mentioned in this news release does not form a part of this document unless it is expressly incorporated by reference.

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Earnings

The following table presents net income attributed to shareholders, consisting of core earnings and details of the items excluded from core earnings:

Non-GAAP and other financial measures

The Company prepares its Consolidated Financial Statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. We use a number of non-GAAP and other financial measures to evaluate overall performance and to assess each of our businesses. This section includes information required by National Instrument 52-112 - Non-GAAPand Other Financial Measures Disclosure in respect of "specified financial measures" (as defined therein).

Non-GAAP financial measures include core earnings (loss); core earnings available to common shareholders; core earnings before income taxes, depreciation and amortization ("core EBITDA"); core expenses, core earnings available to common shareholders excluding the impact of GMT; core revenue; adjusted book value; post-tax contractual service margin; and post-tax contractual service margin net of NCI ("post-tax CSM net of NCI"). In addition, non-GAAP financial measures include the following stated on a constant exchange rate ("CER") basis: any of the foregoing non-GAAP financial measures; net income attributed to shareholders; and common shareholders' net income.

Non-GAAP ratios include core retuon common shareholders' equity ("core ROE"); diluted core earnings per common share ("core EPS"); core EPS excluding the impact of Global Minimum Tax ("GMT"); highest potential businesses core earnings contribution; expense efficiency ratio; adjusted book value per common share; financial leverage ratio; core EBITDA margin; and percentage growth/decline on a constant exchange rate basis in any of the above non-GAAP financial measures and non-GAAP ratios; net income attributed to shareholders; diluted earnings per common share ("EPS"); and new business CSM.

Other specified financial measures include NBV; APE sales; gross flows; net flows; average assets under management and administration ("average AUMA"); new business value margin ("NBV margin"); and percentage growth/decline in these foregoing specified financial measures. In addition, explanations of the components of the CSM movement, other than the new business CSM were provided in the 3Q24 MD&A.

Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under GAAP and, therefore, might not be comparable to similar financial measures disclosed by other issuers. Therefore, they should not be considered in isolation or as a substitute for any other financial information prepared in accordance with GAAP. For more information on non-GAAP financial measures, including those referred to above, see the section "Non-GAAP and other financial measures" in our 3Q24 MD&A, which is incorporated by reference.

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Reconciliation of core earnings to net income attributed to shareholders - 3Q24

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

Core earnings, CER basis and U.S. dollars - 3Q24

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

1. The impact of updating foreign exchange rates to that which was used in 3Q24.
2. Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q24.
3. Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 3Q24.

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Reconciliation of core earnings to net income attributed to shareholders - 2Q24

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

Core earnings, CER basis and U.S. dollars - 2Q24

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

1. The impact of updating foreign exchange rates to that which was used in 3Q24.
2. Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q24.
3. Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 2Q24.

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Reconciliation of core earnings to net income attributed to shareholders - 3Q23

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

Core earnings, CER basis and U.S. dollars - 3Q23

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

1. The impact of updating foreign exchange rates to that which was used in 3Q24.
2. Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 3Q24.
3. Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 3Q23.

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