Manulife posts C$7.5B core earnings, hikes dividend 10.2% and launches NCIB
Manulife generated 2025 core earnings of C$7.5 billion (+3% constant currency) and 4Q25 core earnings of C$2.0 billion (+5%), while APE sales rose 14% to C$9.7 billion. The board boosted the quarterly dividend 10.2% to C$0.485 and cleared a NCIB to repurchase up to 42 million shares (2.5%).
1. Strong Core Earnings Growth
Manulife reported 2025 core earnings of C$7.5 billion, a 3% increase at constant exchange rates, and 4Q25 core earnings of C$2.0 billion, up 5% year-over-year. APE sales rose 14% to C$9.7 billion, while new business CSM grew 28% and NBV increased 18%.
2. Capital Return Programs
The board approved a 10.2% quarterly dividend increase to C$0.485 per share and initiated a NCIB to repurchase up to 42 million common shares (2.5% of outstanding). In 2025, Manulife repurchased 3.1% of shares (54.4 million) for C$2.4 billion.
3. Strategic Investments and Outlook
Manulife expanded its portfolio with the acquisition of Comvest Credit Partners, a joint venture in India with Mahindra, a high-net-worth office in Dubai, and an agreement to acquire Schroders Indonesia. Management highlighted AI maturity leadership and targets sustainable growth despite macro uncertainty.