Manulife Financial Corporation (MFC) Financial Statements

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Manulife Financial financial statements at a glance

Manulife Financial reported revenue of 53.01 billion CAD for fiscal year 2025 (ended December 31, 2025), up 16.3% from fiscal year 2024. Net income was 5.25 billion CAD, a net margin of 9.9%.

At the end of fiscal year 2025 it had total assets of 1.03 trillion CAD, total liabilities of 972.95 billion CAD and shareholders' equity of 50.96 billion CAD, with cash and short-term investments of 26.70 billion CAD and total debt of 14.68 billion CAD.

Its operations brought in 32.11 billion CAD of cash, leaving free cash flow of 32.11 billion CAD.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in CAD; latest fiscal year ended December 31, 2025.

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Manulife Financial Corporation

MFCCanada
Financial Services
CAD (Local)

Income Statement

Annual • CAD

Total Revenue
53.01B
Prev Year: 45.58B
YoY: +16.3%
Interest Income
19.08B
Prev Year: 17.48B
YoY: +9.2%
Total Premiums Earned
-
Prev Year: 18.88B
Total Expenses
45.92B
Prev Year: 38.49B
YoY: +19.3%
Selling General and Administrative
4.90B
Prev Year: 4.86B
YoY: +0.8%
General and Administrative Expense
4.90B
Prev Year: 4.86B
YoY: +0.8%
Net Non Operating Interest Income Expense
-1.53B
Prev Year: -1.68B
YoY: +8.9%
Fee and Commission Expense
-
Prev Year: 1.48B
Policyholder Interest
-
Non-operating Interest Expense
1.53B
Prev Year: 1.68B
YoY: -8.9%
Pre-tax Income
7.09B
Prev Year: 7.09B
YoY: +0.1%
Provision for Income Taxes
1.03B
Prev Year: 1.21B
YoY: -14.5%
Net Income Common Stockholders
5.25B
Prev Year: 5.07B
YoY: +3.6%
Net Income
5.78B
Prev Year: 5.63B
YoY: +2.7%
Net Income Including Non-Controlling Interests
6.06B
Prev Year: 5.88B
YoY: +3.1%
Net Income from Continuing Operations
6.06B
Prev Year: 5.88B
YoY: +3.1%
Noncontrolling Interests
-278.00M
Prev Year: -247.00M
YoY: -12.6%
Net Income from Continuing and Discontinued Operation
5.78B
Prev Year: 5.63B
YoY: +2.7%
Normalized Income
5.78B
Prev Year: 5.63B
YoY: +2.7%
EBIT
8.62B
Prev Year: 8.77B
YoY: -1.7%
Reconciled Depreciation
-1.83B
Prev Year: -1.51B
YoY: -21.1%
Net Income from Continuing Operation Net Minority Interest
5.78B
Prev Year: 5.63B
YoY: +2.7%
Tax Rate for Calcs
0.146
Prev Year: 0.17
YoY: -14.3%
Interest Expense
1.53B
Prev Year: 1.68B
YoY: -8.9%
Net Interest Income
-1.53B
Diluted NI Available to Com Stockholders
5.25B
Prev Year: 5.07B
YoY: +3.6%
Otherunder Preferred Stock Dividend
210.00M
Prev Year: 246.00M
YoY: -14.6%
Preferred Stock Dividends
321.00M
Prev Year: 311.00M
YoY: +3.2%
Other Income Expense
198.00M
Prev Year: 295.00M
YoY: -32.9%
Other General and Administrative
4.90B
Prev Year: 4.86B
YoY: +0.8%
Operating Revenue
53.01B
Loss Adjustment Expense
34.55B
Prev Year: 30.47B
YoY: +13.4%
Net Policyholder Benefits And Claims
34.55B
Prev Year: 30.47B
YoY: +13.4%
Policyholder Benefits (gross)
43.42B
Prev Year: 38.55B
YoY: +12.6%
Policyholder Benefits (ceded)
8.87B
Prev Year: 8.07B
YoY: +10.0%
Values in CAD

Manulife Financial key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue53.0B CAD45.6B CAD42.3B CAD23.6B CAD59.8B CAD
Operating income8.6B CAD8.8B CAD8.0B CAD-2.1B CAD9.1B CAD
Net income5.3B CAD5.1B CAD4.8B CAD-2.2B CAD6.9B CAD
Total assets1.0T CAD978.8B CAD875.6B CAD833.7B CAD928.2B CAD
Total liabilities972.9B CAD925.9B CAD826.9B CAD785.5B CAD881.3B CAD
Shareholders' equity51.0B CAD51.5B CAD47.3B CAD46.8B CAD45.5B CAD
Cash and short-term investments26.7B CAD––––
Total debt14.7B CAD14.2B CAD12.7B CAD12.4B CAD11.9B CAD
Operating cash flow32.1B CAD26.5B CAD20.4B CAD16.6B CAD23.2B CAD
Free cash flow32.1B CAD26.5B CAD20.4B CAD16.6B CAD23.2B CAD

In CAD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Manulife Financial's revenue in fiscal year 2025?

53.01 billion CAD, up 16.3% from 45.58 billion CAD in fiscal year 2024.

How much profit does Manulife Financial make?

Manulife Financial reported net income of 5.25 billion CAD for fiscal year 2025 (9.9% of revenue); operating income was 8.62 billion CAD.

How much cash and debt does Manulife Financial have?

At the end of fiscal year 2025: cash and short-term investments of 26.70 billion CAD and total debt of 14.68 billion CAD.

What is Manulife Financial's free cash flow?

32.11 billion CAD in fiscal year 2025 (operating cash flow of 32.11 billion CAD).

Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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