| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 63 | 15.7x | 17.3x | Around median | |
Growth | 15 | -344.4% | 7.1% | Bottom tier | |
Quality | 74 | — | — | Top tier | |
Safety | 9 | — | — | Bottom tier | |
Capital Return | 84 | 3.16% | 0.06% | Top tier | |
Momentum | 94 | 36.3% | -1.6% | Top tier | |
Sentiment | 79 | 8 | 3 | Top tier |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Manulife Financial Corporation operates through a portfolio combining insurance and wealth and asset management in Asia, Canada, and the United States, generating income from life, health, and retirement policies, as well as asset management fees and institutional and retail flows. Asia represents the most prominent growth engine, particularly Hong Kong, Singapore, and Japan, while Canada provides individual and group insurance businesses, and the United States includes life and long-term care businesses. Global WAM also manages client assets across institutional, retirement, and retail channels, with contributions from CQS and Comvest.
In fiscal year 2025, revenue reached 8.1 billion Canadian dollars and net income reached 6.1 billion Canadian dollars, compared with revenue of 7.6 billion Canadian dollars and net income of 5.9 billion Canadian dollars in fiscal year 2024. In quarter 2 of fiscal year 2026 (2026-08-06), net income reached 2.1 billion Canadian dollars, APE sales increased by 21% year over year, new business CSM grew by 16%, and core return on equity reached 16.3%.
The segment mix reflects clear divergence in quarter 2 of fiscal year 2026: core earnings increased by 21% in Asia and by 9% in Global WAM, and Global WAM's core EBITDA margin reached approximately 31.2%, while core earnings in Canada declined by 10% due to unfavorable claims experience and expenses. Global WAM recorded net inflows of 0.4 billion dollars, but this came alongside outflows from North American retirement and actively managed mutual funds distributed through intermediaries in Canada.
When: 2026-11-04
APE sales growth of 21%
Core earnings growth in Asia of 21%
Global WAM core EBITDA margin at 31.2%
The value implied by analyst targets is 29 dollars as a median within a range of 22 dollars to 51 dollars based on three analysts, representing a low-confidence indicative value that measures expected growth and earnings, and this method is inherently inclined toward optimism. The value based on the industry multiple is 17 dollars within a range of 5.69 dollars to 43 dollars, based on a median price-to-book multiple of 0.8 for a sample of 29 companies, also representing a low-confidence indicative value that prices Manulife like its peers. The two methods agree on broad, overlapping ranges, but the median analyst target is higher than the industry multiple value because the former prices expected growth, while the latter ties the company to book value and the multiples of peer insurers. The average consensus price target is 34.24 dollars with a consensus Buy recommendation, while the valuation pillar in the EL7 score was 35 out of 100 within the industry, which measures the attractiveness of the company's multiples compared with its peers.
Figures in the text are as of 2026-09-27; the live price is shown at the top of the page.
Asia was the clearest driver in quarter 2 of fiscal year 2026 (2026-08-06), as both APE sales and core earnings increased by 21%. In Hong Kong alone, APE sales grew by 37%, supported by savings products and diversified channels. APE sales per active agent also increased by more than 30%, linking growth to improved agent network productivity rather than numerical expansion alone.
The transaction transfers 80% of the biometric risks for a standalone block of long-term care policies with reserves of 3.2 billion dollars. Including previous transactions, Manulife will have reduced long-term care morbidity risk by 24%. The capital impact is expected to be largely neutral, while ceded core earnings amount to approximately 30 million Canadian dollars in the first year and decline as the block runs off.
Automated analysis for informational purposes only — not investment advice.
The LICAT ratio stood at approximately 136% in quarter 2 of fiscal year 2026 (2026-08-06), equivalent to 26 billion dollars above the regulatory target ratio. Financial leverage stood at 22.2%, below the medium-term target of 25%. The company returned 5.3 billion dollars to shareholders during the previous twelve months, including 1.4 billion dollars in the quarter through dividends and share repurchases.
Core earnings in Canada declined by 10% in quarter 2 of fiscal year 2026 (2026-08-06) due to unfavorable claims experience and expenses. Approximately one-third of new disability claims arise from mental health conditions, which tend to persist for longer. Management is targeting neutral Canadian insurance experience by the end of fiscal year 2026 through early intervention, treatment, and case management, while retaining the ability to reprice annually if negative experience persists.