Elon Musk to get US$29B in Tesla shares. Here's why
The electric vehicle maker said in a regulatory filing on Monday that Musk must first pay Tesla US$23.34 per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 pay package that was awarded to the company's CEO.
In December Delaware Chancellor Kathaleen St. Jude McCormick reaffirmed her earlier ruling that Tesla must revoke Musk's multibillion-dollar pay package. She found that Musk engineered the landmark pay package in sham negotiations with directors who were not independent.
At the time McCormick also rejected an equally unprecedented and massive fee request by plaintiff attorneys, who argued that they were entitled to legal fees in the form of Tesla stock valued at more than US$5 billion. The judge said the attorneys were entitled to a fee award of US$345 million.
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The rulings came in a lawsuit filed by a Tesla stockholder who challenged Musk's 2018 compensation package.
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Trump says it's 'ridiculous' for Musk to start a third political party
That pay package carried a potential maximum value of about US$56 billion, but that sum has fluctuated over the years based on Tesla's stock price.
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Musk appealed the order in March. A month later Tesla said in a regulatory filing that it was creating a special committee to look at Musk's compensation as CEO.
In a letter to shareholders, Tesla's board said that Musk hasn't received 'meaningful compensation' for eight years, citing the 2012 CEO Performance Award that was last earned in 2017. The board argued that Musk deserves compensation because he's delivered 'transformative and unprecedented growth' that's 'translated into immense value generated for Tesla and all our shareholders.'
Musk has been one of the richest people in the world for several years.
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Wedbush analyst Dan Ives feels Musk's stock award may alleviate some Tesla shareholder concerns.
'We believe this grant will now keep Musk as CEO of Tesla at least until 2030 and removes an overhang on the stock,' Ives wrote in a client note. 'Musk remains Tesla's big asset and this comp issue has been a constant concern of shareholders once the Delaware soap opera began.'
Tesla shares have plunged 25 per cent this year, largely due to blowback over Musk's affiliation with President Donald Trump. But Tesla also faces intensifying competition from both the big Detroit automakers, and from China.
In its most recent quarter, Tesla reported that quarterly profits plunged from US$1.39 billion to US$409 million. Revenue also fell and the company fell short of even the lowered expectations on Wall Street.
Under pressure from shareholders last month, Tesla scheduled an annual shareholders meeting for November to comply with Texas state law.
A group of more than 20 Tesla shareholders, which have watched Tesla shares plummet, said in a letter to the company that it needed to at least provide public notice of the annual meeting.
Investors have grown increasingly worried about the trajection of the company after Musk had spent so much time in Washington this year, becoming one of the most prominent officials in the Trump administration in its bid to slash the size of the U.S. government.
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Tesla's stock rose more than 2 per cent in morning trading. Shares are down about 23 per cent in the year to date.
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Comvest is a rapidly growing, middle market direct lending private credit manager with US$14.7 billion 4 on its platform. As part of the agreement, Manulife will align its US$3.7 billion Senior Credit team with Comvest, creating a leading US$18.4 billion 1 private credit asset management platform. Manulife intends to co-brand the new platform as Manulife | Comvest. "With a continued focus on disciplined, strategic capital deployment, our acquisition of Comvest Credit Partners further enhances our private markets platform by adding differentiated capabilities in private credit. The transaction is expected to be immediately accretive to core EPS, core ROE and core EBITDA margin, it will contribute to the strong growth trajectory of our broader Global Wealth and Asset Management business." - Phil Witherington, Manulife President & Chief Executive Officer "We are excited to see the continued growth and maturity of private credit as an asset class, providing flexible, tailored financing to businesses that are underserved by traditional lenders, while offering investors attractive, risk-adjusted returns. We are thrilled to welcome Comvest's exceptionally talented team of investment professionals. This acquisition, coupled with our acquisition last year of CQS, demonstrates our commitment to thoughtfully grow our business and offer a broader range of investment solutions to our institutional, retail, and retirement clients." - Paul Lorentz, President & CEO of Manulife Wealth and Asset Management "This partnership is an important step forward for Comvest and will meaningfully strengthen our market position. From the outset, the synergies between Comvest and Manulife have been clear, we share a disciplined approach to credit, a client-first mindset, and a strong focus on team culture. Manulife's deep relationships with private equity sponsors, robust sourcing capabilities, financial strength, and broad distribution platform will help us scale our differentiated private credit strategy and unlock new opportunities." - Robert O'Sullivan, Comvest Credit Partners Chief Executive Officer Transaction Details Comvest Credit Partners has built a differentiated approach to private credit, offering investors a diversified strategy encompassing non-sponsor lending, specialty finance sector exposure and traditional sponsor lending in the core mid-market. The firm has a demonstrated track record of fundraising and a history of delivering strong risk-adjusted returns through market cycles. Manulife's existing Senior Credit business and Comvest are highly complementary given the different areas of the market they focus upon. 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Robert O'Sullivan, Co-Founder and CEO of Comvest, will be appointed Head of the newly aligned business. He will report directly to Anne Valentine Andrews, Global Head of Private Markets, and will join the Private Markets Executive Committee. In addition to significantly enhancing and scaling Manulife's Private Markets business, the new Manulife | Comvest private credit platform will also complement our existing public market alternative credit platform, Manulife | CQS Investment Management, positioning the company to offer the full spectrum of credit solutions to clients. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions and approvals. Morgan Stanley & Co. LLC is acting as exclusive financial advisor to Manulife on the transaction and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor. 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Media Inquiries Jeff Cathie (857) 944-9017 [email protected] Investor Relations Derek Theobalds (416) 254-1774 [email protected] About Manulife Manulife Financial Corporation is a leading international financial services provider, helping our customers make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States, providing financial advice and insurance for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2024, we had more than 37,000 employees, over 109,000 agents, and thousands of distribution partners, serving over 36 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and under '945' in Hong Kong. Not all offerings are available in all jurisdictions. For additional information, please visit About Manulife Wealth & Asset Management As part of Manulife Financial Corporation, Manulife Wealth & Asset Management provides global investment, financial advice, and retirement plan services to 19 million individuals, institutions, and retirement plan members worldwide. Our mission is to make decisions easier and lives better by empowering people today to invest for a better tomorrow. As a committed partner to our clients and as a responsible steward of investor capital, we offer a heritage of risk management, deep expertise across public and private markets, and comprehensive retirement plan services. We seek to provide better investment and impact outcomes and to help people confidently save and invest for a more secure financial future. Not all offerings are available in all jurisdictions. For additional information, please visit About Comvest Credit Partners Comvest Credit Partners, the direct lending platform of Comvest Partners, focuses on providing flexible financing solutions to middle-market companies. Comvest Credit Partners provides senior secured, unitranche, and second lien capital to sponsored and non-sponsored companies in support of growth, acquisitions, buyouts, refinancings, and recapitalizations, with credit facilities up to US$300 million-plus. For more information, please visit Non-GAAP and other financial measures Manulife prepares its Consolidated Financial Statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. We use a number of non-GAAP and other financial measures to evaluate overall performance and to assess each of our businesses. 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Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: the anticipated benefits from the transaction; changes in general economic and market conditions, laws and regulations, the expected business performance of Comvest Credit Partners, and the expected time to close the transaction. Additional information about material risk factors that could cause actual results to differ materially from expectations may be found in our most recent annual and interim reports and elsewhere in our filings with Canadian and U.S. securities regulators. The forward-looking statements in this document are, unless otherwise indicated, stated as of the date hereof. We do not undertake to update any forward-looking statements, except as required by law.
Cision Canada
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Manulife Reports Second Quarter 2025 Results
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EPS of $0.98, up 88% 3 from 2Q24 Excluding the impact of the change in ECL, core EPS was $0.99, up 7% from 2Q24 3,4 Core ROE 4 of 15.0% and ROE of 15.6% LICAT ratio 5 of 136% APE sales up 15% 6, new business CSM up 37% 3 and new business value ("NBV") up 20% 6 from 2Q24 7,8 Global Wealth and Asset Management ("Global WAM") net inflows 6 of $0.9 billion, up from $0.1 billion in 2Q24 Announced today the agreement to acquire a 75% stake in Comvest Credit Partners, adding US$14.7 billion 9 to our Global WAM platform. The transaction is expected to close in the fourth quarter of 2025 10 "Our second-quarter results underscore the strength and resilience of our global franchise, as we continue to deliver high-quality growth across a diversified portfolio. All three insurance segments achieved over 30% growth year over year in new business CSM, clear evidence of our momentum and future earnings potential. Notably, Asia continued to generate strong APE sales and increased NBV margin sequentially. 6 Global WAM further expanded its core EBITDA margin 4 and delivered double-digit core earnings growth compared with the prior year quarter. 7 "It's an incredible privilege to lead Manulife and I'm energized by the passion and performance of this team. We are building on a strong foundation and are well-positioned to navigate a dynamic macroeconomic landscape with clarity and purpose. As we write Manulife's next chapter, I'm confident our strong commitment to customers, digital and AI-enabled solutions, will set new standards for excellence, efficiency, and sustainable growth across our global franchise. "Investing in our high-potential businesses with strategically focused intent is critical, and I'm excited to announce our acquisition of Comvest Credit Partners, adding highly complementary and scaled capabilities in private credit, an asset-strategy that we believe will contribute to future growth across our Global Wealth and Asset Management lines of business." — Phil Witherington, Manulife President & Chief Executive Officer "While core EPS growth was dampened by headwinds related to unfavourable life insurance claims experience in the U.S. and strengthened expected credit loss provisions, the underlying fundamentals of our businesses remained robust and we are reporting strong earnings growth in Global WAM, Asia and Canada. This is supported by our continued expense discipline which drove a 3% reduction in overall core expenses compared with 2Q24. 2 Book value per common share was resilient with a 5% increase year over year, and we continue buying back common shares, including $1.1 billion since the start of the year, demonstrating our steadfast commitment to enhancing shareholder value." — Colin Simpson, Manulife Chief Financial Officer Results by Segment ($ millions, unless otherwise stated) Quarterly Results YTD Results 2Q25 2Q24 Change 6 2025 2024 Change 6 Asia (US$) Net income attributed to shareholders $ 600 $ 424 44 % $ 1,035 $ 694 49 % Core earnings 7 520 449 13 % 1,012 914 10 % APE sales 1,233 920 31 % 2,645 1,870 41 % New business CSM 480 349 34 % 978 713 36 % NBV 7 451 346 28 % 908 669 35 % Canada Net income attributed to shareholders $ 390 $ 79 394 % $ 612 $ 352 74 % Core earnings 419 402 4 % 793 766 4 % APE sales 345 520 (34) % 836 970 (14) % New business CSM 100 76 32 % 191 146 31 % NBV 161 159 1 % 341 316 8 % U.S. (US$) Net income attributed to shareholders $ 26 $ 98 (73) % $ (371) $ 18 – % Core earnings 141 303 (53) % 392 638 (39) % APE sales 130 93 40 % 250 206 21 % New business CSM 86 54 59 % 156 126 24 % NBV 46 41 12 % 94 78 21 % Global WAM Net income attributed to shareholders $ 482 $ 350 36 % $ 925 $ 715 25 % Core earnings 7 463 386 19 % 917 735 22 % Gross flows ($ billions) 6 43.8 41.4 5 % 94.1 86.9 5 % Average AUMA ($ billions) 6 1,005 933 7 % 1,022 917 9 % Core EBITDA margin (%) 30.1 % 26.3 % 380 bps 29.2 % 25.9 % 330 bps Strategic Highlights We are embedding AI across our business, accelerating our journey to become a Digital, Customer Leader and earning the top spot for AI maturity in our industry In Global WAM, we launched an AI-powered sales enablement solution in U.S. Retirement, delivering real-time insights and personalized content to enhance our sales operation and productivity, improve our sales close ratio, and drive revenue growth. This doubled the number of sales opportunities compared with 2Q24 and reduced the time spent on information searches by over 50%. In Asia, we rolled out VOICE in Singapore and Japan, a multi-signal dashboard that includes call trend analysis, net sentiment scores, topic trends and deep dive insights from call center transcripts. VOICE utilizes GenAI to categorize data, find correlations, and customize insights by analyzing near real-time trends from customer interactions. These insights help us to better understand customer sentiment and key interests, enhance services, improve training, and identify opportunities to better deliver value to our customers. In the U.S., we launched a GenAI functionality in long-term care ("LTC") to enhance automated claims processing to strengthen the value of our LTC business and provide insights for future innovations. In Canada, we launched an end-to-end digital travel insurance platform that modernizes the distributor experience and simplifies the purchasing process for Canadians and their families. We were ranked first in the life insurance sector for AI maturity in the inaugural Evident AI Index for Insurance 11, ranking in the top five across the insurance industry overall. Our strong performance, particularly around Leadership and Transparency, is a testament to the multi-year investments in AI across the Company, reflecting our capability in scaling AI effectively. We continue to strengthen our distribution capabilities and expand product offerings to meet evolving customer needs In Asia, we demonstrated the strength of our agency force with a 23% year-over-year increase in the number of Million Dollar Round Table ("MDRT") members for Manulife Asia, positioning us as the third largest globally in 2025 MDRT membership. 12 In addition, we became the first international life insurer to establish an office in the Dubai International Financial Centre 13 dedicated to advising on and offering life insurance contracts to high-net-worth ("HNW") customers. This strategic move deepens our presence in the Middle East and enhances our ability to address the growing wealth and protection needs of HNW and ultra-HNW individuals in the region. In Global WAM, we continued to deliver comprehensive investment solutions by expanding our Global Retail product lineup with the launch of a diversified real assets strategy in Malaysia to help investors navigate market volatility. In addition, we introduced four new actively managed ETF series in Canada, enhancing access to diversified equity and fixed income exposures, to meet evolving investor needs. Furthermore, we enhanced the Manulife iFUNDS platform, making it the first integrated digital wealth solution in Singapore that offers advisors a unified view of clients' Unit Trust and Investment-Linked Plan ("ILP") holdings. By integrating these into a single platform and incorporating AI-powered ILP analytics capabilities, the enhancements streamline portfolio oversight, accelerate transaction execution, and empower advisors to deliver more personalized and insightful financial guidance. In Canada, we partnered with Maven Clinic, the world's largest virtual clinic for women's and family health 14, to offer eligible Group Benefits members 24/7 virtual access to personalized support during some of their most important stages of life, including fertility, maternity, parenting, and menopause. This initiative addresses critical care gaps that impact women's health and workforce participation. In the U.S., we expanded our wholesaling team to pursue more targeted growth strategies and accelerate our penetration within the U.S. HNW and mass affluent markets. Core earnings of $1.7 billion in 2Q25, down 2% from 2Q24 Core earnings decreased as strong business growth in Global WAM, Asia and Canada was offset by unfavourable life insurance claims experience in the U.S. and strengthened ECL provisions. Asia core earnings increased 13%, reflecting continued business growth, favourable claims experience and improved impact of new business, partially offset by strengthened ECL provisions. Global WAM core earnings increased 19%, driven by higher net fee income from favourable market impacts over the past 12 months and positive net flows, higher performance fees and continued expense discipline, partially offset by the impact of lower fee spreads and higher taxes. Canada core earnings were up 4%, as business growth in Group Insurance and higher investment spreads more than offset the impacts of a release in ECL provision in 2Q24 and the RGA Canadian universal life reinsurance transaction. 16 U.S. core earnings decreased 53%, reflecting unfavourable life insurance claims experience, lower investment spreads and strengthened ECL provisions. Corporate and Other core earnings improved by $12 million, primarily driven by lower long-term incentive compensation. Net Income attributed to shareholders of $1.8 billion in 2Q25, $0.7 billion higher compared with 2Q24 The $0.7 billion increase in net income was driven by improved market experience. The net gain from market experience in 2Q25 reflects higher-than-expected returns on public equities and gains from derivatives and hedge accounting ineffectiveness, partially offset by lower-than-expected returns on alternative long-duration assets, mainly related to real estate and private equity investments. APE sales, new business CSM and NBV increased 15%, 37% and 20%, respectively, reflecting continued sales momentum and margin expansions Asia continued to generate strong growth in APE sales, new business CSM and NBV, with a year-over-year increase of 31%, 34% and 28%, respectively, reflecting higher sales volumes in Hong Kong and Asia Other. 17 NBV margin of 40.0% was approximately in line with the prior year quarter and increased sequentially. In Canada, APE sales decreased 34%, as strong participating life insurance sales were more than offset by the non-recurrence of a large-case Group Insurance sale in 2Q24. These sales results, combined with a more favourable product mix, drove a 1% increase in NBV. New business CSM increased 32%, reflecting the strong sales growth in Individual Insurance. U.S. delivered strong new business growth this quarter, increasing APE sales, new business CSM and NBV by 40%, 59% and 12%, respectively, reflecting continued demand for our accumulation insurance products. Global WAM net inflows of $0.9 billion in 2Q25, $0.8 billion higher compared with net inflows of $0.1 billion in 2Q24 Retirement net inflows of $2.0 billion in 2Q25 increased compared with net outflows of $1.3 billion in 2Q24, reflecting higher retirement plan sales across all geographies and a large-case retirement plan redemption in the U.S. in 2Q24. Retail net outflows of $3.2 billion in 2Q25 increased compared with net outflows of $0.1 billion in 2Q24, driven by lower net sales through third-party intermediaries in North America and in money markets funds in mainland China. This is partially offset by higher net sales through our retail wealth platform. Institutional Asset Management net inflows of $2.1 billion in 2Q25 increased compared with net inflows of $1.4 billion in 2Q24, driven by lower redemptions in fixed income mandates, partially offset by higher redemptions in equity mandates. New business growth continued to drive higher organic CSM and CSM balance CSM 18 was $22,316 million as at June 30, 2025 CSM increased $189 million compared with December 31, 2024. Organic CSM movement contributed $1,162 million of the increase for the first half of 2025, representing an 11% 6 growth on an annualized basis, primarily driven by the impact of new business, interest accretion and net favourable insurance experience, partially offset by amortization recognized in core earnings. Inorganic CSM movement was a decrease of $973 million for the same period, primarily driven by the impacts of changes in foreign currency exchange rates. Post-tax CSM net of NCI 2 was $18,527 million as at June 30, 2025. __________ (1) Highest potential businesses include Asia segment, Global Wealth and Asset Management, Canada group benefits and North American behavioural insurance products. (2) Core earnings, core earnings excluding the impact of the change in ECL, core expenses and post-tax contractual service margin net of NCI ("post-tax CSM net of NCI") are non-GAAP financial measures. For more information on non-GAAP and other financial measures, see "Non-GAAP and other financial measures" below and in our 2Q25 Management's Discussion and Analysis ("2Q25 MD&A"). (3) Percentage growth/declines in core earnings, core earnings excluding the impact of the change in ECL, diluted core earnings per common share ("core EPS"), diluted earnings (loss) per share ("EPS"), core EPS excluding the impact of the change in ECL, new business contractual service margin net of NCI ("new business CSM"), and net income attributed to shareholders are stated on a constant exchange rate basis and are non-GAAP ratios. (4) Core EPS, core EPS excluding the impact of the change in ECL, core ROE, core EBITDA margin, financial leverage ratio and adjusted book value per common share ("adjusted BV per common share") are non-GAAP ratios. (5) Life Insurance Capital Adequacy Test ("LICAT") ratio of The Manufacturers Life Insurance Company ("MLI") as at June 30, 2025. LICAT ratio is disclosed under the Office of the Superintendent of Financial Institutions Canada's ("OSFI's") Life Insurance Capital Adequacy Test Public Disclosure Requirements guideline. (6) For more information on annualized premium equivalent ("APE") sales, new business value ("NBV"), net flows, gross flows, average asset under management and administration ("average AUMA") and new business value margin ("NBV margin"), see "Non-GAAP and other financial measures" below. In this news release, percentage growth/decline in APE sales, NBV, net flows, gross flows, average AUMA and organic CSM are stated on a constant exchange rate basis. (7) 2024 quarterly and year-to-date core earnings, NBV, core EPS, core ROE, adjusted BV per common share, and financial leverage ratio have been updated to align with the presentation of Global Minimum Taxes ("GMT") in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 2Q25 MD&A for more information. (8) Refers to "Results at a Glance" for 2Q25 and 2Q24 results. (9) Includes Comvest fee paying AUM of US$11 billion and Comvest committed capital of US$3.7 billion. (10) Subject customary closing conditions and approvals. See "Caution regarding forward-looking statements" below. See the press release announcing the acquisition for further details on the transaction and Comvest Credit Partners. (11) The Evident AI Index for Insurance assesses AI maturity across 30 of the most prominent insurance companies in North America and Europe, measuring progress across four key categories: Talent, Innovation, Leadership, and Transparency. (12) Announced in July 2025, based on 2024 new business sales. (13) The Dubai International Financial Centre is a special economic zone in Dubai designed to facilitate financial and business activities in the Middle East, Africa and South Asia region. (14) Maven Clinic, Meet Maven, 2024. (15) See section A1 "Profitability" in our 2Q25 MD&A for more information on notable items attributable to core earnings and net income attributed to shareholders. (16) The reinsurance transaction with RGA Life Reinsurance Company of Canada ("RGA Canadian Reinsurance transaction") closed April 1, 2024. (17) Asia Other excludes Hong Kong and Japan. (18) Net of non-controlling interests ("NCI"). Earnings Results Conference Call Manulife will host a conference call and live webcast on its Second Quarter 2025 results on August 7, 2025, at 8:00 a.m. (ET). To access the conference call, dial 1-800-806-5484 or 1-416-340-2217 (Passcode: 8528599#). Please call in 15 minutes before the scheduled start time. You will be required to provide your name and organization to the operator. You may access the webcast at The archived webcast will be available following the call at the same URL as above. A replay of the call will also be available until September 6, 2025, by dialing 1-800-408-3053 or 1-905-694-9451 (Passcode: 1098664#). The Second Quarter 2025 Statistical Information Package is also available on the Manulife website at This earnings news release should be read in conjunction with the Company's Second Quarter 2025 Report to Shareholders, including our unaudited interim Consolidated Financial Statements for the three and six months ended June 30, 2025, prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, which is available on our website at The Company's 2Q25 MD&A and additional information relating to the Company is available on the SEDAR+ website at and on the U.S. Securities and Exchange Commission's ("SEC") website at Any information contained in, or otherwise accessible through, websites mentioned in this news release does not form a part of this document unless it is expressly incorporated by reference. Investor Relations Derek Theobalds (416) 254-1774 [email protected] Earnings The following table presents net income attributed to shareholders, consisting of core earnings and details of the items excluded from core earnings: Quarterly Results YTD Results ($ millions) 2Q25 1Q25 2Q24 2025 2024 Core earnings (1) Asia $ 720 $ 705 $ 616 $ 1,425 $ 1,242 Canada 419 374 402 793 766 U.S. 194 361 415 555 867 Global Wealth and Asset Management 463 454 386 917 735 Corporate and Other (70) (127) (82) (197) (163) Total core earnings $ 1,726 $ 1,767 $ 1,737 $ 3,493 $ 3,447 Items excluded from core earnings Market experience gains (losses) 113 (1,332) (665) (1,219) (1,444) Restructuring charge - - - - - Reinsurance transactions, tax-related items and other (1) (50) 50 (30) - (95) Net income attributed to shareholders $ 1,789 $ 485 $ 1,042 $ 2,274 $ 1,908 (1) 2024 quarterly and year-to-date core earnings by segment, and 1Q24 total core earnings have been updated to align with the presentation of GMT in 2025, with a corresponding offset in items excluded from core earnings. See section A7 "Global Minimum Tax (GMT)" in our 2Q25 MD&A for more information. Global Minimum Taxes ("GMT") On June 20, 2024, the Canadian government passed the Global Minimum Tax Act into law. Canada's GMT is applied retroactively to fiscal periods commencing on or after December 31, 2023. As additional local jurisdictions are expected to enact the GMT in 2025, GMT is now recognized in net income in the reporting segments whose earnings are subject to this tax. GMT is reported in both core earnings and items excluded from core earnings in line with our definition of core earnings in section E3 "Non-GAAP and Other Financial Measures" of the 2Q25 MD&A. To improve the comparability of results between 2025 and 2024, we have updated certain 2024 non-GAAP and other financial measures to reflect the impact of GMT, including quarterly core earnings, core ROE, core EPS, financial leverage ratio, adjusted book value per common share, new business value, and post-tax CSM net of NCI. For further information and a complete list of the impacted financial measures, please see section A7 "Global Minimum Taxes (GMT)" of the 2Q25 MD&A, which is incorporated by reference. Non-GAAP and other financial measures The Company prepares its Consolidated Financial Statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board. We use a number of non-GAAP and other financial measures to evaluate overall performance and to assess each of our businesses. This section includes information required by National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure in respect of "specified financial measures" (as defined therein). Non-GAAP financial measures include core earnings (loss); core earnings excluding the impact of the change in ECL; core earnings available to common shareholders excluding the impact of the change in ECL; core earnings available to common shareholders; core earnings before interest, taxes, depreciation and amortization ("core EBITDA"); core expenses; adjusted book value; post-tax contractual service margin; post-tax contractual service margin net of NCI ("post-tax CSM net of NCI"); assets under management ("AUM"); and core revenue. In addition, non-GAAP financial measures include the following stated on a constant exchange rate ("CER") basis: any of the foregoing non-GAAP financial measures; net income attributed to shareholders; and common shareholders' net income. Non-GAAP ratios include core return on common shareholders' equity ("core ROE"); diluted core earnings per common share ("core EPS"); diluted core earnings per common share excluding the impact of the change in ECL ("core EPS excluding the impact of the change in ECL"); expense efficiency ratio; adjusted book value per common share; financial leverage ratio; core EBITDA margin; and percentage growth/decline on a constant exchange rate basis in any of the above non-GAAP financial measures and non-GAAP ratios; net income attributed to shareholders; diluted earnings per common share ("EPS"), CSM, and new business CSM. Other specified financial measures include NBV; APE sales; gross flows; net flows; average assets under management and administration ("average AUMA"); NBV margin; and percentage growth/decline in these foregoing specified financial measures. In addition, explanations of the components of the CSM movement, other than the new business CSM were provided in the 2Q25 MD&A. Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under GAAP and, therefore, might not be comparable to similar financial measures disclosed by other issuers. Therefore, they should not be considered in isolation or as a substitute for any other financial information prepared in accordance with GAAP. For more information on non-GAAP financial measures, including those referred to above, see the section "Non-GAAP and other financial measures" in our 2Q25 MD&A, which is incorporated by reference. 2Q25 Asia Canada U.S. Global WAM Corporate and Other Total Income (loss) before income taxes $ 1,092 $ 526 $ 31 $ 575 $ 37 $ 2,261 Income tax (expenses) recoveries Core earnings (94) (110) (37) (89) 32 (298) Items excluded from core earnings (55) (5) 42 (4) (18) (40) Income tax (expenses) recoveries (149) (115) 5 (93) 14 (338) Net income (post-tax) 943 411 36 482 51 1,923 Less: Net income (post-tax) attributed to Non-controlling interests 49 - - - - 49 Participating policyholders 64 21 - - - 85 Net income (loss) attributed to shareholders (post-tax) 830 390 36 482 51 1,789 Less: Items excluded from core earnings (post-tax) Market experience gains (losses) 161 (27) (158) 16 121 113 Changes in actuarial methods and assumptions that flow directly through income - - - - - - Restructuring charge - - - - - - Reinsurance transactions, tax related items and other (51) (2) - 3 - (50) Core earnings (post-tax) $ 720 $ 419 $ 194 $ 463 $ (70) $ 1,726 Income tax on core earnings (see above) 94 110 37 89 (32) 298 Core earnings (pre-tax) $ 814 $ 529 $ 231 $ 552 $ (102) $ 2,024 Core earnings, CER basis and U.S. dollars – 2Q25 ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) 2Q25 Asia Canada U.S. Global WAM Corporate and Other Total Core earnings (post-tax) $ 720 $ 419 $ 194 $ 463 $ (70) $ 1,726 CER adjustment (1) - - - - - - Core earnings, CER basis (post-tax) $ 720 $ 419 $ 194 $ 463 $ (70) $ 1,726 Income tax on core earnings, CER basis (2) 94 110 37 89 (32) 298 Core earnings, CER basis (pre-tax) $ 814 $ 529 $ 231 $ 552 $ (102) $ 2,024 Core earnings (U.S. dollars) – Asia and U.S. segments Core earnings (post-tax) (3), US $ $ 520 $ 141 CER adjustment US $ (1) - - Core earnings, CER basis (post-tax), US $ $ 520 $ 141 (1) The impact of updating foreign exchange rates to that which was used in 2Q25. (2) Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q25. (3) Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for 2Q25. Reconciliation of core earnings to net income attributed to shareholders – 1Q25 ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) 1Q25 Asia Canada U.S. Global WAM Corporate and Other Total Income (loss) before income taxes $ 870 $ 305 $ (731) $ 528 $ (273) $ 699 Income tax (expenses) recoveries Core earnings (101) (89) (84) (86) 29 (331) Items excluded from core earnings (30) 30 246 2 7 255 Income tax (expenses) recoveries (131) (59) 162 (84) 36 (76) Net income (post-tax) 739 246 (569) 444 (237) 623 Less: Net income (post-tax) attributed to Non-controlling interests 67 - - 1 (2) 66 Participating policyholders 48 24 - - - 72 Net income (loss) attributed to shareholders (post-tax) 624 222 (569) 443 (235) 485 Less: Items excluded from core earnings (post-tax) Market experience gains (losses) (77) (152) (930) (11) (162) (1,332) Changes in actuarial methods and assumptions that flow directly through income - - - - - - Restructuring charge - - - - - - Reinsurance transactions, tax related items and other (4) - - - 54 50 Core earnings (post-tax) $ 705 $ 374 $ 361 $ 454 $ (127) $ 1,767 Income tax on core earnings (see above) 101 89 84 86 (29) 331 Core earnings (pre-tax) $ 806 $ 463 $ 445 $ 540 $ (156) $ 2,098 Core earnings, CER basis and U.S. dollars – 1Q25 ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) (1) The impact of updating foreign exchange rates to that which was used in 2Q25. (2) Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q25. (3) Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for 1Q25. Reconciliation of core earnings to net income attributed to shareholders – 2Q24 (1) ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) 2Q24 Asia Canada U.S. Global WAM Corporate and Other Total Income (loss) before income taxes $ 763 $ 141 $ 156 $ 383 $ (59) $ 1,384 Income tax (expenses) recoveries Core earnings (95) (107) (95) (59) 36 (320) Items excluded from core earnings (20) 68 74 27 (81) 68 Income tax (expenses) recoveries (115) (39) (21) (32) (45) (252) Net income (post-tax) 648 102 135 351 (104) 1,132 Less: Net income (post-tax) attributed to Non-controlling interests 38 - - 1 - 39 Participating policyholders 28 23 - - - 51 Net income (loss) attributed to shareholders (post-tax) 582 79 135 350 (104) 1,042 Less: Items excluded from core earnings (post-tax) Market experience gains (losses) (58) (364) (280) (7) 44 (665) Changes in actuarial methods and assumptions that flow directly through income - - - - - - Restructuring charge - - - - - - Reinsurance transactions, tax related items and other 24 41 - (29) (66) (30) Core earnings (post-tax) $ 616 $ 402 $ 415 $ 386 $ (82) $ 1,737 Income tax on core earnings (see above) 95 107 95 59 (36) 320 Core earnings (pre-tax) $ 711 $ 509 $ 510 $ 445 $ (118) $ 2,057 (1) This reconciliation and related core earnings reconciliations below have been updated to align with the presentation of GMT in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 2Q25 MD&A for more information. Core earnings, CER basis and U.S. dollars – 2Q24 ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) 2Q24 Asia Canada U.S. Global WAM Corporate and Other Total Core earnings (post-tax) $ 616 $ 402 $ 415 $ 386 $ (82) $ 1,737 CER adjustment (1) 19 - 4 3 - 26 Core earnings, CER basis (post-tax) $ 635 $ 402 $ 419 $ 389 $ (82) $ 1,763 Income tax on core earnings, CER basis (2) 96 107 97 59 (36) 323 Core earnings, CER basis (pre-tax) $ 731 $ 509 $ 516 $ 448 $ (118) $ 2,086 Core earnings (U.S. dollars) – Asia and U.S. segments Core earnings (post-tax) (3), US $ $ 449 $ 303 CER adjustment US $ (1) 10 - Core earnings, CER basis (post-tax), US $ $ 459 $ 303 (1) The impact of updating foreign exchange rates to that which was used in 2Q25. (2) Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q25. (3) Core earnings (post-tax) in Canadian $ are translated to US $ using the US $ Statement of Income exchange rate for 2Q24. Reconciliation of core earnings to net income attributed to shareholders – YTD 2025 ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) YTD 2025 Asia Canada U.S. Global WAM Corporate and Other Total Income (loss) before income taxes $ 1,962 $ 831 $ (700) $ 1,103 $ (236) $ 2,960 Income tax (expenses) recoveries Core earnings (195) (199) (121) (175) 61 (629) Items excluded from core earnings (85) 25 288 (2) (11) 215 Income tax (expenses) recoveries (280) (174) 167 (177) 50 (414) Net income (post-tax) 1,682 657 (533) 926 (186) 2,546 Less: Net income (post-tax) attributed to Non-controlling interests 116 - - 1 (2) 115 Participating policyholders 112 45 - - - 157 Net income (loss) attributed to shareholders (post-tax) 1,454 612 (533) 925 (184) 2,274 Less: Items excluded from core earnings (post-tax) Market experience gains (losses) 84 (179) (1,088) 5 (41) (1,219) Changes in actuarial methods and assumptions that flow directly through income - - - - - - Restructuring charge - - - - - - Reinsurance transactions, tax related items and other (55) (2) - 3 54 - Core earnings (post-tax) $ 1,425 $ 793 $ 555 $ 917 $ (197) $ 3,493 Income tax on core earnings (see above) 195 199 121 175 (61) 629 Core earnings (pre-tax) $ 1,620 $ 992 $ 676 $ 1,092 $ (258) $ 4,122 Core earnings, CER basis and U.S. dollars – YTD 2025 ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) YTD 2025 Asia Canada U.S. Global WAM Corporate and Other Total Core earnings (post-tax) $ 1,425 $ 793 $ 555 $ 917 $ (197) $ 3,493 CER adjustment (1) (16) - (13) (11) - (40) Core earnings, CER basis (post-tax) $ 1,409 $ 793 $ 542 $ 906 $ (197) $ 3,453 Income tax on core earnings, CER basis (2) 193 199 118 173 (61) 622 Core earnings, CER basis (pre-tax) $ 1,602 $ 992 $ 660 $ 1,079 $ (258) $ 4,075 Core earnings (U.S. dollars) – Asia and U.S. segments Core earnings (post-tax) (3), US $ $ 1,012 $ 392 CER adjustment US $ (1) 6 - Core earnings, CER basis (post-tax), US $ $ 1,018 $ 392 (1) The impact of updating foreign exchange rates to that which was used in 2Q25. (2) Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q25. (3) Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for the respective quarters that make up 2025 year-to-date core earnings. Reconciliation of core earnings to net income attributed to shareholders – YTD 2024 (1) ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) YTD 2024 Asia Canada U.S. Global WAM Corporate and Other Total Income (loss) before income taxes $ 1,357 $ 522 $ 2 $ 809 $ (54) $ 2,636 Income tax (expenses) recoveries Core earnings (193) (198) (198) (125) 64 (650) Items excluded from core earnings (72) 76 223 32 (141) 118 Income tax (expenses) recoveries (265) (122) 25 (93) (77) (532) Net income (post-tax) 1,092 400 27 716 (131) 2,104 Less: Net income (post-tax) attributed to Non-controlling interests 93 - - 1 - 94 Participating policyholders 54 48 - - - 102 Net income (loss) attributed to shareholders (post-tax) 945 352 27 715 (131) 1,908 Less: Items excluded from core earnings (post-tax) Market experience gains (losses) (308) (455) (814) (1) 134 (1,444) Changes in actuarial methods and assumptions that flow directly through income - - - - - - Restructuring charge - - - - - - Reinsurance transactions, tax related items and other 11 41 (26) (19) (102) (95) Core earnings (post-tax) $ 1,242 $ 766 $ 867 $ 735 $ (163) $ 3,447 Income tax on core earnings (see above) 193 198 198 125 (64) 650 Core earnings (pre-tax) $ 1,435 $ 964 $ 1,065 $ 860 $ (227) $ 4,097 (1) This reconciliation and related core earnings reconciliations below have been updated to align with the presentation of GMT in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 2Q25 MD&A for more information. Core earnings, CER basis and U.S. dollars – YTD 2024 ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) YTD 2024 Asia Canada U.S. Global WAM Corporate and Other Total Core earnings (post-tax) $ 1,242 $ 766 $ 867 $ 735 $ (163) $ 3,447 CER adjustment (1) 38 - 16 10 1 65 Core earnings, CER basis (post-tax) $ 1,280 $ 766 $ 883 $ 745 $ (162) $ 3,512 Income tax on core earnings, CER basis (2) 197 198 202 126 (63) 660 Core earnings, CER basis (pre-tax) $ 1,477 $ 964 $ 1,085 $ 871 $ (225) $ 4,172 Core earnings (U.S. dollars) – Asia and U.S. segments Core earnings (post-tax) (3), US $ $ 914 $ 638 CER adjustment US $ (1) 11 - Core earnings, CER basis (post-tax), US $ $ 925 $ 638 (1) The impact of updating foreign exchange rates to that which was used in 2Q25. (2) Income tax on core earnings adjusted to reflect the foreign exchange rates for the Statement of Income in effect for 2Q25. (3) Core earnings (post-tax) in Canadian $ is translated to US $ using the US $ Statement of Income exchange rate for the respective quarters that make up 2025 year-to-date core earnings. Core earnings available to common shareholders (1) ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) (1) 2024 reconciliations have been updated to align with the presentation of GMT in 2025. (2) The impact of updating foreign exchange rates to which was used in 2Q25. Core ROE (1) ($ millions, unless otherwise stated) Quarterly Results YTD Results Full Year Results 2Q25 1Q25 4Q24 3Q24 2Q24 2025 2024 2024 Core earnings available to common shareholders $ 1,623 $ 1,710 $ 1,806 $ 1,772 $ 1,638 $ 3,333 $ 3,293 $ 6,871 Annualized core earnings available to common shareholders (post-tax) $ 6,510 $ 6,935 $ 7,185 $ 7,049 $ 6,588 $ 6,721 $ 6,622 $ 6,871 Average common shareholders' equity (see below) $ 43,448 $ 44,394 $ 43,613 $ 42,609 $ 41,947 $ 43,921 $ 41,466 $ 42,288 Core ROE (annualized) (%) 15.0 % 15.6 % 16.5 % 16.6 % 15.7 % 15.3 % 16.0 % 16.2 % Average common shareholders' equity Total shareholders' and other equity $ 49,080 $ 51,135 $ 50,972 $ 49,573 $ 48,965 $ 49,080 $ 48,965 $ 50,972 Less: Preferred shares and other equity 6,660 6,660 6,660 6,660 6,660 6,660 6,660 6,660 Common shareholders' equity $ 42,420 $ 44,475 $ 44,312 $ 42,913 $ 42,305 $ 42,420 $ 42,305 $ 44,312 Average common shareholders' equity $ 43,448 $ 44,394 $ 43,613 $ 42,609 $ 41,947 $ 43,921 $ 41,466 $ 42,288 (1) 2024 reconciliations have been updated to align with the presentation of GMT in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 2Q25 MD&A for more information. CSM and post-tax CSM information (1) ($ millions pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) As at Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 CSM $ 23,722 $ 23,713 $ 23,425 $ 22,213 $ 21,760 Less: CSM for NCI 1,406 1,417 1,298 1,283 1,002 CSM, net of NCI $ 22,316 $ 22,296 $ 22,127 $ 20,930 $ 20,758 CER adjustment (2) - (737) (582) 50 277 CSM, net of NCI, CER basis $ 22,316 $ 21,559 $ 21,545 $ 20,980 $ 21,035 CSM by segment Asia $ 15,786 $ 15,904 $ 15,540 $ 14,715 $ 13,456 Asia NCI 1,406 1,417 1,298 1,283 1,002 Canada 4,133 4,052 4,109 4,036 3,769 U.S. 2,386 2,329 2,468 2,171 3,522 Corporate and Other 11 11 10 8 11 CSM $ 23,722 $ 23,713 $ 23,425 $ 22,213 $ 21,760 CSM, CER adjustment (2) Asia $ - $ (617) $ (453) $ 30 $ 288 Asia NCI - (55) (40) (14) 17 Canada - - - - - U.S. - (121) (128) 20 (12) Corporate and Other - - - - - Total $ - $ (793) $ (621) $ 36 $ 293 CSM, CER basis Asia $ 15,786 $ 15,287 $ 15,087 $ 14,745 $ 13,744 Asia NCI 1,406 1,362 1,258 1,269 1,019 Canada 4,133 4,052 4,109 4,036 3,769 U.S. 2,386 2,208 2,340 2,191 3,510 Corporate and Other 11 11 10 8 11 Total CSM, CER basis $ 23,722 $ 22,920 $ 22,804 $ 22,249 $ 22,053 Post-tax CSM CSM $ 23,722 $ 23,713 $ 23,425 $ 22,213 $ 21,760 Marginal tax rate on CSM (3,940) (3,929) (3,928) (3,719) (3,718) Post-tax CSM $ 19,782 $ 19,784 $ 19,497 $ 18,494 $ 18,042 CSM, net of NCI $ 22,316 $ 22,296 $ 22,127 $ 20,930 $ 20,758 Marginal tax rate on CSM net of NCI (3,789) (3,772) (3,774) (3,566) (3,608) Post-tax CSM net of NCI $ 18,527 $ 18,524 $ 18,353 $ 17,364 $ 17,150 New business CSM (1) detail, CER basis ($ millions pre-tax, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) Quarterly Results YTD Results Full Year Results 2Q25 1Q25 4Q24 3Q24 2Q24 2025 2024 2024 New business CSM Hong Kong $ 286 $ 316 $ 299 $ 254 $ 200 $ 602 $ 368 $ 921 Japan 74 81 66 86 90 155 138 290 Asia Other (2) 303 318 221 253 188 621 463 937 International High Net Worth 187 Mainland China 270 Singapore 391 Vietnam 17 Other Emerging Markets 72 Asia 663 715 586 593 478 1,378 969 2,148 Canada 100 91 116 95 76 191 146 357 U.S. 119 101 140 71 74 220 171 382 Total new business CSM $ 882 $ 907 $ 842 $ 759 $ 628 $ 1,789 $ 1,286 $ 2,887 New business CSM, CER adjustment (3) Hong Kong - $ (11) $ (3) $ 4 $ 1 (11) $ 6 $ 6 Japan - 2 3 5 9 2 11 19 Asia Other (2) - (6) (1) 5 6 (6) 15 20 International High Net Worth 2 Mainland China 2 Singapore 15 Vietnam (1) Other Emerging Markets 2 Asia - (15) (1) 14 16 (15) 32 45 Canada - - - - - - - (1) U.S. - (4) (1) 1 1 (4) 4 3 Total new business CSM $ - $ (19) $ (2) $ 15 $ 17 $ (19) $ 36 $ 47 New business CSM, CER basis Hong Kong $ 286 $ 305 $ 296 $ 258 $ 201 $ 591 $ 374 $ 927 Japan 74 83 69 91 99 157 149 309 Asia Other (2) 303 312 220 258 194 615 478 957 International High Net Worth 189 Mainland China 272 Singapore 406 Vietnam 16 Other Emerging Markets 74 Asia 663 700 585 607 494 1,363 1,001 2,193 Canada 100 91 116 95 76 191 146 356 U.S. 119 97 139 72 75 216 175 385 Total new business CSM, CER basis $ 882 $ 888 $ 840 $ 774 $ 645 $ 1,770 $ 1,322 $ 2,934 (1) New business CSM is net of NCI. (2) New business CSM for Asia Other is reported by country annually, on a full year basis. Other Emerging Markets within Asia Other include Indonesia, the Philippines, Malaysia, Thailand, Cambodia and Myanmar. (3) The impact of updating foreign exchange rates to that which was used in 2Q25. Net income financial measures on a CER basis ($ Canadian millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) Quarterly Results YTD Results Full Year Results 2Q25 1Q25 4Q24 3Q24 2Q24 2025 2024 2024 Net income (loss) attributed to shareholders: Asia $ 830 $ 624 $ 583 $ 827 $ 582 $ 1,454 $ 945 $ 2,355 Canada 390 222 439 430 79 612 352 1,221 U.S. 36 (569) 103 5 135 (533) 27 135 Global WAM 482 443 384 498 350 925 715 1,597 Corporate and Other 51 (235) 129 79 (104) (184) (131) 77 Total net income (loss) attributed to shareholders 1,789 485 1,638 1,839 1,042 2,274 1,908 5,385 Preferred share dividends and other equity distributions (103) (57) (101) (56) (99) (160) (154) (311) Common shareholders' net income (loss) $ 1,686 $ 428 $ 1,537 $ 1,783 $ 943 $ 2,114 $ 1,754 $ 5,074 CER adjustment (1) Asia $ - $ (33) $ (9) $ 8 $ (6) $ (33) $ 9 $ 8 Canada - 1 (4) (1) 2 1 6 2 U.S. - 19 (3) 2 1 19 9 8 Global WAM - (16) (4) 4 4 (16) 11 11 Corporate and Other - 5 (1) (3) (3) 5 (7) (12) Total net income (loss) attributed to shareholders - (24) (21) 10 (2) (24) 28 17 Preferred share dividends and other equity distributions - - - - - - - - Common shareholders' net income (loss) $ - $ (24) $ (21) $ 10 $ (2) $ (24) $ 28 $ 17 Net income (loss) attributed to shareholders, CER basis Asia $ 830 $ 591 $ 574 $ 835 $ 576 $ 1,421 $ 954 $ 2,363 Canada 390 223 435 429 81 613 358 1,223 U.S. 36 (550) 100 7 136 (514) 36 143 Global WAM 482 427 380 502 354 909 726 1,608 Corporate and Other 51 (230) 128 76 (107) (179) (138) 65 Total net income (loss) attributed to shareholders, CER basis 1,789 461 1,617 1,849 1,040 2,250 1,936 5,402 Preferred share dividends and other equity distributions, CER basis (103) (57) (101) (56) (99) (160) (154) (311) Common shareholders' net income (loss), CER basis $ 1,686 $ 404 $ 1,516 $ 1,793 $ 941 $ 2,090 $ 1,782 $ 5,091 Asia net income attributed to shareholders, U.S. dollars Asia net income (loss) attributed to shareholders, US $ (2) $ 600 $ 435 $ 417 $ 606 $ 424 $ 1,035 $ 694 $ 1,717 CER adjustment, US $ (1) - (8) (2) (3) (7) (8) (5) (10) Asia net income (loss) attributed to shareholders, U.S. $, CER basis (1) $ 600 $ 427 $ 415 $ 603 $ 417 $ 1,027 $ 689 $ 1,707 Net income (loss) attributed to shareholders (pre-tax) Net income (loss) attributed to shareholders (post-tax) $ 1,789 $ 485 $ 1,638 $ 1,839 $ 1,042 $ 2,274 $ 1,908 $ 5,385 Tax on net income attributed to shareholders 307 47 388 229 238 354 485 1,102 Net income (loss) attributed to shareholders (pre-tax) 2,096 532 2,026 2,068 1,280 2,628 2,393 6,487 CER adjustment (1) - (3) 1 23 24 (3) 31 56 Net income (loss) attributed to shareholders (pre-tax), CER basis $ 2,096 $ 529 $ 2,027 $ 2,091 $ 1,304 $ 2,625 $ 2,424 $ 6,543 (1) The impact of updating foreign exchange rates to that which was used in 2Q25. (2) Asia net income attributed to shareholders (post-tax) in Canadian dollars is translated to U.S. dollars using the U.S. dollar Statement of Income rate for the reporting period. Adjusted book value (1) ($ millions) (1) 2024 reconciliations have been updated to align with the presentation of GMT in 2025. See section A7 "Global Minimum Taxes (GMT)" in our 2Q25 MD&A for more information. Reconciliation of Global WAM core earnings to core EBITDA ($ millions, pre-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) (1) The impact of updating foreign exchange rates to that which was used in 2Q25. Core EBITDA margin and core revenue ($ millions, unless otherwise stated) Quarterly Results YTD Results Full Year Results 2Q25 1Q25 4Q24 3Q24 2Q24 2025 2024 2024 Core EBITDA margin Core EBITDA $ 623 $ 608 $ 611 $ 572 $ 513 $ 1,231 $ 990 $ 2,173 Core revenue $ 2,069 $ 2,140 $ 2,140 $ 2,055 $ 1,948 $ 4,209 $ 3,821 $ 8,016 Core EBITDA margin 30.1 % 28.4 % 28.6 % 27.8 % 26.3 % 29.2 % 25.9 % 27.1 % Global WAM core revenue Other revenue per financial statements $ 1,851 $ 1,986 $ 2,003 $ 1,928 $ 1,849 $ 3,837 $ 3,657 $ 7,588 Less: Other revenue in segments other than Global WAM (48) 11 (2) 53 40 (37) 98 149 Other revenue in Global WAM (fee income) $ 1,899 $ 1,975 $ 2,005 $ 1,875 $ 1,809 $ 3,874 $ 3,559 $ 7,439 Investment income per financial statements $ 4,740 $ 4,234 $ 5,250 $ 4,487 $ 4,261 $ 8,974 $ 8,512 $ 18,249 Realized and unrealized gains (losses) on assets supporting insurance and investment contract liabilities per financial statements 2,377 (992) (622) 1,730 564 1,385 1,102 2,210 Total investment income 7,117 3,242 4,628 6,217 4,825 10,359 9,614 20,459 Less: Investment income in segments other than Global WAM 6,924 3,089 4,550 5,991 4,687 10,013 9,336 19,877 Investment income in Global WAM $ 193 $ 153 $ 78 $ 226 $ 138 $ 346 $ 278 $ 582 Total other revenue and investment income in Global WAM $ 2,092 $ 2,128 $ 2,083 $ 2,101 $ 1,947 $ 4,220 $ 3,837 $ 8,021 Less: Total revenue reported in items excluded from core earnings Market experience gains (losses) 20 (14) (28) 33 (9) 6 (1) 4 Revenue related to integration and acquisitions 3 2 (29) 13 8 5 17 1 Global WAM core revenue $ 2,069 $ 2,140 $ 2,140 $ 2,055 $ 1,948 $ 4,209 $ 3,821 $ 8,016 Core earnings excluding the change in ECL ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) For the three months ended June 30, 2025 2024 Core earnings $ 1,726 $ 1,737 Less: (Increase) recovery in the ECL (1) (83) (4) Core earnings, excluding change in ECL 1,809 1,741 CER adjustment (2) - 26 Core earnings, excluding change in ECL, CER basis $ 1,809 $ 1,767 (1) 2Q24 excludes the change in ECL related to the RGA Canadian Reinsurance Transaction. (2) The impact of updating foreign exchange rates to that which was used in 2Q25. Core earnings available to common shareholders excluding the change in ECL ($ millions, post-tax and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) (1) 2Q24 excludes the change in ECL related to the RGA Canadian Reinsurance transaction. Core expenses ($ millions, and based on actual foreign exchange rates in effect in the applicable reporting period, unless otherwise stated) Quarterly Results YTD Results Full Year Results 2Q25 1Q25 4Q24 3Q24 2Q24 2025 2024 2024 Core expenses General expenses – Statements of Income $ 1,140 $ 1,202 $ 1,328 $ 1,204 $ 1,225 $ 2,342 $ 2,327 $ 4,859 Directly attributable acquisition expense for contracts measured using the PAA method (1) 40 42 43 36 39 82 77 156 Directly attributable maintenance expense (1) 514 532 517 509 509 1,046 1,048 2,074 Total expenses 1,694 1,776 1,888 1,749 1,773 3,470 3,452 7,089 Less: General expenses included in items excluded from core earnings Restructuring charge - - 67 25 - - - 92 Integration and acquisition - - - - 57 - 57 57 Legal provisions and Other expenses 5 - 24 8 3 5 9 41 Total 5 - 91 33 60 5 66 190 Core expenses $ 1,689 $ 1,776 $ 1,797 $ 1,716 $ 1,713 $ 3,465 $ 3,386 $ 6,899 CER adjustment (2) - (29) (5) 15 19 (29) 47 58 Core expenses, CER basis $ 1,689 $ 1,747 $ 1,792 $ 1,731 $ 1,732 $ 3,436 $ 3,433 $ 6,957 Total expenses $ 1,694 $ 1,776 $ 1,888 $ 1,749 $ 1,773 $ 3,470 $ 3,452 $ 7,089 CER adjustment (2) - (30) (5) 15 20 (30) 48 58 Total expenses, CER basis $ 1,694 $ 1,746 $ 1,883 $ 1,764 $ 1,793 $ 3,440 $ 3,500 $ 7,147 (1) Expenses are components of insurance service expenses on the Statements of Income that flow directly through income. (2) The impact of updating foreign exchange rates to that which was used in 2Q25. CAUTION REGARDING FORWARD-LOOKING STATEMENTS From time to time, Manulife makes written and/or oral forward-looking statements, including in this document. In addition, our representatives may make forward-looking statements orally to analysts, investors, the media and others. All such statements are made pursuant to the "safe harbour" provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of 1995. The forward-looking statements in this document include, but are not limited to, statements with respect to our ability to achieve our medium-term financial and operating targets, continued share buybacks, Comvest's expected contribution to our future growth, the expected timing of the closing of the Comvest acquisition and also relate to, among other things, our objectives, goals, strategies, intentions, plans, beliefs, expectations and estimates, and can generally be identified by the use of words such as "may", "will", "could", "should", "would", "likely", "suspect", "outlook", "expect", "intend", "estimate", "anticipate", "believe", "plan", "forecast", "objective", "seek", "aim", "continue", "goal", "restore", "embark" and "endeavour" (or the negative thereof) and words and expressions of similar import, and include statements concerning possible or assumed future results. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements and they should not be interpreted as confirming market or analysts' expectations in any way. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from expectations include but are not limited to: general business and economic conditions (including but not limited to the performance, volatility and correlation of equity markets, interest rates, credit and swap spreads, inflation rates, currency rates, investment losses and defaults, market liquidity and creditworthiness of guarantors, reinsurers and counterparties); changes in laws and regulations; changes in accounting standards applicable in any of the territories in which we operate; changes in regulatory capital requirements; our ability to obtain premium rate increases on in-force policies; our ability to execute strategic plans and changes to strategic plans; downgrades in our financial strength or credit ratings; our ability to maintain our reputation; impairments of goodwill or intangible assets or the establishment of provisions against future tax assets; the accuracy of estimates relating to morbidity, mortality and policyholder behaviour; the accuracy of other estimates used in applying accounting policies and actuarial methods and embedded value methods; our ability to implement effective hedging strategies and unforeseen consequences arising from such strategies; our ability to source appropriate assets to back our long-dated liabilities; level of competition and consolidation; our ability to market and distribute products through current and future distribution channels; unforeseen liabilities or asset impairments arising from acquisitions and dispositions of businesses; the realization of losses arising from the sale of investments classified fair value through other comprehensive income; our liquidity, including the availability of financing to satisfy existing financial liabilities on expected maturity dates when required; obligations to pledge additional collateral; the availability of letters of credit to provide capital management flexibility; accuracy of information received from counterparties and the ability of counterparties to meet their obligations; the availability, affordability and adequacy of reinsurance; legal and regulatory proceedings, including tax audits, tax litigation or similar proceedings; our ability to adapt products and services to the changing market; our ability to attract and retain key executives, employees and agents; the appropriate use and interpretation of complex models or deficiencies in models used; political, legal, operational and other risks associated with our operations; geopolitical uncertainty, including international conflicts and trade disputes; acquisitions and our ability to complete acquisitions including the availability of equity and debt financing for this purpose; the disruption of or changes to key elements of the Company's or public infrastructure systems; environmental concerns, including climate change; our ability to protect our intellectual property and exposure to claims of infringement; our inability to withdraw cash from subsidiaries; the timing to close the Comvest acquisition and the fact that the amount and timing of any future common share repurchases will depend on the earnings, cash requirements and financial condition of Manulife, market conditions, capital requirements (including under LICAT capital standards), common share issuance requirements, applicable law and regulations (including Canadian and U.S. securities laws and Canadian insurance company regulations), and other factors deemed relevant by Manulife, and may be subject to regulatory approval or conditions. Additional information about material risk factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found under "Risk Management and Risk Factors" and "Critical Actuarial and Accounting Policies" in the Management's Discussion and Analysis in our most recent annual report, under "Risk Management and Risk Factors Update" and "Critical Actuarial and Accounting Policies" in the Management's Discussion and Analysis in our most recent interim report, and in the "Risk Management" note to the Consolidated Financial Statements in our most recent annual and interim reports, as well as elsewhere in our filings with Canadian and U.S. securities regulators. The forward-looking statements in this document are, unless otherwise indicated, stated as of the date hereof and are presented for the purpose of assisting investors and others in understanding our financial position and results of operations, our future operations, as well as our objectives and strategic priorities, and may not be appropriate for other purposes. We do not undertake to update any forward-looking statements, except as required by law.
Globe and Mail
18 minutes ago
- Globe and Mail
Apple increases U.S. commitment to $600 billion, announces American Manufacturing Program
Apple® today announced a new $100 billion commitment to America, a significant acceleration of its U.S. investment that now totals $600 billion over the next four years. Today's announcement includes the ambitious new American Manufacturing Program (AMP), dedicated to bringing even more of Apple's supply chain and advanced manufacturing to the U.S. Through AMP, Apple will increase its investment across America and incentivize global companies to manufacture even more critical components in the United States. 'Today, we're proud to increase our investments across the United States to $600 billion over four years and launch our new American Manufacturing Program,' said Tim Cook, Apple's CEO. 'This includes new and expanded work with 10 companies across America. They produce components that are used in Apple products sold all over the world, and we're grateful to the President for his support.' Apple parts and components manufactured in the U.S. ship to customers around the world; in fact, roughly two-thirds of the components made in the U.S. are exported to customers outside the U.S. Today, Apple partners with thousands of suppliers across all 50 states, supporting more than 450,000 supplier and partner jobs. In the next four years, Apple plans to directly hire 20,000 people in the U.S. — the vast majority focused on R&D, silicon engineering, software development, and AI and machine learning. Apple American Manufacturing Program Apple is working with its suppliers to accelerate manufacturing in the U.S. through the new American Manufacturing Program. The first AMP partners include Corning, Coherent, GlobalWafers America (GWA), Applied Materials, Texas Instruments (TI), Samsung, GlobalFoundries, Amkor, and Broadcom. This builds on Apple's July commitment to buy American-made rare earth magnets from MP Materials. The American Manufacturing Program will help fund a major expansion of Apple's long-standing partnership with Corning, bringing the world's largest and most advanced smartphone glass production line to a factory in Harrodsburg, Kentucky. The expansion means that soon, every iPhone® and Apple Watch® sold around the world will be built with Kentucky-made cover glass. The two companies will also open a new Apple-Corning Innovation Center in Kentucky. Apple has also entered into a new multiyear agreement with Coherent, a longstanding partner that produces the VCSEL lasers that enable multiple features — including Face ID® — on iPhone and iPad® devices shipped around the world. This work takes place at Coherent's Sherman, Texas, facility. In July, Apple also committed to buying American-made rare earth magnets developed by MP Materials — the only fully integrated rare earth producer in the United States — significantly expanding their flagship Independence facility in Fort Worth, Texas. These magnets will become part of Apple devices shipped around the world. The two companies will also establish a cutting-edge rare earth recycling line in Mountain Pass, California. Apple Expands End-to-End American Silicon Supply Chain With these new partnerships, Apple is leading the creation of an end-to-end silicon supply chain in the United States, with partners in every key aspect of silicon production. This U.S. silicon supply chain is on track to produce more than 19 billion chips for Apple products in 2025. That includes TSMC in Arizona, which is producing tens of millions of chips for Apple using one of the most advanced process technologies in America. Apple is this factory's first and largest customer. 'Apple engineers work closely with suppliers across the United States to create silicon chips that are on the leading edge of innovation,' said Sabih Khan, Apple's chief operating officer. 'We're committed to supporting U.S. suppliers involved in every key stage of the chip-making process — from the earliest stages of research and development, to final fabrication and packaging. We want America to lead in this critical industry, and we're expanding our efforts to grow a silicon manufacturing ecosystem that will benefit innovators across America.' Wafers are the building block of any silicon chip, and Apple is partnering with GlobalWafers America in Sherman, Texas, to produce advanced wafers for use in U.S.-based semiconductor fabs for the first time. American chip fabs like TSMC in Phoenix, Arizona, and Texas Instruments in Sherman, Texas, will use GWA's 300mm wafers to produce chips for iPhone and iPad devices sold in the U.S. and around the world. GWA uses silicon from U.S. sources, including from Corning's Hemlock Semiconductor, to produce the world's most advanced silicon wafers. Apple is also partnering directly with Applied Materials to boost the production of semiconductor manufacturing equipment in the U.S. The Applied site in Austin, Texas, is a pivotal hub for manufacturing cutting-edge chip equipment. Fabs take bare wafers and turn them into chips. Apple and Texas Instruments are expanding their partnership to increase future product collaboration and critical U.S. capacity for this work. Apple is making a new commitment with TI, which will support additional tool installations at its facility in Lehi, Utah, and a new facility in Sherman, Texas. These facilities are home to TI's most advanced process technologies and use American-made chip manufacturing equipment from Applied Materials' factory in Austin, as well as advanced silicon wafers from GlobalWafers America. These facilities will manufacture critical foundational semiconductors used for Apple products, including iPhone devices shipped in the U.S. and around the world. Apple is also working with Samsung at its fab in Austin, Texas, to launch an innovative new technology for making chips, which has never been used before anywhere in the world. By bringing this technology to the U.S. first, this facility will supply chips that optimize power and performance of Apple products, including iPhone devices shipped all over the world. GlobalFoundries and Apple have also entered an agreement to bring more semiconductor manufacturing to the United States, focused on manufacturing cutting-edge wireless technologies and advanced power management — critical technologies that enable longer battery life and enhanced connectivity in Apple devices. The partnership will bring new capabilities, jobs, and technology to the GlobalFoundries semiconductor facility in Malta, New York. Packaging is the final critical step in manufacturing silicon chips. Apple is investing in Amkor's new advanced chip packaging and test facility in Arizona, and will be its first and largest customer. This will accelerate the development of packaging capabilities in America, meaningfully strengthening the semiconductor supply chain in the U.S. This facility will package and test Apple silicon manufactured at the nearby TSMC fab, and create chips used in iPhone devices shipped around the world. Apple is also working with Broadcom and GlobalFoundries to develop and manufacture additional cellular semiconductor components in the U.S. These components are crucial for 5G communications in Apple products. New and Expanded Facilities Across the U.S. Earlier this year, construction began in Houston on the new factory supporting production of advanced Apple servers, and in July, the facility produced its first test unit. The 250,000-square-foot server manufacturing facility is slated to begin mass production in 2026. Previously manufactured outside the U.S., the servers from Houston will play a key role in powering Apple Intelligence™, and are the foundation of Private Cloud Compute, which combines powerful AI processing with the most advanced security architecture ever deployed at scale for AI cloud computing. The servers bring together years of R&D by Apple engineers, and deliver the industry-leading security and performance of Apple silicon to the data center. In Detroit, registration is now open for the new Apple Manufacturing Academy, which was announced in February and is set to open on August 19. The academy will offer consultations and courses to small and medium-sized business on how they can implement advanced manufacturing and AI into their manufacturing programs. Construction is also underway in Maiden, North Carolina, where Apple is expanding the capacity of its data center with a significant investment in its state-of-the-art facility that supports North American users of Apple services. The expansion builds on more than $5 billion that Apple has already invested in Catawba County. Apple's Maiden facility supports Apple's services such as iCloud®, the App Store®, Apple Music®, iMessage®, Apple TV+®, Apple Sports™, and more. The expanded capacity will also help support the growth of Apple Intelligence. As with all of Apple's facilities, the data center is powered by 100 percent renewable energy sourced from Apple-created projects in the region. Apple is also expanding data center capacity in states across the country, with construction underway in Iowa, Nevada, and Oregon. Meanwhile, construction continues on Apple's second campus in Austin. Apple has more than 13,000 team members across Texas, including thousands already working from the three completed office buildings, which exceed 1 million square feet. The three buildings currently under construction include an expansive new R&D lab space for Apple's Hardware Engineering, Hardware Technology, and Software Engineering teams. This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about Apple's plans for future investments and expansion. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. More information regarding potential risks and other factors that could affect the company are included in Apple's filings with the SEC, including in the 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' sections of Apple's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. Apple assumes no obligation to update any forward-looking statements or information, which speak only as of the date they are made. Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple's six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple's more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it. NOTE TO EDITORS: For additional information visit Apple Newsroom ( or email Apple's Media Helpline at © 2025 Apple Inc. All rights reserved. Apple, the Apple logo, iPhone, Apple Watch, Face ID, iPad, iCloud, App Store, Apple Music, iMessage, Apple TV+, and Apple Sports are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
