Manulife Q3 2026 shareholder net income totals $1.42B

Q: How much did MFC earn in Q3 2026?

Core earnings were $2,125 million, up 4% on a constant exchange rate basis from Q3 2025. Net income attributed to shareholders was $1,424 million, down 22% on a constant exchange rate basis, and core EPS was $1.24, up 6% on a constant exchange rate basis.

Q: What were MFC's LICAT ratios in Q3 2026?

MLI’s LICAT ratio was 136% and MFC’s was 127% as of September 30, 2026. MFC’s ratio was 126% as of June 30, 2026; the company attributed the increase to factors affecting MLI’s ratio and the issuance of subordinated debt.

Nine-month earnings increased even as quarterly net income declined; MFC also reported $3.6 billion in wealth-management net outflows.

Available on EDGAR 11/04/2026 - 05:09 PM EST Accepted by SEC EDGAR 11/04/2026 - 05:08 PM EST

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

6-K

Rhea-AI Filing Summary

Manulife Financial Corporation (MFC) reported third-quarter 2026 results, with core earnings of $2,125 million, up 4% on a constant exchange rate basis from the year-earlier quarter. Net income attributed to shareholders was $1,424 million, down 22% on a constant exchange rate basis from $1,799 million, as larger market-experience and Vietnam-related net charges outweighed core earnings growth. Core EPS was $1.24, up 6% on a constant exchange rate basis.

For the nine months ended September 30, 2026, shareholder net income was $4,681 million, up 15% on a constant exchange rate basis, and core earnings were $5,884 million, up 8% on a constant exchange rate basis. MLI’s LICAT ratio was 136% as of September 30, 2026, and Manulife said it returned $1.3 billion to shareholders during the quarter. Global Wealth and Asset Management had $3.6 billion in net outflows, versus $6.2 billion a year earlier.

Quarterly core earnings growth reflected business growth in Asia and the U.S., improved insurance experience and actuarial updates, partly offset by higher expected credit loss provisions. Market experience was a net charge of $388 million, mainly from lower-than-expected asset returns and derivative and hedge-accounting impacts. In the nine months ended September 30, 2026, Manulife purchased 24.0 million shares for cancellation for $1,313 million pre-tax under its 2026 NCIB.

2 points · 0 major

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 2 points

How the balance works

Positive

Moderate pointYTD net income rose 15% on a CER basis to $4,681 million.
Moderate pointYTD core earnings rose 8% on a CER basis to $5,884 million.

Negative

Moderate pointQ3 net income fell 22% on a CER basis to $1,424 million.
Moderate pointGlobal WAM core earnings fell 5% on a CER basis to $503 million.

Filing Explained

The November 4 Form 6-K incorporates the third-quarter report’s MD&A and unaudited interim financial statements by reference into Manulife’s listed S-8, F-3 and F-10 registration statements; those materials join the registration statements, while the other 6-K materials do not.

Key Figures

Core earnings: $2,125 million Net income attributed to shareholders: $1,424 million Year-to-date net income attributed to shareholders: $4,681 million +5 more

8 metrics

Core earnings $2,125 million Third quarter 2026; up 4% on a constant exchange rate basis from Q3 2025

Net income attributed to shareholders $1,424 million Third quarter 2026; down 22% on a constant exchange rate basis from Q3 2025

Year-to-date net income attributed to shareholders $4,681 million Nine months ended September 30, 2026; up 15% on a constant exchange rate basis from 2025

Year-to-date core earnings $5,884 million Nine months ended September 30, 2026; up 8% on a constant exchange rate basis from 2025

Core EPS $1.24 Third quarter 2026; up 6% on a constant exchange rate basis from Q3 2025

Global WAM net flows $3.6 billion net outflows Third quarter 2026; compared with $6.2 billion net outflows in Q3 2025

MLI LICAT ratio 136% As of September 30, 2026

Market experience $388 million net charge Third quarter 2026

Key Terms

core earnings, contractual service margin, Life Insurance Capital Adequacy Test, annualized premium equivalent sales, +1 more

5 terms

core earnings financial

"Core earnings of $2,125 million"

Core earnings are the profit a business generates from its normal, ongoing operations after removing one-time gains or losses and unusual accounting adjustments; think of it as the recurring paycheck a household can expect each month rather than a one-off inheritance or sale. Investors care because it highlights the company’s sustainable cash-making ability and makes performance easier to compare across periods and with other firms.

contractual service margin financial

"contractual service margin (“CSM”) net of NCI"

Contractual service margin is an accounting measure that represents the unrecognized profit insurers will earn as they fulfill the obligations in insurance contracts over time. Think of it like a prepaid balance that is gradually released to income as the insurer delivers coverage and services; it smooths profit recognition and prevents recording all gains upfront. Investors watch it because changes signal future earnings patterns, profitability of current book of business, and the quality of reported insurance liabilities.

Life Insurance Capital Adequacy Test regulatory

"Life Insurance Capital Adequacy Test (“LICAT”) ratio"

A life insurance capital adequacy test is a regulatory check that measures whether an insurance company has enough financial cushion to meet its policyholder promises under normal and stressed conditions. Think of it as a household emergency fund and storm forecast combined: it shows whether the company can absorb losses, pay claims and keep operations running. Investors use the result to judge solvency risk, dividend safety and the likelihood of regulatory intervention or rating changes.

annualized premium equivalent sales financial

"Annualized premium equivalent (“APE”) sales"

expected credit losses financial

"provision for expected credit losses (“ECL”)"

Expected credit losses are an accounting estimate of how much a lender or company expects to lose when borrowers or customers don’t fully pay what they owe, combining how likely nonpayment is with how big the loss would be. Investors care because these estimates determine how much a firm must set aside from earnings as a reserve, directly affecting reported profits, balance-sheet strength and perceptions of credit risk—like setting aside a rainy-day fund for unpaid bills.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did MFC earn in Q3 2026?

Core earnings were $2,125 million, up 4% on a constant exchange rate basis from Q3 2025. Net income attributed to shareholders was $1,424 million, down 22% on a constant exchange rate basis, and core EPS was $1.24, up 6% on a constant exchange rate basis.

Why did MFC's net income decline in Q3 2026?

MFC attributed the decline to a larger net charge from market experience and a net charge from Vietnam operations, partly offset by core earnings growth. The $388 million market-experience net charge reflected lower-than-expected returns on alternative long-duration assets and public equities, as well as charges from derivatives and hedge-accounting ineffectiveness.

How many shares did MFC repurchase in 2026?

During the nine months ended September 30, 2026, MFC purchased 24.0 million shares for cancellation for $1,313 million pre-tax under its 2026 NCIB. It also purchased 2.8 million shares for $143 million pre-tax under a previous NCIB, completed on January 22, 2026.

What were MFC's LICAT ratios in Q3 2026?

MLI’s LICAT ratio was 136% and MFC’s was 127% as of September 30, 2026. MFC’s ratio was 126% as of June 30, 2026; the company attributed the increase to factors affecting MLI’s ratio and the issuance of subordinated debt.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2026

Commission File Number: 1-14942

MANULIFE FINANCIAL CORPORATION

(Translation of registrant's name into English)

200 Bloor Street East

North Tower 10

Toronto, Ontario, Canada M4W 1E5

(416) 926-3000

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-

F or Form 40-F.


Form 20-F	¨	Form 40-F	☒

The registrant’s Management’s Discussion and Analysis and Unaudited Interim Consolidated Financial Statements for the

quarter ended September 30, 2026 included in the registrant’s 2026 Third Quarter Report to Shareholders filed with this

Form 6-K as Exhibit 99.1, are incorporated by reference in the registration statements filed with the Securities and

Exchange Commission by the registrant on Form S-8 (Registration Nos. 333-12610, 333-13072, 333-114951, 333-129430,

333‑157326, 333-211366, 333-272672, 333-277446 ), on Form F‑3 (Registration No. 333-159176) and on Form F-10

(Registration No. 333-290499). Except for the foregoing, no other document or portion of a document filed with this Form

6-K is incorporated by reference in the above registration statements.

DOCUMENTS FILED AS PART OF THIS FORM 6-K

The following documents, filed as exhibits to this Form 6-K, are incorporated by reference as

part of this Form 6-K:


Exhibit	Description of Exhibit

99.1	Third Quarter Report to Shareholders

99.2	Certification Chief Executive Officer

99.3	Certification Chief Financial Officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly

caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	MANULIFE FINANCIAL CORPORATION

	By:	/s/ Eddy Mezzetta
	Name:	Eddy Mezzetta
	Title:	Vice President and Chief Counsel, Corporate Law
Date: November 4, 2026

Third Quarter

Report to

Shareholders

Three and nine months ended

September 30, 2026

Manulife Financial Corporation

1 Core earnings is a non-GAAP financial measure. For more information on non-GAAP and other financial measures, see section E3 “Non-GAAP and Other

Financial Measures” in our 3Q26 Management’s Discussion and Analysis (“3Q26 MD&A”).

2 Percentage growth/declines in core earnings, diluted core earnings per common share (“core EPS”), diluted earnings (loss) per share (“EPS”), and new

business CSM are stated on a constant exchange rate (“CER”) basis and are non-GAAP ratios.

3 Core EPS, core ROE, and financial leverage ratio are non-GAAP ratios.

4 Life Insurance Capital Adequacy Test (“LICAT”) ratio of The Manufacturers Life Insurance Company (“MLI”) as at September 30, 2026. LICAT ratio is disclosed

under the Office of the Superintendent of Financial Institutions LICAT Public Disclosure Requirements guideline.

5 For more information on APE sales, NBV and net flows, see section E3 “Non-GAAP and Other Financial Measures” in our 3Q26 MD&A. Percentage growth/

decline in APE sales, NBV and net flows are stated on a constant exchange rate basis.


Manulife Financial Corporation – Third Quarter 2026	1

Manulife Financial Corporation (“Manulife” or the “Company”) reported its third quarter results for the

period ended September 30, 2026, delivering record core earnings1 and continued strong momentum in

Asia.

Key highlights for the third quarter of 2026 (“3Q26”) include:

•Core earnings of $2.1 billion, up 4% on a CER basis2 compared with the third quarter of 2025 (“3Q25”)

•Net income attributed to shareholders of $1.4 billion, down $0.4 billion from 3Q25

•Core EPS3 of $1.24, up 6%2 from 3Q25. EPS of $0.82, down 21%2 from 3Q25

•Core ROE3 of 17.8% and ROE of 11.8%

•LICAT ratio4 of 136%

•APE sales5, new business CSM2 and new business value (“NBV”)5 were broadly in line with 3Q25

•Global Wealth and Asset Management (“Global WAM”) net outflows5 of $3.6 billion, compared with $6.2 billion of net

outflows in 3Q25

“We delivered strong third quarter results, achieving record core EPS and 17.8% core ROE, driven by double-digit core

earnings growth in Asia and meaningful contributions from our North American insurance businesses. These results reflect the

disciplined execution of the strategy we launched a year ago and our ability to deliver sustained growth in an uncertain

environment.”

“During the quarter, we expanded customer choice through enhanced investment and protection offerings, completed Manulife

| Comvest’s largest fundraise in the history of Comvest's private credit platform, scaled AI-enabled capabilities that are

delivering measurable outcomes for customers and advisors, and advanced new health and longevity solutions and

partnerships. Together, these actions are strengthening our competitive position, deepening customer relationships, and

creating long-term value for shareholders.”

— Phil Witherington, Manulife President & Chief Executive Officer

“We remained disciplined in our capital deployment during the quarter, returning $1.3 billion to shareholders while maintaining

a strong balance sheet, with a LICAT ratio of 136% and a financial leverage ratio3 below our medium-term target. In addition,

we completed our annual review of actuarial methods and assumptions, resulting in a net favourable impact and reinforcing

the robustness of our reserves.”

“As we continue to invest in growth across our businesses, we also further improved our expense efficiency during the quarter.

Our financial flexibility and consistent execution position us well to sustain long-term value creation.”

— Colin Simpson, Manulife Chief Financial Officer

1 Percentage growth/decline in net income attributed to shareholders is stated on a constant exchange rate basis and is a non-GAAP ratio.

2 Adjusted book value per common share, financial leverage ratio, and Core EBITDA margin are non-GAAP ratios.

3 For more information on gross flows and average assets under management and administration (“average AUMA”), see section E3 “Non-GAAP and Other

Financial Measures” in our 3Q26 MD&A. Percentage growth/decline in gross flows and average AUMA are stated on a constant exchange rate basis.


Manulife Financial Corporation – Third Quarter 2026	2

Results at a Glance


($ millions, unless otherwise stated)	Quarterly Results			YTD Results
($ millions, unless otherwise stated)	3Q26	3Q25	Change	2026	2025	Change
Net income attributed to shareholders1	$1,424	$1,799	(22)%	$4,681	$4,073	15%
Core earnings	$2,125	$2,035	4%	$5,884	$5,528	8%
EPS ($)	$0.82	$1.02	(21)%	$2.67	$2.25	18%
Core EPS ($)	$1.24	$1.16	6%	$3.39	$3.10	11%
ROE	11.8%	16.0%	(4.2) pps	13.3%	11.8%	1.5 pps
Core ROE	17.8%	18.1%	(0.3) pps	16.9%	16.2%	0.7 pps
Book value per common share ($)	$28.06	$26.07	8%	$28.06	$26.07	8%
Adjusted book value per common share ($)2	$41.78	$38.22	9%	$41.78	$38.22	9%
Financial leverage ratio (%)2	23.0%	22.7%	0.3 pps	23.0%	22.7%	0.3 pps
APE sales	$2,626	$2,576	(0)%	$8,145	$7,495	9%
New business CSM	$957	$966	(2)%	$3,000	$2,755	9%
NBV	$907	$906	(1)%	$2,780	$2,659	5%
Global WAM net flows ($ billions)	$(3.6)	$(6.2)	43%	$(7.5)	$(4.8)	(60)%

Results by Segment


($ millions, unless otherwise stated)	Quarterly Results			YTD Results
($ millions, unless otherwise stated)	3Q26	3Q25	Change	2026	2025	Change
Asia (US$)
Net income attributed to shareholders	$510	$649	(23)%	$1,711	$1,684	1%
Core earnings	635	550	17%	1,849	1,562	20%
APE sales	1,455	1,452	(1)%	4,550	4,097	10%
New business CSM	518	516	0%	1,664	1,494	11%
NBV	491	490	0%	1,530	1,398	9%
Canada
Net income attributed to shareholders	$205	$449	(54)%	$749	$1,061	(29)%
Core earnings	440	428	3%	1,171	1,221	(4)%
APE sales	384	374	3%	1,226	1,210	1%
New business CSM	114	109	5%	346	300	15%
NBV	159	159	0%	473	500	(5)%
U.S. (US$)
Net income attributed to shareholders	$137	$(54)	-	$348	$(425)	-
Core earnings	254	241	5%	713	633	13%
APE sales	147	146	1%	447	396	13%
New business CSM	85	106	(20)%	253	262	(3)%
NBV	45	52	(13)%	137	146	(6)%
Global WAM
Net income attributed to shareholders	$463	$523	(13)%	$1,380	$1,448	(4)%
Core earnings	503	525	(5)%	1,456	1,442	2%
Gross flows ($ billions)3	56.1	47.3	16%	170.8	141.4	21%
Average AUMA ($ billions)3	1,198	1,066	11%	1,158	1,038	12%
Core EBITDA margin (%)2	29.6%	30.9%	-130 bps	30.0%	29.8%	20 bps

1 The largest fundraise in the history of Comvest Credit Partners, including prior to its combination with Manulife.

2 AHA Healthcare Technology HK Limited.

3 See section A1 “Profitability” in our 3Q26 MD&A for more information on notable items attributable to core earnings and net income attributed to shareholders.


Manulife Financial Corporation – Third Quarter 2026	3

Strategic Highlights

We are expanding customer access to wealth solutions through product enhancements and expansion

In Canada, we expanded our segregated fund lineup by adding eight new funds and broadened access to eleven existing

funds. The enhanced suite increases investment choice and flexibility for customers and advisors, helping Canadians diversify

their portfolios, build long-term wealth, and pursue their evolving financial goals.

In Global WAM, we raised US$5.4 billion of capital through the close of Comvest Credit Partners VII. This marked Manulife |

Comvest’s largest fundraise in the history of Comvest’s private credit platform1, attracting commitments from both existing and

new institutional investors and expanding the platform’s global investor relationships.

In the U.S., we broadened our ability to meet a wider range of customer protection and long-term planning needs through

enhancements to our indexed universal life and survivorship indexed universal life solutions, and the introduction of three

differentiated term life insurance solutions. Together, these enhancements and new offerings expand our protection portfolio

and provide financial professionals with greater choice and flexibility to address evolving customer needs.

We are scaling and advancing solutions as an AI-powered organization while further enhancing AI governance and

responsible use

We expanded our strategic partnership with Microsoft through a new five-year agreement. The agreement includes extending

Microsoft 365 Copilot to more than 30,000 employees to further enable productivity and innovation, as well as deploying

Microsoft Agent 365 to strengthen enterprise AI governance and drive AI solutions at enterprise scale.

In Asia, we continued to extend proven AI-enabled advisory capabilities into new markets, bringing these capabilities to the

Chinese Mainland and Malaysia to help agents analyze customer and family coverage, identify protection gaps across life,

health, and investment goals, recognize life-event triggers, and prepare for customer meetings. In Malaysia, the tool also

generates personalized talking points, including needs-based analysis questions, and recommends next steps linked to

customers' financial planning goals.

In Global WAM, we completed the rollout of an AI-enabled advisor engagement platform to all external wholesalers and

investment specialists across North America Retail, identifying four times more product opportunities and capturing richer

advisor insights. The platform also improved productivity through automated documentation, reducing meeting administration

and follow-up activities, saving approximately 30 minutes per session.

In the U.S., we scaled our Quick Quote underwriting support tool to automate more than 70% of preliminary assessments, up

from nearly 50% in the first quarter of 2026, rapidly expanding our proven AI-enabled underwriting capability to reduce average

turnaround time and optimize our utilization of underwriting expertise.

We are advancing our health and longevity leadership through innovative strategic partnerships, expanded wellness

offerings and simpler access to healthcare

In Asia, we signed a Memorandum of Understanding (“MOU”) with Ant Health2, setting out a collaboration framework covering

health management services, cross-boundary healthcare support, digital health capabilities and insurance technology. In

October, we launched the first initiative under the MOU, offering cashless direct billing through Alipay for eligible customers at

participating healthcare providers in the Chinese Mainland, making healthcare access easier.

In Canada, we began offering AI-enabled virtual physiotherapy in partnership with Sword®, a global AI health company, to

eligible Group Benefits members on disability with musculoskeletal conditions. This initiative helps address barriers to care

through convenient, personalized support from licensed Canadian clinicians while supporting faster recovery and return-to-

work outcomes.

In the U.S., we strengthened our leadership in longevity and differentiated behavioural insurance by expanding the health and

wellness offerings available through John Hancock Vitality, including Prenuvo’s advanced heart health scan and ŌURA’s latest

smart ring, providing customers access to additional tools and insights to help them live longer, healthier, better lives.

Continued business growth drove record core earnings3

Core earnings of $2.1 billion in 3Q26, up 4% from 3Q25

The increase in core earnings reflected strong business growth in Asia and the U.S., higher revenues in Global WAM,

improved insurance experience, and the net positive impact of 3Q26 updates to actuarial methods and assumptions, partially

offset by increased expected credit loss (“ECL”) provisions and the impact of the eMPF transition in Hong Kong.

•Asia core earnings increased 17%, reflecting continued business growth, the net positive impact of 3Q26 updates to

actuarial methods and assumptions, improved impact of new business and improved claims experience, partially offset by

increased ECL provisions.

•Global WAM core earnings decreased 5%, as higher net fee income from favourable market impacts over the past 12

months and contributions from the Manulife | Comvest business were more than offset by the impact of the eMPF

transition in Hong Kong, higher workforce-related expenses and investment in business growth, favourable tax true-ups in

3Q25, and lower performance fees.

1 Reflects a net charge from a partial impairment of a bancassurance asset and a gain on the sale of a Vietnam insurance subsidiary.

2 For more information on new business value margin (“NBV margin”), see section E3 “Non-GAAP and Other Financial Measures” in our 3Q26 MD&A.

3 CSM net of non-controlling interest (“NCI”).

4 Percentage growth / decline in our CSM net of NCI balance from organic CSM movement is stated on a constant exchange rate basis and is a non-GAAP ratio.

This percentage is calculated as the annualized year-to-date change in organic CSM net of NCI divided by the December 31, 2025 CSM net of NCI balance.

5 Post-tax contractual service margin net of NCI (“post-tax CSM net of NCI”) is a non-GAAP financial measure.


Manulife Financial Corporation – Third Quarter 2026	4

•Canada core earnings increased 3%, reflecting more favourable claims experience in Individual Insurance, higher

Manulife Bank earnings and higher investment spreads, partially offset by unfavourable claims experience in Group

Insurance and increased ECL provisions.

•U.S. core earnings increased 5%, reflecting favourable life insurance claims experience, including net positive impacts

from the 3Q26 updates to actuarial methods and assumptions, business growth and favourable tax items, partially offset

by increased ECL provisions and unfavourable lapse experience.

•Corporate and Other core earnings decreased by $55 million, driven by the non-recurrence of a 3Q25 withholding tax

adjustment and lower earnings on surplus assets, partially offset by favourable tax-related true-ups.

Net income attributed to shareholders of $1.4 billion in 3Q26, $0.4 billion lower compared with 3Q25

The $0.4 billion decrease in net income was driven by a larger net charge on market experience and a net charge from our

Vietnam operations1, partially offset by core earnings growth. The net charge from market experience in 3Q26 reflected lower

than expected returns on alternative long-duration assets, mainly related to private equity, real estate, and farmland

investments, as well as lower than expected returns on public equities and losses from derivatives and hedge accounting

ineffectiveness.

Resilient new business results highlight the benefits of our diversified business model

APE sales, new business CSM and NBV were broadly in line with the prior year

•Asia delivered strong sales growth in Hong Kong and Japan, offset by lower sales in the Chinese Mainland. APE sales,

new business CSM and NBV were broadly in line with 3Q25. NBV margin was 35.3%.2

•In Canada, APE sales increased 3% and NBV was in line with 3Q25, largely driven by higher Individual Insurance sales,

partially offset by lower Group Insurance sales. New business CSM increased 5%, reflecting higher sales volumes in

Individual Insurance and higher margins in Annuities, partially offset by lower margins in Individual Insurance.

•U.S. APE sales were in line with 3Q25, while changes in product mix resulted in a decrease in new business CSM and

NBV of 20% and 13%, respectively.

Global WAM net outflows of $3.6 billion in 3Q26, compared with net outflows of $6.2 billion in 3Q25

•Retirement net outflows were $4.9 billion in 3Q26 compared with net outflows of $1.6 billion in 3Q25. The variance is

attributable to higher retirement plan redemptions in the U.S., higher net member withdrawals reflecting higher account

balances from market growth across all regions, and lower new plan sales in Canada.

•Retail net flows were neutral in 3Q26 compared with net outflows of $3.9 billion in 3Q25. The variance is primarily driven

by higher net flows through our retail wealth business and third-party intermediaries in Canada, and higher net flows in the

Chinese Mainland, partially offset by lower net flows through third-party intermediaries in the U.S.

•Institutional Asset Management net inflows were $1.4 billion in 3Q26 compared with net outflows of $0.7 billion in 3Q25.

The variance reflects higher net flows from fixed income mandates, private credit mandates in the Manulife | Comvest

business, equity and infrastructure mandates, partially offset by lower net flows from money market mandates in the

Chinese Mainland and from Manulife | CQS products.

New business growth continued to drive positive organic CSM movement and a higher CSM balance

CSM3 was $27,318 million as at September 30, 2026

CSM increased $2,349 million compared with December 31, 2025. Organic CSM movement contributed $1,622 million of the

increase, representing a 9% annualized growth in our CSM net of NCI balance4, primarily driven by the impact of new

business, interest accretion, and net favourable insurance experience, partially offset by amortization recognized in core

earnings. Inorganic CSM movement was an increase of $727 million, driven by the favourable impacts of changes in foreign

currency exchange rates, partially offset by the net unfavourable impact of markets. Post-tax CSM net of NCI5 was $22,701

million as at September 30, 2026.

1 This amount excludes the portion related to NCI.


Manulife Financial Corporation – Third Quarter 2026	5

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

$128 million1 decrease in pre-tax fulfilment cash flows. Under International Financial Reporting Standards (as issued by the

International Accounting Standards Board) (“IFRS”) 17, the impact of the annual review of actuarial methods and assumptions

is reported in several places. The $128 million decrease in pre-tax fulfilment cash flows was comprised of a decrease in pre-

tax net income attributed to shareholders of $217 million ($175 million post-tax), a decrease in pre-tax net income attributed to

participating policyholders of $4 million ($3 million post-tax), an increase in CSM of $47 million, an increase in pre-tax other

comprehensive income attributed to shareholders of $306 million ($240 million post-tax), and a decrease in pre-tax other

comprehensive income attributed to participating policyholders of $4 million ($2 million post-tax).

The actuarial review this year included valuation model enhancements and assumption updates for U.S. life insurance riders,

morbidity and mortality assumptions in Vietnam, valuation model updates for participating products in Asia, lapse assumptions

for investment-linked products in Singapore, mortality assumptions in our U.S. life insurance business, and other methodology

refinements.


Manulife Financial Corporation – Third Quarter 2026	6

MANAGEMENT’S DISCUSSION AND ANALYSIS

This Management’s Discussion and Analysis (“MD&A”) is current as of November 4, 2026, unless otherwise noted. This MD&A

should be read in conjunction with our unaudited Interim Consolidated Financial Statements for the three and nine months

ended September 30, 2026 and the MD&A and audited Consolidated Financial Statements contained in our 2025 Annual

Report.

For further information relating to our risk management practices and risk factors affecting the Company, see “Risk

Management and Risk Factors” and “Critical Actuarial and Accounting Policies” in the MD&A in our 2025 Annual Report (“2025

MD&A”) and the “Risk Management” note to the Consolidated Financial Statements in our most recent annual and interim

reports.

In this MD&A, the terms “Company”, “Manulife”, “we” and “our” mean Manulife Financial Corporation (“MFC”) and its

subsidiaries. All amounts are reported in Canadian dollars, unless otherwise indicated. Any information contained in, or

otherwise accessible through, websites mentioned in this MD&A does not form a part of this document.

CONTENTS

A.TOTAL COMPANY PERFORMANCE

1.Profitability

2.Business Performance

3.Financial Strength

4.Assets under Management and Administration

5.Impact of Foreign Currency Exchange Rates

6.Business Highlights

7.Other Information

B.PERFORMANCE BY SEGMENT

1.Asia

2.Canada

3.U.S.

4.Global Wealth and Asset Management

5.Corporate and Other

C.RISK MANAGEMENT AND RISK

FACTORS UPDATE

1.Variable Annuity and Segregated Fund Guarantees

Sensitivities and Risk Exposure Measures

2.Caution Related to Sensitivities

3.Publicly Traded Equity Performance Risk Sensitivities and

Exposure Measures

4.Interest Rate and Spread Risk Sensitivities and Exposure

Measures

5.Alternative Long-duration Asset Performance Risk

Sensitivities and Exposure Measures

D.CRITICAL ACTUARIAL AND

ACCOUNTING POLICIES

1.Critical Actuarial and Accounting Policies

2.Actuarial Methods and Assumptions

3.Sensitivity to Changes in Assumptions

4.Accounting and Reporting Changes

E.OTHER

1.Outstanding Common Shares – Selected Information

2.Legal and Regulatory Proceedings

3.Non-GAAP and Other Financial Measures

4.Caution Regarding Forward-Looking Statements

5.Quarterly Financial Information

6.Revenue

7.Other

1 Reflects a net charge of $100 million from a partial impairment of a bancassurance asset and a gain on the sale of a Vietnam insurance subsidiary.

2 Percentage growth/declines in core earnings, pre-tax core earnings, contractual service margin (“CSM”) net of non-controlling interests (“NCI”), new business

contractual service margin (“new business CSM”), assets under management and administration (“AUMA”), assets under management (“AUM”), core earnings

before interest, taxes, depreciation and amortization (“core EBITDA”), and Manulife Bank average net lending assets are stated on a constant exchange rate

basis, a non-GAAP ratio. See section E3 “Non-GAAP and Other Financial Measures” below for more information.

3 See section A7 “Other Information” for details on the change in the ECL provision for 3Q26 and 3Q25.

4 The increase in Global WAM net fee income is due to higher average assets under management and administration (“average AUMA”), mainly reflecting the

favourable impact of markets over the past 12 months. For more information on average AUMA, see section E3 “Non-GAAP and Other Financial Measures”

below.

5 Formerly Comvest Credit Partners (“Comvest”).


Manulife Financial Corporation – Third Quarter 2026	7

ATOTAL COMPANY PERFORMANCE

A1Profitability


	Quarterly Results			YTD Results
($ millions, unless otherwise stated)	3Q26	2Q26	3Q25	2026	2025
Net income (loss) attributed to shareholders	$1,424	$2,110	$1,799	$4,681	$4,073
Core earnings(1)	$2,125	$1,923	$2,035	$5,884	$5,528
Diluted earnings (loss) per common share ($)	$0.82	$1.20	$1.02	$2.67	$2.25
Diluted core earnings per common share (“Core EPS”) ($)(2)	$1.24	$1.09	$1.16	$3.39	$3.10
ROE	11.8%	18.0%	16.0%	13.3%	11.8%
Core return on shareholders’ equity (“Core ROE”)(2)	17.8%	16.3%	18.1%	16.9%	16.2%
Expense efficiency ratio(2)	42.7%	44.5%	43.1%	44.3%	44.8%
General expenses	$1,259	$1,248	$1,232	$3,758	$3,574
Core expenses(1)	$1,833	$1,826	$1,758	$5,486	$5,223

(1)This item is a non-GAAP financial measure. See section E3 “Non-GAAP and Other Financial Measures” below for more information.

(2)This item is a non-GAAP ratio. See section E3 “Non-GAAP and Other Financial Measures” below for more information.

Quarterly profitability

Manulife’s net income attributed to shareholders was $1,424 million in the third quarter of 2026 (“3Q26”) compared with $1,799

million in the third quarter of 2025 (“3Q25”). Net income attributed to shareholders is comprised of core earnings (consisting of

items we believe reflect the underlying earnings capacity of the business), which amounted to $2,125 million in 3Q26

compared with $2,035 million in 3Q25, and items excluded from core earnings, which amounted to a net charge of $701 million

in 3Q26 compared with a net charge of $236 million in 3Q25. The effective tax rate on net income (loss) attributed to

shareholders was 15% in 3Q26 compared with 14% in 3Q25 primarily due to differences in the jurisdictional mix of earnings

and the impact of tax true-ups.

Net income attributed to shareholders in 3Q26 decreased $375 million compared with 3Q25, reflecting a larger net charge

from market experience and a net charge from our Vietnam operations1, partially offset by growth in core earnings. Total

market experience was a net charge of $388 million in 3Q26, primarily from lower-than-expected returns on alternative long-

duration assets (“ALDA”), mainly related to private equity, real estate and farmland investments, lower-than-expected returns

on public equities and a net charge from derivatives and hedge accounting ineffectiveness. The increase in the net charge

from market experience in 3Q26 compared with 3Q25 largely consisted of a net charge from lower-than-expected returns on

public equities in 3Q26 compared to a net gain in 3Q25 and a higher net charge from derivatives and hedge accounting

ineffectiveness, partially offset by a lower net charge from lower-than-expected returns on ALDA.

Core earnings increased $90 million or 4% on a constant exchange rate (“CER”) basis2 compared with 3Q25. The increase in

our insurance business was driven by business growth, primarily in our Asia and U.S. segments, improved net insurance

experience, and the net positive impact of 3Q26 updates to actuarial methods and assumptions, partially offset by an increase

in the provision for expected credit losses (“ECL”) in 3Q26 compared with a release in 3Q253. The improved net insurance

experience reflects improved U.S. life insurance claims experience and more favourable Canada Individual Insurance claims

experience, partially offset by unfavourable U.S. lapse experience and Canada Group Insurance claims experience in 3Q26

compared with favourable experience in 3Q25. Higher Manulife Bank earnings also contributed to the increase in core

earnings. Global Wealth and Asset Management (“Global WAM”) core earnings decreased primarily due to the impact of the

electronic Mandatory Provident Fund (“eMPF”) transition in Hong Kong, higher expenses and lower performance fees, partially

offset by higher net fee income4 and contributions from the Manulife | Comvest business5. In addition, a number of tax-related

items resulted in a net decrease in core earnings. In 3Q26, the items included favourable tax-related true-ups in Corporate and

Other and in the U.S. In 3Q25, the items included a favourable adjustment to the withholding tax accrual following the

announcement of the Comvest acquisition5, and favourable tax true-ups in Global WAM.

The annual review of actuarial methods and assumptions that flow directly through income is discussed in section D2

“Actuarial Methods and Assumptions” below.

1 The reinsurance transaction with the Reinsurance Group of America, Incorporated (“RGA U.S. Reinsurance Transaction”) closed January 1, 2025. The net

realized loss of $732 million in the first quarter of 2025 from the sale of debt instruments which are classified as fair value through other comprehensive income

(“FVOCI”) arose from the transfer of assets with respect to the RGA U.S. Reinsurance Transaction, and had an offsetting change in other comprehensive

income (“OCI”) attributed to shareholders, resulting in a neutral impact to book value.

2 See section A7 “Other Information” for details on the year-to-date change in the ECL provision for 2026 and 2025.


Manulife Financial Corporation – Third Quarter 2026	8

Year-to-date profitability

Net income attributed to shareholders for the nine months ended September 30, 2026 was $4,681 million compared with

$4,073 million for the nine months ended September 30, 2025. Year-to-date core earnings amounted to $5,884 million in 2026

compared with $5,528 million in the same period of 2025, and items excluded from year-to-date core earnings amounted to a

net charge of $1,203 million in 2026 compared with a net charge of $1,455 million in the same period of 2025. The effective tax

rate on year-to-date net income (loss) attributed to shareholders was 16% in 2026 compared with 14% for the same period in

2025 primarily due to differences in the jurisdictional mix of earnings and the impact of tax true-ups.

Year-to-date net income attributed to shareholders in 2026 increased $608 million compared with the same period of 2025

reflecting a lower net charge from year-to-date market experience and growth in year-to-date core earnings, partially offset by

a net charge from our Vietnam operations. Total year-to-date market experience was a net charge of $853 million in 2026,

primarily related to lower-than-expected returns on ALDA mainly related to private equity, real estate and infrastructure

investments and a net charge from derivatives and hedge accounting ineffectiveness. The lower year-to-date net charge from

market experience in 2026 compared with the same period of 2025 reflects a net realized loss on the sale of debt instruments

of $732 million from the transfer of assets with respect to the RGA U.S. Reinsurance Transaction1 in 2025, partially offset by a

net charge from lower-than-expected returns on public equities in 2026 compared with higher-than-expected returns in 2025.

Year-to-date core earnings in 2026 increased $356 million or 8% compared with the same period of 2025. The increase in our

insurance business was driven by business growth, primarily in our Asia and U.S. segments, the net positive impact of 3Q25

and 3Q26 updates to actuarial methods and assumptions, improved net insurance experience, and a smaller charge in the

provision for ECL in 20262, partially offset by lower expected investment earnings. The improved net insurance experience

reflects improved U.S. claims experience, and the impact of estimated losses from California wildfires recorded in 2025 in our

Property and Casualty (“P&C”) Reinsurance business, partially offset by unfavourable insurance experience in Canada, largely

driven by higher claims along with higher expenses in Group Insurance to support the growing business and transformational

investment to elevate customer experience, unfavourable U.S. lapse experience, and less favourable Asia insurance

experience in 2026. Global WAM core earnings increased from higher net fee income as noted above for the quarter, and

contributions from the Manulife | Comvest business, partially offset by the impact of the eMPF transition in Hong Kong, higher

expenses, and lower performance fees. In addition, the tax-related items noted above for 3Q26 resulted in a net reduction in

2026 year-to-date core earnings.

Core earnings by segment is presented in the following table.


	Quarterly Results			YTD Results
($ millions, unaudited)	3Q26	2Q26	3Q25	2026	2025
Core earnings by segment
Asia	$890	$853	$759	$2,563	$2,184
Canada	440	379	428	1,171	1,221
U.S.	356	301	332	988	887
Global Wealth and Asset Management	503	505	525	1,456	1,442
Corporate and Other	(64)	(115)	(9)	(294)	(206)
Total core earnings	$2,125	$1,923	$2,035	$5,884	$5,528

1 This is a non-GAAP financial measure. See section E3 “Non-GAAP and Other Financial Measures” below for more information.


Manulife Financial Corporation – Third Quarter 2026	9

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

earnings.


	Quarterly Results			YTD Results
($ millions, unaudited)	3Q26	2Q26	3Q25	2026	2025
Core earnings	$2,125	$1,923	$2,035	$5,884	$5,528
Items excluded from core earnings:
Market experience gains (losses)(1)	(388)	201	(2)	(853)	(1,221)
Realized gains (losses) on debt instruments	(26)	(18)	6	(75)	(780)
Derivatives and hedge accounting ineffectiveness	(100)	(1)	(8)	(126)	(11)
Actual less expected long-term returns on public equity	(132)	421	291	(53)	300
Actual less expected long-term returns on ALDA	(153)	(266)	(289)	(661)	(736)
Other investment results	23	65	(2)	62	6
Updates to actuarial methods and assumptions that flow directly through income(2)	(175)	-	(216)	(175)	(216)
Restructuring charge	-	-	-	-	-
Amortization of acquisition-related intangible assets(3)	(18)	(16)	(6)	(52)	(6)
Reinsurance transactions, tax-related items and other(4)	(120)	2	(12)	(123)	(12)
Total items excluded from core earnings	(701)	187	(236)	(1,203)	(1,455)
Net income (loss) attributed to shareholders	$1,424	$2,110	$1,799	$4,681	$4,073

(1)Market experience was a net charge of $388 million in 3Q26, driven by lower-than-expected returns on ALDA, mainly related to private equity, real estate and

farmland investments, lower-than-expected returns from public equity, a net charge from derivatives and hedge accounting ineffectiveness, and net realized

losses from debt instruments which are classified as FVOCI. These were partially offset by a net gain from other investment results. Market experience was a

net charge of $2 million in 3Q25, driven by lower-than-expected returns on ALDA mainly related to private equity, real estate and timber investments, as well as

modest losses from derivatives and hedge accounting ineffectiveness and other investment results. These were partially offset by higher-than-expected returns

on public equity and a modest net realized gain from the sale of debt instruments which are classified as FVOCI.

(2)Refer to section D2 “Actuarial Methods and Assumptions” below for detail.

(3)This item is excluded from core earnings commencing in the third quarter of 2025 (“3Q25”). See section E3 “Non-GAAP and Other Financial Measures” below

for more information.

(4)The 3Q26 net charge of $120 million was mainly related to a net charge of $100 million from a partial impairment of a bancassurance asset and a gain on the

sale of a Vietnam insurance subsidiary, and a GMT true-up related to 2024 of $23 million. The 3Q25 net charge of $12 million was primarily driven by the

Comvest acquisition related costs.

Net income attributed to shareholders by segment is presented in the following table.


	Quarterly Results			YTD Results
($ millions, unaudited)	3Q26	2Q26	3Q25	2026	2025
Net income (loss) attributed to shareholders by segment
Asia	$713	$1,062	$895	$2,370	$2,349
Canada	205	306	449	749	1,061
U.S.	192	153	(75)	483	(608)
Global Wealth and Asset Management	463	514	523	1,380	1,448
Corporate and Other	(149)	75	7	(301)	(177)
Total net income attributed to shareholders	$1,424	$2,110	$1,799	$4,681	$4,073

Expense efficiency ratio

We use the expense efficiency ratio to measure progress on our expense management initiatives. It reflects core expenses

which are equal to total expenses1 less those expenses reported in items excluded from core earnings. Total expenses consist

of general expenses, directly attributable maintenance expenses and directly attributable acquisition expenses for products

measured using the premium allocation approach (“PAA”) and for other products without a CSM.

Quarterly expense efficiency ratio

The expense efficiency ratio was 42.7% in 3Q26, compared with 43.1% in 3Q25. The 0.4 percentage point improvement in

the ratio in 3Q26 compared with 3Q25 is attributed to pre-tax core earnings1 growing at a faster rate than core expenses. The

impact of the increase in core expenses mainly reflects higher workforce-related costs, primarily driven by business growth,

and continued strategic investments in transformational efforts, including AI-focused initiatives, partially offset by operational

efficiencies.

Total general expenses increased in 3Q26 compared with 3Q25, driven by the items noted above related to the overall

increase in core expenses, partially offset by a smaller increase in 3Q26 expenses reported in items excluded from core

earnings compared with 3Q25. The expenses reported in items excluded from core earnings in 3Q26 were primarily from the

amortization of acquisition-related intangible assets in Global WAM, and in 3Q25, were mainly related to the acquisition of

Comvest and the amortization of acquisition-related intangible assets.

1 Percentage growth/declines in APE sales and NBV are stated on a constant exchange rate basis.

2 For more information on this metric, see section E3 “Non-GAAP and Other Financial Measures” below.


Manulife Financial Corporation – Third Quarter 2026	10

Year-to-date expense efficiency ratio

The year-to-date expense efficiency ratio was 44.3% in 2026, compared with 44.8% in the same period of 2025. The 0.5

percentage point improvement in the year-to-date ratio in 2026 compared with the same period of 2025 reflects pre-tax core

earnings growing at a faster rate than core expenses. The year-to-date increase in core expenses was mainly due to similar

factors as noted above for 3Q26.

Total year-to-date general expenses in 2026 increased compared with the same period of 2025, driven by similar items noted

above related to the overall increase in year-to-date core expenses, and an increase in expenses reported in items excluded

from core earnings. Year-to-date general expenses excluded from core earnings in 2026 included similar items noted above for

3Q26, and in 2025 included similar items noted above for 3Q25.

A2Business Performance


	Quarterly Results			YTD Results
($ millions, unless otherwise stated) (unaudited)	3Q26	2Q26	3Q25	2026	2025
Asia APE sales	$2,036	$2,071	$2,000	$6,300	$5,732
Canada APE sales	384	426	374	1,226	1,210
U.S. APE sales	206	201	202	619	553
Total APE sales(1)	2,626	2,698	2,576	8,145	7,495
Asia new business CSM(2)	725	777	712	2,304	2,090
Canada new business CSM	114	129	109	346	300
U.S. new business CSM	118	118	145	350	365
Total new business CSM(2)	957	1,024	966	3,000	2,755
Asia new business value	686	701	675	2,118	1,954
Canada new business value	159	162	159	473	500
U.S. new business value	62	66	72	189	205
Total new business value(1)	907	929	906	2,780	2,659
Asia CSM net of NCI	19,741	19,562	17,580	19,741	17,580
Canada CSM	4,351	4,509	4,490	4,351	4,490
U.S. CSM	3,220	3,188	2,649	3,220	2,649
Corporate and Other CSM	6	4	(1)	6	(1)
Total CSM net of NCI	27,318	27,263	24,718	27,318	24,718
Post-tax CSM net of NCI(3)	22,701	22,667	20,537	22,701	20,537
Global WAM gross flows ($ billions)(1)	56.1	58.8	47.3	170.8	141.4
Global WAM net flows ($ billions)(1)	(3.6)	0.5	(6.2)	(7.5)	(4.8)
Global WAM assets under management and administration ($ billions)(3)	1,197.5	1,217.3	1,098.0	1,197.5	1,098.0
Global WAM total invested assets ($ billions)	10.8	11.5	11.0	10.8	11.0
Global WAM segregated funds net assets ($ billions)	335.8	342.2	314.3	335.8	314.3
Total assets under management and administration ($ billions)(3),(4)	1,825.5	1,847.2	1,694.6	1,825.5	1,694.6
Total invested assets ($ billions)(4)	486.1	485.8	459.0	486.1	459.0
Segregated funds net assets ($ billions)(4)	488.4	497.9	462.9	488.4	462.9

(1)For more information on this metric, see section E3 “Non-GAAP and Other Financial Measures” below.

(2)New business CSM is net of NCI.

(3)This item is a non-GAAP financial measure. See section E3 “Non-GAAP and Other Financial Measures” below for more information.

(4)See section A4 below for more information.

Annualized premium equivalent (“APE”) sales were $2.6 billion in 3Q26, in line1 with 3Q25, new business CSM was $957

million in 3Q26, a decrease of 2% compared with 3Q25 and new business value (“NBV”) was $907 million in 3Q26, in line1

with 3Q25. New business results by segment were as follows:

•Asia APE sales, new business CSM and NBV were broadly in line with 3Q25, as lower sales in the Chinese Mainland

were offset by the strong sales growth in Hong Kong and Japan. NBV margin2 was 35.3% in 3Q26 compared with 39.0%

in 3Q25.

•Canada APE sales increased 3% compared with 3Q25 and NBV was in line with 3Q25, largely driven by higher Individual

Insurance sales, partially offset by lower Group Insurance sales. New business CSM increased 5% compared with 3Q25,

reflecting higher sales volumes in Individual Insurance and higher margins in Annuities, partially offset by lower margins in

Individual Insurance.

•U.S. APE sales were in line with 3Q25, while changes in product mix resulted in a decrease in new business CSM and

NBV of 20% and 13%, respectively.

1 Percentage growth / decline in our CSM net of NCI balance from organic CSM movement is stated on a constant exchange rate basis and is a non-GAAP ratio.

This percentage is calculated as the annualized year-to-date change in organic CSM net of NCI divided by the December 31, 2025 CSM net of NCI balance.

See section E3 “Non-GAAP and Other Financial Measures” below for more information.


Manulife Financial Corporation – Third Quarter 2026	11

Year-to-date APE sales were $8.1 billion in 2026, an increase of 9% compared with the same period of 2025, year-to-date

new business CSM was $3.0 billion in 2026, an increase of 9% compared with the same period of 2025 and year-to-date

NBV was $2.8 billion in 2026, an increase of 5% compared with the same period of 2025. New business results by segment

were as follows:

•Asia year-to-date APE sales, new business CSM and NBV increased 10%, 11% and 9%, respectively, in 2026 compared

with the same period of 2025, primarily driven by growth in Hong Kong, Japan and Singapore, partially offset by a decline

in the Chinese Mainland. Year-to-date NBV margin was 36.6% in 2026 compared with 39.0% in the same period of 2025.

•Canada year-to-date APE sales in 2026 were in line with the same period of 2025, with growth in participating life

insurance sales and a large sale in affinity markets offset by lower sales across all group benefits markets. Year-to-date

new business CSM increased 15% compared with the same period of 2025, primarily reflecting higher sales in Individual

Insurance and higher margins in Annuities, partially offset by lower margins in Individual Insurance. Year-to-date NBV

decreased 5%, compared with the same period in 2025 mainly due to lower margins and sales in Group Insurance,

partially offset by higher sales in Individual Insurance and higher margins in Annuities.

•U.S. year-to-date APE sales increased 13% in 2026 compared with the same period of 2025, supported by product

enhancements and distribution expansion. Year-to-date new business CSM and NBV decreased 3% and 6%, respectively,

compared with the same period of 2025, due to product mix, partially offset by higher sales.

CSM net of NCI was $27,318 million as at September 30, 2026, an increase of $2,349 million compared with December 31,

2025. Organic CSM movement was an increase of $1,622 million for the nine months ended September 30, 2026,

representing a 9% annualized growth in our CSM net of NCI balance1, primarily driven by the impact of new business, interest

accretion, and net favourable insurance experience, partially offset by amortization recognized in core earnings. Inorganic

CSM movement was an increase of $727 million for the nine months ended September 30, 2026, driven by the favourable

impacts of changes in foreign currency exchange rates, partially offset by the net unfavourable impact of markets.

Global WAM reported net outflows were $3.6 billion in 3Q26 compared with net outflows of $6.2 billion in 3Q25. By business

line, the results were: