Manulife releases updated statistical information package template

Rhea-AI Summary

Manulife (TSX/NYSE/PSE: MFC) has announced the release of a revised template for its statistical information package (SIP), incorporating updates to reflect the impact of Global Minimum Taxes (GMT) by operating segments. The company has updated its 2024 quarterly results to enhance year-over-year comparability of key financial metrics, including core earnings, new business value, and post-tax contractual service margin.

The update comes in anticipation of additional local jurisdictions enacting GMT in 2025, with Manulife planning to recognize GMT in reporting segments subject to these taxes starting Q1 2025. The updated SIP will be implemented for financial reporting beginning with Q1 2025 results, scheduled for release on May 7, 2025. A supplementary summary of changes has been provided to help users understand the updates, available in the '2025 Q1 Results' section of Manulife's investor relations website.

Positive

• Proactive financial reporting adaptation to accommodate new tax regulations
• Enhanced transparency and comparability of financial metrics

Negative

• Potential impact of Global Minimum Taxes on operating segments' earnings

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

TORONTO, March 31, 2025 /PRNewswire/ - Manulife has released a revised template for its statistical information package ("SIP"), together with updated 2024 quarterly results to reflect the impact of Global Minimum Taxes ("GMT") by operating segments to improve the year-over-year comparability of our financial metrics including core earnings, new business value and post-tax contractual service margin. This update has been made as we expect additional local jurisdictions to enact GMT in 2025, and we will recognize GMT in the reporting segments whose earnings are subject to it starting in the first quarter of 2025. This updated SIP will be used in connection with the reporting of Manulife's financial results, starting with the first quarter of 2025 on May 7, 2025. An accompanying summary of changes to the SIP has also been made available to further assist users in understanding the updates.

The SIP template and accompanying summary of changes are available in the "2025 Q1 Results" section of Manulife's investor relations website: manulife.com/en/investors/results-and-reports.

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                                  
Fiona McLean                                               
Manulife                                                          
437-441-7491                                   
fiona_mclean@manulife.com                                    

Investor Relations
Hung Ko
Manulife
416-806-9921
hung_ko@manulife.com

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SOURCE Manulife Financial Corporation

FAQ

When will Manulife (MFC) implement the new SIP template with GMT updates?

Manulife will implement the new SIP template starting with Q1 2025 financial results, to be released on May 7, 2025.

What financial metrics are affected by Manulife's (MFC) GMT updates?

The GMT updates affect core earnings, new business value, and post-tax contractual service margin metrics.

Why is Manulife (MFC) updating its statistical information package?

To reflect Global Minimum Taxes impact by operating segments and improve year-over-year financial metrics comparability as more jurisdictions enact GMT in 2025.

Where can investors find Manulife's (MFC) updated SIP template?

The updated SIP template is available in the '2025 Q1 Results' section of Manulife's investor relations website.