<div id="readability-page-1"><article>OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa-” (Superior) of the life/health (L/H) insurance subsidiaries of Manulife Financial Corporation (MFC) (Toronto, Canada) [NYSE: MFC]. Concurrently, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IRs) of MFC. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.)The ratings reflect MFC’s L/H subsidiaries’ balance sheet strength, which AM Best assesses as very strong, as well as their strong operating performance, favorable business profile and very strong enterprise risk management (ERM).MFC maintains a balance sheet strength assessment of very strong, exemplified by a very strong risk-adjusted capital position, as measured by the Life Insurance Capital Adequacy Test (LICAT) and Best’s Capital Adequacy Ratio (BCAR). MFC’s LICAT score remains at a favorable and increasing level over the more recent quarter, and its BCAR improved to be within the very strong assessment from the strong assessment. MFC’s very strong balance sheet strength assessment also is due in part to the company’s financial flexibility, strategically using debt and other financing channels while maintaining a moderate level of financial leverage that has declined over the longer term, as well as strong interest coverage that remains well within the guidelines for its current ratings. The company has taken steps over the past several years to derisk its book of business by reinsuring billions of low return-on-equity and non-core business lines, particularly long-term care insurance.From an operating performance perspective, MFC has a history of stable earnings and continues to report favorable earnings in its core lines of business despite some fluctuations year to year due to market conditions. The company’s earnings are reflective of its diverse business model, which includes a robust insurance and wealth &amp; asset management product offering, geographic diversification throughout Asia, Canada and the United States and a strong market presence, with MFC holding leading market positions in its core lines of business. The company’s ERM program, which AM Best assesses as very strong, supports MFC’s risks within its balance sheet, operating performance and business profile.Partially offsetting the aforementioned factors is MFC’s remaining exposure to its non-core business lines, including long-term care and universal life with secondary guarantees, which still comprise a significant amount of the company’s overall reserves. AM Best notes MFC’s prudent management of these blocks of business through loss prevention initiatives, policy conversion programs, reinsurance and conservative reserving practices. While the alternative long-duration asset portfolio has exhibited some volatility, it has demonstrated a favorable historical track record and generally has enhanced MFC’s investment yield while providing investment diversity. MFC’s latest strategic initiatives include further implementation of generative artificial intelligence in the organization and its entrance into the Indian life insurance market through a joint venture (which is subject to regulatory approval), both of which include additional execution risk.The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) have been affirmed with stable outlooks for the following L/H subsidiaries of Manulife Financial Corporation:<ul><li>The Manufacturers Life Insurance Company</li><li>John Hancock Life Insurance Company (U.S.A.)</li><li>John Hancock Life Insurance Company of New York</li><li>John Hancock Life &amp; Health Insurance Company</li></ul>The following Long-Term IR has been assigned with a stable outlook:Manulife Financial Corporation— -- “bbb+” (Good) on CAD 1 billion 4.064% subordinated debentures, due 2034The following Long-Term IRs have been affirmed with stable outlooks:Manulife Financial Corporation— -- “a-” (Excellent) on USD 1 billion 4.15% senior unsecured fixed rate, due 2026 -- “a-” (Excellent) on USD 500 million 2.484% senior unsecured fixed rate, due 2027 -- “a-” (Excellent on USD 750 million 3.703% senior unsecured notes, due 2032 -- “a-” (Excellent) on USD 750 million 5.375% senior unsecured fixed rate, due 2046 -- “a-” (Excellent) on USD 1.155 billion 3.05% senior unsecured fixed rate, due 2060 -- “bbb+” (Good) on USD 750 million 4.061% subordinated debentures, due 2032 -- “bbb+” (Good) on CAD 1.2 billion 5.409% subordinated debentures, due 2033 -- “bbb+” (Good) on CAD 1 billion 2.818% subordinated debentures, due 2035 -- “bbb+” (Good) on CAD 2 billion 3.375% limited recourse capital notes, due 2081 -- “bbb+” (Good) on CAD 1.2 billion 4.1% limited recourse capital notes, due 2082 -- “bbb+” (Good) on CAD 1 billion 7.117% limited recourse capital notes, due 2082 -- “bbb” (Good) on CAD 350 million 4.65% non-cumulative Class A Series 2 preferred shares -- “bbb” (Good) on CAD 300 million 4.5% non-cumulative Class A Series 3 preferred shares -- “bbb” (Good) on CAD 163 million 2.348% non-cumulative Class 1 Series 3 preferred shares -- “bbb” (Good) on CAD 250 million 5.978% non-cumulative Class 1 Series 9 preferred shares -- “bbb” (Good) on CAD 200 million 6.159% non-cumulative Class 1 Series 11 preferred shares -- “bbb” (Good) on CAD 200 million 6.35% non-cumulative Class 1 Series 13 preferred shares -- “bbb” (Good) on CAD 200 million 5.775% non-cumulative Class 1 Series 15 preferred shares -- “bbb” (Good) on CAD 350 million 5.542% non-cumulative Class 1 Series 17 preferred shares -- “bbb” (Good) on CAD 250 million 5.169% non-cumulative Class 1 Series 19 preferred shares -- “bbb” (Good) on CAD 250 million 5.942% non-cumulative Class 1 Series 25 preferred shares -- “bbb” (Good) on CAD 41.6 million (37 million outstanding) variable rate non-cumulative Class 1 Series 4 preferred sharesManulife Finance (Delaware), L.P.— -- “bbb+” (Good) on CAD 650 million 5.059% subordinated debentures, due 2041John Hancock Life Insurance Company (U.S.A.) — “a+ (Excellent) program rating -- “a+” (Excellent) on all outstanding notes issued under the program John Hancock Signature Notes (formerly issued by John Hancock Life Insurance Company)The following Long-Term IRs under the shelf registration have been affirmed with stable outlooks:Manulife Financial Corporation— -- “a-” (Excellent) on senior unsecured debt -- “bbb+” (Good) subordinated debt -- “bbb” (Good) on preferred stockThis press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings &amp; Assessments.AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.<img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNTEyMTIyMzQwMDVyMQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNTEyMTIyMzQwMDVyMQ"/>View source version on businesswire.com: https://www.businesswire.com/news/home/20251212234005/en/Kevin Varvaro Senior Financial Analyst +1 908 882 2410 kevin.varvaro@ambest.comDavid Marek Associate Director +1 908 882 1924 david.marek@ambest.comChristopher Sharkey Associate Director, Public Relations +1 908 882 2310 christopher.sharkey@ambest.comAl Slavin Senior Public Relations Specialist +1 908 882 2318 al.slavin@ambest.comSource: AM Best</article></div>

00945

AM Best has affirmed the credit ratings of Manulife Financial Corporation and its subsidiaries, maintaining a stable outlook. The Financial Strength Rating is A+ (Superior) and Long-Term Issuer Credit Ratings are "aa-" (Superior) for life/health insurance subsidiaries. Manulife's balance sheet strength is assessed as very strong, supported by strong operating performance and enterprise risk management. The company has strategically managed its non-core business lines and is expanding into the Indian market.

AM Best Affirms Credit Ratings of Manulife Financial Corporation and Its Subsidiaries | MFC Stock News