Raising the Bar

Investor Day 2024: CEO Presentation

Roy Gori
President and CEO
June 25, 2024
 Agenda 1 | Looking back
Our transformation journey

2 | Looking ahead
Raising the bar

2
 Executive • Transformed into a low-risk and high
summary return company

• Demonstrated execution with strong

track record

• Uniquely positioned to capture mega

trends and grow our business

• Raising the bar on our financial

targets

• Creating compelling investment

opportunities

3
 Our transformation
journey

4
 Looking back: • Clear and consistent strategy
Top takeaways
• Delivered superior financial results

• Improved returns and outperformed

peers

• Strategically transformed Manulife

• De-risked the firm and reduced

volatility

• Generated substantial cash

5
 Clear and consistent strategy

“The most digital, customer-centric global company in our industry”

Customers Team Shareholders Community
Improve NPS by 36 points Engage our team – achieve Deliver top quartile returns Deliver on our Impact
and delight customers top quartile engagement Agenda

6
 Delivered superior financial results

Core ROE1 Core EPS1 Expense efficiency ratio1 Adjusted book value1
(C$) (C$ per common share)
CSM balance per common share
Book value per common share

+4.6 pps +8% CAGR -9.9 pps +9% CAGR

15.9% 3.5 55.4% 32.19

45.5% 9.83
11.3%
2.2
18.93

22.36

2017 2023 2017 2023 2017 2023 2017 2023

7 Note: See “Caution regarding forward-looking statements” below. All footnotes are on slide 30, including the nearest comparable GAAP financial measures, where applicable.
 Performance versus peers

Asia Peer
2017-2023 Manulife Peer Average6
Average7

Core ROE1 +4.6 pps +1.0 pps -3.9 pps

Core EPS2 7.8% 3.9% -0.4%

Dividend growth3 10.1% 5.9% 1.9%

Current cash flow yield (Dividends + buybacks)4,5 8.1% 6.8% 4.4%

8 Note: Peer data sourced from company websites, where applicable. All footnotes are on slide 30.
 Strong track record of execution

2017 2023 1Q24 Current target

Portfolio Core earnings contribution
24% 12% 12% <15% by 2025
optimization from LTC & VA
Expense
Expense efficiency ratio1 55.4% 45.5% 45.1% <50% in 2022+
efficiency
Core earnings from highest
54% 60% 67% 75% by 2025
Accelerate potential businesses2
growth Core earnings from Asia
36% 37% 44% 50% by 2027
(Insurance + WAM)

NPS3 1 23 23 37 by 2027
Digital, customer
leader
STP4 68% 85% 85% 88% by 2025

High performing
Employee engagement 2nd quartile 1st quartile n/a 1st quartile in 2022+
team

9 Note: See “Caution regarding forward-looking statements” below. All footnotes are on slide 30.
 Released capital and reduced risk

$11B
Notable transactions

Reinsurance of Reinsurance of U.S.

Reinsurance of
Canadian payout variable annuities to
Canadian universal life
annuities risks to Venerable
to RGA
PartnerRe
Reinsurance of U.S. Reinsurance of LTC,
Reinsurance of
payout annuities to structured settlement
U.S. BOLI to
Jackson and RGA, and and Japan life liabilities
Global Atlantic
Canadian universal life to Global Atlantic
to RGA
(from all transactions
by year announced)
release
Capital

+$3B +$2.1B +$0.8B +$2.4B +$0.7B +$1.4B +$0.8B

2018 2019 2020 2021 2022 2023 20241 Cumulative

share
Share buybacks Share buybacks $7.5B buybacks
2
(2018-2024
10 Note: See “Caution regarding forward-looking statements” below. All footnotes are on slide 30. pro-forma)
 Significantly de-risked the firm

Interest rates Equity markets

Potential impact on total comprehensive income from an Potential impact on total comprehensive income from a 10%
immediate parallel 50 bps decline in interest rates, as a decline in public equity returns, as a percentage of book value
percentage of book value from the respective year from the respective year
(% of book value) (% of book value)
2009 2023 2009 2023

-0.5%
-1.6%
-83%
-64%

-2.9% -4.4%

11 Note: Published interest rate sensitivities in 2009 reflected a 100-bps scenario. For illustrative purposes, this presentation assumes the sensitivity was linear and reflects half the disclosed sensitivity of -$1,600 million.
 A proven compounding cash generation engine

Organic investments drive Generated $27 billion of Returned $21 billion2 of

compound book value growth remittances capital to shareholders
Remittances from operations Dividend per share
• Over 25% new business profitability on
organic investments (C$ billions) (C$ per common share)
• Over $1 billion of cumulative technology
and digital investments since 2018 + 162% + 95%
• 12% new business CSM growth YoY1 5.5 1.60
• Positive net flows for 13 out of past 14
years in Global WAM

Freeing up capital through

milestone transactions 0.82
2.1
• $11 billion freed up capital from legacy /
low ROE businesses
• Largest LTC reinsurance transaction
• U.S. variable annuity reinsurance deal
2017 2023 2017 2024 Pro-
• Largest Canadian universal life deal
forma
12 Note: See “Caution regarding forward-looking statements” below. All footnotes are on slide 30.
 Outpaced peers

Total shareholder return (“TSR”) MFC-TSX

(%, as of May 31, 2024) Proxy peers average1

1-year
47.7 Period Quartile
27.0 1-Year 1st

3-Year 2nd

3-year
45.9 5-Year 1st

34.1

100.3
5-year
75.2
13 Note: Data sourced from Bloomberg. All footnotes are on slide 30.
 Looking back: • Clear strategy
Summary
• Superior execution

• Outpaced peers

• A cash and growth engine

14
 Raising the bar

15
 Looking ahead: • Raising the bar on financial targets
Top takeaways
• Uniquely positioned to continue
delivering strong results and
outperforming peers

• A global player at scale that is poised

to capture key megatrends

• Enviable markets and business

exposure enable organic investment

• Complementary business lines with

an attractive business mix

• Digital, talent, and community

focused

16
 Raising the bar on our 2027 targets

Core ROE1 Cumulative remittances

(C$ billions)

18%+ $22.0+
16%

$18.4

11%

2017A 2023A 2027 2020-2023A 2024-2027

17 Note: See “Caution regarding forward-looking statements” below. All footnotes are on slide 30, including the nearest comparable GAAP financial measures, where applicable.
 A unique profile of high return, cash generation, and growth

Core ROE Remittances Core EPS growth

18%+
By 2027
$22B+ 10-12%
2024 - 2027

~14% - ~4%
Peer average1, 2023 Peer average1, CAGR 2017-2023

18 Note: See “Caution regarding forward-looking statements” below. Peer data sourced from company websites, where applicable. All footnotes are on slide 30.
 Continued focus on delivering against our medium-term financial targets

Medium-term target

New business CSM growth 15%

CSM balance growth 8-10%

Core EPS growth 10-12%

Expense efficiency ratio <45% (▼5 pps)

Leverage ratio 25%

Core dividend payout ratio 35-45%

19 Note: See “Caution regarding forward-looking statements” below.

 Compelling global megatrends

Rapid and sustained economic Proportion of elderly population is Evolving digital consumer
expansion in Asia growing preferences
Asia’s share of global middle class Global percentage of population 65 years or
(Population in billions)1 over2
Asia Pacific
All other regions +33%
80%
of consumers use mobile apps for
+42% 16% their financial services3
5.4 +21%
12%
3.8

54%
65%
10%
71%
of consumers expect companies to
deliver personalized experiences4
46% 35%

2020 2030 2022 2030 2050

20 Note: All footnotes are on slide 31.

 Well-positioned international footprint

Pan-Asia life insurer AUMA1

TOP 3 1.4T
Exclusive Employees
bancassurance
partnerships

10 38K
Customers Behavioural insurance
customers2

35M 2M+
21 Note: All footnotes are on slide 31, including the nearest comparable GAAP financial measures, where applicable.
 Clear pathway to deliver against our strategic priorities

• Pursue additional LTC transactions

Portfolio
• Low ROE divestitures to expand market multiples
optimization
• Organic inforce actions to reduce risk and improve ROE

• Digitalize and automate workflows and enhance STP

Expense
• World class partnerships to access emerging technologies and accelerate digital transformation
efficiency
• GenAI and advanced analytics for the next wave of cost synergies
• Increase penetration and scale in high quality, sustainable growth markets in Asia
Accelerate • Win in direct and affiliated Global WAM distribution channels and alternative product offerings
growth • Invest in high ROE and growth segments in North America
• Strategically relevant M&A opportunities that satisfy our gating criteria
• Drive market leading NPS
Digital, customer
• Personalize and digitally enable products
leader
• Leverage advanced analytics and AI capabilities, globally at scale

High performing • Leaders as “force multipliers” driving growth and culture

team • DEI and development initiatives, and support colleague well-being

22
 Accelerating growth through our businesses

Asia Global WAM

• Grow agency and Expanding global • Leverage direct and affiliated

Significant protection
bancassurance channels wealth and AUM with channels to scale business
gaps, rising middle
• Improve health and increasing demand • Scale alternative capabilities
class and HNW
protection product mix for alternative • Focus on sustainable growth
population growth
• Scale HNW business investments and operational excellence

Canada U.S.
• Deliver best-in-class core
Rising population Heightened focus on • Operate in high-growth
products and services
with increasing longevity and segments
• Expand distribution reach
number of uninsured substantial unmet life • Leverage Vitality as a
across channels and
Canadians and a insurance needs for differentiator
market segments
growing private protection and wealth • Expand innovative product
• Differentiate through health
healthcare expense transfer suite into adjacent markets
solutions and partnerships

23
 Digital, customer leadership is central to our mission

Driving automation and straight- Improving the customer Investing in technology to

through processing experience further our transformation
(STP) (NPS)
+17 pps

85%
88%
+22
37 $1B
Committed technology and digital
23 investments, 2023-2025

68%
1
3X
Expected return on digital investments
2018 2023 2025 2017 2023 2027

Customer experience leader across the majority of our business lines

24 Note: See “Caution regarding forward-looking statements” below.

 Talent and culture is our true differentiator

Value based culture Get it done together Diversity and inclusion

World’s Best Gender

Top Quartile
Employers Equality Index
Top quartile in employee Fourth consecutive year Fifth consecutive year named to
engagement amongst global F&I recognized as one of the World’s Bloomberg’s Gender Equality Index
companies for four consecutive Best Employers by Forbes
years

25
 Executing on our Driving inclusive economic
Impact Agenda opportunity

Building a better
business to Increase in racially and
better the world. 30% ethnically diverse
representation at the
Director+ level in North
America by 2025

Empowering health and Accelerating a sustainable

well-being future

82% Of Vitality members

maintained or improved Net On Scope 1 and 2
greenhouse gas emissions
overall health1
zero target

26 Note: See “Caution regarding forward-looking statements” below. All footnotes are on slide 31.
 Looking ahead: • Raising the bar on performance
Summary
• Uniquely poised to capture
megatrends

• Strong capital allocation and expense

discipline

• A cash and growth engine

• Confidence in the opportunity ahead

27
 Appendix • Footnotes

• Caution regarding forward-looking

statements

• Non-GAAP and other financial

measures

29
 Footnotes
Slide Footnote
1 Core return on common shareholders’ equity (“core ROE”) (2017 and 2023 ROE are 5.0% and 11.9%, respectively), diluted core earnings per common share (“core EPS”)

7 (2017 and 2023 EPS are C$0.98/sh and C$2.61/sh, respectively), expense efficiency ratio and adjusted book value per share value are non-GAAP ratios. The compound
annual growth rate (“CAGR”) for core EPS stated on a constant exchange rate basis is a non-GAAP ratio.
1 Percentage point change is between 2017 vs. 2023.
2 The CAGR is between 2017 and 2023. The CAGR for Manulife’s core EPS stated on a constant exchange rate basis is a non-GAAP ratio.
3 The CAGR of dividend per common share between 2017 and 2023.
4 Current cash flow yield is capital attributed to common share dividends and buybacks in fiscal year 2023 as a percentage of market capitalization as of December 31, 2023.
8
Dai-ichi’s market capitalization is as of March 31, 2024, consistent with their 2023 fiscal year end.
5 Current cash flow yield is an other specified financial measure.
6 Consists of 15 peers which comprise Manulife’s global performance proxy peer group as disclosed in our 2024 Management Information Circular.
7 Consists of AIA, Prudential PLC and Dai-ichi Life Holdings, Inc.

1 Expense efficiency ratio is a non-GAAP ratio.

2 Highest potential businesses include Asia, Global WAM, Canada group benefits and behavioural insurance products.
9 3 Net promoter score (“NPS”).
4 Straight-through processing (“STP”) includes money movement. Baseline is based on 2018 results.

1 As of 1Q24, including Canadian universal life reinsurance transaction.

10 2 Not all share buybacks are directly linked to these notable transactions.
1 New business CSM growth stated on a constant exchange rate basis is a non-GAAP ratio. Value reflects CSM growth between 2022 and 2023.
12 2 Between 2017 and 2023, from common share dividends and share buybacks.
13 1 Consists of 15 peers which comprise Manulife’s global performance proxy peer group as disclosed in our 2024 Management Information Circular.

17 1 Core ROE is a non-GAAP ratio (2017 and 2023 ROE are 5.0% and 11.9%, respectively).

18 1 Consists of 15 peers which comprise Manulife’s global performance proxy peer group as disclosed in our 2024 Management Information Circular.

30
 Footnotes
Slide Footnote
1 Brookings, The Unprecedented Expansion of the global middle class. (February 2017).
2 World Population Prospects 2022, UN DESA.
20 3 Zipdo, Essential Financial Services Digital Marketing Statistics (June 2023).
4 McKinsey, The Value of Getting Personalization Right (2021).

1 As at December 31, 2023. AUMA is a non-GAAP financial measure (total invested assets and segregated funds net assets are C$417 billion and C$378 billion, respectively).

21 For more information, see “Non-GAAP and Other Financial Measures” below.
2 Behavioural insurance participants includes Vitality customers in North American and MOVE customers in Asia.

26 1 Percent of John Hancock Vitality members reported similar or improved health year-over-year.

31
 Caution regarding Certain material factors or assumptions are applied in making
forward-looking statements and actual results may differ materially
counterparties to meet their obligations; the availability, affordability
and adequacy of reinsurance; legal and regulatory proceedings,
from those expressed or implied in such statements. Important factors including tax audits, tax litigation or similar proceedings; our ability
forward-looking that could cause actual results to differ materially from expectations
include but are not limited to: general business and economic
to adapt products and services to the changing market; our ability
to attract and retain key executives, employees and agents; the
statements conditions (including but not limited to the performance, volatility and
correlation of equity markets, interest rates, credit and swap spreads,
appropriate use and interpretation of complex models or deficiencies
in models used; political, legal, operational and other risks associated
currency rates, investment losses and defaults, market liquidity and with our non-North American operations; acquisitions or divestitures,
creditworthiness of guarantors, reinsurers and counterparties); the and our ability to complete transactions; environmental concerns; our
severity, duration and spread of the COVID-19 outbreak, as well as ability to protect our intellectual property and exposure to claims of
From time to time, Manulife makes written and/or oral forward-looking actions that may be taken by governmental authorities to contain infringement; and our inability to withdraw cash from subsidiaries.
statements, including in this presentation. In addition, our COVID-19 or to treat its impact; changes in laws and regulations;
representatives may make forward-looking statements orally to changes in accounting standards applicable in any of the territories Additional information about material risk factors that could cause
analysts, investors, the media and others. All such statements in which we operate; changes in regulatory capital requirements actual results to differ materially from expectations and about material
are made pursuant to the “safe harbour” provisions of Canadian applicable in any of the territories in which we operate; our ability to factors or assumptions applied in making forward-looking statements
provincial securities laws and the U.S. Private Securities Litigation execute strategic plans and changes to strategic plans; downgrades may be found in our 2023 Management’s Discussion and Analysis
Reform Act of 1995. in our financial strength or credit ratings; our ability to maintain our under “Risk Factors and Risk Management” and “Critical Actuarial
reputation; impairments of goodwill or intangible assets or the and Accounting Policies” and in the “Risk Management” note to the
The forward-looking statements in this presentation include, but establishment of provisions against future tax assets; the accuracy of Consolidated Financial Statements for the year ended December 31,
are not limited to, statements with respect to the Company’s strategic estimates relating to morbidity, mortality and policyholder behaviour; 2023 as well as elsewhere in our filings with Canadian and U.S.
priorities and targets; and also relate to, among other things, our the accuracy of other estimates used in applying accounting policies, securities regulators. The forward-looking statements in this
objectives, goals, strategies, intentions, plans, beliefs, expectations actuarial methods and embedded value methods; our ability to presentation are, unless otherwise indicated, stated as of the date
and estimates, and can generally be identified by the use of words implement effective hedging strategies and unforeseen consequences hereof and are presented for the purpose of assisting investors
such as “will”, “expect”, “estimate”, “believe”, “plan”, “objective”, arising from such strategies; our ability to source appropriate and others in understanding our financial position and results of
“continue”, and “goal”, (or the negative thereof) and words and assets to back our long-dated liabilities; level of competition and operations, our future operations, as well as our objectives and
expressions of similar import, and include statements concerning consolidation; our ability to market and distribute products through strategic priorities, and may not be appropriate for other purposes.
possible or assumed future results. Although we believe that the current and future distribution channels; unforeseen liabilities or asset We do not undertake to update any forward-looking statements,
expectations reflected in such forward-looking statements are impairments arising from acquisitions and dispositions of businesses; except as required by law.
reasonable, such statements involve risks and uncertainties, and the realization of losses arising from the sale of investments classified
undue reliance should not be placed on such statements and they as available-for-sale; our liquidity, including the availability of financing
should not be interpreted as confirming market or analysts’ to satisfy existing financial liabilities on expected maturity dates when
expectations in any way. required; obligations to pledge additional collateral; the availability
of letters of credit to provide capital management flexibility; accuracy
of information received from counterparties and the ability of

32
 Non-GAAP and other Other specified financial measures include current cash
flow yield.

financial measures For more information on the non-GAAP and other financial
measures in this document, please see “Implementation of IFRS
17 and IFRS 9” and “Non-GAAP and other financial measures”
of the 2023 MD&A which are incorporated by reference and
available on the SEDAR+ website at www.sedarplus.ca.

From time to Manulife prepares its Consolidated Financial

Statements in accordance with International Financial
Reporting Standards (“IFRS”) as issued by the International
Accounting Standards Board. We use a number of non-GAAP
and other financial measures to evaluate overall performance
and to assess each of our businesses. This section includes
information required by National Instrument 52-112 – Non-
GAAP and Other Financial Measures Disclosure in respect of
“specified financial measures” (as defined therein).

Non-GAAP financial measures include core earnings (loss);

assets under management and administration (“AUMA”); and
adjusted book value.
Non-GAAP ratios include core return on common
shareholders’ equity (“core ROE”); diluted core earnings per
common share (“core EPS”); financial leverage ratio; adjusted
book value per common share; contractual service margin
(“CSM”) per common share; and expense efficiency ratio. In
addition, non-GAAP ratios include the percentage
growth/decline on a constant exchange rate (“CER”) basis in
any of the above non-GAAP financial measures, and new
business CSM.

33
 Reconciliation: Core earnings, CER basis

2017

($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable Corporate
Asia Canada U.S. Global WAM Total
reporting period, unless otherwise stated) and Other
Core earnings (post-tax) 1,453 1,209 1,609 816 (522) 4,565
CER adjustment1 (101) - 80 25 (15) (11)
Core earnings, CER basis (post-tax) 1,352 1,209 1,689 841 (537) 4,554
Income tax on core earnings, CER basis1 (335) (249) (644) (169) 244 (1,153)
Core earnings, CER basis (pre-tax) 1,017 960 1,045 672 (293) 3,401

34 Note: For additional reconciliations, please refer to the section "Non-GAAP and Other Financial Measures" in our 2018 and 2023 MD&A. 1 The impact of updating foreign exchange rates to that which was used in 4Q23.
 Reconciliation: Core ROE

($ millions, unless otherwise stated) 2017

Core earnings 4,565

Less: Preferred share dividends 159
Core earnings available to common shareholders 4,406
Average common shareholders’ equity (see below) 38,919

Core ROE (%) 11.3%

Average common shareholders’ equity

Total shareholders' and other equity 41,013
Less: Preferred shares and other equity 3,577
Common shareholders' equity 37,436
Average common shareholders’ equity 38,919

35 Note: For additional reconciliations, please refer to the section "Non-GAAP and Other Financial Measures" in our 2022 and 2023 MD&A.
 Reconciliation: Core EPS

($ millions, post-tax and based on actual foreign exchange rates in effect in the
2017
applicable reporting period, unless otherwise stated)
Core earnings 4,565
Less: Preferred share dividends 159
Core earnings available to common shareholders 4,406
CER adjustment1 (11)
Core earnings available to common shareholders, CER basis 4,395

Diluted weighted average common shares outstanding (millions) 1,986

Diluted core EPS 2.22

Diluted core EPS - CER 2.21

36 Note: For additional reconciliations, please refer to the section "Non-GAAP and Other Financial Measures" in our 2022 and 2023 MD&A. 1 The impact of updating foreign exchange rates to that which was used in 4Q23.
 Reconciliation: Core earnings from Asia

($ millions and post-tax, unless otherwise stated) 1Q24

Core earnings of Asia region1 764

Core earnings - all other businesses 990
Core earnings 1,754
Items excluded from core earnings (888)
Net income (loss) attributed to shareholders 866

Asia region core earnings contribution 44%

37 Note: For additional reconciliations, please refer to the section "Non-GAAP and Other Financial Measures" in our 2023 MD&A. 1 Asia region including WAM.