MFC Q1-26 First Look: (Negative) Earnings Miss While Outflows Hurt

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MFC Q1-26 First Look: (Negative) Earnings Miss While Outflows Hurt

Canada | Life Insurance

Manulife Financial EquityMayResearch13, 2026

FLASH NOTEMFC Q1-26 First Look: (Negative) Earnings Miss

RATING BUYWhile Outflows Hurt

PRICE C$54.62^

While MFC produced solid results and Asia remains on fire, the miss and relative

performance to its peers (against both expectations and on profitability) will PRICE TARGET | % TO PT C$61.00 | +12%

likely mean that its shares may have trouble garnering support tomorrow. That 52W HIGH-LOW C$55.34 - C$41.08

said, there were some unusual items weighing on results and an improvement FLOAT (%) | ADV MM (USD) 99.8% | 197.65

in Q2-26 could quickly change sentiment. We note that MFC has room to move MARKET CAP C$91.6B | $66.8B

on relative valuation, particularly when its ROE gains momentum. TICKER MFC CN ^Prior trading day's closing price unless otherwise

noted.

Manulife reported third quarter core earnings of $1.06 – below consensus ($1.10) and our estimate

($1.14). Outside the ongoing strong performance in Asia, each of the other operating lines faced

pressures, down year-over-year, although wealth saw a modest gain on a constant currency basis.

Net insurance income was essentially in line with expectations and up strongly from a year•

ago (16%) on the back of CSM release growth but down from Q4 (5.0%).

Net investment income came in below expectations (6.3% miss) and was down against both•

periods from lower expected earnings and a return to negative expected credit loss experience.

Global Wealth also disappointed (7.4% miss) and saw its second consecutive quarter of•

declines (down 8.1% sequentially and 0.7% from a year ago).

Book value per share increased by 1.5% sequentially to $26.30, implying a P/B of 2.08x off of