Manulife Financial Corp.

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.