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- The main updates in our five-year capital market assumptions compared to our mid-2019 report are: Expected equity returns in nominal terms are higher, as valuation is improved.
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Annual Meeting | May 5, 2016Delivering
Results
Preparing
for theFuture
3 Chairman of the Board's Message
7 Message from the Chief Executive Officer
14 Management's Discussion and Analysis
104 Consolidated Financial Statements
113 Notes to Consolidated Financial Statements
183 Additional Actuarial Disclosures
185 Board of Directors
185 Executive Committee
186 Office Listing
187 Glossary of Terms
189 Shareholder Information
Contents
Providing strong, reliable, trustworthy
and forward-thinking solutions for our customers' most signicant nancial decisions.Around the world, we are embracing
innovation and technology to capitalize on growth opportunities and deliver extraordinary customer experiences.In 2015,
our employees volunteered88,694
hoursIn 2015, customers received claims,
cash surrender values, annuity payments and other benefits valued in excess ofGlobal Wealth and Asset Management
net flows in 2015 AsiaIndividual life insurance
Individual living benets insurance
Creditor insurance
Group life & health insurance
Mutual funds
Annuities
Investment-linked products
Individual retirement savings plans
Education savings plans
Group retirement savings plans
1 Manulife Financial Corporation | 2015 Annual ReportOur diverse
products and servicesLeveraging our global advantageWell-diversified
core earningsQAsia 32%
QCanada 31%
QUnited States 37%
We serve
square feet (as at December 31, 2015) 64million
Real estate owned
worldwide C$ 24.6billion C$ 34.4
billion p.14p.17
As of 2015,
the Hancock Natural Resource Group has planted1 tree for every 8 people on earth
907million trees
Approx. +C$
100billion +24
In 2015,
insurance sales grew byCanada
Individual life insurance
Individual living benets
insuranceCreditor insurance
Travel insurance
Group life, health
& disability insuranceMutual funds
Annuities
Private wealth management
Group retirement savings plans
Mortgages & investment loans
High interest savings accounts
& Guaranteed InvestmentCertificates United States
Individual life insurance
Long-term care insurance
Exchange traded funds
Mutual funds
Annuities
Education savings plans
Group retirement savings plans Investment CapabilitiesPublic & private bonds
Public & private equities
Commercial mortgages
Real estate
Oil & gas
Power & infrastructure
Renewable energy
Timberland & farmland
Asset allocation solutions
Manulife Financial Corporation | 2015 Annual Report 2Promoting
better customer health through wear able technology foreign-invested joint venture life insurance company licensed to sell mutual funds in China through our agency force 1 stNew York Life and
Standard Life acquisitions:
in pension assets in North America1in41in3
adults inHong Kongadults in
Canada
p.19 p.14 of our employees worldwide 41are under 35 years old
3 Manulife Financial Corporation | 2015 Annual Report
I do not mean to minimize the importance of
strong net income, but the requirements of mark-to-market IFRS accounting can sometimes disconnect those reported results from the strong underlying performance. Our core earnings - although not a GAAP measure - is a better indicator of the underlying earnings capacity of our business. In 2015, Manulife employees and agents in Canada, the United States and throughout Asia worked together to produce a 19% increase in annual core earnings. Our geographic operations enjoyed sales success throughout the year, and our Global Wealth and Asset Management businesses delivered net ows of more than $34 billion, up a remarkable $16 billion from the prior year, while establishing a reputation for innovation and investment performance.In the last annual report, I was enthusiastic
about the acquisition of Standard Life's Canadian operations and the New York Life RetirementPlan Services business. This year, I am pleased
to report signicant and successful progress toward integration of those businesses, wellon track toward completion. As we began 2016, we launched our bancassurance partnership with DBS in Asia, and look forward to adding the Mandatory Provident Fund (pension) business of Standard Chartered in Hong Kong. These
transactions not only provide us access to millions of additional customers, but also strengthen our capabilities across our markets for the long term.Manulife continues its ongoing transformation,
developing a true global platform, implementing the latest technology, introducing innovative new products like Vitality and executing on our plan to realign the Company around the customer. TheBoard of Directors is condent that this customer-
centric strategic plan is crucial to building and delivering long-term shareholder value, and we are pleased with the pace at which the CompanyCHAIRMAN OF THE BOARD'S MESSAGE
To my fellow Shareholders,
I encourage you to look carefully at the details found in this annual report to appreciate the many accomplishments and strong core earnings which were achieved despite the impact of oil and gas prices on our net income.Richard B. DeWolfe
Chairman of the Board
Manulife Financial Corporation | 2015 Annual Report 4 is making progress. Notably, Asia and GlobalWealth and Asset Management are important
drivers of growth, and the Board strongly supports the Company"s investments and focus on these areas.The Board of Directors continues to express
great confidence in Manulife's senior leadership team, including our CEO, Donald A. Guloien. His vision is sharpened by his intellectual curiosity and his passion for progress. His energy and ethics set the tone at the top, and his versatility has given the executive management team the guidance and latitude needed to speed the pace of critical decision-making. Manulife's executive management team has been further strengthened by the addition of new specialized and talented executives in every area of the Company. We expect that this team will be well prepared to cope with varied economic conditions and meet the challenges of aggressive competitionin the marketplace.Your Board is strongly supportive of Manulife's strategic plan and the Company's aspirations of becoming a leading global force in insurance and wealth and asset management. At the same time, we are mindful of our responsibilities to shareholders, policyholders, employees and the communities we serve. We understand the head-winds created by volatile markets, low interest rates and slow global growth. We are advocates for maintaining strong capital standards, balanced leverage, strong expense controls, sustainable dividend growth and diligent risk management.
In order to respond to the changing business
environment, compliance and regulatory demands, digital disruption and the threats posed by cyber- crime, the Board has revisited its own skills matrix, introduced monthly mandatory education webinars and encouraged more direct on-site oversight visits to both local and global operations.5 Manulife Financial Corporation | 2015 Annual Report
CHAIRMAN OF THE BOARD'S MESSAGE
During 2015, in addition to our regular eight
three-day meetings, nine directors joined me for a four-day review of our U.S. Wealth and AssetManagement and Insurance businesses based in
Boston, Massachusetts. Two directors served as
liaisons to Manulife Bank and we also organized on-site visits to Montreal and the Philippines.We are vitally interested in the culture of the
Company and its human resources programs, and
are actively monitoring employee satisfaction and engagement. We also participate in employee- targeted programs and meetings to promote diversity and gender equity and encourage mobility and continuing education at Manulife.I am pleased that the Company was, once again,
recognized as one of Canada's governance leaders, and that we enhanced our subsidiary governance program to facilitate greater oversight on the governance practices of our major operating business ventures. For the second consecutive year, we commissioned an independent assessment of Board performance and effectiveness with very positive outcomes.We continued our active shareholder engagement
and outreach programs, and maintained our dialogue with proxy and investor advisory firms to continue to understand how shareholder 42cumulative increase in our quarterly dividend in less than two years (as of February 2016) Manulife Financial Corporation | 2015 Annual Report 6 concerns shape their annual recommendations.
We considered their suggestions and advice
in producing both our new-look management information circular and this annual report.As I reflect on 2015, I am disappointed that
the impact of weak oil and gas prices and the resulting shortfall in net income has diminished so many positive outcomes and individual accomplishments. However, I expect that the experience will strengthen our resolve and stoke the competitive spirit which has been so evident this past year.I am thankful for and honoured by the support
I have received from shar
eholders and from myBoard colleagues, who inspire me with their
unselfish hard work and commitment to Manulife.I am also very proud to be associated with
what I see as the heart of our Company, which is demonstrated by thousands of our employees who donate their time, talent and income to charitable causes around the globe in every community we serve.In Canada, Manulife, its employees, advisors
and retirees raised almost $3.6 million for theUnited Way and other registered charities helping
people in need.In the United States, John Hancock contributed
$1 million U.S. to the MLK Summer Scholars program, which provides hundreds of jobs to city teens in Boston. The goal of this program is to help Boston teens gain meaningful work experiences and develop the skills they need to succeed in college and in their careers.In Asia, approximately 3,000 Manulife employees
participated in the 2015 Walks for Millions, annual events to raise money for social welfare agencies under the umbrella of the CommunityChest of Hong Kong.
In closing, as I write this letter, market volatility persists, and it remains difficult to obtain a clear view of the future. In spite of macroeconomic headwinds, your Board continues to work with vigilance on your behalf towards ever greater success, and I can tell you with certainty thatManulife remains committed to meeting our
clients' holistic needs and providing more financial certainty in this uncertain world.Richard B. DeWolfe
Chairman of the Board
7 Manulife Financial Corporation | 2015 Annual Report
Of those four measures, the first three are by far the most important, because they speak to the long-term success of our Company; and the latter reflects short-term market movements. In terms of operating results, we paid our customers claims, cash surrender values, annuity payments and other benefits worth more than $24.6 billion, and thanks to the trust our customers place in us, we now manage and administer a record $935 billion in assets.With the dedicated effort of our Company's
approximately 34,000 employees and 63,000 agents around the world, we delivered outstanding growth: total insurance sales were up 24% in2015, while gross flows in our Global Wealth and
Asset Management business rose 46%. Most
significantly, we are growing our businesses most rapidly in the areas where we derive the highest shareholder return, measured by return on equity - particularly in Asia and Global Wealth and AssetManagement - while continuing to service legacy
blocks of business which still carry high capital.MESSAGE FROM THE CHIEF EXECUTIVE OFFICER
We also remained focused on closely managing
our expenses, and throughout 2015 we continued to drive significant cost savings through our Efficiency and Effectiveness initiative. We delivered approximately $350 million in net pre-tax savings in 2015, and are on track to exceed our target of $400 million in 2016. The money we save will help fund longer-term strategic initiatives, and the work to make our operations more efficient and effective will continue well after we have reached our target. As a result of all of the above, our core earnings rose 28%, before giving effect to investment- related impacts, and 19% taking investment gains and losses into account. This result was ahead of plan, and highlighted Manulife's powerful operating momentum. We finished the year with a strong capital ratio of 223% and reduced our leverage ratio by four percentage points, to 23.8%.Subsequent to year end, we raised our dividend
once again, for a total of three times in less than two years, with a cumulative increase of 42%. This reflects your Board's confidence in Manulife's ability to deliver strong, consistent core earnings Quite frankly, the year 2015 results for Manulife contained mixed outcomes: strong operating results, a 19% increase in core earnings, and significant progress on our strategic plan; but disappointing net income, primarily due to the mark-to-market decline in oil and gas valuations.Donald A. Guloien
President and
Chief Executive Officer
Manulife Financial Corporation | 2015 Annual Report 8 growth, as well as our robust capital ratio and lower leverage ratio.Throughout the year, we made important
progress on our customer-centric strategy, we capitalized on the growth opportunities we have developed in each of our businesses, and we continued to innovate to ensure we remain relevant and agile in a rapidly changing world.IMPACT OF LOWER ENERGY PRICES ON
NET INCOME AND SHAREHOLDER VALUE
Despite the strategic and operating success we saw throughout 2015, the year was disappointing in terms of net income, largely due to the accounting impact of the decline in oil and gas prices.When reviewing Manulife"s net income, it is
important to remember that in order to meet our long-term obligations, we invest for the very long term across a variety of asset classes, much as a pension plan would do. Despite the fact that we benefit by taking this long-term view, our investments are marked to market on a quarterly basis - and this can produce significant swings in net income in the short term. Over the past five years, investment experience has been highly positive, leading to an almost linear increase in net income. Some of you may even recall my past warnings that while this has been very positive for the Company, it would be overly optimistic to assume this trajectory would continue unabated. In 2015, that came to happen: the drastic decline in energy prices led to fair value adjustment charges of $876 million. Although other assets in our portfolio performed well, recording investment-related gains of $346 million, this led to a year-over-year decline of 37% in net income, to $2.2 billion - clearly a disappointing result. In terms of energy prices, we expect that volatility will likely persist into 2016, and it would be reasonable to expect that continued weakness or any further declines in oil and gas prices would have an adverse impact on our investment experience and earnings. Over the long term, which is the horizon for which we manage the Company, we expect positive results from the range of assets we invest in - real estate, energy, timber, agriculture and equities - in order to meet our long-term obligations, and deliver shareholder return. most trusted insurance brand in Canada (Gustavson Brand Trust Index) 19 Manulife Financial Corporation | 2015 Annual Report
MESSAGE FROM THE CHIEF EXECUTIVE OFFICER
Manulife produced a negative Total Shareholder
Return (TSR) of 3.7% in 2015. While this
outperformed the TSR of the S&P/TSX index by4.6 percentage points, both our share price and
Canadian equity prices in general were adversely
impacted by macroeconomic concerns, with low oil and gas prices again playing a central role. This was disappointing, but we believe that if we stay the course, we will be rewarded with a higher TSR in the future, as we have in the past.DELIVERING ON OUR STRATEGIC PLAN
As a result of new technology, innovation and
education, customer expectations are increasing in every aspect of life, including financial services. Accordingly, Manulife will continue to aggressively invest in innovation and the deployment of technology throughout the Company, for the betterment of our offerings to customers, and for enhanced shareholder return.Our investments will be balanced: we will use
technology to attract, retain and better serve our customers; to serve distributors and help them use our products; to build our brand; to improve efficiency and make our people more effective, productive and collaborative; and to help manage risk, improve our reporting and our security, and advance our use of information and analytics.Delivered innovative
digital platforms to engage with customers.Serving our mainland Chinese
customers through social mediaEnabling Canadian customers to
envision their life after retirementEquipping agents in Asia with a
world-class tablet applicationPromoting better health through
wearable technology in the U.S. " I don't feel like a customer,I feel like a friend."
Customer, Hong Kong
Your excellent help with my father"s estate made me decide to keep investing with Manulife and to continue to build this great relationship. Thank you!"Customer, United States
Our bold strategy has three key themes:
We were the rst company in Canada to introduce
voice biometrics, as well as natural language W e will develop more holistic and long-lasting understanding in an interactive voice response customer relationships. system, in both French and English. We have also W e will continue to build and integrate our appointed a Chief Innovation Ofcer, who will be global wealth and asset management businesses responsible for pursuing new business opportunitiesas well as expand our investment and/or sales by partnering, investing in, and potentially forming ofces into key markets, not restricting ourselves
joint ventures with outside entities to accelerate to geographies where we currently have, or initiatives with the largest potential impact. expect to have, insurance operations.
We are also successfully expanding the channels
We will leverage skills and experiences across through which we reach our customers. For our international operations.example, in 2015 we sold insurance policies over Over the course of 2015, we made meaningful the WeChat messaging app in Asia and the results progress on all of these fronts, with the goal of exceeded our expectations. In Canada, our direct putting our customers at the centre of everything CoverMe offering has generated exciting results.we do.Our rapidly growing Asia and Global Wealth and
We launched tools, products and services,
Asset Management businesses are delivering our
including electronic Point of Sale and our highest returns. To capitalize on the opportunity theyinnovative ManulifeMOVE product in Asia; we represent, we continued to add new capabilities entered the Exchange Traded Fund market and and scale throughout the year.launched LifeTrack and Vitality in the U.S.; and We successfully completed the acquisitions of we launched Quick Issue Term and added more
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