Manulife stock posts record core earnings as net income falls

Manulife reported its third-quarter 2026 results on Wednesday, November 4, for the period ended September 30. In a release carried by Stockwatch, the insurer said core earnings reached a quarterly record, while reported profit was reduced by market-related items and a charge connected with Vietnam operations.

Core earnings rose 4 percent from the third quarter of 2025 on a constant-exchange-rate basis to C$2.125 billion. Core earnings per share increased 6 percent to C$1.24, and core return on equity stood at 17.8 percent. Manulife attributed the underlying improvement to business growth in Asia and the United States, higher revenue in Global Wealth and Asset Management, better insurance experience and the positive effect of actuarial method and assumption updates.

Reported profit takes a different path

Net income attributable to shareholders fell to C$1.424 billion from C$1.799 billion a year earlier. Earnings per share declined 21 percent to C$0.82. Manulife said the decrease reflected a larger net charge from market experience, including lower-than-expected returns on alternative long-duration assets such as private equity, real estate and farmland, as well as weaker public equity returns and losses from derivatives and hedge accounting ineffectiveness.

A further net charge came from Vietnam operations. The items more than offset the increase in core earnings, leaving reported profit materially weaker despite stronger underlying operating performance. The annual actuarial review produced a net favourable decrease of C$128 million in pre-tax fulfilment cash flows, although it reduced shareholder net income by C$175 million after tax.

Asia growth supports diversified model

Asia was a central growth driver in the quarter, and management also pointed to meaningful contributions from North American insurance businesses. New business results were broadly in line with the prior year for annualized premium equivalent sales, new business contractual service margin and new business value.

Global Wealth and Asset Management remained under pressure, but net outflows narrowed to C$3.6 billion from C$6.2 billion in the comparable quarter. Manulife also said its contractual service margin increased to C$27.318 billion at September 30, supported by new business, interest accretion and favourable insurance experience.

Manulife stock traded at 40.62 euros on Lang & Schwarz at 13:31 CET on Thursday, November 5, 2026. The release highlighted a LICAT ratio of 136 percent and said the company returned C$1.3 billion to shareholders during the quarter, leaving capital strength and cash deployment as key factors for investors assessing the results.

Investors can follow the real-time quote of Manulife stock as the market weighs record underlying earnings against the weaker reported result.

Broader sentiment for Canadian-listed financial shares will also be shaped by the S&P/TSX Composite market environment.

More news and analyses on Manulife stock will track the next earnings discussion and management's assessment of growth, capital deployment and market-sensitive earnings.