slides q4 2023

From time to time, Manulife makes written and/or oral forward-looking statements, including in this presentation. In addition, our representatives may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbour" provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of 1995.

The forward-looking statements in this document include, but are not limited to, statements with respect to the closing of the reinsurance transaction in respect of certain legacy blocks and the associated capital release, possible share buybacks under our normal course issuer bid, the 2024 pro forma capital retuto shareholders, the Company's strategic priorities and targets for its highest potential businesses, net promoter score, straight-through-processing, ongoing expense efficiency, portfolio optimization, employee engagement, expected long-term returns on alternative long-duration assets (ALDA), its medium-term financial and operating targets and also relate to, among other things, our objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "suspect", "outlook", "expect", "intend", "estimate", "anticipate", "believe", "plan", "forecast", "objective", "seek", "aim", "continue", "goal", "restore", "embark" and "endeavour" (or the negative thereof) and words and expressions of similar import, and include statements concerning possible or assumed future results. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements and they should not be interpreted as confirming market or analysts' expectations in any way.

Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to the performance, volatility and correlation of equity markets, interest rates, credit and swap spreads, inflation rates, currency rates, investment losses and defaults, market liquidity and creditworthiness of guarantors, reinsurers and counterparties); the ongoing prevalence of COVID-19, including any variants, as well as actions that have been, or may be taken by governmental authorities in response to COVID-19, including the impact of any variants; changes in laws and regulations; changes in accounting standards applicable in any of the territories in which we operate; changes in regulatory capital requirements; our ability to obtain premium rate increases on in-force policies; our ability to execute strategic plans and changes to strategic plans; downgrades in our financial strength or credit ratings; our ability to maintain our reputation; impairments of goodwill or intangible assets or the establishment of provisions against future tax assets; the amount of contractual service margin recognized for service provided; the accuracy of estimates relating to morbidity, mortality and policyholder behaviour; the accuracy of other estimates used in applying accounting policies, actuarial methods and embedded value methods; our ability to implement effective hedging strategies and unforeseen consequences arising from such strategies; our ability to source appropriate assets to back our long-dated liabilities; level of competition and

consolidation; our ability to market and distribute products through current and future distribution channels; unforeseen liabilities or asset impairments arising from acquisitions and dispositions of businesses; the realization of losses arising from the sale of investments classified as fair value through other comprehensive income; our liquidity, including the availability of financing to satisfy existing financial liabilities on expected maturity dates when required; obligations to pledge additional collateral; the availability of letters of credit to provide capital management flexibility; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; the availability, affordability and adequacy of reinsurance; legal and regulatory proceedings, including tax audits, tax litigation or similar proceedings; our ability to adapt products and services to the changing market; our ability to attract and retain key executives, employees and agents; the appropriate use and interpretation of complex models or deficiencies in models used; political, legal, operational and other risks associated with our non-North American operations; geopolitical uncertainty, including international conflicts, acquisitions or divestitures, and our ability to complete transactions; environmental concerns, including climate change; our ability to protect our intellectual property and exposure to claims of infringement; and our inability to withdraw cash from subsidiaries; the fact that the amount and timing of any future common share repurchases will depend on the earnings, cash requirements and financial condition of Manulife, market conditions, capital requirements (including under LICAT capital standards), common share issuance requirements, applicable law and regulations (including Canadian and U.S. securities laws and Canadian insurance company regulations), and other factors deemed relevant by Manulife, and may be subject to regulatory approval or conditions; and the timing to close the reinsurance transactions described in this document

Additional information about material risk factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in our in our 2023 Management's Discussion and Analysis under "Risk Management and Risk Factors" and "Critical Actuarial and Accounting Policies", and in the "Risk Management" note to the Consolidated Financial Statements in our most recent annual and interim reports and elsewhere in our filings with Canadian and U.S. securities regulators.

The forward-looking statements in this presentation are, unless otherwise indicated, stated as of the date hereof and are presented for the purpose of assisting investors and others in understanding our financial position and results of operations, our future operations, as well as our objectives and strategic priorities, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statements, except as required by law.

Agenda

Overview and strategic update

Roy Gori, President & Chief Executive Officer

Financial and operating results

Colin Simpson, Chief Financial Officer

Question & Answer session

Growth

Profitability

Balance

Sheet

APE sales1

$6.4B▲12%

New business CSM1,2

$2.2B▲12%

Core EPS1,3

$3.47 ▲17%

EPS1,3

$2.61 ▲47%

Book value per share

$22.36 ▲4%

Financial leverage ratio3

24.3%▼0.8 pps

New business value ("NBV")1

$2.3B▲10%

Global WAM net flows

$4.5B▲$1.3B

Core ROE3

15.9%▲1.9 pps

ROE3

11.9%▲3.7 pps

Adjusted book value per share3

$32.19 ▲9%

MLI's LICAT ratio4

137%▲6 pps

• Strongtopline growth with double-digit increase in APE sales, NBV, new business CSM, and positive Global WAM net flows
• Strongearnings growth with core EPS increase of 17%
• Core ROE expansionto 15.9%, achieving ourmedium-termtarget of 15%+
• Robust growth of 9% in adjusted book value per share
• Strong capital position and robust financial flexibility

Announced the largest ever LTC reinsurance deal

• Expected to close by the end of February 2024
• Accretive to core EPS and core ROE
• Important step in establishing an active LTC reinsurance market

9.5x Core earnings multiple

Foregone core earnings

$130M

Risk

sensitivity

1.0x Book value multiple

Capital release

$1.2B

LTC reserves

14% Transacted LTC block's percentage of total LTC insurance contract net liabilities

Further reshaped our business profile to generate shareholder value

• Growing our high-retubusinesses
• Reducing risk
• Improving our ROE
• Returning significant capital to shareholders

Core earnings from highest potential businesses1

60%▲6 pps

Core earnings contribution from LTC & VA

12%▼12 pps

Expense efficiency ratio3

45.5%▼9.9 pps

Core ROE3

15.9%▲4.6 pps

Core earnings from Asia (Insurance + WAM)

37%▲1 pps

STP2

85%▲17 pps

Cumulative capital returned to shareholders (2018-2023)

$18.9B

Dividend per common share CAGR (2017-2023)

10%