olivLaw · US equity research
Manulife Financial Corporation MFC
Life Insurance · SIC 6311 · Vertical: Life Insurance (SIC 6311)
Manulife Financial Corporation is a Canadian insurance and asset management group operating in Asia, Canada and the United States, listed through common shares and several debt issues. Its annual report for 2025 shows a complex capital structure, including LRCN instruments, which makes it important to track how the group manages its subordinated debt and capital.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Manulife Financial Corporation (MFC) stock was 45.99 USD (+2.70% on the day), with beta 0.98, 52-week range 33.18–45.99 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.9
- strong (55–70)
- Bollinger (20, 2)
- 42.23 – 46.32
- in the upper half of the band · %B 0.92 · band width 9.2%
- SMA 50 / 200
- 43.73 / 40.10
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.50 / 0.40
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.1% | −1.1% | +8.2 pp | — |
| 3 months | +3.5% | −0.5% | +3.9 pp | — |
| 6 months | +15.1% | +4.4% | +10.7 pp | — |
| Year to date | +26.8% | +12.3% | +14.4 pp | — |
| 1 year | +40.0% | +13.5% | +26.5 pp | +1.1% |
| 3 years | +146.6% | +76.4% | +70.2 pp | +41.1% |
| 5 years | +134.8% | +63.7% | +71.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 39.0 bn | 79.6 bn | 78.9 bn | 61.8 bn | 6.2 bn | 6.7 bn | 7.6 bn | 8.1 bn |
| Revenue YoY | −33.2% | +104.2% | −0.8% | −21.7% | — | +9.1% | +12.5% | +7.1% |
| Net income | 4.8 bn | 5.6 bn | 5.9 bn | 7.1 bn | -1.9 bn | 5.1 bn | 5.4 bn | 5.6 bn |
| Net income YoY | +128.1% | +16.7% | +4.8% | +21.0% | — | unavailable | +5.5% | +3.5% |
| Diluted EPS | 2.33 | 2.77 | 2.93 | 3.54 | -1.15 | 2.61 | 2.84 | 3.07 |
| Diluted EPS YoY | +137.8% | +18.9% | +5.8% | +20.8% | — | unavailable | +8.8% | +8.1% |
| net % | 12.3% | 7.0% | 7.4% | 11.5% | -31.2% | 75.6% | 71.0% | 68.5% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 26.7 bn CAD
- Financial debt
- unavailable CAD
- Net debt
- unavailable CAD
- Equity
- 52.5 bn CAD
- Total assets
- 1,025.4 bn CAD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 10.6%
- ROA
- 0.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (CAD)
Income statement · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | 6.8 bn | 8.1 bn | -3.1 bn | 6.5 bn | 7.1 bn | 7.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Net income | 5.9 bn | 7.1 bn | -1.9 bn | 5.1 bn | 5.4 bn | 5.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Diluted EPS | 2.93 | 3.54 | -1.15 | 2.61 | 2.84 | 3.07 | SEC (XBRL)· 11 Feb 2026verified |
Balance sheet · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 26.2 bn | 22.6 bn | 19.2 bn | 20.3 bn | 25.8 bn | 26.7 bn | SEC (XBRL)· 11 Feb 2026verified |
| Total assets | 880.3 bn | 917.6 bn | 833.7 bn | 875.6 bn | 978.8 bn | 1,025.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Long-term debt | 6.2 bn | 4.9 bn | 6.2 bn | 6.1 bn | 6.6 bn | — | SEC (XBRL)· 19 Feb 2025verified |
| Total liabilities | 827.3 bn | 858.8 bn | 785.5 bn | 826.8 bn | 925.9 bn | 972.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Equity | 53.0 bn | 58.9 bn | 48.2 bn | 48.7 bn | 53.0 bn | 52.5 bn | SEC (XBRL)· 11 Feb 2026verified |
Cash flow · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Dividends paid | — | — | — | 0 | — | — | SEC (XBRL)· 14 Feb 2024verified |
| Share repurchases | 253.0 m | — | 1.9 bn | 1.6 bn | 3.3 bn | 2.4 bn | SEC (XBRL)· 11 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Insurance
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 34.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
34% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 34.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 11.0% | 42 (vs peers) | 53% |
| Loss ratio · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 9.5% | 95 (on a fixed band) | 24% |
| ROA · Balance sheet | 0.6% | 2 (on a fixed band) | 24% |
| P/B · Valuation | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | unavailable | unavailable | — |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet2/100 · 1/1 factors with a value
- Growth· partial95/100 · 1/2 factors with a value
- Quality· partial42/100 · 1/2 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MANULIFE FINANCIAL CORPORATION (MFC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: YoY growth 7.1%; net margin 68.5%; ROE 11.0%.
The estimated value range is 11.01–51.31 CAD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 34.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 9.5%
What contradicts it
- ROA: 0.6%
Not assessed (insufficient data or a ratio without meaning): Loss ratio, EPS CAGR 3Y, P/B, P/E (TTM), Dividend yield, Payout ratio (EPS).
Versus the vertical median
Life Insurance (SIC 6311) · same industry (4-digit SIC) · compared with 19 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PUKPrudential PLC | 67.2 bn | 17.2 | 21.2% | 34.6% | +7.0% | −10% / +20% |
| METMetLife, Inc. | 65.4 bn | 19.5 | 13.2% | 4.6% | +8.6% | +34% / +62% |
| RGAReinsurance Group Of America, Incorporated | 17.4 bn | 11.7 | 11.7% | 5.8% | +7.2% | +40% / +64% |
| GLGlobe Life Inc. | 12.2 bn | 10.8 | 19.3% | 18.9% | +3.7% | +20% / +31% |
| VOYAVoya Financial, Inc. | 9.3 bn | 16.7 | 14.3% | 7.8% | +1.7% | +49% / +46% |
| CRBDCorebridge Financial, Inc. | 9.3 bn | 4.6 | 21.7% | 10.6% | −1.2% | −11% / unavailable |
| JXNJackson Financial Inc. | 9.1 bn | 11.1 | 9.5% | 13.4% | +104.3% | +40% / +188% |
| PRIPrimerica, Inc. | 8.8 bn | 11.4 | 33.0% | 23.2% | +6.6% | +11% / +36% |
| LNCLincoln National Corp | 8.0 bn | 3.6 | 22.6% | 12.2% | −1.2% | +1% / +75% |
| PFHPrudential Financial, Inc. | 5.3 bn | 1.4 | 12.6% | 6.3% | −13.7% | −11% / −20% |
| GNWGenworth Financial, Inc. | 3.5 bn | 17.5 | 2.4% | 2.9% | +0.1% | +6% / +56% |
| FGF&G Annuities & Life, Inc. | 2.9 bn | 7.4 | 9.2% | 6.9% | −0.2% | −32% / −46% |
| BHFBrighthouse Financial, Inc. | 2.4 bn | 3.3 | 13.6% | 12.5% | +43.2% | −35% / −18% |
| CIACitizens, Inc. | 209.2 m | 18.0 | 5.0% | 4.5% | +4.3% | −31% / +25% |
| AAMEAtlantic American Corporation | 24.3 m | 4.3 | 5.2% | 2.9% | +11.9% | −51% / −39% |
| ATHSAthene Holding Ltd | 4.7 m | 0.0 | 4.5% | 2.9% | +24.1% | −8% / unavailable |
| ANG-PDAmerican National Group Inc. | 215.5 k | 0.0 | 8.4% | 12.6% | −0.4% | −15% / unavailable |
| MFCManulife Financial Corporation | — | — | 11.0% | 68.5% | +7.1% | +40% / +147% |
| SLFSun Life Financial Inc | — | — | 14.2% | 8.5% | +8.0% | +39% / +62% |
| AEGAegon Ltd. | — | — | 10.5% | — | +1.1% | +7% / +56% |
1- and 3-year price returns: for MFC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 11 Feb 2026; since then the company filed 6-K (04 Nov 2026), 6-K (11 Sept 2026), 6-K (03 Sept 2026), 6-K (02 Sept 2026), 6-K (12 Aug 2026).
In brief
Manulife Financial Corporation is a Canadian insurance and asset management group operating in Asia, Canada and the United States, listed through common shares and several debt issues. Its annual report for 2025 shows a complex capital structure, including LRCN instruments, which makes it important to track how the group manages its subordinated debt and capital.
SWOT
Strengths
- The capital structure is diversified, with common shares, LRCN instruments and several series of senior and subordinated notes.
- Governance is solid, with an independent majority on the Board and standing committees composed entirely of independent members.
- The independent audit of internal control over financial reporting offers investors an additional layer of assurance.
Weaknesses
- The LRCN structure, with trusts and associated preferred shares, adds complexity for investors analysing the capital base.
- The document as provided does not give complete details of financial results, which limits the analysis.
- The large number of debt series may make maturity management more difficult.
Opportunities
- Access to capital markets in the United States and Canada could support funding for new growth programmes.
- Subordinated debt instruments could offer flexibility if market conditions become more favourable.
- If governance and reporting remain solid, the company could strengthen investor confidence.
Threats
- Changes in regulatory requirements in Canada and the United States could raise compliance costs.
- More difficult market conditions could make refinancing debt more expensive.
- Currency risks, if there are foreign currency exposures, could affect reported results.
Risks
- Complexity of the capital structuremedium
The LRCN issues involve consolidated trusts and preferred shares, which could make it harder to assess available capital.
- Debt refinancingmedium
Several series of notes with different maturities could strain liquidity if markets become more expensive.
- Regulation and compliancemedium
Changes in requirements in Canada and the United States could raise operating and reporting costs.
- Internal controllow
If weaknesses emerge in internal control over financial reporting, investor confidence could be affected.
- Concentration on the chief executivelow
The chief executive is not independent, so oversight depends largely on the independent committees.
Investment thesis
What would need to be true (bull case)
- The diversified capital structure and access to several markets could support long-term growth funding.
- Governance with an independent majority can reduce conflict-of-interest risk and strengthen shareholder confidence.
- Subordinated issues could offer additional flexibility if markets remain open.
What would break the thesis
- The complexity of LRCN instruments could make the real available capital harder to assess.
- Several debt maturities could create liquidity pressure if financing conditions deteriorate.
- Rising regulatory requirements could compress margins if compliance costs increase.
What to watch
- Evolution of solvency and capital after the LRCN issues2026
- Refinancing timetable for debt series with near maturities2026
- Regulatory changes in Canada and the US affecting insurersQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 11 Feb 2026; since then the company filed 6-K (04 Nov 2026), 6-K (11 Sept 2026), 6-K (03 Sept 2026), 6-K (02 Sept 2026), 6-K (12 Aug 2026).
The business
According to the Form 40-F filed for the fiscal year ended December 31, 2025, Manulife Financial Corporation had 1,677,180,680 common shares outstanding at period end 1. The company issued LRCN instruments, subordinated debt structured through consolidated trusts, in connection with which Class 1 preferred shares were issued 1. The governance structure provides for a 13-member Board, of which 12 are independent, and four standing committees 1.
Segments
Subordinated debt issues (LRCN)
The group issued subordinated LRCN instruments, for example Series 2 with a 4.100% coupon and Series 3 with a 7.117% coupon, both structured through trusts with associated preferred shares 1. These issues show how the company finances its long-term capital.
Senior and subordinated notes in US markets
The form lists several series of senior and subordinated notes maturing between 2026 and 2046, subject to reporting obligations under Section 15(d) of the Exchange Act 1. These issues show the group's access to US capital markets.
Market context
The documents reviewed do not state the size of the market in which the group operates, because Form 40-F focuses on legal structure, capital and governance 1. The shares are also listed on US markets, so investors outside Canada may be exposed to the same regulatory risks. A full market share analysis would require the management discussion and annual information, which are not included in the source provided.
Trends
- Access to capital through subordinated instrumentstailwind
The LRCN issues show the group using subordinated debt to strengthen its capital, which could support solvency if market conditions remain favourable.
- Heightened regulatory requirementsheadwind
The company's governance aligns with the Insurance Companies Act of Canada and US Securities and Exchange Commission rules, which could raise compliance costs if requirements expand.
- Independently audited internal controlmixed
The independent audit of internal control over financial reporting shows a high level of oversight, but pressure on reporting could grow as requirements change.
- Governance with an independent majoritytailwind
Most directors are independent and the committees are composed entirely of independent members, which could reduce the risk of conflicts of interest.
Competitive position
The documents reviewed do not directly identify the group's competitors, so no concrete comparisons can be drawn from them. A complete profile would require information from the annual report or from an analysis of the insurance sector.
- Competitors not named in the source
Form 40-F does not list competitors, so no verified list can be drawn from this document.
- Other life insurance players
The source does not present other companies in the sector, and identifying them would require additional sources.
- Asset management providers
The source does not mention competitors in the asset management segment, so this category remains unverified.
- North American financial groups
The source contains no information on US-listed competitors, so no verified ticker can be given.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- PCE Data Could Spark Improved Bonds Sentiment: ManulifeBloomberg Markets · 30 Sept 2026 · EN
- Manulife CQS Touts Double-Digit SRT Returns in $1 Billion PitchBloomberg Markets · 20 Aug 2026 · EN
The latest news item in our archive is from 30 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)11 Sept 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)02 Sept 2026
- Current report (foreign issuer)12 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)05 Aug 2026
- Current report (foreign issuer)18 Jun 2026
- Current report (foreign issuer)05 Jun 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-12-31 · SEC / Manulife Financial Corporation · 11 Feb 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.