Manulife delivered a clean beat across earnings, new business growth, and capital strength, with Asia and U.S. segments driving momentum. The long-term care reinsurance deal further de-risks the balance sheet. Monitor the Q3 conference call for updates on the reinsurance closing and whether Canada segment claims experience stabilizes. The 16% core EPS growth and 20% CSM expansion support continued capital returns.
Price Chart
Executive Summary
Manulife reported strong Q2 2026 results with core EPS up 16% YoY to $1.09, net income of $2.1B (+17% YoY), and double-digit growth across all three insurance new business metrics (APE sales +21%, new business CSM +16%, NBV +10%). The company also announced a quarterly dividend of $0.485/share and a long-term care reinsurance transaction expected to close in Q4 2026. The results reflect broad-based strength across Asia and U.S. segments, though Canada core earnings declined 10% and Global WAM net inflows slowed to $0.4B from $0.9B a year ago.
Key Facts
- Core EPS of $1.09, up 16% YoY on a CER basis
- Net income attributed to shareholders of $2.1B, up 17% from $1.789B in 2Q25
- Core earnings of $1.9B, up 12% YoY on a CER basis
- Asia core earnings up 21% (US$616M vs US$520M), U.S. core earnings up 55% (US$218M vs US$141M)
- Canada core earnings down 10% (C$379M vs C$419M) on unfavourable claims experience
- APE sales up 21% to $2,698M, new business CSM up 16% to $1,024M, NBV up 10% to $929M
- Global WAM net inflows of $0.4B vs $0.9B in 2Q25, with Retirement net outflows of $4.9B
- CSM net of NCI of $27,263M, up 20% YoY on a CER basis
- LICAT ratio of 136%, financial leverage ratio of 22.2% (down 1.4 pps YoY)
- Quarterly dividend of $0.485 per common share declared
- Long-term care reinsurance transaction announced, expected to close in Q4 2026
Financial Impact
Core earnings +12% YoY to $1.9B; Core EPS +16% to $1.09; Net income +17% to $2.1B
Risk Factors
- Canada segment core earnings declined 10% YoY on unfavourable claims experience and higher expenses
- Global WAM net inflows slowed to $0.4B from $0.9B, with Retirement seeing $4.9B in net outflows
- Lower investment spreads in the U.S. and impact of eMPF transition in Hong Kong partially offset growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001086888-26-000080 |
| Document: a2q26newsrelease-commonsha.htm | 0001086888-26-000080 |
| Document: a2q26form6-kxearningspress.htm | 0001086888-26-000080 |
| Document: 0001086888-26-000080-index-headers.html | 0001086888-26-000080 |
| Document: 0001086888-26-000080-index.html | 0001086888-26-000080 |
| Document: 0001086888-26-000080.txt | 0001086888-26-000080 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 20d ago | 6-K | $43.49 $44.38 | ▲ +2.05% | ▲ +2.27% | $42.54 (−2.18%) |
Sep 1, 2026 4w ago | Press Release | $43.29 $43.48 | ▲ +0.44% | ▲ +1.40% | $42.54 (−1.73%) |
Aug 12, 2026 7w ago | 6-K | $43.78 $43.42 | ▼ −0.82% | ▼ −0.38% | $42.54 (−2.83%) |
Aug 5, 2026 8w ago | 6-K | $44.58 $43.92 | ▼ −1.48% | ▼ −2.69% | $42.54 (−4.58%) |
Aug 5, 2026 8w ago | 6-K | $44.58 $43.92 | ▼ −1.48% | ▼ −2.69% | $42.54 (−4.58%) |
Jun 11, 2026 16w ago | Institutional Cluster | $39.79 $40.39 | ▲ +1.51% | ▲ +1.07% | $42.54 (+6.91%) |
US Market Status
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