Manulife earnings
Manulife's next results are due November 4, 2026. The immediate watch is claims, Asian margins and wealth flows beyond institutional inflows.
What has Manulife guided for the year?
Manulife offers modest price upside if earnings, capital and profitable new business hold up. Management targets at least 18% core ROE by 2027 and medium-term core EPS growth of 10%–12%. It targets medium-term CSM balance growth of 8%–10% and new business CSM growth of 15%; CSM is expected future profit from insurance contracts not yet recognized in earnings. Its cumulative remittance objective is $22 billion for 2024–2027.
| Period | Low | High | Date given | |
|---|---|---|---|---|
| Core return on common shareholders’ equity (“core ROE”) | 2027 | 18.0% | Feb 11, 2026 | |
| Remittances ($ billions) | 2024–2027 cumulative | 22 | Feb 11, 2026 | |
| Diluted core earnings per common share (“core EPS”) growth | Medium-term | 10.0% | 12.0% | Feb 11, 2026 |
| Expense efficiency ratio | Medium-term | 45.0% | Feb 11, 2026 | |
| New business contractual service margin (“new business CSM”) growth | Medium-term | 15.0% | 15.0% | Feb 11, 2026 |
| Contractual service margin (“CSM”) balance growth | Medium-term | 8.0% | 10.0% | Feb 11, 2026 |
Has Manulife kept its past promises?
The operating targets offer mixed evidence. Manulife reported an expense-efficiency ratio of 44.8% for 2025, below its target of 45%. Asia contributed 47% of group core earnings, below the 50% target for 2027. These results span Roy Gori’s and Witherington’s leadership, so they should not all be credited to the new CEO.
What is Manulife's trend over the last eight quarters?
The eight-quarter record is more varied than the latest result. Net income moved widely while core earnings were steadier, and the quarter benefited from a lower credit-loss provision. A stronger quarter is encouraging; several quarters of normalized claims and better client flows would be stronger evidence.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Core earnings (company's measure) | 1,923 | 1,836 | 1,993 | 2,035 | 1,726 | 1,767 | 1,907 | 1,828 |
| Net income | 2,110 | 1,147 | 1,499 | 1,799 | 1,789 | 485 | 1,638 | 1,839 |
| EPS, diluted | 1.20 | 0.65 | 0.83 | 1.02 | 0.98 | 0.25 | 0.88 | 1.00 |
What this means. The company's core earnings are its own version of profit, so they can differ from net income because they use different rules.
What should Manulife watchers look for next?
Core EPS moving toward that target, profitable retained Asian business and remittances supporting payouts would improve the view. Q3 results are due after market close on November 4, 2026; the analyst call is on November 5, 2026. Claims, Asian margins and wealth flows beyond institutional inflows are the immediate tests. The Manulife and Mahindra India venture still needs authorization, launch and customer retention before it can demonstrate returns on staged capital commitments. Remember: the upside rests on profitable growth, sound claims and capital that can reach shareholders.