Manulife Named #1 Life Insurance Company for AI Maturity by Evident

Rhea-AI Summary

Manulife (MFC) has achieved the top ranking for AI maturity among life insurance companies in the inaugural Evident AI Index for Insurance, placing in the top five across the overall insurance industry. The company distinguished itself by ranking in the top 10 across all measured categories: Talent, Innovation, Leadership, and Transparency. The assessment, conducted by AI benchmarking platform Evident, evaluated 30 prominent insurance companies across North America and Europe. Manulife particularly excelled in Leadership and Transparency categories, demonstrating strong executive support and strategic AI investments. The company projects its digital investments, including AI initiatives, to deliver a threefold ROI over five years through 2027, with over $600 million in benefits expected in 2024 from global digital customer leadership initiatives.

Positive

• Ranked #1 in life insurance sector for AI maturity and top 5 overall in insurance industry
• One of only three companies ranking in top 10 across all measured categories
• Strong performance in Leadership and Transparency categories showing executive commitment
• Projects threefold return on investment through 2027 on digital investments
• Expects over $600 million in benefits from digital initiatives in 2024

Negative

• None.

Insights

Technology Strategist

Manulife's #1 AI ranking showcases multi-year technology investment delivering $600M in benefits, enhancing competitive positioning in digital insurance transformation.

Manulife's recognition as the top life insurance company for AI maturity in Evident's inaugural AI Index represents a significant validation of the company's long-term technology strategy. The company not only topped the life insurance category but also placed in the top five across the entire insurance industry, demonstrating superior positioning relative to competitors in an increasingly tech-driven sector.

Particularly noteworthy is Manulife's status as one of only three companies to rank in the top 10 across all four measured categories: Talent, Innovation, Leadership, and Transparency. This balanced approach indicates a comprehensive AI implementation strategy rather than excellence in isolated areas, suggesting sustainable competitive advantages.

The company's exceptional performance in Leadership and Transparency categories reflects strong executive commitment to AI transformation, critical for successful technology implementation at scale. This executive-level support is evidenced by statements from multiple C-suite executives in the release, including the CEO, Global Chief AI Officer, and Global CMO.

Most importantly, Manulife has quantified the expected financial impact of its digital initiatives, projecting a threefold return on investment through 2027, with $600 million in benefits anticipated in 2024 alone from digital customer leadership initiatives. This tangible financial projection transforms what could be seen as merely a reputational achievement into a concrete business advantage with measurable impact.

As the insurance industry reaches what CEO Phil Witherington describes as an "inflection point for AI adoption," Manulife's established leadership position suggests they may maintain technological advantages as competitors race to catch up, potentially translating to improved operational metrics and enhanced customer experiences in the coming years.

C$ unless otherwise stated                                             TSX/NYSE/PSE: MFC     SEHK: 945

Ranks in top five for insurance industry overall

TORONTO, June 23, 2025 /PRNewswire/ - Manulife has been ranked first in the life insurance sector for artificial intelligence (AI) maturity in the inaugural Evident AI Index for Insurance, ranking in the top five across the insurance industry overall, and is one of only three companies to rank in the top 10 in every category measured.

"We are incredibly proud to be recognized by Evident for our AI leadership. We were an early adopter of AI and have spent years embedding it across our business to deliver meaningful impact," said Phil Witherington, President and CEO, Manulife. "At a time when our industry is experiencing a true inflection point for AI adoption, today's recognition provides confidence that Manulife is on track to derive tangible growth, increased productivity, and financial performance gains through principled and disciplined deployment of AI across our business."

The Evident AI Index for Insurance assesses AI maturity across 30 of the most prominent insurance companies in North America and Europe, measuring progress across four key categories: Talent, Innovation, Leadership, and Transparency.

Developed by AI benchmarking platform Evident, this first-of-its-kind index covers leading life, property and casualty, composite, and reinsurance groups, offering the most comprehensive benchmark of AI maturity in the insurance sector across North America and Europe.

"Being named the top life insurer for AI maturity is a reflection of how deeply we have embedded AI across our business," said Jodie Wallis, Manulife's Global Chief AI Officer. "We've integrated AI into the heart of our operations across the globe, and are delivering meaningful impact through responsible, practical AI deployments that drive results our customers and colleagues can feel. We are proud to have that commitment recognized by Evident."

Manulife performed particularly well in the Leadership and Transparency categories, reflecting  strong support and enthusiasm from the executive leadership team and strategic investments in AI solutions across businesses and geographies, guided by the company's Responsible AI Principles.

"Our Index highlights the insurers that are genuinely scaling AI capability and setting the bar for the wider industry, and as the leading life insurer Manulife is doing just that," says Alexandra Mousavizadeh, Co-CEO and Co-founder of Evident. "Its strong performance, particularly around Leadership and Transparency, is a testament to Manulife's multi-year investment into AI across the whole company."

"This recognition reinforces our commitment to deploying AI at scale," said Karen Leggett, Global Chief Marketing Officer for Manulife. "Manulife's ranking on the Evident AI Index for Insurance validates that our AI initiatives are transforming the way we operate, developing solutions that create value across many parts of the organization and helping our customers live longer, healthier, wealthier lives."

Manulife expects its digital investments and capabilities, including AI-enabled enhancements, to generate a threefold return on investment over five years through 2027, with over $600 million of benefits¹ realized in 2024 from our digital customer leadership initiatives globally.

Ms. Wallis is participating in The Evident AI Insurance Index Launch Roundtable on Tuesday, June 24^th between 10:00 – 11:00 am ET. If you are interested in attending virtually, please register online here: https://evidentinsights.com/events/the-evident-ai-insurance-index-launch-roundtable/ 

To learn more about Manulife's AI progress, visit: manulife.com/AI

The full Evident AI Index report, and accompanying methodology, is available at https://evidentinsights.com/insurance-ai-index/. 

Caution regarding forward-looking statements

This document contains forward-looking statements within the meaning of the "safe harbour" provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of 1995 with respect to Manulife's use of its digital capabilities, including AI and AI-enabled tools, and the expected benefits it expects to realize. 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. 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; changes in laws and regulations with respect to the use of AI-enabled tools; our ability to execute our digital plans and to deploy future digital use cases; our ability to adapt products and services to the changing market; our ability to attract and retain key employees; and our ability to protect our intellectual property and exposure to claims of infringement from others. Additional information about material risk factors that could cause actual results to differ materially from expectations may be found 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 document are, unless otherwise indicated, stated as of the date hereof. We do not undertake to update any forward-looking statements, except as required by law.

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	1 The benefits from our global digital, customer leadership initiatives include expense saves, growth absorption, revenue benefits (margin businesses) and new business CSM growth (insurance).

About Manulife  

Manulife Financial Corporation is a leading international financial services provider, helping our customers make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States, providing financial advice and insurance for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2024, we had more than 37,000 employees, over 109,000 agents, and thousands of distribution partners, serving over 36 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and under '945' in Hong Kong. 

Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com. 

Media Contact
Gina Simonis   
617-840-4794
GSimonis@Manulife.com

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SOURCE Manulife Financial Corporation

FAQ

What is Manulife's (MFC) ranking in the Evident AI Index for Insurance?

Manulife ranked #1 in the life insurance sector for AI maturity and placed in the top five across the insurance industry overall.

How much benefit does Manulife expect from its digital initiatives in 2024?

Manulife expects over $600 million in benefits from its global digital customer leadership initiatives in 2024.

What categories did the Evident AI Index evaluate insurance companies on?

The index evaluated companies across four key categories: Talent, Innovation, Leadership, and Transparency.

How many insurance companies were assessed in the Evident AI Index?

The index assessed AI maturity across 30 of the most prominent insurance companies in North America and Europe.

What is the expected ROI on Manulife's digital investments through 2027?

Manulife expects a threefold return on investment over five years through 2027 from its digital investments and capabilities.