Manulife Financial Corporation (Manulife) operates as an international financial services company.
The company operates as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States, providing financial advice and insurance for individuals, groups and businesses. Through Manulife Wealth & Asset Management, the global brand for the company’s Global Wealth and Asset Management segment, the company serves individuals, institutions and retirement plan members world...
Manulife Financial Corporation (Manulife) operates as an international financial services company.
The company operates as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States, providing financial advice and insurance for individuals, groups and businesses. Through Manulife Wealth & Asset Management, the global brand for the company’s Global Wealth and Asset Management segment, the company serves individuals, institutions and retirement plan members worldwide.
The company is the holding company of The Manufacturers Life Insurance Company ('MLI'), a Canadian life insurance company. Manulife’s international network of employees, agents, and distribution partners offers financial protection and wealth management products and services to personal and business clients, as well as asset management services to institutional customers. The company operates as Manulife in Asia and Canada and as John Hancock and Manulife in the United States.
As of December 31, 2024, the company had over 109,000 agents and thousands of distribution partners, serving over 36 million customers.
The company's reporting segments are:
Asia – providing insurance products and insurance-based wealth accumulation products in Asia.
Canada – providing insurance products, insurance-based wealth accumulation products, and banking services in Canada.
U.S. – providing life insurance products and insurance-based wealth accumulation products and has an in-force long-term care insurance business and an in-force annuity business.
Global Wealth and Asset Management (Global WAM) – providing innovative investment solutions to the company’s retail, retirement, and institutional clients around the world under the Manulife Wealth & Asset Management brand.
Corporate and Other – consisted of the company’s Property and Casualty (P&C) Reinsurance business and run-off reinsurance operation.
The company has worldwide operations, including in Canada, the United States and various markets in Asia.
Strategic Priorities
The company's strategy is underpinned by the following strategic priorities:
Accelerate Growth
Focus Areas:
Leverage global footprint and business diversity to allocate resources to higher growth opportunities.
In Asia, increase penetration and scale in high-quality, sustainable growth businesses.
In Global WAM, scale investment capabilities, enhance the company’s intermediated distribution strength, and increase its focus where the company has direct relationships with clients.
In North America, expand behavioural insurance offerings to provide innovative solutions and support positive health and well-being outcomes for customers.
In Canada, drive new business growth and persistency in group benefits.
Execute on organic and inorganic growth opportunities.
Digital, Customer Leader
Focus Areas:
Leverage advanced analytics and artificial intelligence (‘AI’) capabilities, globally at scale.
Build differentiated, market-leading customer experiences.
Extend customer relationships through new services in health and wellness.
Harness customer insights from millions of customer interactions to enhance the experience delivered.
Drive NPS through a robust NPS system that spans across the customer journey.
Portfolio Optimization
Focus Areas:
Deliver capital release from legacy or low ROE businesses, including variable annuity, long-term care insurance and select long-duration, guaranteed insurance products.
Optimize portfolio to enhance the company’s risk profile and ROE.
Create value for customers and shareholders through organic optimization initiatives.
Asia
The company’s Asia segment offers insurance and insurance-based wealth accumulation products, driven by a customer-centric strategy, and leverages the asset management expertise of, and products managed by its Global Wealth and Asset Management segment. The company is a top three pan-Asian life insurer, focused on addressing the significant health and mortality protection gaps and low insurance penetration rates across Asia.
With a broad geographic presence across 12 markets – Hong Kong, Macau, Japan, Bermuda, mainland China, Singapore, Vietnam, Indonesia, the Philippines, Malaysia, Cambodia, and Myanmar – and a robust multi-channel distribution platform, the company is well-positioned to create value for its customers, employees, and shareholders. The company has close to 110,000 contracted agents and over 100 bank partnerships, of which its exclusive bancassurance partnerships provide it access to over 35 million bank customers. This includes the company’s regional exclusive bancassurance partnership with DBS Bank across Singapore, Hong Kong, mainland China, and Indonesia. It also works with many independent agents, financial advisors, and brokers.
Asia continues to be a core driver of growth for Manulife, as the company executes its strategy to accelerate growth through its diversified distribution platform, deliver sustainable margin expansion with its holistic solutions, and further enhance customer experience through digital capabilities and analytics. The company’s growth is underpinned by Asia megatrends, including fast growing economies, rising middle class populations, and growing unmet health and protection needs driving continued demand for financial solutions.
Canada
The company’s Canada segment has been committed to customers in its home market for over 135 years. The company serves the needs of one in six adults overall across the country, including members of approximately 27,000 businesses and organizations in its group benefits business, through a diverse and competitive suite of financial and health-protection offerings tailored to individuals, families, and business owners. It leverages the asset management expertise and products managed by the company’s Global Wealth and Asset Management segment.
The company’s Canadian business lines are: group life, health, and disability insurance solutions for employers; insurance and guaranteed investment products, including life, critical illness, segregated funds, and annuities sold via retail advisors; and Affinity group insurance offerings, including life, health, travel, disability, and creditor insurance solutions sold through the Manulife CoverMe brand, mortgage brokers, travel advisors, and sponsor groups and associations. The company also offers flexible banking products through Manulife Bank.
The company intends to be the leading life and health insurer in Canada, by focusing on four key areas: continuing to strengthen the company’s core operations; digital customer leadership; distribution expansion; and differentiation through health.
During 2024, the company entered into a multi-year loyalty rewards partnership agreement with Aeroplan. The company launched the Aeroplan Rewards and Challenges program in the Manulife mobile app that enables eligible group benefits plan members to earn reward points by completing programs and benefits-related activities to encourage health and well-being.
U.S.
The company’s U.S. segment is committed to helping its customers live longer, healthier, better lives by providing an array of life insurance and insurance-based wealth accumulation solutions to meet a variety of their needs and making behavioural insurance a standard component on all its life insurance solutions through the John Hancock Vitality Program.
The company operates under the brand of John Hancock in the U.S. The company has built lifelong customer relationships and created a vast distribution network of licensed financial advisors, who help it bring the benefits of life insurance, wellness, and wealth planning to more individuals and their families. The company’s life insurance solutions are designed to meet customers’ estate, business, income-protection, and wealth accumulation needs; they also leverage the expertise and solutions provided by its Global Wealth and Asset Management segment.
The company has integrated behavioural insurance across its suite of solutions, offering its customers tools, technology, education, and rewards through the John Hancock Vitality Program — in collaboration with partners, including GRAIL, Verily, Apple, Prenuvo, and Massachusetts Institute of Technology (MIT) AgeLab — to help them make more informed decisions about their overall health.
The company also has in-force LTC and annuity businesses. Its proven record of organically managing its LTC blocks, as well as its LTC, variable and fixed annuity reinsurance transactions over the last few years have been significant contributors to its efforts to transform the business portfolio.
In 2024, the company entered a five-year, multimillion-dollar research collaboration with MIT AgeLab to shape the future of longevity innovation and drive actionable insights for the business community, policymakers, as well as individuals and their families.
Global Wealth and Asset Management
The company’s Global Wealth and Asset Management segment, branded Manulife Wealth & Asset Management, is defined by its purpose: to make decisions easier and lives better by empowering investors for a better tomorrow. The company operates across 19 geographies, including 10 in Asia, distributing innovative investment solutions to both individual and institutional investors through three integrated and complementary business lines. The company seeks to offer leading capabilities across a wide spectrum of public and private asset classes, leveraging the expertise of its team of over 600 investment professionals worldwide.
The company’s Retirement business serves more than 9 million investors in North America and Asia through retirement plan solutions, with investments managed by its internal teams and third-party managers. The company offers financial guidance and advice to investors to help improve financial preparedness and provide solutions for investors when they retire or leave their employer plan.
The company’s Retail business serves individual investors primarily through third-party intermediaries, and, in select markets, through a direct-to-customer network, including its Manulife Wealth business in Canada. The company’s fund platform consists predominantly of internally managed solutions. It also supplements the company’s solutions by partnering with third-party managers through sub-advisory agreements.
The company’s Institutional Asset Management business serves pension plans, foundations, endowments, financial institutions, and other institutional investors worldwide, including its own insurance business. The company’s solutions span all major asset classes, including equities, fixed income, and alternative assets (real estate, timberland, farmland, private equity/debt and infrastructure).
In 2024, the company completed the acquisition of CQS, a U.K.-based multi-sector alternative credit manager.
Corporate and Other
Corporate and Other is consisted of the company's P&C Reinsurance business and its run-off reinsurance operation, including variable annuities and accident and health.
Distribution Methods
The company has a multi-channel distribution network in all the segments in which it operates, with different emphasis depending on the product line and geography. The company’s four operating segments are: Asia, Canada, U.S., and Global Wealth and Asset Management.
Asia
The company has insurance operations in 12 markets across Asia. It is a leading provider of insurance and insurance-based wealth accumulation products, driven by a customer-centric strategy, and it leverages the asset management expertise and products managed by its Global Wealth and Asset Management segment. The company’s portfolio includes a broad array of health, protection, savings, medical, term and whole life products.
The company’s diversified multi-channel distribution network in Asia includes contracted agents, bank partnerships and independent agents, financial advisors, and brokers. The company has exclusive bancassurance partnerships that give it access to over 35 million bank customers, including a long-term, regional partnership with DBS Bank Ltd. in Singapore, Hong Kong, mainland China and Indonesia.
In Hong Kong and Macau, the company’s insurance products are marketed and sold through its agency, bancassurance partnerships, and independent broker channels. In Japan, product offerings are marketed through proprietary sales agents, independent agencies or managing general agents and bancassurance partners. In Bermuda, Singapore, mainland China, Vietnam, Indonesia, the Philippines, Malaysia, Cambodia and Myanmar, products are primarily marketed and sold through agents, bank channels (including exclusive partnerships), brokers, and independent financial advisors.
Canada
The company is a leading financial services provider, offering insurance products, insurance-based wealth accumulation products and banking services, have a variable annuity business, and it leverages the asset management expertise and products managed by its Global Wealth and Asset Management segment.
The company offers financial protection solutions to individuals, families, and business owners through a combination of competitive products, professional advice, and quality customer service. The company provides life, health, disability, and specialty products, such as mortgage creditor and travel insurance, through advisors, sponsor groups and associations, as well as direct-to-customer.
The company provides group life, health, and disability insurance solutions to Canadian sponsors (these include traditional employers, as well as other forms of groups, such as government programs, unions, and associations) and these products are distributed through various distribution channels, including a national network of regional offices that provide support to plan sponsors.
Manulife Bank offers flexible debt and cash flow management solutions as part of a customer’s overall financial plan. Products include savings and chequing accounts, guaranteed interest certificates, lines of credit, investment loans, mortgages, and other specialized lending programs, offered through brokers and financial advisors supported by a broad distribution network.
U.S.
The company’s U.S. segment is committed to helping its customers live longer, healthier, better lives by providing an array of life insurance and insurance-based wealth accumulation solutions to meet a variety of their needs, and making behavioural insurance a standard component on all its life insurance solutions through John Hancock Vitality Program.
The company operates under the John Hancock brand and have more than 160 years of history in the U.S. It has built lifelong customer relationships and created a vast distribution network of licensed financial advisors, who help the company bring the benefits of life insurance, wellness, and wealth planning to more individuals and their families. The company’s life insurance solutions are designed to meet customers' estate, business, income-protection, and wealth accumulation needs; they also leverage the expertise and solutions provided by its Global Wealth and Asset Management segment.
The company has integrated behavioural insurance across its suite of solutions, offering its customers tools, technology, education, and rewards through the John Hancock Vitality Program — in collaboration with partners, including GRAIL, Verily, Apple, Prenuvo, and Massachusetts Institute of Technology (MIT) AgeLab — to help them make more informed decisions about their overall health.
The company also has in-force long-term care and annuity businesses. Its management of the company’s long-term care blocks, as well as its long-term care, variable and fixed annuity reinsurance transactions over the last few years have been significant contributors to its efforts to transform the business portfolio.
Global Wealth and Asset Management
The company’s Global Wealth and Asset Management segment, branded Manulife Wealth & Asset Management, is defined by its purpose: to make decisions easier and lives better by empowering investors for a better tomorrow. The company operates across 19 geographies (the United States, Canada, Japan, Hong Kong, Singapore, Taiwan, Indonesia, Vietnam, Malaysia, India, the Philippines, England, Ireland, Switzerland, Germany, and mainland China. In addition, the company has timberland/farmland operations in Australia, New Zealand, and Chile), including 10 in Asia, distributing innovative investment solutions to both individual and institutional investors through three integrated and complementary business lines. The company offers capabilities across a wide spectrum of public and private asset classes, leveraging the expertise of its team of over 600 investment professionals worldwide.
The company’s Retirement business serves more than 9 million investors in North America and Asia through retirement plan solutions, with investments managed by its internal teams and third-party managers. The company offers financial guidance and advice to investors to help improve financial preparedness and provide solutions for investors when they retire or leave their employer plan.
The company’s Retail business serves individual investors primarily through third-party intermediaries, and, in select markets, through a direct-to-customer network. Its fund platform consists predominantly of internally managed solutions. The company also supplements its solutions by partnering with third-party managers through sub-advisory agreements.
The company’s Institutional Asset Management business serves pension plans, foundations, endowments, financial institutions, and other institutional investors worldwide, including its own insurance business. The company’s solutions span all major asset classes, and evaluating material sustainability factors helps it better manage risks and unlock additional opportunities for investors.
Government Regulation
Canada
Manulife is governed by the ICA. The ICA is administered by, and activities of the company is supervised by, the Office of the Superintendent of Financial Institutions (Canada) (OSFI), the primary regulator of federal financial institutions.
The company’s Canadian investment fund, dealer and asset management businesses are subject to Canadian provincial and territorial securities laws. Manulife Investment Management Limited (MIML) is registered as a portfolio manager with the securities commissions in all Canadian provinces and territories, as an investment fund manager in the provinces of Ontario, Newfoundland and Labrador and Quebec, as a commodity trading manager in Ontario, and as a derivatives portfolio manager in Quebec. Manulife Investment Management Distributors Inc. (MIMDI) is registered as an exempt market dealer with the securities commissions in all Canadian provinces and territories.
MIML and MIMDI are subject to regulation by the applicable provincial securities regulators. Manulife Wealth Inc. (MWI) is registered under provincial and territorial securities laws to sell investments across Canada and is subject to regulation by the applicable provincial and territorial securities regulators. MWI is regulated by the Canadian Investment Regulatory Organization. MWI is also registered as a derivatives dealer in Quebec.
The Canadian Investor Protection Fund (‘CIPF’) has been created to provide clients with protection, within defined limits, in the event of the insolvency of their investment dealer or their mutual fund dealer. The CIPF is funded by its member investment dealers and mutual fund dealers, including MWI.
The Canada Deposit Insurance Corporation (CDIC) is a federal crown corporation created by parliament in 1967 to protect deposits made with member financial institutions in case of their failure. CDIC member institutions, including Manulife Bank and its subsidiary Manulife Trust Company, fund deposit insurance through premiums paid on the insured deposits that they hold.
United States
The company’s principal U.S. life insurance subsidiaries are John Hancock Life Insurance Company (U.S.A.) (JHUSA), John Hancock Life Insurance Company of New York (JHNY) and John Hancock Life & Health Insurance Company (JHLH).
Certain of the company’s subsidiaries and certain investment funds, policies and contracts offered by them are subject to regulation under federal securities laws administered by the SEC and under certain state securities laws. Certain segregated funds of the company’s insurance subsidiaries are registered as investment companies under the Investment Company Act of 1940, as are certain other funds managed by subsidiaries of it. Interests in segregated funds under certain variable annuity contracts and variable insurance policies issued by the company’s insurance subsidiaries are also registered under the U.S. Securities Act of 1933. Each of John Hancock Distributors LLC, John Hancock Investment Management Distributors LLC and Manulife John Hancock Brokerage Services LLC is registered as a broker-dealer under the U.S. Securities Exchange Act of 1934 and each is a member of, and subject to regulation by, the Financial Industry Regulatory Authority.
Each of John Hancock Investment Management LLC, Manulife Investment Management (US) LLC, Manulife Investment Management Timberland and Agriculture Inc., Manulife Investment Management Private Markets (US) LLC, John Hancock Variable Trust Advisers LLC, Manulife Investment Management (North America) Limited and John Hancock Personal Financial Services, LLC is an investment adviser registered under the U.S. Investment Advisers Act of 1940. Certain investment companies advised or managed by these subsidiaries are registered with the SEC under the Investment Company Act of 1940 and the shares of certain of these entities are qualified for sale in certain states in the United States and the District of Columbia. All aspects of the investment advisory activities of the company’s subsidiaries are subject to various federal and state laws and regulations in jurisdictions in which they conduct business. These laws and regulations are primarily intended to benefit investment advisory clients and investment company shareholders and generally grant supervisory agencies broad administrative powers, including the power to limit or restrict the carrying on of business for failure to comply with such laws and regulations.
Asia
Hong Kong Special Administrative Region (Hong Kong) and Japan are the regulatory jurisdictions governing Manulife’s most significant operations in Asia.
Hong Kong
In Hong Kong, the company’s life insurance business is conducted through a branch of a wholly owned Bermuda subsidiary, Manulife (International) Limited, which is licensed to carry on the business of long-term insurance by the IA and the Bermuda Monetary Authority.
Investment managers and distributors in Hong Kong, including Manulife Investment Management (Hong Kong) Limited (entity and staff)(MIMHK), and the sale of mutual funds and the issuance of advertisements, invitations or documents in relation to collective investment schemes which contain an invitation to acquire an interest (products and selling) are highly regulated and are subject to Hong Kong securities laws as administered by the Securities and Futures Commission (SFC). The promotion and sale of pension schemes fund products is undertaken by Manulife (International) Limited as the scheme sponsor, with Manulife Provident Funds Trust Company Limited as the MPF approved trustee, and all such activities are subject to the supervision of the Mandatory Provident Fund Schemes Authority (‘MPFA’) and the IA. Management of the relevant pension funds is undertaken by MIMHK as investment manager, which is subject to the supervision of the MPFA and the SFC. The sales of long term insurance policies, investment-linked assurance, group life and health products and Qualifying Deferred Annuity Products are subject to the supervision of the IA. Investment-linked assurance is also subject to supervision by the SFC. The sale of Voluntary Health Insurance Scheme products is subject to the regulatory scrutiny of the Food and Health Bureau of the Hong Kong Government. Manulife (International) Limited also conducts long term insurance business in the Macau Special Administrative Region and is regulated by the Monetary Authority of Macau.
The promotion and sale of pension schemes fund products are undertaken by Manulife (International) Limited as the scheme sponsor, with Manulife Provident Funds Trust Company Limited as the MPF approved trustee, and all such activities are subject to the supervision of the Mandatory Provident Fund Schemes Authority (MPFA) and the IA.
Japan
Life insurance companies in Japan, including Manulife Life Insurance Company (Manulife Japan), are governed by the Insurance Business Law and the regulations issued thereunder (the IB Law). The IB Law sets out a comprehensive regulatory regime for Japanese life insurers, including such matters as capital and solvency requirements, powers of regulatory intervention, new insurance products and restrictions on shareholder dividends and distributions. The administration and application of the IB Law is supervised by the Financial Services Agency (‘FSA’). The IB Law provides for certain rules with respect to the approval of new insurance products and the setting of premium levels.
Investment managers in Japan, including Manulife Investment Management (Japan) Limited, are governed by the Financial Instruments and Exchange Act (Japan), and the regulations issued thereunder (the FIEA).
History
Manulife Financial Corporation was founded in 1887. The company was incorporated under the Insurance Companies Act (Canada) (ICA) in 1887.
