Manulife stock weighs record core earnings against profit decline

Manulife reported record core earnings for the third quarter ended September 30 on November 4, but weaker market experience and a charge related to Vietnam reduced net income attributable to shareholders. The results were released by Manulife Financial Corporation through PR Newswire.

Manulife stock traded at 39.06 euros on Lang & Schwarz at 14:07 CET on Monday, November 9. The quote is a current trading indication and does not establish a daily comparison with a dated Xetra closing price.

Core earnings set a new record

Core earnings increased 4 percent from the third quarter of 2025 to Canadian dollars 2.125 billion on a constant-exchange-rate basis. Core earnings per share rose 6 percent to Canadian dollars 1.24, helped in part by share buybacks. Core return on equity was 17.8 percent, while the LICAT capital ratio stood at 136 percent.

Reported net income attributable to shareholders fell to Canadian dollars 1.424 billion from Canadian dollars 1.799 billion a year earlier. Manulife said the decline reflected a larger net charge from market experience, including lower-than-expected returns on alternative long-duration assets and public equities, as well as losses from derivatives and hedge-accounting ineffectiveness. A net charge from Vietnam operations also weighed on the result.

Asia offsets pressure elsewhere

Asia remained the main growth engine. Core earnings in the segment increased 17 percent, supported by business growth, improved claims experience and the favourable impact of actuarial-method and assumption updates. Stronger sales in Hong Kong and Japan were partly offset by lower sales in mainland China.

Canada's core earnings rose 3 percent, although the company cited unfavourable claims experience in group insurance and higher expected credit-loss provisions as counterweights. U.S. core earnings increased 5 percent, supported by life-insurance claims experience, business growth and tax items. Global Wealth and Asset Management was weaker: core earnings declined 5 percent and net outflows amounted to Canadian dollars 3.6 billion, although that was an improvement from Canadian dollars 6.2 billion a year earlier.

Manulife said annualized premium-equivalent sales, new business contractual service margin and new business value were broadly in line with the prior-year quarter. The company also reported a contractual service margin net of non-controlling interests of Canadian dollars 27.318 billion at September 30.

Capital and AI remain investor themes

Management said Manulife returned Canadian dollars 1.3 billion to shareholders during the quarter while maintaining a strong balance sheet. The company also pointed to a five-year expansion of its Microsoft partnership, wider use of AI-enabled advisory tools in Asia and increased automation in U.S. underwriting.

The earnings mix leaves investors weighing durable operating growth against the sensitivity of reported profit to investment markets, derivatives and actuarial assumptions. The record core result supports the insurer's operating narrative, while the gap between core earnings and net income keeps market performance and asset-management flows central to the share outlook.

Investors can follow the real-time quote of Manulife stock for further trading information.

Canadian equities are also influenced by developments in the S&P/TSX Composite.

More news and analyses on Manulife stock.