Manulife Financial: 1Q26: EPS Miss on GWAM Fee Income and Canada Disability, Though Asia is Strong

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Manulife Financial: 1Q26: EPS Miss on GWAM Fee Income and Canada Disability, Though Asia is Strong

Equity Research

North America Insurance/Life

13 May 2026

Manulife Financial

1Q26: EPS Miss on GWAM Fee

Income and Canada Disability,

MFC.TO/MFC CN EQUAL WEIGHTThough Asia is Strong

Unchanged

Operating EPS missed our estimate due to weaker investment North America Insurance/ POSITIVE Life

Unchangedincome results, lower fee income in GWAM, and higher

expenses. Price Target CAD 52.00 Unchanged

Price (13-May-26) CAD 54.62

Operating EPS of C$1.06 comes in weaker than our C$1.11 estimate and Street's C$1.10 Potential Upside/Downside -4.8%

estimate. The miss can be attributed to softer results in Canada, US, GWAM, and Corporate and Source: Bloomberg, Barclays Research

Other, as Asia delivered the sole earnings beat. On a segment basis, Canada recorded an

insurance experience loss of C$38mn driven by higher claims in their long term disability Market Cap (CAD mn) 91336

business, which was partially offset by stronger net investment income. In the US, softer Shares Outstanding (mn) 1672.22

investment income and higher expenses were partially offset by an insurance experience gain of Free Float (%) 99.11

C$37mn, the first positive result in several quarters following weaker life insurance performance 52 Wk Avg Daily Volume (mn) 8.8

last quarter. In GWAM, lower fee income drove the miss which was exacerbated by C$4.4bn in Dividend Yield (%) 3.55

net outflows as Retail and Retirement continued to experience withdrawals. Meanwhile, Return on Equity TTM (%) 11.96

Corporate missed estimates on lower interest earnings on surplus as well as higher expenses Current BVPS (CAD) 25.92

from strategic investments in technology and AI.