Manulife Financial Corp.
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+ FollowMarket Cap$76.62B
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Earnings Call Q2 2026
August 6, 2026 - AI Summary
Strong Q2 2026 operating performance (growth + value creation)
- APE sales +21% YoY, with double-digit growth across all insurance segments and >20% growth in both Canada and Asia.
- New business CSM +16% YoY; CSM balance +20%—supports future earnings generation.
- Core EPS +16% YoY, driven by ~12% growth in core earnings plus ongoing share buybacks.
- Core ROE 16.3%, up 130 bps YoY; LICAT 136% (well above supervisory target) and leverage 22.2% (below medium-term target).
Global WAM momentum: record flows but mixed channel net flows
- Gross flows were record; resulted in net inflows of $0.4B in the quarter.
- Institutional business strength (CQS/Comvest continued contributions) offset outflows in North American Retirement and retail.
- Core earnings +9% YoY in Global WAM (noting headwind from transition to eMPF in Hong Kong).
- Core EBITDA margin 31.2%, +110 bps YoY (margin expansion despite transition impacts).
Regional earnings picture: Asia strong; Canada softer; US “improving/within variability”
- Asia: core earnings +21% YoY to a record level (supported by growth and net favorable impact from last year’s basis change, partially offset by less favorable insurance experience).
- Canada: APE sales +23% YoY and new business CSM +29%, but core earnings -10% YoY due to unfavorable claims/expense in group insurance and insurance variability.
- Outlook expectation: Canada overall insurance experience trending to neutral by end of 2026, but elevated expenses from transformation investments persist through year-end.
- U.S.: APE +12% YoY; core earnings rebounded YoY driven by improved claims in life and LTC and lower ECL, partially offset by lower investment spreads.
- U.S. life claims unfavorable this quarter but management sees it as within normal variability and close to neutral YTD; LTC experience favorable.
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$-0.70
101.5% downside
Current Fair Value
101.5% downsideOvervalued by 101.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $76.62 Billion |
|---|---|
| Enterprise Value | $63.21 Billion |
| Annual dividend | $1.37 |
| Dividend yield | 3.04% |
| Earnings per Share | $3.08 |
| Beta | 0.74 |
| Outstanding Shares | 1,667,000,000 |
Return
| Return on Equity | 12.63% |
|---|---|
| Return on Assets | 0.61% |
| Return on Invested Capital | 0.94% |
Valuation & Multiples
| P/E Ratio | 16.81 |
|---|---|
| PEG | 102.62 |
| Price to Sales | 1.21 |
| Price to Book Ratio | 1.44 |
| Enterprise Value to Revenue | 0.97 |
| Enterprise Value to EBIT | 6.36 |
| Enterprise Value to Net Income | 9 |
| Total Debt to Enterprise | 0.22 |
| Debt to Equity | 0.27 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$0.83
Consensus analyst estimateRevenue Estimate
$7.67 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 301.11% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.23%▼ 43.11% |
|---|---|
| Total Invested | $1.62B▼ 94.83% |
| Investors Holding | 273▼ 569.00% |
About Manulife Financial Corp.
37,000 employees
CEO: Donald Guloien
Manulife Financial Corporation, along with its group of affiliated companies, delivers a comprehensive array of financial offerings and services across key regions including Asia, Canada, the United States, and global markets. The compan...