# 2022 Annual Report

> In 2022, we created in-office experiences and activities for our colleagues globally to encourage and nurture connection and collaboration, and to drive innovation.

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- Last updated: 2024-01-29
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M anu Manulife Financial Corporation l i f e F i nan c i al C o r p o r at i o n | A n n ua l R e p o r t 2 02 2 Cover.indd Cover.indd 11 2023-03-09 2023-03-09 11:59 PM11:59 PM

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In 2022, we created Decisions made easier. in-office experiences and activities for our colleagues globally Lives made beter. to encourage and nurture connection and collaboration, and “ We want to be the digital, customer leader to drive innovation. in our industry, which is why we remain focused on providing simple, intuitive and innovative experiences across our business.” Roy Gori, President and Chief Executive Officer Cover.indd Cover.indd 22 2023-03-09 2023-03-09 11:59 PM11:59 PM

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Manulife by the numbers 7.1 7.3 Net Income Attributed to Shareholders 5.9 $7.3 billion Net income attributed to shareholders increased $0.2 billion from 2021. 2020 2021 2022 6.5 6.2 Core Earnings 5.5 $6.2 billion Core earnings decreased 7% versus 2021. 2020 2021 2022 New Business Value 2.2 2.1 $2.1 billion 1.8 New business value decreased 9% compared with 2021. 2020 2021 2022 Common Share Dividend $1.32/sh $1.32/share $1.12/sh $1.17/sh Common share dividend increased 13% versus 2021. 2020 2021 2022 Assets Under Management and Administration $1.3 trillion Total invested assets: $414 billion Segregated funds net assets: $349 billion Mutual funds: $258 billion Institutional asset management: $110 billion Other funds: $14 billion Assets under administration: $170 billion Note: Core earnings and assets under management and administration are non-GAAP financial measures and percentage change in core earnings on a constant exchange rate basis is a non-GAAP ratio. Percentage change in new business value is also on a constant exchange rate basis. For more information on non-GAAP and other specified financial measures used in this report, see the section “Non-GAAP and Other Financial Measures” in our 2022 Management’s Discussion and Analysis below. 1

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Fellow shareholders, Five years ago, in my first letter on behalf of your Board, I highlighted Manulife’s shared values as the common thread uniting our globally diverse Company and the foundation enabling us to achieve the bold ambition we set for transforming and growing our business. Each year since, I have focused in this letter on one of our core values and how it has come to life and guided our work. With my retirement from the Board, I thought it was fitting in this letter to shine a light on the ways our winning global team has owned it not only in 2022, but also over the past several years, driving resilient performance and consistently strong results. Thanks to our team’s spirit of ownership and commitment to delivering on our bold ambition, Manulife today is meaningfully different than it was in 2017. Together, they have delivered on the key commitments made to shareholders, and in 2022 achieved record net income of $7.3 billion as compared to $2.1 billion in 2017. In Asia, we’ve grown from being within the top six pan-Asian insurers, to being the fastest growing of the top three pan-Asian insurers between 2017 and 2021, and our global wealth and asset management business is thriving, having achieved net inflows D on John in 10 of the last 12 quarters. We’ve taken cost out of the business, having met our expense efficiency target two Lindsay Cassaday years ahead of schedule in 2020, and Chair of the Board Chairman Emeritus we’ve bolstered our capital position, achieving a Life Insurance Capital Adequacy Test (LICAT) ratio of 131% for 2022, more than $20 billion above our supervisory target. We have also delivered for customers, as reflected in the significant improvement in our Net Promoter Score (NPS) of 19 points 2 | 2022 Annual Report

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anchored always in our values. The against the 2017 baseline, and at the new Chair of the Board, which became past several years have brought many same time expanded our customer effective in February 2023, in tandem challenges, from an unpredictable base from 26 million to 34 million with my retirement from Manulife. It macroeconomic environment to an customers worldwide. These results has been my pleasure and privilege to unprecedented global pandemic and have been delivered thanks to the serve as a member of your Board for its many impacts. They have navigated efforts of our 40,000 colleagues the past 30 years and as Chairman for each of these challenges with around the globe, who have taken the past five. Reflecting on all we have characteristic energy and focus and accountability for meeting and accomplished in that time, I am very continued to drive resilient results. achieving our targets, year in and year proud of our team and deeply grateful out, and who together have built solid for the opportunity to represent you. We are also grateful to each of our foundations for future success. I’m honoured to have passed the gavel 40,000 winning team members at to Don, under whose leadership I know Manulife, whose commitment to our Your Board’s activities the Board, and indeed our Company, customers, our values, and to each in 2022 will continue to thrive. other remains an inspiration. Your Board has remained focused Thank you We would also like to thank you, on providing oversight and guidance our fellow shareholders, for your to the leadership team, and we were With that in mind, and as Don has trust, support, and candid feedback. also energized by the opportunity taken over in February, we wanted to While the past few years have been to incorporate in-person sessions offer some shared words of thanks challenging, the Company’s ability to into our meeting cadence, having in closing. deliver through such times is proof met virtually for most of the previous positive that we have the right strategy, two years. As hoped last year, our First, we would like to thank Joseph the right team, and the right to win. hybrid meeting schedule has not only Caron, whose term as director will enabled optimal participation from end as of the end of our 2023 annual our directors, but also enhanced our meeting, for his 12 years of dedicated ability to attract talented directors service. We very much appreciate his from around the globe. many contributions to Manulife. We continued to make progress We would also like to recognize Roy John Cassaday Don Lindsay towards greater diversity on your Gori and the Executive Leadership Chairman Emeritus Chair of the Board Board, and we are proud to have Team for their steadfast leadership, increased our representation of Asia-domiciled directors in view of the importance of the region to our future growth ambitions. We are also proud to have maintained our aspiration of On behalf of the Board and Manulife’s shareholders, customers, gender parity among independent and colleagues, I would like to offer our sincere thanks to John for directors, with women representing seven of the 11 independent his 30 years of service. We have marked many milestones during directors nominated for election that time, and we are grateful for his unwavering leadership and at our upcoming annual meeting many contributions to the Company. John’s sense of duty, grace, of shareholders. insight, and wisdom have served the Company well, and he will Reflecting these efforts, we were be missed. We wish him the very best in his future endeavours. pleased to be ranked in the top four Looking to the future, I appreciate the trust you have placed in me by the Globe and Mail’s Report on and I am humbled to serve as the Chair of your Board as we work Business Board Games rankings for together to achieve our bold ambition. board governance in Canada. We are also proud of our robust Don Lindsay succession planning, including the Chair of the Board appointment of Don Lindsay as your 3

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Dear fellow shareholders, Looking back on all we’ve accomplished over the past year, I’m tremendously proud of the way our colleagues once again showed their creativity, resilience, and innovative spirit. With the pandemic continuing to impact many of our markets through much of the year, our team focused on supporting our existing customers—and reaching new ones—knowing how important our products are to ensuring their well-being and financial future. Our colleagues also adapted to new ways of working, as we reopened our offices and migrated to our new Working Better approach. With international travel resuming, I had the privilege of visiting many of our teams for the first time since 2020, and it was wonderful to connect and re-connect in person after such a long time away. For me, it underscored the value of the time we spend together, and I’ve come away from each interaction feeling energized and optimistic about our future. The end of 2022 marked five years since we embarked on our journey to become the most digital, customer-centric global company in our industry. At that time, we set out five strategic priorities— accelerate growth; digital, customer leader; expense efficiency; portfolio optimization; and high performing Roy Gori team—essential to achieving our bold ambition. Today, thanks to our President and Chief Executive Officer disciplined approach, we’ve delivered record net income and remittances, significantly improved our Net Promoter Score (NPS), industry- leading team and culture, and strong market leadership positions across attractive markets and businesses. In Asia, we are not only at scale as a top three pan-Asian insurer, but we are well positioned to benefit from the 4 | 2022 Annual Report

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baseline of 54% in 2017. We will improved our NPS from +1 in 2017, significant growth opportunities in continue to drive this momentum to +20 in 2022, and improved our the region. In Global Wealth and Asset Management (Global WAM), we are a through our growing agency straight-through-processing (STP) global leader in retirement, a top 10 force, successful bancassurance rate from 68% in 2018 to 83% in partnerships, transformational digital 2022. We have also invested almost global retail multi-manager, and one offerings, and strategic expansion into $1 billion to enhance our digital of the largest natural resource asset managers for institutional investors high growth markets in the Asia region capabilities since 2018. globally. We are a leading life insurer where, by 2025, we aim to generate 50% of our core earnings. We’re proud of our leading suite and in Canada, and we are a global leader in behavioural insurance. continued expansion of behavioural We’re bringing our growth ambitions to insurance offerings. In the United We continue to believe in the life in the most attractive high growth States, we achieved our highest ever markets through partnerships like full year domestic life insurance sales growing need for health, wealth, and our 16-year exclusive bancassurance with the John Hancock Vitality PLUS retirement solutions, which have been amplified by the pandemic, and partnership with VietinBank in feature, reflecting the increasing we are well positioned to capitalize Vietnam, which has already shown attractiveness of the Vitality feature strong momentum in its first year. as an option for health-focused life on global megatrends. The global We also became the first global wealth insurance consumers. growth of household wealth remains a compelling opportunity. This is and asset manager to acquire a 100% We’re continuing to innovate to provide especially true in Asia, where the stake in a fully operating public fund our customers with unique wellness management company in mainland middle class is expected to grow offerings. In 2022, we entered into a China through our investment in 75% to 3.5 billion people by 2030. partnership with GRAIL, a healthcare The size and proportion of an aging Manulife TEDA Fund Management ® population globally is growing rapidly Co., Ltd. company, offering access to Galleri , with one in six people expected to be their leading edge, multi-cancer over the age of 60 by 2030. And, as Delivering for early detection test to a pilot group digitization continues to accelerate our customers of customers through John Hancock globally, success will be defined Vitality. We are the first life insurance by those who are able to provide carrier to make GRAIL’s Galleri® We want to be the digital, customer test extraordinary experiences. leader in our industry, which is why available, enabling eligible customers we remain focused on providing to take proactive steps to better We are uniquely positioned to simple, intuitive and innovative understand and make more informed meet these opportunities with a experiences across our business. choices about their health. diversified, scaled business, and have Through those efforts, we’ve demonstrated that we have the right strategy to win, anchored in our five strategic priorities. Accelerating growth “W e continue to believe in the In 2022, our diversified Global growing need for health, wealth, WAM business recorded net inflows and retirement solutions, which have of $3.3 billion globally, against an industry backdrop of net outflows in been amplified by the pandemic, and North America. This performance extended our remarkable track we are well positioned to capitalize record of delivering positive net flows in 12 of the past 13 years. on global megatrends underpinning Our Global WAM and Asia results our strategy.” contributed to delivering 63% of our core earnings from our highest potential businesses against a 5

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Driving expense top quartile employee engagement we will create long-term value for our efficiency scores in 2020, 2021, and 2022. business, our communities, and the Since 2017, we’ve seen continued planet. It’s how we all win. We continue to foster a culture of improvement each year, and in expense efficiency and prioritize our 2022, we ranked in the top six In recognition of our continued resources where they will be most percent amongst global finance and and strengthening commitment to effective. This focus has allowed insurance companies. In addition, we sustainability performance, we were us to contain the growth of our have been consistently recognized as once again named to the S&P Dow general expenses to less than 8% an employer of choice, including as Jones Sustainability North America and improve our expense efficiency one of the World’s Best Employers by Index, one of only seven insurers ratio from 55.4% in 2017 to 50.9% Forbes for the third consecutive year. across North America to be included, in 2022, with a commitment to our and within the top 10% of our industry target of below 50%. We’re achieving We’ve continued to invest in peers globally. this through digitization, simplifying robust learning and development, and standardizing our processes, leadership, and recognition I’m tremendously proud of the optimizing our structure, and careful programmes, and we’ve enjoyed progress our winning team has made: management of our expenditures, the opportunities for in-person we’ve driven great change, delivered embedding a culture of disciplined collaboration that have emerged for our customers and shareholders, spending to enable growth. through our return to offices and bolstered a great culture in which during 2022. These investments all of our colleagues can thrive. Optimizing our portfolio will be critical to providing us with a long-term, sustainable Our disciplined approach helped By the end of 2022, we freed up competitive advantage. us remain resilient throughout the $9.0 billion of capital from our pandemic, while delivering record net legacy portfolio, having previously Our commitment income in 2022, a testament to our achieved our 2022 target to release strong focus on delivering shareholder $5.0 billion of capital three years to a healthier planet value as a team. ahead of schedule in 2019. We have and community also made progress towards our Thank you business mix targets for long-term As a health and wealth company, care insurance and variable annuities sustainability is about creating I am honoured to lead our winning to contribute less than 15% of core economic return while also team and want to acknowledge each earnings by 2025. We created value addressing the world’s societal and of my Manulife colleagues around the for our shareholders, executing environmental challenges. Whilst we world for their contributions to our two reinsurance transactions of our are already net zero in our scope 1 shared achievements. Thank you. U.S. variable annuity block in 2022, and scope 2 operational greenhouse releasing $2.5 billion of capital and gas emissions, we are committed I have the privilege of acknowledging buying back 4.1% of our common to further reducing our absolute our outgoing Chairman, John shares in 2022. Portfolio optimization emissions by 35% by 2035, and to Cassaday, and of thanking him on remains a high priority as we continue achieving net zero scope 3 financed behalf of our team for his 30 years of to explore opportunities to reduce emissions in our General Account service as a member of our Board of risk and release capital from our by 2050. Directors, including the past five as legacy businesses. Chairman. During this time, he has In 2022, we shared our Impact made invaluable contributions to our Our winning team Agenda, an articulation of our long- growth, and in helping us to become and culture standing commitment to empowering the Company we are today. On a health and wellbeing, driving personal note, I have appreciated his None of this would be possible inclusive economic opportunities, support and wise counsel throughout without the efforts and dedication and accelerating a sustainable my tenure. Thank you, John. of our high-performing team, and future. Staying true to our Mission I’m very pleased that we achieved through our Impact Agenda is how 6 | 2022 Annual Report

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“I ’m tremendously proud of the progress our winning team has made: we’ve driven great change, delivered for our customers and shareholders, and bolstered a great culture in which all of our colleagues can thrive.” With John’s departure, I also have the strategy, diverse business model, and privilege of welcoming our incoming considerable financial strength and Chair of the Board, Don Lindsay. flexibility position us well to win and As a long-standing member of our deliver in 2023 and beyond. We will Board, Don has a deep knowledge continue to work diligently to execute of our business and I look forward to against our strategic priorities as working even more closely with him in we build the future of insurance and his new role. asset management, always keeping our mission—Decisions made easier. In closing, I’d like to thank you, my Lives made beter.—at the heart of all fellow shareholders and customers, we do. for the trust you have extended to me, and to our team. Our team Sincerely, is confident that our all-weather Roy Gori President and Chief Executive Officer 7

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Caution regarding forward-looking statements From time to time, Manulife Financial Certain material factors or assumptions are obligations to pledge additional collateral; Corporation (“MFC”) makes written and/ applied in making forward-looking statements the availability of letters of credit to provide or oral forward-looking statements, and actual results may differ materially capital management flexibility; accuracy of including in this document. In addition, our from those expressed or implied in such information received from counterparties representatives may make forward-looking statements. Important factors that could and the ability of counterparties to meet statements orally to analysts, investors, cause actual results to differ materially from their obligations; the availability, affordability the media and others. All such statements expectations include but are not limited to: and adequacy of reinsurance; legal and are made pursuant to the “safe harbour” general business and economic conditions regulatory proceedings, including tax audits, provisions of Canadian provincial securities (including but not limited to the performance, tax litigation or similar proceedings; our laws and the U.S. Private Securities Litigation volatility and correlation of equity markets, ability to adapt products and services to the Reform Act of 1995. interest rates, credit and swap spreads, changing market; our ability to attract and inflation rates, currency rates, investment retain key executives, employees and agents; The forward-looking statements in this losses and defaults, market liquidity and the appropriate use and interpretation of document include, but are not limited to, creditworthiness of guarantors, reinsurers complex models or deficiencies in models statements with respect to possible share and counterparties); the ongoing prevalence used; political, legal, operational and other buybacks under our normal course issuer bid, of COVID-19, including any variants, as well risks associated with our non-North American expected expense savings in 2023 related as actions that have been, or may be taken operations; geopolitical uncertainty, including to actions taken in 2021, the Company’s by governmental authorities in response international conflicts; acquisitions and our strategic priorities and 2025 targets for its to COVID-19, including the impacts of any ability to complete acquisitions including the highest potential businesses, net promoter variants; changes in laws and regulations; availability of equity and debt financing for score, straight-through-processing, ongoing changes in accounting standards applicable this purpose; the disruption of or changes expense efficiency, portfolio optimization, in any of the territories in which we operate; to key elements of the Company’s or public employee engagement, its medium-term changes in regulatory capital requirements; infrastructure systems; environmental financial and operating targets, its ability to our ability to obtain premium rate increases concerns including climate change; our achieve our financed emissions and absolute on in-force policies; our ability to execute ability to protect our intellectual property and scope 1 and 2 emissions targets, its ability strategic plans and changes to strategic exposure to claims of infringement; and our to manage its long-term care and variable plans; downgrades in our financial strength inability to withdraw cash from subsidiaries. annuity blocks of business to maturity and or credit ratings; our ability to maintain its ability to secure future premium rate our reputation; impairments of goodwill or Additional information about material risk increases in respect of its long-term care intangible assets or the establishment of factors that could cause actual results to policies and also relate to, among other provisions against future tax assets; the differ materially from expectations and about things, our objectives, goals, strategies, accuracy of estimates relating to morbidity, material factors or assumptions applied in intentions, plans, beliefs, expectations and mortality and policyholder behaviour; the making forward-looking statements may estimates, and can generally be identified by accuracy of other estimates used in applying be found in this document under “Risk the use of words such as “may”, “will”, “could”, accounting policies, actuarial methods and Management and Risk Factors” and “Critical “should”, “would”, “likely”, “suspect”, “outlook”, embedded value methods; our ability to Actuarial and Accounting Policies” and in the “expect”, “intend”, “estimate”, “anticipate”, implement effective hedging strategies and “Risk Management” note to the Consolidated “believe”, “plan”, “forecast”, “objective”, “seek”, unforeseen consequences arising from such Financial Statements as well as elsewhere in “aim”, “continue”, “goal”, “restore”, “embark” strategies; our ability to source appropriate our filings with Canadian and U.S. securities and “endeavour” (or the negative thereof) assets to back our long-dated liabilities; regulators. The forward-looking statements and words and expressions of similar level of competition and consolidation; our in this document are, unless otherwise import, and include statements concerning ability to market and distribute products indicated, stated as of the date hereof and possible or assumed future results. Although through current and future distribution are presented for the purpose of assisting we believe that the expectations reflected channels; unforeseen liabilities or asset investors and others in understanding our in such forward-looking statements are impairments arising from acquisitions and financial position and results of operations, reasonable, such statements involve risks dispositions of businesses; the realization of our future operations, as well as our and uncertainties, and undue reliance should losses arising from the sale of investments objectives and strategic priorities, and may not be placed on such statements and they classified as available-for-sale; our liquidity, not be appropriate for other purposes. We do should not be interpreted as confirming including the availability of financing to not undertake to update any forward-looking market or analysts’ expectations in any way. satisfy existing financial liabilities on statements, except as required by law. expected maturity dates when required; 8 | 2022 Annual Report

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Table of contents 10 Management’s Discussion and Analysis 10 Manulife Financial Corporation 22 Asia 26 Canada 29 U.S. 32 Global Wealth and Asset Management 36 Corporate and Other 38 Investments 43 Fourth Quarter Financial Highlights 46 Risk Management and Risk Factors 85 Capital Management Framework 88 Critical Actuarial and Accounting Policies 101 Controls and Procedures 102 Non-GAAP and Other Financial Measures 128 Additional Disclosures 131 Consolidated Financial Statements 145 Notes to Consolidated Financial Statements 230 Additional Actuarial Disclosures 232 Board of Directors 233 Executive Leadership Team 234 Office Listing 236 Glossary of Terms 237 Shareholder Information 237 Dividend Information 9

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Management’sDiscussion andAnalysis This Management’s Discussion and Analysis (“MD&A”) is current as of February 15, 2023. 1. Manulife Financial Corporation Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across our offices in Asia, Canada, and Europe, and primarily as John Hancock in the United States. We provide financial advice, insurance, and wealth and asset management solutions for individuals, groups and institutions. At the end of 2022, we had more than 40,000 employees, over 116,000 agents, and thousands of distribution partners, serving over 34 million customers. At the end of 2022, we had $1.3 trillion 1 (US$1.0 trillion) in assets under management and administration , including total invested assets of $0.4 trillion (US$0.3 trillion), and segregated funds net assets of $0.3 trillion (US$0.3 trillion). We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges, and under ‘945’ in Hong Kong. Our reporting segments are: • Asia – providing insurance products and insurance-based wealth accumulation products in Asia. • Canada – providing insurance products, insurance-based wealth accumulation products, and banking services in Canada and has an in-force variable annuity business. • U.S. – providing life insurance products and insurance-based wealth accumulation products and has an in-force long-term care insurance business and an in-force annuity business. • Global Wealth and Asset Management (“Global WAM”) – providing investment advice and innovative solutions to our retail, retirement and institutional clients around the world under the Manulife Investment Management (“MIM”) brand. • Corporate and Other – comprised of investment performance on assets backing capital, net of amounts allocated to operating segments; financing costs; costs incurred by the corporate office related to shareholder activities (not allocated to operating segments); our Property and Casualty (“P&C”) Reinsurance business; and run-off reinsurance business lines. In this document, the terms “Company”, “Manulife”, “we” and “our” mean Manulife Financial Corporation (“MFC”) and its subsidiaries. The term “MLI” means The Manufacturers Life Insurance Company and its subsidiaries. Profitability Profitability As at and for the years ended December 31, ($ millions, unless otherwise stated) 2022 2021 Net income attributed to shareholders $ 7,294 $ 7,105 (1) Core earnings $ 6,182 $ 6,536 Diluted earnings per common share ($) $ 3.68 $ 3.54 (2) Diluted core earnings per common share ($) $ 3.10 $ 3.25 Return on common shareholders’ equity (“ROE”) 14.1% 14.2% (2) Core ROE 11.9% 13.0% (2) Expense efficiency ratio 50.9% 48.9% General expenses $ 7,782 $ 7,828 (1) This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below for more information. (2) This item is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures” below for more information. Our net income attributed to shareholders was $7.3 billion in 2022 compared with $7.1 billion in 2021. Net income attributed to shareholders is comprised of core earnings(consisting of items we believe reflect the underlying earnings capacity of the business), which amounted to $6.2 billion in 2022 compared with $6.5 billion in 2021, and items excluded from core earnings of $1.1 billion of net gains in 2022 compared with $0.6 billion of net gains in 2021. 1 This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below for more information. 10 | 2022AnnualReport | Management’sDiscussionandAnalysis

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The $0.2 billion increase in net income attributed to shareholders in 2022 compared with 2021 was driven by gains related to the two U.S. variable annuity reinsurance transactions and the favourable impact of an increase in the Canadian corporate tax rate, partially offset by lower gains from investment-related experience and lower core earnings. Investment-related experience gains in 2022 reflected the favourable impact of fixed income reinvestment activities, strong credit experience and higher-than-expected returns (including fair value changes) on alternative long duration assets (“ALDA”) primarily driven by private equity, infrastructure, and timberland, partially offset by real estate. The net charge from the direct impact of markets in 2022 was primarily driven by the impact of unfavourable equity market performance and losses from the sale of available-for-sale (“AFS”) bonds, partially offset by gains due to flattening of the yield curve in the U.S. and Canada. The $0.4 billion or 7%1 decrease in core earnings on a constant exchange rate basis compared with 2021 was driven by lower new business gains in Asia and the U.S., losses from the unfavourable impact of markets on seed money investments in new and segregated mutual funds of $159 million in 2022 (compared with gains of $27 million in 2021) and lower net gains on the sale of AFS equities in 2 (“average AUMA”) in Global Corporate and Other, lower net fee income from lower average assets under management and administration WAM, lower in-force earnings in U.S. Annuities of $191 million due to the variable annuity reinsurance transactions and higher charges in our P&C Reinsurance business in 2022. These items were partially offset by higher yields on fixed income investments and lower expenses in Corporate and Other, in-force business growth in Asia and Canada and experience gains in Canada compared with losses in 2021. Lower expenses in Corporate and Other were primarily driven by lower supplemental pension expense due to market impacts. In 2022, core earnings included a net charge of $143 million ($152 million pre-tax) related to policyholder insurance and annuity experience compared 3 Actions to improve the capital efficiency of our legacy business resulted in with a net charge of $110 million ($127 million pre-tax) in 2021. $191 million lower core earnings in 2022 compared with 2021. Excluding these actions, in-force business increased 6%4 compared with 2021. Core earnings by segment is presented in the following table. See Asia, Canada, U.S., and Global WAM sections below. (1) For the years ended December 31, % change ($ millions) 2022 2021 2022 vs 2021 Core earnings by segment Asia $ 2,132 $ 2,176 (2)% Canada 1,359 1,179 15% U.S. 1,700 1,936 (15)% Global Wealth and Asset Management 1,241 1,406 (14)% Corporate and Other (excluding core investment gains) (650) (561) (16)% (2) Core investment gains 400 400 – Totalcoreearnings $ 6,182 $ 6,536 (7)% (1) Percentage change in core earnings on a constant exchange rate basis is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures” below for more information. (2) See note (2) in the table below. This item is disclosed under the Office of the Superintendent of Financial Institution’s (“OSFI’s”) Source of Earnings Disclosure (Life Insurance Companies) guideline. 1 Percentage growth / declines in core earnings, core general expenses, pre-tax core earnings, assets under management and administration, assets under management, core EBITDA, general expenses, Manulife Bank average net lending assets and Global Wealth and Asset Management revenue are stated on a constant exchange rate basis, a non-GAAP ratio. See “Non-GAAP and Other Financial Measures” below for more information. 2 For more information on this metric, see “Non-GAAP and Other Financial Measures” below. 3 Policyholder experience includes gains of $20 million post-tax in 2022 (2021 – gains of $29 million post-tax) from the release of margins on medical policies in Hong Kong that have lapsed for customers who have opted to change their existing policies to the new Voluntary Health Insurance Scheme (“VHIS”) products. These gains did not have a material impact on core earnings as they were mostly offset by new business strain. 4 Excludes $243 million (pre-tax) in 2022 of lost expected profit on in-force relating to the U.S. variable annuity reinsurance transaction. Percentage growth is based on the pre-tax impact of these actions, and is stated on a constant exchange rate basis. 11

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The table below presents 2022 and 2021 net income attributed to shareholders consisting of core earnings and items excluded from core earnings. For the years ended December 31, ($ millions) 2022 2021 Coreearnings $ 6,182 $ 6,536 Items excluded from core earnings:(1) (2) Investment-related experience outside of core earnings 817 1,642 Direct impact of equity markets and interest rates and variable annuity guarantee liabilities (840) (817) (3) Directimpactofequitymarketsandvariableannuityguaranteeliabilities (995) 289 (4) Fixedincomereinvestmentratesassumedinthevaluationofpolicyliabilities 576 (346) (4) SaleofAFSbondsandderivativepositionsintheCorporateandOthersegment (421) (228) (5) Changestotheultimatereinvestmentrate – (532) (6) Change in actuarial methods and assumptions 36 (41) (7) Restructuring charge – (115) (8) Reinsurance transactions, tax-related items and other 1,099 (100) Totalitemsexcludedfromcoreearnings 1,112 569 Netincomeattributedtoshareholders $ 7,294 $ 7,105 (1) These items are disclosed under OSFI’s Source of Earnings Disclosure (Life Insurance Companies) guideline. (2) In accordance with our definition of core earnings, we include up to $400 million of net favourable investment-related experience reported in a single year, as core investment gains (see “Non-GAAP and Other Financial Measures” below). Items excluded from core earnings include net investment-related experience in excess of $400 million per annum or net unfavourable investment-related experience on a year-to-date basis. In 2022, the investment-related experience net gain of $817 million reflected the favourable impact of fixed income reinvestment activities, strong credit experience, and higher-than-expected returns (including fair value changes) on ALDA primarily driven by private equity, infrastructure, and timberland, partially offset by real estate. In 2021, the investment-related experience net gain of $1,642 million reflected higher-than-expected returns (including fair value changes) on ALDA primarily driven by gains on private equity and infrastructure, strong credit experience and the favourable impact of fixed income reinvestment activities. (3) In 2022, the net charge related to equity markets of $995 million included a charge of $893 million from gross equity exposure and a charge of $111 million from dynamic hedge experience, partially offset by a modest gain of $9 million from macro hedging experience. In 2021, the net gain of $289 million included a gain of $382 million from gross equity exposure, partially offset by a charge of $90 million from dynamic hedge experience and a modest charge of $3 million from macro hedging experience. (4) In 2022, the gain due to fixed income reinvestment rates of $576 million was primarily due to the flattening of the yield curve in the U.S. and Canada, partially offset by losses on the sale of available-for-sale bonds. In 2021, the charge due to fixed income reinvestment rates of $346 million was primarily due to the increase in risk-free interest rates and the overall steepening of the yield curve in the U.S. and Canada. (5) In 2021, the Canadian Actuarial Standards Board issued a new promulgation with reductions to the ultimate reinvestment rate (“URR”) and updates to the calibration criteria for stochastic risk-free rates. The updated standard included a reduction of 15 basis points in the URR and a corresponding change to stochastic risk-free rate modeling and was effective October 15, 2021. The long-term URR for risk-free rates in Canada is prescribed at 2.9% and we use the same assumption for the U.S. Our assumptionforJapanis1.5%. (6) See “Critical Actuarial and Accounting Policies – Review of Actuarial Methods and Assumptions” section below for further information on the 2022 and 2021 charges. (7) In 2021, we reported a restructuring charge of $150 million pre-tax ($115 million post-tax) related to actions that are expected to result in recurring total annual expense savings of $250 million (pre-tax) by 2023; $100 million (pre-tax) of these expected total annual savings were realized in 2021, $200 million (pre-tax) were realized in 2022, and $250 million (pre-tax) are expected to be realized in 2023.1 (8) In 2022, the $1,099 million of gain included a net gain of $846 million from the U.S. variable annuity reinsurance transactions and a net gain of $86 million related to acquiring full ownership interest of Manulife TEDA Fund Management Co., LTD (“MTEDA”) by purchasing the remaining 51% of shares from our joint venture partner, partially offset by a charge of $71 million related to withholding tax on anticipated remittances resulting from the U.S. variable annuity reinsurance transaction, a charge of $17 million resulting from a reinsurance transaction in Asia, a $13 million increase to an existing legal provision in the U.S. and an integration charge of $8 million in our Vietnam operation. In addition, we reported tax benefits of $297 million in 2022 as a result of an increase in the Canadian corporate tax rate. In 2021, the $100 million net charge included a $119 million charge relating to updating the impact of the 2017 U.S. Tax Cuts and Jobs Act and a $37 million charge resulting from a reinsurance transaction in the U.S., partially offset by a $37 million gain related to affiliate reinsurance transactions in Asia and a $19 million gain related to the divestment of our Thailand operation. Net income attributed to shareholders by segment is presented in the following table. See Asia, Canada, U.S., and Global WAM sections below. (1) For the years ended December 31, % change ($ millions) 2022 2021 2022 vs 2021 Netincomeattributedtoshareholdersbysegment Asia $ 2,224 $ 3,057 (27)% Canada 1,530 1,354 13% U.S. 3,950 2,080 90% Global Wealth and Asset Management 1,321 1,406 (6)% Corporate and Other (1,731) (792) (119)% Totalnetincomeattributedtoshareholders $ 7,294 $ 7,105 3% (1) Percentage change is on an actual exchange rate basis. Diluted earnings per common share was $3.68 in 2022, compared with $3.54 in 2021 primarily related to the increase in net income attributed to common shareholders. Diluted core earnings per common share was $3.10 in 2022, compared with $3.25 in 2021 primarily related to the decrease in core earnings. The diluted weighted average common shares outstanding was 1,913 million in 2022 and 1,946 million in 2021. Return on common shareholders’ equity (“ROE”) for 2022 was 14.1%, compared with 14.2% for 2021 and core return on common shareholders’ equity (“core ROE”) was 11.9% in 2022 compared with 13.0% in 2021. The decrease in 2022 ROE and core ROE were primarily driven by a decrease in common shareholders’ core earnings. 1 See “Caution regarding forward-looking statements” above. 12 | 2022AnnualReport | Management’sDiscussionandAnalysis

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Expense efficiency ratio was 50.9% for 2022, compared with 48.9% in 2021. The 2.0 percentage point increase in the ratio compared 1 1 with 2021 was driven by an 8% decrease in pre-tax core earnings . Core general expenses were in line with 2021 driven by higher workforce costs offset by the net favourable impact of our strategic focus on digitization and efficiency, lower distribution-related and discretionary expenses reflecting lower 2022 sales, and lower pension costs primarily due to market impacts. Total general expenses in 2022 were in line with 2021 on both a constant and actual exchange rate basis due to the items noted above for core general expenses and a number of items recorded outside of core earnings. These include the non-recurrence of a restructuring charge and the establishment of a legal provision in 2021, partially offset by various 2022 items, including an integration charge in our Vietnam operation, expenses associated with the U.S. variable annuity reinsurance transactions, and a legal provision in the U.S. Business Performance Business performance As at and for the years ended December 31, ($ millions, unless otherwise stated) 2022 2021 Asia APE sales $ 3,569 $ 4,050 Canada APE sales 1,261 1,227 U.S. APE sales 823 788 (1) Total APE sales 5,653 6,065 Asia new business value 1,349 1,666 Canada new business value 362 307 U.S. new business value 352 270 (1) Total new business value 2,063 2,243 (1) Global Wealth and Asset Management gross flows ($ billions) 136.6 144.7 (1) Global Wealth and Asset Management net flows ($ billions) 3.3 27.9 (2),(3) Global Wealth and Asset Management assets under management and administration ($ billions) 779.9 855.9 (3) Global Wealth and Asset Management total invested assets ($ billions) 3.7 4.5 (3) Global Wealth and Asset Management segregated funds net assets ($ billions) 224.2 252.6 Total assets under management and administration ($ billions) 1,314.6 1,425.8 Total invested assets ($ billions) 414.0 427.1 Total net segregated funds net assets ($ billions) 348.6 399.8 (1) For more information on this metric, see “Non-GAAP and Other Financial Measures” below. (2) This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below for more information. (3) The Global WAM portion of AUMA as at December 31, 2022 was $779.9 billion, a decrease of 9% compared with December 31, 2021, driven by the impact of higher interest rates and equity market declines, partially offset by $8.8 billion in assets acquired and net inflows of $3.3 billion. The Global WAM segregated funds net assets were $224.2 billion as at December 31, 2022, a decline of 11% compared with December 31, 2021 on an actual exchange rate basis driven by the impact of higher interest rates and equity market declines. Annualized premium equivalent (“APE”) sales were $5.7 billion in 2022, a decrease of 7%2 compared with 2021. In Asia, COVID-19 continued to impact sales in select markets throughout the year, with the situation beginning to improve in most markets, as containment measures were progressively relaxed. Travel restrictions between mainland China and, Hong Kong and Macau impacted cross-border commerce in 2022. Weaker customer sentiment negatively impacted sales in the second half of the year. Asia APE sales declined 12% 3 compared with 2021, due to decreases experienced in Hong Kong, Japan, Vietnam and Other Emerging Markets , partially offset by increases in mainland China and Singapore. In Hong Kong, APE sales decreased 33% compared with 2021, primarily reflecting weaker customer sentiment on financial planning decisions and continued COVID-19 containment measures through most of the year. In Japan, APE sales decreased 15% compared with 2021, reflecting lower corporate-owned life insurance (“COLI”) product sales, partially offset by higher individual protection and other wealth sales. Vietnam APE sales decreased 9% compared with 2021, reflecting a decline in the agency channel, partially offset by growth in the bank channel. Other Emerging Markets APE sales decreased 4% compared with 2021, reflecting a decline in the agency and bank channels. Mainland China APE sales increased 4% compared with 2021, driven by growth in the bank channel, partially offset by a decline in the agency channel. Singapore APE sales increased 1% compared with 2021, reflecting growth in the bank channel offset by a decline in the broker channel. In Canada, APE sales increased 3% compared with 2021, primarily driven by higher sales in group insurance, participating insurance and travel insurance, partially offset by the impact of market volatility on the demand for segregated fund products, and lower universal life and health and dental sales. In the U.S., APE sales increased 1% compared with 2021, due to an increase in international sales which are reported as part of U.S. segment results, partially offset by lower sales of domestic life insurance products. APE sales of products with the John Hancock Vitality PLUS feature were a record-setting US$332 million, an increase of 13% compared with 2021, reflecting the increasing attractiveness of the Vitality feature as an option for health-focused life insurance consumers. New business value (“NBV”) was $2.1 billion in 2022, a decrease of 9% compared with 2021. In Asia, NBV was $1.3 billion in 2022, a decrease of 20% compared with 2021, due to lower NBV in Hong Kong, Singapore and mainland China, partially offset by higher NBV in 1 This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below for more information. 2 Percentage growth / declines in APE sales, gross flows, and NBV are stated on a constant exchange rate basis. 3 Other Emerging Markets includes Indonesia, the Philippines, Malaysia, Thailand, Cambodia, and Myanmar. 13

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Japan and Other Emerging Markets. NBV in Hong Kong decreased 27% compared with 2021, reflecting lower sales volumes, partially offset by favourable product mix and the impact of higher interest rates. NBV in Singapore and mainland China decreased 19% and 58%, respectively, compared with 2021, reflecting changes in product mix. NBV in Vietnam was in line compared with 2021, as the impact of favourable product mix was offset by lower sales volumes. NBV in Japan and Other Emerging Markets increased 28% and 5%, respectively, compared with 2021, reflecting favourable product mix, partially offset by lower sales volumes. In Canada, NBV of $362 million increased 18% compared with 2021, driven by higher margins across all businesses and higher group insurance volumes, partially offset by lower volumes in annuities. In the U.S., NBV of $352 million increased 25% compared with 2021, driven by higher interest rates, higher international sales volumes and product actions partially offset by lower brokerage sales volumes. Global WAM gross flows of $136.6 billion decreased $8.1 billion or 7% compared with 2021, primarily driven by lower gross flows in Retail. See “Global Wealth and Asset Management” section below for further details. Global WAM net inflows were $3.3 billion in 2022, compared with net inflows of $27.9 billion in 2021. Net outflows in Retirement were $0.1 billion compared with net inflows of $1.1 billion in the prior year, driven by higher plan redemptions in the U.S. Net outflows in Retail were $1.6 billion compared with net inflows of $29.2 billion in the prior year, reflecting higher redemptions and lower gross flows due to decreased investor demand amid higher interest rates and equity market declines in 2022. Net inflows in Institutional Asset Management were $5.0 billion compared with net outflows of $2.4 billion in the prior year, driven by the non-recurrence of a $9.4 billion redemption in 2021 and higher equity mandate gross flows mainly from a $1.9 billion sale in the second quarter of 2022 (“2Q22”). AssetsunderManagementandAdministration(“AUMA”) AUMAas at December 31, 2022 was $1.3 trillion, a decrease of 11% compared with December 31, 2021, primarily due to the impact of higher interest rates and lower equity markets. Total invested assets and segregated funds net assets decreased 3% and 13%, respectively, on an actual exchange rate basis, primarily due to the impact of higher interest rates and lower equity markets. Assets under Management and Administration As at December 31, ($ millions) 2022 2021 Total invested assets $ 414,001 $ 427,098 (1) Segregated funds net assets 348,562 399,788 (1),(2) Mutual funds, institutional asset management and other 381,779 411,271 Totalassetsundermanagement 1,144,342 1,238,157 Other assets under administration 170,224 187,631 Totalassetsundermanagementandadministration $ 1,314,566 $ 1,425,788 (1) These assets are not available to satisfy the liabilities of the Company’s general fund. (2) Other funds represent pension funds, pooled funds, endowment funds and other institutional funds managed by the Company on behalf of others. Revenue Revenue includes (i) premiums received on life and health insurance policies and fixed annuity products, net of premiums ceded to reinsurers; (ii) investment income comprised of income earned on general fund assets, credit experience and realized gains and losses on assets held in the Corporate and Other segment; (iii) fee and other income received for services provided; and (iv) realized and unrealized gains and losses on assets supporting insurance and investment contract liabilities and on our macro hedging program. Premium equivalents from administrative services only (“ASO”), as well as deposits received by the Company on investment contracts such as segregated funds, mutual funds and managed funds are not included in revenue; however, the Company does receive fee income from these products, which is included in revenue. Fees generated from deposits and ASO premium and deposit equivalents are an important part of our business and as a result, revenue does not fully represent sales and other activity taking place during the respective periods. In 2022, revenue before realized and unrealized investment gains and losses was $62.2 billion compared with $65.8 billion in 2021. The decrease was driven primarily by the 2022 U.S. variable annuity reinsurance transactions, which impacted other revenue and ceded premiums, as well as from unfavourable markets. In 2022, the net realized and unrealized investment gains and losses on assets supporting insurance and investment contract liabilities and on the macro hedging program was a charge of $45.1 billion compared with a charge of $4.0 billion for 2021. The 2022 charge was primarily due to the impact of interest rate increases and lower equity markets partially offset by fair value gains on ALDA. The 2021 charge was primarily due to the impact of interest rate increases partially offset by fair value gains on ALDA and higher equity markets. See “Impact of Fair Value Accounting” below. Also, see “Profitability” above for additional information on the impact on 2022 net income attributed to shareholders from the direct impact of equity markets and interest rates and variable annuity guarantee liabilities. 14 | 2022AnnualReport | Management’sDiscussionandAnalysis

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Revenue For the years ended December 31, ($ millions) 2022 2021 Gross premiums $ 44,102 $ 44,344 Premiums ceded to reinsurers (6,249) (5,279) Net premium income 37,853 39,065 Investment income 15,207 15,627 Other revenue 9,164 11,132 Revenue before realized and unrealized investment gains and losses 62,224 65,824 Realized and unrealized investment gains and losses on assets supporting insurance and investment contract liabilities and (1) on the macro hedge program (45,077) (4,003) Totalrevenue $ 17,147 $ 61,821 (1) See “Impact of Fair Value Accounting” section below. Also see “Profitability – Items excluded from core earnings” section above for information on direct impact of equity markets and interest rates and variable annuity guarantee liabilities. Financial Strength Financial strength metrics As at and for the years ended December 31, ($ millions, unless otherwise stated) 2022 2021 (1) MLI’s LICAT ratio 131% 142% Financial leverage ratio 27.7% 25.8% (2) Consolidated capital $ 62,493 $ 66,005 Book value per common share ($) $ 26.49 $ 26.78 Book value per common share excluding accumulated other comprehensive income ($) $ 26.50 $ 24.12 (1) This item is disclosed under OSFI’s Life Insurance Capital Adequacy Test Public Disclosure Requirements guideline. (2) This item is a capital management measure. For more information on this metric, see “Non-GAAP and Other Financial Measures” below. The Life Insurance Capital Adequacy Test (“LICAT”) ratio for MLI was 131% as at December 31, 2022, compared with 142% as at December 31, 2021. The 11 percentage point decrease from December 31, 2021 was driven by the unfavourable impact of market movements on capital primarily from the large increase in risk-free interest rates, and from common share buybacks, partially offset by the favourable impacts from the U.S. variable annuity reinsurance transactions. MFC’s financial leverage ratio as at December 31, 2022 was 27.7%, an increase of 1.9 percentage points from 25.8% as at December 31, 2021. The increase in the ratio was driven by a reduction in the carrying value of AFS debt securities from higher interest 1 rates, common share buybacks, and the net issuance of securities , partially offset by growth in retained earnings and the impact of a weaker Canadian dollar. Consolidated capital was $62.5 billion as at December 31, 2022 compared with $66.0 billion as at December 31, 2021, a decrease of $3.5 billion. The decrease was driven by a decline in total equity and the redemption of capital instruments. The decline in total equity was due to a reduction in the carrying value of AFS debt securities from higher interest rates, and common share buybacks, partially offset by 2 growth in retained earnings, the impact of a weaker Canadian dollar, and net capital issuances . 3 4,5 Remittances were $6.9 billion in 2022 of which Asia and U.S. operations have delivered $0.9 billion and $2.8 billion respectively. Remittances in 2022 increased by $2.5 billion compared with 2021 primarily due to contributions related to the U.S. variable annuity transactions and other corporate actions. 6 was $241.0 billion as at December 31, 2022 compared with $268.4 billion as at Cash and cash equivalents and marketable assets December 31, 2021. The decrease of $27.4 billion was primarily driven by the lower market value of fixed income instruments due to higher interest rates and the lower market value of public equities due to a decline in equity markets. Refer to “Liquidity Risk Management Strategy” below for more information. Book value per common share as at December 31, 2022 was $26.49, in line with $26.78 as at December 31, 2021, and the book value per common share excluding accumulated other comprehensive income (“AOCI”) was $26.50 as at December 31, 2022, an increase of 10% compared with $24.12 as at December 31, 2021. Compared with December 31, 2021, book value per common share was impacted by 1 For financial leverage ratio, net issuance of securities consisted of the issuance of Limited Recourse Capital Notes (reported as other equity instruments) of $1.0 billion and senior debt of $1.0 billion, offset by the redemption of subordinated debt of $1.0 billion, and two series of preferred shares totaling $0.7 billion. 2 For consolidated capital, net capital issuance consisted of the issuance of Limited Recourse Capital Notes (reported as other equity instruments) of $1.0 billion, partially offset by the redemption of two series of preferred shares totaling $0.7 billion. 3 For more information on this metric, see “Non-GAAP and Other Financial Measures” below. 4 Remittances from Asia and U.S. operations include the remittances from their respective affiliate reinsurers. In addition, U.S. operation remittances include the International High Net Worth business written in the Bermuda branch of MLI. 5 Asia and U.S. operations include their respective insurance, and wealth and asset management segments. 6 Includes cash & cash equivalents, comprised of cash on deposit, Canadian and U.S. Treasury Bills and high quality short-term investments, and marketable assets, comprised of investment grade government and agency bonds, investment grade corporate bonds, investment grade securitized instruments, publicly traded common stocks and preferred shares. 15

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a reduction in the carrying value of AFS debt securities from higher interest rates offset by an increase in retained earnings, the favourable impact of a weaker Canadian dollar and common share buybacks. The number of common shares outstanding was 1,865 million as at December 31, 2022 and 1,943 million as at December 31, 2021. Impact of Fair Value Accounting Fair value accounting policies affect the measurement of both our assets and our liabilities. The difference between the reported amounts of our assets and liabilities determined as of the balance sheet date and the immediately preceding balance sheet date in accordance with the applicable fair value accounting principles is reported as investment-related experience and the direct impact of equity markets and interest rates and variable annuity guarantees, each of which impacts net income. We reported $45.1 billion of net realized and unrealized investment losses in investment income in 2022 (2021 – losses of $4.0 billion). As outlined under “Critical Actuarial and Accounting Policies” below, net insurance contract liabilities under IFRS are determined using Canadian Asset Liability Method (“CALM”), as required by the Canadian Institute of Actuaries (“CIA”). The measurement of policy liabilities includes the estimated value of future policyholder benefits and settlement obligations to be paid over the term remaining on in-force policies, including the costs of servicing the policies, reduced by the future expected policy revenues and future expected investment income on assets supporting the policies. Investment returns are projected using the current asset portfolios and projected reinvestment strategies. Experience gains and losses are reported when current period activity differs from what was assumed in the policy liabilities at the beginning of the period. We classify gains and losses by assumption type. For example, current period investing activities that increase (decrease) the future expected investment income on assets supporting the policies will result in an investment-related experience gain (loss). See description of investment-related experience in “Non-GAAP and Other Financial Measures” below. Public Equity Risk and Interest Rate Risk At December 31, 2022, excluding impacts from asset-based fees earned on assets under management and policyholder account value, the impact of a 10% decline in equity markets was estimated to be a charge of $560 million and the impact of a 50 basis point decline in interest rates, across all durations and markets, on our earnings was estimated to be a charge of $100 million. See “Risk Management and Risk Factors” below. Impact of Foreign Exchange Rates We have worldwide operations, including in Canada, the United States and various markets in Asia, and generate revenues and incur expenses in local currencies in these jurisdictions, all of which are translated into Canadian dollars. The bulk of our exposure to foreign exchange rates is to movements in the U.S. dollar. Items impacting our Consolidated Statements of Income are translated to Canadian dollars using average exchange rates for the respective quarterly period. For items impacting our Consolidated Statements of Financial Position, period end rates are used for currency translation purposes. The following table provides the most relevant foreign exchange rates for 2022 and 2021. Quarterly Full Year Exchange rate 4Q22 3Q22 2Q22 1Q22 4Q21 2022 2021 (1) Average U.S. dollar 1.3575 1.3057 1.2765 1.2663 1.2601 1.3015 1.2536 Japanese yen 0.0096 0.0094 0.0098 0.0109 0.0111 0.0099 0.0114 Hong Kong dollar 0.1736 0.1664 0.1627 0.1622 0.1618 0.1662 0.1613 Period end U.S. dollar 1.3549 1.3740 1.2900 1.2496 1.2678 1.3549 1.2678 Japanese yen 0.0103 0.0095 0.0095 0.0103 0.0110 0.0103 0.0110 Hong Kong dollar 0.1736 0.1750 0.1644 0.1595 0.1626 0.1736 0.1626 (1) Average rates for the quarter are from Bank of Canada which are applied against Consolidated Statements of Income items for each period. Average rate for the full year is a 4-point average of the quarterly average rates. Net income attributed to shareholders and core earnings from the Company’s foreign operations are translated to Canadian dollars, and in general, our net income attributed to shareholders and core earnings benefit from a weakening Canadian dollar and are adversely affected by a strengthening Canadian dollar. However, in a period of net losses in foreign operations, the weakening of the Canadian dollar has the effect of increasing the losses. The relative impact of foreign exchange in any given period is driven by the movement of currency rates as well as the proportion of earnings generated in our foreign operations. Changes in foreign currency exchange rates from 2021 to 2022, primarily due to the weakening of the Canadian dollar compared with the U.S. dollar, increased core earnings by approximately $57 million in 2022. The impact of foreign currency exchange rates on items excluded from core earnings does not provide relevant information given the nature of these items. 16 | 2022AnnualReport | Management’sDiscussionandAnalysis

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Strategic priorities progress update Strategy Our ambition is to be the most digital, customer-centric global company in our industry. The goals for our stakeholders are: Customers 1 Improve Net Promoter Score (“NPS”) by +36 points and delight customers Employees 2 Engage our employees — maintain top quartile engagement Shareholders 3 Deliver top quartile returns Our mission, strategic priorities and values are summarized below: Decisions made easier. Mission Lives made better. Portfolio Expense Accelerate Digital, High Strategic Optimization Effciency Growth Customer Performing Priorities Leader Team Values • Obsess about customers • Get it done together • Do the right thing • Own it • Think big • Share your humanity Our values enable the achievement of our mission and strategic priorities, reflect our culture, inform our behaviours, and help define how we work together: • Obsess about customers – Predict their needs and do everything in our power to satisfy them. • Do the right thing – Act with integrity and do what we say. • Think big – Anything is possible. We can always find a better way. • Get it done together – We’re surrounded by an amazing team. Do it better by working together. • Own it – Feel empowered to make decisions and take action to deliver our mission. • Share your humanity – Build a supportive, diverse and thriving workplace. StrategicPriorities Our strategy is underpinned by five strategic priorities, and we have made substantial progress on the ambitious targets that we set for ourselves. Our 2022 targets were announced at our 2018 Investor Day and 2025 targets were announced at our 2021 Investor Day. Accelerate Growth 4 We remain committed to generating 75% of core earnings from our highest potential businesses by 2025, and 50% of core earnings from our Asia region (Asia segment and Asia wealth and asset management (“Asia WAM”)) by 2025. Focus areas: • Execute on organic and inorganic growth opportunities in Asia and Global WAM • Leverage global footprint and business diversity to allocate capital and resources to higher growth opportunities • Expand North American behavioural insurance offerings to provide innovative solutions and support positive health for customers • Drive new business growth and persistency in group insurance in Canada 1 As compared to a baseline of +1 in 2017, by 2025. 2022 results are discussed in the “Strategic Priorities” section below. 2 Top quartile employee engagement compared to global financial services companies and insurance peers. 2022 results are discussed in the “Strategic Priorities” section below. 3 MFC’s Total Shareholder Return was 27th percentile compared with our performance peer group for the five-year period ended December 31, 2022. Please refer to Manulife’s most recent Management Information Circular for more information on our performance peer group. 4 Highest potential businesses include Asia, Global WAM, Canada group benefits, and behavioural insurance products. 17

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1 Baseline Targets 2022 2021 2017 2022 2025 Coreearningsfromhighestpotentialbusinesses 63% 63% 54% 67% 75% CoreearningsfromAsiaregion 39% 39% n/a n/a 50% In 2022, 63% of core earnings were generated from our highest potential businesses, a notable improvement of 9 percentage points from the 2017 baseline of 54%. This increase was supported by a strong execution track record against our strategic priorities, coupled with robust inorganic growth opportunities in Asia and Global WAM markets. Our position as the third largest Pan-Asian life insurer, a scalable Global WAM platform that enables an integrated operating model and distribution capabilities, and greater demand for our North American behavioural insurance products reinforced this growth. Looking forward, we will continue to drive momentum through our growing agency force, successful bancassurance partnerships, transformational digital offerings, and strategic expansion into high-potential markets in Asia. Temporary headwinds faced in Asia due to COVID-19 containment measures and in Global WAM due to challenging market conditions, dampened the contribution of core earnings generated from our highest potential business in 2022, which was 4 percentage points short of our 2022 target. Our percentage of core earnings from highest potential businesses was 63% in 2022 and in 2021, as the decline in core earnings from highest potential businesses was in line with the decline in total core earnings. Asia core earnings in 2022 decreased 2% compared with 2021, after adjusting for the impact of changes in foreign currency exchange rates, primarily due to the impact of lower new business volumes, partially offset by favourable product mix and in-force business growth. Global WAM core earnings decreased $165 million or 14% on a constant exchange rate basis reflecting a decline in net fee income from lower average AUMA due to higher interest rates and equity market declines in 2022, and lower fee spread. Canada group insurance core earnings in 2022 benefited from in-force business growth. Confidence in the strength of our diverse, global franchise, balance sheet and financial flexibility position us well to capitalize on attractive opportunities for our highest potential businesses. 2022Highlights • Commenced offering insurance solutions to VietinBank’s customers in early 2022, as part of our 16-year exclusive bancassurance partnership in Vietnam, demonstrating strong momentum in its first year; • Further bolstered our presence in high-growth attractive markets by acquiring control of MTEDA through the purchase of the remaining 51% of shares from our joint venture partner, making us the first global wealth and asset manager to acquire a 100% stake in a fully operating public fund management company in mainland China; • Continued to expand our Private Markets capabilities with the acquisition of a significant minority equity position in ARCH Capital, an Asia-focused real estate private equity investment manager; • Accelerated the utilization of ManuAcademy, our regional digital learning platform, which was initially launched in Vietnam during 2Q22 and continued to expand to the Philippines in 4Q22. The platform is accessible now to all agents in these two markets, making learning easier while accelerating the further expansion and digitization of Manulife’s agency force. Our new training series, Manulife MasterClass, captures best practices from our Million Dollar Round Table agents and shares them across all agents through the platform; • Expanded our Global WAM Retail product lineup with the launch of the Manulife Real Asset Investment strategy that will give Canadian retail high-net-worth investors access to a combination of private and public real asset investments. Additionally, we launched our first actively managed equity ETF, the U.S. High Dividend ETF, managed by MIM; • Continued the expansion of the Manulife Vitality program, demonstrating our commitment to helping our customers lead healthier lives. All eligible new retail term and universal life insurance policies will include Vitality Go at no cost, while additional features are available with Vitality Plus for a low monthly fee; • Achieved highest ever full year domestic life insurance sales with the John Hancock Vitality PLUS feature, reflecting the increasing attractiveness of the Vitality feature as an option for health-focused life insurance consumers; and • Continued to innovate our wellness offerings and entered into a partnership with GRAIL, a healthcare company, offering access to ® Galleri , their leading edge, multi-cancer early detection test to a pilot group of customers through John Hancock Vitality. As the first ® life insurance carrier to make GRAIL’s Galleri test available, we are enabling eligible customers to take proactive steps to better understand and make more informed choices about their health. Digital, Customer Leader 2 3 We remain committed to a target NPS of +37 and aim to achieve 88% straight-through-processing (“STP”) by 2025. Focus areas: • Harness customer feedback to enhance the experience delivered • Build differentiated, market-leading priority customer experiences • Extend customer relationships through value-added advice, new services in health and wellness, and open innovation • Drive NPS through a globally consistent NPS system 1 See “Caution regarding forward-looking statements” above. 2 Represents an improvement of +36 points in our NPS score from the 2017 baseline. 3 Straight-through processing represents customer interactions that are completely digital, and includes money movement. 18 | 2022AnnualReport | Management’sDiscussionandAnalysis

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1 Baseline Targets 2022 2021 2018 2017 2022 2025 Netpromoterscore +20 +21 n/a +1 +31 +37 Straight-through-processing 83% 82% 68% n/a n/a 88% 2 In 2022, our NPS score was +20, and we led or were on par with leading peers in 11 of the 16 business lines where we benchmark. The score marked a significant 19 point improvement from our 2017 baseline, driven by various efforts. We have developed forward-looking roadmaps to align and propel our digital customer leadership ambition, refreshed our innovation strategy to embed new ways of working across our businesses, and are advancing our internal capabilities to gather and analyze customer data and sentiment. We have also globally deployed human-centered design practices to systematically research, design, iterate, and deliver best-in-class experiences that are validated with customers at each step. Our NPS score in 2022 was 1 point below our NPS score in 2021, and short of our ambitious 2022 target of +31, in part because service levels in the first half of 2022 were impacted by workforce capacity constraints, which affected the rolling four quarter average NPS for 2022. We addressed these issues and improved service levels in the second half of the year, although still below our 2022 target; initiatives are underway to maintain momentum for future improvement. We are making consistent progress on our global STP objectives, with a 15 percentage point improvement from the 2018 baseline across segments in a variety of areas such as system enhancements, app releases and increased digital capabilities. Customer centricity is at the heart of our ambition and we remain committed to achieving our 2025 NPS and STP targets of +37 and 88%, respectively. 2022Highlights • In Asia: O Delivered multi-channel options for customers through the launch of Manulife Shop in the Philippines in 4Q22, enabling customers to find and purchase insurance online at their own convenience. We also became the first life insurer in Vietnam to offer health solutions to MoMo’s 31 million user base via MoMo e-wallet in 2Q22; and O 3 Successfully increased the adoption of ePOS, our proprietary digital onboarding app, by 15 percentage points to 89%, enabling faster, error-free new business application submissions. • In Global WAM: O Enhanced our digital experience in Canada Retirement with the launch of new features that enable members to make additional contributions to their Registered Retirement Savings Plans and to book one-on-one meetings with Manulife PlanRight financial advisors directly in the mobile app. This generated successful engagement, resulting in over 1,780 advisor meeting requests and a 14% increase in member adoption of the mobile app since the launch; and O Launched a new, end-to-end digital and mobile-friendly enrollment experience in Canada Retirement for our members. The improved enrollment experience offers a more intuitive and guided experience for our members, helping them feel more confident about their long-term investment choices. 82% of our eligible sponsors adopted the new experience for their employees in 2022. • In Canada: O Launched an upgraded Manulife Vitalitymobile app experience for our individual insurance business, giving the app a new look and feel with easier navigation to further drive customer engagement; and O For our Group Benefits customers, our Manulife Mobile app added a new user interface and navigation refresh, full integration with Manulife ID, and new drug coverage look up functionality. • In the U.S.: O Reduced the average time to complete background checks for new producers within our digital brokerage and traditional brokerage channels by over 90% via automation; and O Reduced call volumes for enquiries related to John Hancock Vitality customer login and registration by 39% compared with 2021 by optimizing self-service functionality. Expense Efficiency We remain focused on driving efficient growth and are committed to consistently achieving an expense efficiency ratio of less than 50% while ensuring scalable growth, outstanding customer experience, and digital ways of working. Focus areas: • Leverage global scale and operating environment • Streamline business processes and eliminate activities not valued by end customers • Continue to sustain a culture of expense efficiency and driving efficient growth 1 See “Caution regarding forward-looking statements” above. 2 Based on studies conducted in 2022 by IPSOS, a global market research company. 3 Case adoption, compared with 2021. 19

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1 Baseline Target 2022 2021 2017 2022 and onwards Expenseefficiencyratio 50.9% 48.9% 55.4%

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2022Highlights • The two reinsurance transactions of our legacy U.S. variable annuity block resulted in the release of $2.5 billion of capital, which 1 included a cumulative one-time after-tax net gain of $806 million ; and • Other portfolio optimization initiatives released $234 million of capital in 2022. High Performing Team We are committed to enabling a high performing team and maintaining top quartile employee engagement compared to global financial services and insurance peers. Focus areas: • Organizational effectiveness and speed of decision making • Diversity, equity, and inclusion • Developing our talent with differentiated capabilities • Continuing to strengthen our value proposition to attract and retain top talent 2 Baseline Target 2022 2021 20173 2022 and onwards st st nd st EmployeeEngagement 1 quartile 1 quartile 2 quartile 1 quartile 4 We achieved a top quartile employee engagement rank in each of 2020, 2021 and 2022. Our employee engagement score has improved steadily since 2017 and we ranked in the top 6%4 amongst global finance and insurance companies in 2022. We were also recognized as one of the World’s Best Employers by Forbes for the third consecutive year. Our high performing team has been a key enabler of accomplishments to date, and we remain committed to achieving top quartile employee engagement going forward. 2022Highlights • Achieved our fourth consecutive year of higher employee engagement; • Named to Bloomberg’s 2022 Gender-Equality Index for the fourth consecutive year, highlighting our commitment to support gender equality through policy development, representation, and transparency; and • Recognized as one of Canada’s Top 100 Employers 2022 by Mediacorp Canada Inc. for the second year in a row. 2 Medium-termfinancialandoperatingtargets As communicated in May 2022, upon transition to IFRS 17 in 2023, two of our existing targets will increase due to the change in accounting framework, the other existing targets will remain the same, and we will introduce two new targets related to Contractual Service Margin (“CSM”). Our medium-term targets under IFRS 17 are: • Core EPS growth of 10% to 12% (no change); • Core ROE target will increase to 15%+ (from 13%+); • Leverage ratio of 25% (no change); 5 range will increase to 35% to 45% (from 30% to 40%); • Common share core dividend payout ratio • CSM balance growth of 8% to 10% per year (new); and • New business CSM growth of 15% per year (new). 1 The cumulative one-time after-tax gain of these two transactions was $806 million, consisting of a net gain of $846 million in 2022 and a $40 million loss recognized in 2021. 2 See “Caution regarding forward-looking statements” above. 3 Starting in 2019, engagement surveys were transitioned to the Gallup methodology. 4 Based on the annual global employee engagement survey conducted by Gallup. Ranking is measured by the engagement grand mean as compared to Gallup’s Finance and Insurance Company level database. 5 This item is a non-GAAP ratio. See “Non-GAAP and other financial measures” below for more information. 21

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2. Asia Our Asia segment is a leading provider of insurance products and insurance-based wealth accumulation products, driven by a customer-centric strategy, leveraging the asset management expertise and products managed by our Global Wealth and Asset Management segment. Present in many of Asia’s largest and fastest growing economies, we are well positioned to capitalize on the attractive underlying demographics of the region, underpinned by a rigorous focus on creating value for our customers, employees and shareholders. We have insurance operations in 11 markets: Hong Kong, Macau, Japan, mainland China, Singapore, Vietnam, Indonesia, the Philippines, Malaysia, Cambodia, and Myanmar. We have a diversified multi-channel distribution network, including over 116,000 contracted agents and over 100 bank partnerships. We also work with many independent agents, financial advisors, and brokers. Among our bancassurance partnerships we have 10 exclusive partnerships, including a long-term partnership with DBS Bank across Singapore, Hong Kong, mainland China and Indonesia, and VietinBank in Vietnam, that give us access to over 35 million bank customers. In 2022, our Asia segment contributed 33%1 of the Company’s core earnings from operating segments and, as at December 31, 2022, 1 of the Company’s assets under management and administration. accounted for 11% Profitability Asia reported net income attributed to shareholders of $2,224 million in 2022 compared with $3,057 million in 2021. Net income attributed to shareholders is comprised of core earnings, which were $2,132 million in 2022 compared with $2,176 million in 2021, and items excluded from core earnings, which amounted to a net gain of $92 million for 2022 compared with a net gain of $881 million in 2021. The changes in net income attributed to shareholders and core earnings expressed in Canadian dollars were due to the factors described below and, in addition, the change in core earnings reflected a net $28 million unfavourable impact due to changes in foreign currency exchange rates versus the Canadian dollar. Expressed in U.S. dollars, the presentation currency of the segment, net income attributed to shareholders was US$1,711 million in 2022 compared with US$2,437 million in 2021 and core earnings were US$1,637 million in 2022 compared with US$1,736 million in 2021. Items excluded from core earnings are outlined in the table below and amounted to a net gain of US$74 million in 2022 compared with a net gain of US$701 million in 2021. Core earnings in 2022 decreased 2% compared with 2021, after adjusting for the impact of changes in foreign currency exchange rates. The changes in core earnings by geography are as follows: • Hong Kong decreased 8% reflecting lower new business volumes and less favourable policyholder experience, partially offset by favourable product mix; • Mainland China decreased 83% reflecting the broader economic challenges from COVID-19 containment measures, changes in product mix from the ongoing regulatory changes to critical illness products, and unfavourable policyholder experience; • Other Emerging Markets decreased 6% reflecting lower new business volumes, partially offset by favourable product mix; • Japan increased 24% due to favourable product mix, in-force business growth and improved policyholder experience, partially offset by the impact of lower new business volumes; • Vietnam increased 9% benefiting from in-force business growth and favourable product mix, partially offset by lower new business volumes; and • Singapore increased 1% reflecting in-force business growth and improved policyholder experience, partially offset by lower new business gains. In addition, higher investment income on allocated capital increased core earnings by US$49 million compared with 2021 (see Corporate and Other Segment). 1 This item is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures” below for more information. 22 | 2022AnnualReport | Management’sDiscussionandAnalysis

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The table below presents net income attributed to shareholders for Asia for 2022 and 2021 consisting of core earnings and items excluded from core earnings. For the years ended December 31, Canadian$ US$ ($ millions) 2022 2021 2022 2021 Coreearnings $ 2,132 $ 2,176 $ 1,637 $ 1,736 (1) Itemsexcludedfromcoreearnings: Investment-related experience related to fixed income trading, market value increases in excess of expected alternative assets investment returns, asset mix changes and credit experience 31 313 30 251 (2) Direct impact of equity markets and interest rates and variable annuity guarantee liabilities 153 169 114 133 Change in actuarial methods and assumptions (45) 343 (34) 273 Reinsurance transactions, tax-related items and other (47) 56 (36) 44 Totalitemsexcludedfromcoreearnings 92 881 74 701 Netincomeattributedtoshareholders $ 2,224 $ 3,057 $ 1,711 $ 2,437 (1) For explanations of items excluded from core earnings, see “Items excluded from core earnings” table in the total Company “Profitability” section above. (2) The direct impact of markets in 2022 was a gain of US$114 million and included a gain of US$501 million related to fixed income reinvestment rates and a charge of US$387 million related to equity markets and variable annuity guarantee liabilities. The direct impact of markets in 2021 was a gain of US$133 million and included a gain of US$98 million related to fixed income reinvestment rates and a gain of US$35 million related to equity markets and variable annuity guarantee liabilities. Business Performance (All percentagesquotedareonaconstantexchangeratebasis) APE sales in 2022 were US$2,748 million, representing a decrease of 12% compared with 2021. APE sales decreased in Hong Kong, Japan, Vietnam and Other Emerging Markets, and increased in mainland China and Singapore. COVID-19 continued to impact sales in select markets throughout the year, with the situation beginning to improve in most markets as containment measures have been progressively relaxed. Travel restrictions between mainland China and, Hong Kong and Macau impacted cross-border commerce in 2022. Weaker customer sentiment began to negatively affect sales in the second half of the year. In Hong Kong, APE sales in 2022 were US$573 million, a 33% decrease compared with 2021, primarily reflecting weaker customer sentiment on financial planning decisions and continued COVID-19 containment measures through most of the year. Japan APE sales in 2022 were US$307 million, a decrease of 15% compared with 2021, reflecting lower COLI product sales, partially offset by higher individual protection and other wealth sales. Vietnam APE sales in 2022 were US$337 million, a 9% decrease compared with 2021, reflecting a decline in the agency channel, partially offset by growth in the bank channel. Other Emerging Markets APE sales in 2022 were US$281 million, a 4% decrease compared with 2021, reflecting a decline in agency and bank channels. Mainland China APE sales in 2022 were US$484 million, a 4% increase compared with 2021, reflecting growth in the bank channel, partially offset by a decline in the agency channel. Singapore APE sales in 2022 were US$766 million, a 1% increase compared with 2021, reflecting growth in the bank channel, offset by a decline in the broker channel. New business value (“NBV”) was US$1,037 million in 2022, a decrease of 20% compared with 2021. NBV was lower in Hong Kong, Singapore, and mainland China, partially offset by higher NBV in Japan and Other Emerging Markets. In Hong Kong, NBV in 2022 was US$447 million, a 27% decrease compared with 2021, reflecting lower sales volumes, partially offset by favourable product mix and the impact of higher interest rates. NBV in 2022 was US$206 million in Singapore and US$50 million in mainland China, a decrease of 19% and 58%, respectively, compared with 2021, reflecting changes in product mix. In Vietnam, NBV in 2022 was US$177 million, in line with 2021, as the impact of favourable product mix was offset by lower sales volumes. NBV in 2022 was US$101 million in Japan and US$56 million in Other Emerging Markets, an increase of 28% and 5%, respectively, compared with 2021, reflecting favourable product 1 was 41.8% in 2022, a decrease of 3.1 mix, partially offset by lower sales volumes. The new business value margin (“NBV margin”) percentage points compared with 2021. 1 For more information on this metric, see “Non-GAAP and Other Financial Measures” below. 23

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APE Sales and NBV For the years ended December 31, Canadian$ US$ ($ millions) 2022 2021 2022 2021 Annualized premium equivalent sales $ 3,569 $ 4,050 $ 2,748 $ 3,229 New business value $ 1,349 $ 1,666 $ 1,037 $ 1,329 1 AssetsunderManagement Asia’s assets under management were US$110.3 billion as at December 31, 2022, a decrease of US$11.7 billion or 6% compared with December 31, 2021. The decrease was driven by the impact of higher interest rates and unfavourable equity market performance on invested assets and segregated funds net assets, partially offset by net customer inflows of US$9.9 billion. Assets under Management As at December 31, Canadian$ US$ ($ millions) 2022 2021 2022 2021 Total invested assets $ 126,267 $ 129,207 $ 93,179 $ 101,893 Segregated funds net assets 23,226 25,505 17,138 20,112 Totalassetsundermanagement $ 149,493 $ 154,712 $ 110,317 $ 122,005 Revenue Total revenue of US$11.4 billion in 2022 decreased US$12.2 billion compared with 2021. Revenue before net realized and unrealized investment gains and losses decreased US$1.4 billion compared with 2021 due to a decrease in net premium income and changes in foreign currency exchange rates. The net premium income decrease was primarily driven by lower new business sales, partially offset by the growth of in-force business. Revenue For the years ended December 31, Canadian$ US$ ($ millions) 2022 2021 2022 2021 Gross premiums $ 22,337 $ 24,013 $ 17,204 $ 19,152 Premiums ceded to reinsurers (861) (1,027) (664) (819) Net premium income 21,476 22,986 16,540 18,333 Investment income 4,190 3,207 3,228 2,557 Other revenue 1,458 1,696 1,115 1,353 Revenue before net realized and unrealized investment gains and losses 27,124 27,889 20,883 22,243 (1) Net realized and unrealized investment gains and losses (12,162) 1,682 (9,478) 1,391 Totalrevenue $ 14,962 $ 29,571 $ 11,405 $ 23,634 (1) See “Impact of Fair Value Accounting” above. 1 This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below. 24 | 2022AnnualReport | Management’sDiscussionandAnalysis

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Strategic Highlights Asia continues to be a core driver of growth for Manulife, supported by a clear strategy, a focus on execution, a strong team, and a diversified footprint in 11 markets. Our growth is underpinned by powerful economic secular trends including middle-class emergence, low 1 driving continued demand for insurance penetration and an estimated mortality protection gap of more than US$100 trillion by 2030 financial solutions. We continued to invest in our diversified distribution platform to accelerate growth. In 2022 we: • Commenced offering insurance solutions to VietinBank’s customers in early 2022, as part of our 16-year exclusive bancassurance partnership in Vietnam, demonstrating strong momentum in its first year; and • Accelerated the utilization of ManuAcademy, our regional digital learning platform, which was initially launched in Vietnam during 2Q22 and continued to expand to the Philippines in 4Q22. The platform is accessible now to all agents in these two markets, making learning easier while accelerating the further expansion and digitization of Manulife’s agency force. Our new training series, Manulife MasterClass, captures best practices from our Million Dollar Round Table agents and shares them across all agents through the platform. In 2022, we continued to increase NPS, as we further enhanced digital capabilities and invested in high impact digital initiatives spanning the full customer and distributor experience from Search, Buy, Manage & Review to Claim. • Search: Delivered multi-channel options for customers through the launch of Manulife Shop in the Philippines in 4Q22, enabling customers to find and purchase insurance online at their own convenience. We also became the first life insurer in Vietnam to offer health solutions to MoMo’s 31 million user base via MoMo e-wallet in 2Q22; 2 to 89%, enabling • Buy: Successfully increased the adoption of ePOS, our proprietary digital onboarding app, by 15 percentage points faster, error-free new business application submissions; • Manage & Review: Enhanced self-servicing capabilities on our proprietary health and wellness platform, ManulifeMOVE, with initial rollout in Vietnam, accelerating MOVE as the one-stop digital gateway for health and life servicing; and • Claim: Further increased utilization of our digital claims platform, with 76% of claims being submitted digitally, an increase of 12 percentage points compared with 2021 driven by strong improvements in Japan and continued high customer adoption across Asia. We continued to maintain a winning culture and make Manulife a great place to work. Manulife has been recognized by HR Asia as one of the “Best Companies to Work for in Asia 2022” in five of our Asian markets — mainland China, Hong Kong, Malaysia, Singapore and Vietnam. 1 Closing Asia’s mortality protection gap, Swiss Re, July 2020. 2 Case adoption, compared with 2021. 25

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3. Canada Our Canada segment is a leading financial services provider, offering insurance products, insurance-based wealth accumulation products and banking solutions, has an in-force variable annuity business, and leverages the asset management expertise and products managed by our Global Wealth and Asset Management segment. The comprehensive solutions we offer target a broad range of customer needs and foster holistic long-lasting relationships. We offer financial protection solutions to individuals, families and business owners through a combination of competitive products, professional advice and quality customer service. We provide group life, health and disability insurance solutions to Canadian employers, with approximately 26,000 Canadian businesses and organizations entrusting their employee benefit programs to Manulife’s Group Insurance. We also provide life, health, disability and specialty products, such as mortgage creditor and travel insurance, through advisors, sponsor groups and associations, as well as direct-to-customer. We continue to increase the proportion of products with behavioural insurance features. Manulife Bank offers flexible debt and cash flow management solutions as part of a customer’s overall financial plan. Products include savings and chequing accounts, guaranteed investment certificates, lines of credit, investment loans, mortgages and other specialized lending programs, offered through financial advisors and mortgage brokers supported by a broad distribution network. In 2022, our Canada segment contributed 21% of the Company’s core earnings from operating segments and, as at December 31, 2022, accounted for 11% of the Company’s assets under management and administration. Profitability Canada’s full year 2022 net income attributed to shareholders was $1,530 million compared with $1,354 million in 2021. Net income attributed to shareholders is comprised of core earnings, which was $1,359 million in 2022 compared with $1,179 million in 2021, and items excluded from core earnings, which amounted to a net gain of $171 million for 2022 compared with a net gain of $175 million in 2021. Items excluded from core earnings are outlined in the table below. The $180 million increase in core earnings was driven by experience gains in 2022 compared with losses in 2021, with all businesses contributing to the improvement, higher insurance in-force earnings, and higher bank earnings, partially offset by the impact of an increase in the tax rate and lower segregated fund in-force earnings due to lower equity markets. The table below presents net income attributed to shareholders for Canada for 2022 and 2021 consisting of core earnings and items excluded from core earnings. For the years ended December 31, ($ millions) 2022 2021 Coreearnings $ 1,359 $ 1,179 (1) Itemsexcludedfromcoreearnings: Investment-related experience related to fixed income trading, market value increases in excess of expected alternative assets investment returns, asset mix changes and credit experience 70 329 (2) Direct impact of equity markets and interest rates and variable annuity guarantee liabilities 76 (89) Change in actuarial methods and assumptions 35 (65) Reinsurance transactions, tax-related items and other (10) – Totalitemsexcludedfromcoreearnings 171 175 Netincomeattributedtoshareholders $ 1,530 $ 1,354 (1) For explanations of items excluded from core earnings, see “Items excluded from core earnings” table in the total Company “Profitability” section above. (2) The direct impact of markets in 2022 was a gain of $76 million and included a gain of $192 million related to fixed income reinvestment rates, partially offset by a charge of $116 million related to the direct impact of equity markets and variable annuity guarantee liabilities. The charge in 2021 related to fixed income reinvestment rates and changes to the URR, partially offset by a gain related to the direct impact of equity markets and variable annuity guarantee liabilities. 26 | 2022AnnualReport | Management’sDiscussionandAnalysis

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Business Performance APE sales were $1,261 million in 2022, an increase of 3% compared with 2021. Individual insurance APE sales in 2022 of $415 million decreased 2% compared with 2021, primarily driven by lower universal life and health and dental sales, partially offset by higher participating insurance and travel insurance sales. Group insurance APE sales of $576 million in 2022 increased 30% compared with 2021, reflecting higher sales in all markets. Annuities APE sales in 2022 of $270 million decreased 25% compared with 2021, due to the impact of market volatility on the demand for segregated fund products. Sales For the years ended December 31, ($ millions) 2022 2021 APE sales $ 1,261 $ 1,227 1 Manulife Bank average net lending assets were $24.1 billion in 2022, up $1.0 billion or 4% compared with 2021, driven by strong retention efforts and new loan volumes. AssetsunderManagement Assets under management of $146.1 billion as at December 31, 2022 decreased $15.9 billion or 10% from $162.0 billion as at December 31, 2021, due to lower total invested assets and segregated funds net assets, primarily reflecting the impact of higher interest rates and a decline in equity markets. Assets under Management As at December 31, ($ millions) 2022 2021 Total invested assets $ 110,433 $ 119,872 Segregated funds net assets 35,695 42,124 Totalassetsundermanagement $ 146,128 $ 161,996 Revenue Total revenue of $3.9 billion in 2022 decreased $8.5 billion from $12.4 billion in 2021, primarily driven by higher net realized and unrealized investment losses in 2022 compared to 2021. Revenue before net realized and unrealized investment gains and losses of $16.4 billion in 2022 increased $1.0 billion from $15.4 billion in 2021, primarily due to business growth. Revenue For the years ended December 31, ($ millions) 2022 2021 Gross premiums $ 12,202 $ 11,251 Premiums ceded to reinsurers (1,810) (1,690) Net premium income 10,392 9,561 Investment income 4,606 4,495 Other revenue 1,426 1,336 Revenue before net realized and unrealized investment gains and losses 16,424 15,392 (1) Net realized and unrealized investment gains and losses (12,517) (3,026) Totalrevenue $ 3,907 $ 12,366 (1) See “Impact of Fair Value Accounting” above. 1 This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below for more information. 27

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Strategic Highlights In 2022, we added innovative customer-centric enhancements across our product shelf to help Canadians focus on improving their health and wellness. We also advanced our digital capabilities across our businesses to stay connected with our clients and strengthen their experience with us. We continued to offer a differentiated customer experience. In 2022, we: • Continued the expansion of the Manulife Vitality program, demonstrating our commitment to helping our customers lead healthier lives. All eligible new retail term and universal life insurance policies will include Vitality Go at no cost, while additional features are available with Vitality Plus for a low monthly fee; • Reduced Group Benefits claims processing times by 60%, providing a better customer experience as evidenced by an increase in our net promoter score; and • Launched a campaign in Group Benefits to help new customers easily access and use our digital tools, better understand their benefits plan, and learn how to submit claims online. We further advanced digital solutions across our business. In 2022, we: • Enhanced our apps across many businesses: • Launched an upgraded Manulife Vitalitymobile app experience for our individual insurance business, giving the app a new look and feel with easier navigation to further drive customer engagement; • For our Group Benefits customers, our Manulife Mobile app added a new user interface and navigation refresh, full integration with Manulife ID, and new drug coverage lookup functionality; • Launched a new customer site for Retail Insurance customers and their advisors, giving real time access to coverage information. This site sets the foundation to enable future digital transactions for our customers; and • Continued to advance our digital solutions with enhancements to Manulife.ca that included enabling artificial intelligence and natural- language processing capabilities to make searching for product information quicker, more accurate and more intuitive. 28 | 2022AnnualReport | Management’sDiscussionandAnalysis

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4. U.S. Our U.S. segment provides a range of life insurance products and insurance-based wealth accumulation products, and has an in-force long-term care insurance business and an in-force annuity business. The insurance products we offer are designed to provide estate, business and income-protection solutions for high net worth, emerging affluent markets and the middle market, and to leverage the asset management expertise and products managed by our Global Wealth and Asset Management business. Behavioural insurance features are standard on all our new insurance product offerings. The primary distribution channel is licensed financial advisors. We aim to establish lifelong customer relationships that benefit from our holistic protection and wealth product offerings in the future. Our in-force long-term care insurance policies provide coverage for the cost of long-term services and support. Our in-force annuity business includes fixed deferred, variable deferred, and payout products. In 2022, our U.S. segment contributed 27% of the Company’s core earnings from operating segments and, as at December 31, 2022, accounted for 17% of the Company’s assets under management and administration. Profitability U.S. reported net income attributed to shareholders of $3,950 million in 2022 compared with $2,080 million in 2021. Net income attributed to shareholders is comprised of core earnings, which was $1,700 million in 2022 compared with $1,936 million in 2021, and items excluded from core earnings, which amounted to a net gain of $2,250 million in 2022 compared with a net gain of $144 million in 2021. The changes in net income attributed to shareholders and core earnings expressed in Canadian dollars were due to the factors described below and, in addition, the change in core earnings reflected a $58 million favourable impact from the strengthening of the U.S. dollar compared with the Canadian dollar. Expressed in U.S. dollars, the functional currency of the segment, 2022 net income attributed to shareholders was US$3,077 million compared with US$1,667 million in 2021 and core earnings were US$1,311 million in 2022 compared with US$1,544 million in 2021. Items excluded from core earnings are outlined in the table below and amounted to a net gain of US$1,766 million in 2022 compared with a net gain of US$123 million in 2021. The US$233 million or 15% decrease in core earnings was driven by lower in-force earnings in Annuities of US$147 million related to the 1 of our U.S. variable annuity block in 2022, lower new business gains, higher net unfavourable two transactions to reinsure over 80% policyholder experience, and the non-recurrence of prior year gains from the Annuity Guaranteed Minimum Withdrawal Benefit offer program. Compared with 2021, less favourable long-term care and annuities policyholder experience was partially offset by improved, although still unfavourable, life insurance policyholder experience. In addition, higher investment income on allocated capital increased core earnings by US$24 million compared with 2021 (see Corporate and Other segment). The table below presents net income attributed to shareholders for the U.S. for 2022 and 2021 consisting of core earnings and items excluded from core earnings. For the years ended December 31, Canadian$ US$ ($ millions) 2022 2021 2022 2021 Coreearnings $ 1,700 $ 1,936 $ 1,311 $ 1,544 (1) Itemsexcludedfromcoreearnings: Investment-related experience related to fixed income trading, market value increases in excess of expected alternative assets investment returns, asset mix changes and credit experience 1,183 1,341 930 1,074 (2) Direct impact of equity markets and interest rates and variable annuity guarantee liabilities 197 (727) 151 (578) Change in actuarial methods and assumptions 36 (314) 27 (249) Reinsurance transactions, tax-related items and other 834 (156) 658 (124) Totalitemsexcludedfromcoreearnings 2,250 144 1,766 123 Netincome(loss)attributedtoshareholders $ 3,950 $ 2,080 $ 3,077 $ 1,667 (1) For explanations of items excluded from core earnings, see “Items excluded from core earnings” table in the total Company “Profitability” section above. (2) The direct impact of markets in 2022 was a gain of US$151 million and included a gain of US$396 million related to fixed income reinvestment rates, partially offset by a charge of US$245 million related to the direct impact of equity markets and variable annuity guarantee liabilities. The direct impact of markets in 2021 was a charge of US$578 million and included a charge of US$493 million related to fixed income reinvestment rates and a charge of US$85 million related to the direct impact of equity markets and variable annuity guarantee liabilities. Business Performance U.S. APE sales in 2022 of US$633 million increased 1% compared with 2021 due to an increase in international sales, partially offset by lower sales of domestic life insurance products. Demand for domestic life insurance products purchased primarily to protect household 1 Represents a reduction in guarantee value on our total U.S. variable annuity block compared with December 31, 2021. Guarantee value on our U.S. variable annuity Guaranteed Minimum Withdrawal Benefits block reduced by more than 90% compared with December 31, 2021. 29

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income declined across the industry. Recently, volatility in equity markets has reduced the demand for domestic products that are purchased primarily for estate planning. APE sales of products with the John Hancock Vitality PLUS feature in 2022 were a record-setting US$332 million, an increase of 13% compared with 2021, reflecting the increasing attractiveness of the Vitality feature as an option for health-focused life insurance consumers. Sales For the years ended December 31, Canadian$ US$ ($ millions) 2022 2021 2022 2021 APE sales $ 823 $ 788 $ 633 $ 628 AssetsunderManagement U.S. assets under management of US$162.0 billion as at December 31, 2022 decreased 16% from December 31, 2021. The decrease in total invested assets and segregated funds net assets was primarily due to the impact of an increase in interest rates and a decline in equity markets, and the continued run-off of the annuity business, including the impact on total invested assets from the above-noted variable annuity reinsurance transactions. Assets under Management As at December 31, Canadian$ US$ ($ millions) 2022 2021 2022 2021 Total invested assets $ 154,004 $ 164,830 $ 113,660 $ 130,013 Segregated funds net assets 65,489 79,620 48,333 62,801 Totalassetsundermanagement $ 219,493 $ 244,450 $ 161,993 $ 192,814 Revenue Total revenue in 2022 was a net loss of US$5.6 billion and decreased US$16.3 billion compared with 2021. Revenue before net realized and unrealized investment gains and losses was US$10.5 billion, a decrease of US$2.2 billion compared with 2021, primarily due to the above-noted variable annuity reinsurance transactions. Revenue For the years ended December 31, Canadian$ US$ ($ millions) 2022 2021 2022 2021 Gross premium income $ 9,329 $ 8,965 $ 7,168 $ 7,151 Premiums ceded to reinsurers (3,613) (2,594) (2,791) (2,069) Net premium income 5,716 6,371 4,377 5,082 Investment income 7,544 7,771 5,792 6,197 Other revenue 458 1,824 342 1,456 Revenue before net realized and unrealized investment gains and losses 13,718 15,966 10,511 12,735 (1) Net realized and unrealized investment gains and losses (20,547) (2,710) (16,074) (2,010) Totalrevenue $ (6,829) $ 13,256 $ (5,563) $ 10,725 (1) See “Impact of Fair Value Accounting” above. Strategic Highlights At John Hancock, we are focused on building holistic and long-lasting customer relationships by offering innovative products and solutions, and making it easier for customers to do business with us. We are focused on growing our insurance business by expanding our product offerings, modernizing the delivery process, and enhancing customer experience. In addition, we continued to make significant progress to optimize our portfolio through both organic initiatives and strategic reinsurance transactions, and create tangible shareholder value through various in-force management actions. In 2022, we: • Completed two transactions to reinsure over 80%1 of our legacy U.S. variable annuity block. These transactions resulted in the release 2 of $2.5 billion of capital, which included a cumulative one-time after-tax net gain of $806 million ; • Achieved highest ever full year domestic life insurance sales with the John Hancock Vitality PLUS feature, reflecting the increasing attractiveness of the Vitality feature as an option for health-focused life insurance consumers; • Continued to innovate our wellness offerings and entered into a partnership with GRAIL, a healthcare company, offering access to ® Galleri , their leading edge, multi-cancer early detection test to a pilot group of customers through John Hancock Vitality. As the first 1 Represents a reduction in guarantee value on our total U.S. variable annuity block compared with December 31, 2021. Guarantee value on our U.S. variable annuity Guaranteed Minimum Withdrawal Benefits block reduced by more than 90% compared with December 31, 2021. 2 The cumulative one-time after-tax gain of these two reinsurance transactions was $806 million, consisting of a net gain of $846 million in 2022 and a $40 million loss recognized in 2021. 30 | 2022AnnualReport | Management’sDiscussionandAnalysis

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® life insurance carrier to make GRAIL’s Galleri test available, we are enabling eligible customers to take proactive steps to better understand and make more informed choices about their health; and • Reported record APE sales and case placements in our international business. We signed new distributors in the Latin America region and launched a whole life product to support continued sales growth and diversify the business across geographies. In 2022, we achieved the following digital successes, improving the producer and customer experience while also contributing to a more cost-efficient operation: • Reduced the average time to complete background checks for new producers within our digital brokerage and traditional brokerage channels by over 90% via automation; • Accelerated new producers’ ability to place cases with John Hancock from two business days to just minutes, by automating the scheduling of appointments into our digital brokerage licensing system; • Reduced call volumes for enquiries related to John Hancock Vitality customer login and registration by 39% compared with 2021 by optimizing self-service functionality; • Enabled third-party ownership submission of life insurance applications via JH eApp. This advancement allows even very large cases, which are typically trust-owned, to take advantage of our digital experience; and • Improved producer experience and customer response times by launching eDelivery notification of client correspondence. 31

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5. Global Wealth and Asset Management Our Global Wealth and Asset Management segment, branded as Manulife Investment Management, provides investment advice and innovative solutions to retirement, retail and institutional clients. Our leading capabilities in public and private markets are 1 strengthened by an investment footprint that spans 19 geographies , including 10 in Asia with over 120 years of on-the-ground experience. In Retirement, we provide financial guidance, advice, investment solutions and recordkeeping services to over 8 million plan participants and rollover individuals in North America and Asia while they are in the accumulation phase with their employer, and increasingly as they prepare for retirement outside their employer’s plan. In North America, our Canadian retirement business focuses on providing retirement solutions through defined contribution plans, and also to group plan members when they retire or leave their plan; and in the United States, we provide employer sponsored retirement plans as well as personal retirement accounts when individuals leave their plan. In Asia, we provide retirement offerings to employers and individuals, including Mandatory Provident Fund (“MPF”) schemes and administration in Hong Kong. Additionally, we provide retirement solutions in several emerging retirement markets in Asia, including Indonesia and Malaysia. In Retail, we distribute investment funds to clients through our proprietary advice channels in Canada and Asia as well as through intermediaries and banks in North America, Europe, and Asia, and offer investment strategies across the world, through affiliated and select unaffiliated asset managers. In Canada, we also provide holistic personal advice to individual clients and investment management, private banking and wealth and estate solutions to high-net-worth clients. In addition, we provide wealth management expertise for insurance-based wealth accumulation products that are distributed through Manulife’s insurance segments, as well as through our own proprietary advice channels. Our institutional asset management business provides comprehensive asset management solutions for pension plans, foundations, endowments, financial institutions, and other institutional investors worldwide. Our solutions span all major asset classes including equities, fixed income, and alternative assets (including real estate, timberland, farmland, private equity/debt, infrastructure, and liquid alternatives). In addition, we offer multi-asset investment solutions covering a broad range of clients’ investment needs. We are committed to investing responsibly across our businesses. We develop innovative global frameworks for sustainable investing, collaboratively engage with companies in our internally managed portfolios, and maintain a high standard of stewardship where we own and operate assets. In 2022, our Global WAM segment contributed 19% of the Company’s core earnings from operating segments and, as at December 31, 2022, represented 59% of the Company’s total assets under management and administration. Profitability Global WAM’s 2022 net income attributed to shareholders was $1,321 million compared with $1,406 million in 2021, and core earnings were $1,241 million in 2022 compared with $1,406 million in 2021. Items excluded from core earnings are outlined in the table below and amounted to a net gain of $80 million in 2022 compared with nil in 2021. Core earnings decreased $165 million or 14% on a constant exchange rate basis reflecting a decline in net fee income from lower average AUMA due to higher interest rates and equity market declines in 2022, and lower fee spread. Net income attributed to shareholders decreased $85 million in 2022 compared with 2021 driven by the same factors as mentioned above, partially offset by a net gain of $80 million excluded from core earnings in 2022 as explained below. The table below presents net income attributed to shareholders for the Global WAM segment for 2022 and 2021 consisting of core earnings and items excluded from core earnings. For the years ended December 31, ($ millions) 2022 2021 Coreearnings Retirement $ 699 $ 819 Retail 523 551 Institutional 19 36 Coreearnings 1,241 1,406 Itemsexcludedfromcoreearnings: (1) Reinsurance transactions, tax-related items and other 80 – Netincomeattributedtoshareholders $ 1,321 $ 1,406 (1) The net gain of $80 million includes a net gain of $86 million related to acquiring full ownership interest of MTEDA by purchasing the remaining 51% of shares from our joint venture partner, partially offset by a $6 million charge related to an increase in the Canadian corporate tax rate. 1 United States, Canada, Japan, Hong Kong, Singapore, Taiwan, Indonesia, Vietnam, Malaysia, India, the Philippines, England, Ireland, Switzerland, Germany, and mainland China. In addition, we have timberland/farmland operations in Australia, New Zealand, and Chile. 32 | 2022AnnualReport | Management’sDiscussionandAnalysis

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1 In 2022, core EBITDA for Global WAM was $1,890 million, $649 million higher than core earnings. In 2021, core EBITDA was $2,062 million, $656 million higher than core earnings. The decrease in core EBITDA of $172 million or 10% on a constant exchange rate 2 was 30.4% in 2022 compared with 31.5% in basis was driven by similar factors as noted above for core earnings. Core EBITDA margin 2021. The 110 basis point decrease was driven by a decline in net fee income. Income before income taxes for Global WAM was $1,546 million in 2022, a decrease of $95 million compared with 2021, driven by similar factors as noted above for net income attributed to shareholders. Core EBITDA For the years ended December 31, ($ millions) 2022 2021 Coreearnings $ 1,241 $ 1,406 Amortization of deferred acquisition costs and other depreciation 336 323 Amortization of deferred sales commissions 95 99 Core income tax expense (recovery) 218 234 CoreEBITDA $ 1,890 $ 2,062 CoreEBITDAmargin 30.4% 31.5% Incomebeforeincometaxes $ 1,546 $ 1,641 Business Performance GrossFlowsandNetFlows Gross Flows were $136.6 billion in 2022, a decrease of 7% compared with 2021. By business line, the results were: • Retirement gross flows in 2022 were $52.1 billion, in line with 2021, reflecting growth in member contributions offset by lower new plan sales. • Retail gross flows in 2022 were $67.7 billion, a decrease of 14% compared with 2021, reflecting lower investor demand amid higher interest rates and equity market declines in 2022. • Institutional Asset Management gross flows in 2022 were $16.8 billion, an increase of 5% compared with 2021 driven by higher equity mandate gross flows, mainly from a $1.9 billion sale in 2Q22, partially offset by lower fixed income mandate gross flows. Net Inflows were $3.3 billion in 2022, compared with net inflows of $27.9 billion in 2021. By business line, the results were: • Retirement net outflows were $0.1 billion in 2022 compared with net inflows of $1.1 billion in 2021, driven by higher plan redemptions in the U.S. • Retail net outflows were $1.6 billion in 2022 compared with net inflows of $29.2 billion in 2021, driven by higher redemptions and lower gross flows due to factors mentioned above. • Institutional Asset Management net inflows were $5.0 billion in 2022 compared with net outflows of $2.4 billion in 2021, driven by the non-recurrence of a $9.4 billion redemption in 2021 and higher equity mandate gross flows as mentioned above. Gross Flows and Net Flows For the years ended December 31, ($ millions) 2022 2021 Gross flows $ 136,648 $ 144,681 Net flows $ 3,305 $ 27,893 1 This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below. 2 This item is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures” below for more information. 33

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AssetsunderManagementandAdministration In 2022, AUMA for our wealth and asset management businesses were $779.9 billion, 13% lower compared with December 31, 2021 on a constant exchange rate basis driven by the impact of higher interest rates and equity market declines, partially offset by $8.8 billion in assets acquired and net inflows of $3.3 billion. As of December 31, 2022, Global WAM also managed $229.5 billion in assets for the 1 were $1,009.4 billion compared with Company’s non-WAM reporting segments. Including those assets, AUMA managed by Global WAM $1,102.7 billion as at December 31, 2021. Segregated funds net assets were $224.2 billion for December 31, 2022, 11% lower compared with December 31, 2021 on an actual exchange rate basis, driven by the impact of higher interest rates and equity market declines. Total invested assets in our general fund form a small portion of Global WAM AUMA. Changes in Assets under Management and Administration For the years ended December 31, ($ millions) 2022 2021 Balance January 1, $ 855,927 $ 753,610 Acquisitions/Dispositions 8,789 1,633 Net flows 3,305 27,893 Impact of markets and other (88,109) 72,791 BalanceDecember31, $ 779,912 $ 855,927 Averageassetsundermanagementandadministration $ 787,842 $ 798,022 Assets under Management and Administration As at December 31, ($ millions) 2022 2021 Total invested assets $ 3,717 $ 4,458 (1) Segregated funds net assets 224,192 252,567 (2) Mutual funds, institutional asset management and other 381,779 411,271 Totalassetsundermanagement 609,688 668,296 Other assets under administration 170,224 187,631 Totalassetsundermanagementandadministration $ 779,912 $ 855,927 (1) Segregated funds net assets are comprised of Retirement assets under management (“AUM”), consisting primarily of fee-based products with little or no guarantees. (2) Other funds represent pension funds, pooled funds, endowment funds and other institutional funds managed by the Company on behalf of others. Revenue Total revenue in 2022 of $6.3 billion decreased 6% compared with 2021, driven by lower fee income from lower average AUMA and lower fee spread, and lower investment income. This was partially offset by higher other revenue from a gain on our acquisition of the remaining equity interest in MTEDA. Revenue As at December 31, ($ millions) 2022 2021 Fee income $ 6,265 $ 6,513 Investment income (44) 28 Other revenue 90 – Totalrevenue $ 6,311 $ 6,541 1 This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below. 34 | 2022AnnualReport | Management’sDiscussionandAnalysis

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Strategic Highlights Leveraging our integrated business model and global scale, we have a clear strategy to pursue high-growth opportunities in the most attractive markets globally through our three business lines: Retirement, Retail and Institutional Asset Management. Our strategy includes being a global retirement leader by supporting financial wellness; expanding our presence in retail distribution platforms across the globe; leveraging a multi-manager model; and providing differentiated institutional active asset management capabilities across high performing equity and fixed income strategies, outcome-oriented solutions and alternative assets. We executed on a number of initiatives to accelerate growth in our franchise. In 2022, we: • Further bolstered our presence in high-growth attractive markets by acquiring control of MTEDA through the purchase of the remaining 51% of shares from our joint venture partner, making us the first global wealth and asset manager to acquire a 100% stake in a fully operating public fund management company in mainland China; • Continued to expand our Private Markets capabilities with the acquisition of a significant minority equity position in ARCH Capital, an Asia-focused real estate private equity investment manager; • Expanded our Environmental, Social and Governance investment offerings with the launch of the Global Climate Action Strategy in Europe and Asia, and the launch of the Manulife Forest Climate strategy in the U.S., which will promote climate change mitigation by investing in sustainably managed forests that prioritize carbon sequestration. Additionally, we published our 2022 Manulife Investment Management Stewardship report, detailing our commitment to sustainability as a global investment manager and outlining actions we are taking to address material sustainability risks and opportunities, build more resilient portfolios, and pursue long-term value creation; • Expanded our Global Retail product lineup with the launch of the Manulife Real Asset Investment strategy that will give Canadian retail high-net-worth investors access to a combination of private and public real asset investments. Additionally, we also launched our first actively managed equity ETF, the U.S. High Dividend ETF, managed by MIM; and • Expanded and broadened our financial wellness offering in Global Retirement with the launch of new and enhanced financial management tools in the U.S. (Personal Finance Organizer) and Canada (PlanRight Through Mobile). We also expanded the availability of in-plan advice to a larger portion of our clients. We continue to make progress on our digital customer leader strategy. In 2022, we: • Continued to invest in our mobile app in U.S. Retirement, making significant improvements in the user experience that have resonated with customers and resulted in a 99% growth in users in 2022; • Enhanced our digital experience in Canada Retirement with the launch of new features that enable members to make additional contributions to their Registered Retirement Savings Plans and to book one-on-one meetings with Manulife PlanRight financial advisors directly in the mobile app. This generated successful engagement, resulting in over 1,780 advisor meeting requests and a 14% increase in member adoption of the mobile app since the launch; • Launched multiple new mobile app features in Hong Kong Retirement to enable our members to manage their investment portfolio with greater convenience, receive the latest market updates and get access to exclusive member benefits. These new features resulted in 156,000 customers opting for e-statements, and contributed to over 177,000 new mobile app downloads; • Launched a new, end-to-end digital and mobile-friendly enrollment experience in Canada Retirement for our members. The improved enrollment experience offers a more intuitive and guided experience for our members, helping them feel more confident about their long-term investment choices. 82% of our eligible sponsors adopted the new experience for their employees in 2022; and • Improved the website experience in U.S. Retail in 2Q22 by making it easier for customers to log-in, which resulted in a 45% decrease in customer log-in help inquiries in 2022 compared with the same period last year. 35

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6. Corporate and Other Corporate and Other is comprised of investment performance on assets backing capital, net of amounts allocated to the operating segments; financing costs; costs incurred by the corporate office related to shareholder activities (not allocated to the operating segments); our P&C Reinsurance business; as well as our run-off reinsurance operation, including variable annuities and accident and health. For segment reporting purposes, settlement costs for macro equity hedges and other non-operating items are included in Corporate and Other earnings. This segment is also where we reclassify favourable investment-related experience to core earnings from items excluded from core earnings, subject to certain limits (see “Non-GAAP and Other Financial Measures” below). In each of the operating segments, we report all investment-related experience in items excluded from core earnings. Profitability Corporate and Other reported a net loss attributed to shareholders of $1,731 million in 2022 compared with a net loss attributed to shareholders of $792 million in 2021. Net income (loss) attributed to shareholders was comprised of core loss and items excluded from core loss. Core loss was $250 million in 2022 compared with a core loss of $161 million in 2021. Items excluded from core loss amounted to a net loss of $1,481 million in 2022 compared with a net loss of $631 million in 2021. The unfavourable variance in core loss of $89 million was primarily attributable to a net charge of $159 million from the unfavourable impact of markets on seed money investments in new segregated funds and mutual funds in 2022 compared with a $27 million net gain in 2021, $120 million of higher interest on allocated capital to operating segments in 2022, higher charges in our P&C Reinsurance business compared with prior year and lower net gains on sales of AFS equities. These losses were partially offset by higher yields on fixed income investments, lower pension expenses that are primarily due to market impacts, and lower interest on external debt and withholding taxes. Items excluded from core loss were a net loss of $1,481 million in 2022 compared with a net loss of $631 million in 2021. The unfavourable variance was primarily driven by larger losses on sales of AFS bonds and other direct impacts of markets, partially offset by the favourable impact of Canadian tax rate change in 2022. The items excluded from core earnings are outlined below. The table below presents net income (loss) attributed to shareholders for Corporate and Other for 2022 and 2021 consisting of core loss and items excluded from core loss. For the years ended December 31, ($ millions) 2022 2021 Core loss excluding core investment gains $ (650) $ (561) Core investment gains 400 400 Totalcoreloss (250) (161) (1) Itemsexcludedfromcoreloss: (2) Direct impact of equity markets and interest rates (1,266) (170) Changes in actuarial methods and assumptions 10 (5) (3) Investment-related experience related to mark-to-market items (67) 59 Reclassification to core investment gains above (400) (400) (4) Restructuring charge – (115) Reinsurance transactions, tax-related items and other 242 – Totalitemsexcludedfromcoreloss (1,481) (631) Netincome(loss)attributedtoshareholders $ (1,731) $ (792) (1) For explanations of items excluded from core earnings, see “Items excluded from core earnings” table in the total Company “Profitability” section above. (2) The direct impact of markets in 2022 included losses of $421 million related to sale of AFS bonds and losses on derivatives. Other losses were mostly from fixed income investments supporting a portion of the capital in Asia that are classified as fair value through profit and loss and other unfavourable market impacts. The direct impact of markets in 2021 included losses of $228 million related to the sale of AFS bonds and losses on derivatives, partially offset by gains from fixed income investments supporting a portion of the capital in Asia that are classified as fair value through profit and loss. (3) Investment-related experience includes mark-to-market gains or losses on ALDA, other than gains on AFS equities and seed money investments in new segregated or mutual funds. (4) Please see “Manulife Financial Corporation – Profitability” above for explanation of the restructuring charge. Revenue Revenue in 2022 was a loss of $1,204 million compared with a gain of $87 million in 2021. The $1,291 million decrease in revenue was primarily driven by higher losses from fixed income investments supporting a portion of the capital in Asia that are classified as fair value through profit and loss, higher realized losses on the sale of AFS bonds, declines in the fair value of seed money investments in 2022 compared with gains in the prior year, higher losses on derivative positions, higher interest on allocated capital and lower gains from AFS equities. These amounts were partially offset by higher yields on fixed income investments in 2022 and higher net premium income from our P&C Reinsurance business. 36 | 2022AnnualReport | Management’sDiscussionandAnalysis

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Revenue For the years ended December 31, ($ millions) 2022 2021 Net premium income $ 269 $ 147 Investment income (loss) (1,200) 113 (1) Other revenue (528) (237) Revenue before net realized and unrealized investment gains and losses and on the macro hedge program (1,459) 23 (2) Net realized and unrealized investment gains and losses and on the macro hedge program 255 64 Totalrevenue $ (1,204) $ 87 (1) Includes a consolidation adjustment related to asset management fees earned by Global WAM from affiliated business (the offset to the consolidation adjustment is investment expense). (2) See “Impact of Fair Value Accounting” section above. Strategic Highlights Our P&C Reinsurance business provides substantial retrocessional capacity for a very select clientele in the property and casualty reinsurance market. The business is largely non-correlated to Manulife’s other businesses and helps diversify our overall business mix. We manage the risk exposure of this business in relation to the total Company balance sheet risk and volatility as well as the prevailing market pricing conditions. The business is renewable annually, and we currently estimate our exposure limit in 2023 for a single event to be approximately US$300 million (net of reinstatement premiums) and for multiple events to be approximately US$600 million (net of all 1 premiums). 1 See “Caution regarding forward-looking statements” above. 37

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7. Investments Our investment philosophy for the general fund is to invest in an asset mix that optimizes our risk adjusted returns and matches the characteristics of our underlying liabilities. We follow a bottom-up approach which combines our strong asset management skills with an in-depth understanding of the characteristics of each investment. We invest in a diversified mix of assets and our diversification strategy has historically produced superior risk adjusted returns while reducing overall risk. We use a disciplined approach across all asset classes. Our risk management strategy is outlined in the “Risk Management and Risk Factors” section below. General Fund Assets As at December 31, 2022, our general fund invested assets totaled $414.0 billion compared with $427.1 billion at the end of 2021. The following table shows the asset class composition as at December 31, 2022 and December 31, 2021. 2022 2021 As at December 31, ($ billions) Carrying value % of total Fair value Carrying value % of total Fair value Cash and short-term securities $19.2 5$19.2 $22.6 5 $22.6 Debt Securities and Private Placement Debt Government bonds 72.4 17 72.2 79.7 19 79.7 Corporate bonds 129.1 32 129.0 141.6 33 141.6 Securitized/asset-backed securities 2.3 1 2.3 2.9 1 2.9 Private placement debt 47.1 11 42.0 42.8 10 47.3 Mortgages 54.6 13 51.4 52.0 12 54.1 Policy loans and loans to bank clients 9.7 2 9.7 8.9 2 8.9 Public equities 23.5 6 23.5 28.1 7 28.1 Alternative Long-Duration Assets (“ALDA”) Real Estate 13.3 3 14.4 13.2 3 14.4 Infrastructure 12.8 3 13.0 9.8 2 10.0 Timberland and Farmland 6.0 1 6.5 5.3 1 5.7 Private Equity 14.3 3 14.3 11.6 3 11.6 Oil & Gas 2.2 1 2.2 1.9 0 1.9 Other ALDA 3.2 1 3.2 2.6 1 2.6 Leveraged Leases and Other 4.3 1 4.3 4.1 1 4.1 Total general fund invested assets $ 414.0 100 $ 407.2 $ 427.1 100 $ 435.5 The carrying values for invested assets are generally equal to their fair values, however, mortgages and private placement debt are carried at amortized cost; loans to bank clients are carried at unpaid principal balances less allowance for credit losses; real estate held for own use is carried at cost less accumulated depreciation and any accumulated impairment losses; and private equity investments, including power and infrastructure, oil and gas, and timber, are accounted for as associates using the equity method, or at fair value. Certain government and corporate bonds and public equities are classified as AFS, with the remaining classified as “fair value through profit or loss”. As at December 31, 2022, the carrying value of renewable energy assets, including energy efficiency projects, was $13.6 billion (2021 – $13.1 billion). Shareholders’ accumulated other comprehensive pre-tax income (loss) at December 31, 2022 consisted of a $7.3 billion loss for bonds (2021 – gain of $873 million) and an $84 million loss for public equities (2021 – gain of $288 million). Included in the $7.3 billion loss for bonds was a $276 million loss related to the fair value hedge basis adjustments attributable to the hedged risk of certain AFS bonds that are in a gain position (2021 – loss of $293 million). Debt Securities and Private Placement Debt We manage our high-quality fixed income portfolio to optimize yield and quality while ensuring that asset portfolios remain diversified by sector, industry, issuer, and geography. As at December 31, 2022, our fixed income portfolio of $251.0 billion (2021 – $267.0 billion) was 96% investment grade (rated BBB or better) and 71% was rated A or higher (2021 – 97% and 72%, respectively). Our private placement debt holdings provide diversification benefits (issuer, industry, and geography) and, because they often have stronger protective covenants and collateral than debt securities, they typically provide better credit protection and potentially higher recoveries in the event of default. Geographically, 22% is invested in Canada (2021 – 23%), 48% is invested in the U.S. (2021 – 49%), 5% is invested in Europe (2021 – 4%) and the remaining 25% is invested in Asia and other geographic areas (2021 – 24%). 38 | 2022AnnualReport | Management’sDiscussionandAnalysis

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(1) Debt Securities and Private Placement Debt – by Credit Quality 2022 2021 Private Private As at December 31, Debt placement %of Debt placement %of ($ billions) securities debt Total Total securities debt Total Total AAA $ 33.7 $ 0.9 $ 34.6 14 $ 40.1 $ 1.0 $ 41.1 15 AA 36.3 7.0 43.3 17 39.6 5.7 45.3 17 A 83.5 16.5 100.0 40 90.0 16.2 106.2 40 BBB 46.1 17.2 63.3 25 49.4 16.2 65.6 25 BB 4.0 1.1 5.1 2 3.7 1.1 4.8 2 B & lower, and unrated 0.3 4.4 4.7 2 1.4 2.6 4.0 1 Total carrying value $ 203.9 $ 47.1 $ 251.0 100 $ 224.2 $ 42.8 $ 267.0 100 (1) Reflects credit quality ratings as assigned by Nationally Recognized Statistical Rating Organizations (“NRSRO”) using the following priority sequence order: S&P Global Ratings (“S&P”), Moody’s Investors Services (“Moody’s”), DBRS Limited and its affiliated entities (“DBRS Morningstar”), Fitch Ratings Inc. (“Fitch”), Rating and Investment information, and Japan Credit Rating. For those assets where ratings by NRSRO are not available, disclosures are based upon internal ratings as described in the “Risk Management and Risk Factors” section below. Debt Securities and Private Placement Debt – by Sector 2022 2021 As at December 31, Private Private (Per cent of Debt placement Debt placement carrying value, unless otherwise stated) securities debt Total securities debt Total Government and agency 36 10 31 35 11 32 Utilities 14 37 18 14 38 18 Financial 16 11 15 15 10 15 Industrial 9149 9 12 9 Consumer (non-cyclical) 8149 8 14 9 Energy – Oil & Gas 7 4 7 8 5 7 Energy – Other 0 0 0 0 1 0 Consumer (cyclical) 3 6 4 3 6 3 Securitized (MBS/ABS) 1 1 1 1 1 1 Telecommunications 2 0 2 2 0 2 Basic materials 2 3 2 2 2 2 Technology 1 0 1 2 0 1 Media and internet and other 1 0 1 1 0 1 Total per cent 100 100 100 100 100 100 Total carrying value ($ billions) $ 203.9 $ 47.1 $ 251.0 $ 224.2 $ 42.8 $ 267.0 As at December 31, 2022, gross unrealized losses on our fixed income holdings were $33.3 billion or 12% of the amortized cost of these holdings (2021 – $1.6 billion or 0.6%). Of this amount, $8.4 billion (2021 – $11 million) related to debt securities trading below 80% of amortized cost for more than 6 months. Securitized assets represented $228 million of the gross unrealized losses and none of the amounts trade below amortized cost for more than 6 months (2021 – $2 million and none, respectively). After adjusting for debt securities supporting participating policyholder and pass-through products and the provisions for credit included in the insurance and investment contract liabilities, the potential impact to shareholders’ pre-tax earnings for debt securities trading at less than 80% of amortized cost for greater than 6 months was approximately $6.6 billion as at December 31, 2022 (2021 – $7 million). 39

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Mortgages As at December 31, 2022, our mortgage portfolio of $54.6 billion represented 13% of invested assets (2021 – $52.0 billion and 12%, respectively). Geographically, 66% of the portfolio is invested in Canada (2021 – 66%) and 34% is invested in the U.S. (2021 – 34%). The overall portfolio is also diversified by geographic region, property type, and borrower. Of the total mortgage portfolio, 13% is insured (2021 – 14%), primarily by the Canada Mortgage and Housing Corporation (“CMHC”) – Canada’s AAA rated government-backed national housing agency, with 31% of residential mortgages insured (2021 – 35%) and 1% of commercial mortgages insured (2021 – 2%). As at December 31, 2022 2021 ($ billions) Carrying value % of total Carrying value % of total Commercial Retail $ 8.7 16 $ 8.8 17 Office 9.1 17 8.7 17 Multi-family residential 7.4 13 7.0 13 Industrial 4.7 9 3.6 7 Other commercial 2.7 5 3.0 6 32.6 60 31.1 60 Other mortgages Manulife Bank single-family residential 21.6 39 20.5 39 Agricultural 0.4 1 0.4 1 Total mortgages $ 54.6 100 $ 52.0 100 Our commercial mortgage loans are originated with a hold-for-investment philosophy. They have low loan-to-value ratios, high debt-service coverage ratios, and as at December 31, 2022 there were no loans in arrears. Geographically, of the total commercial mortgage loans, 44% are in Canada and 56% are in the U.S. (2021 – 44% and 56%, respectively). We are diversified by property type and largely avoid risky market segments such as hotels, construction loans, and second liens. (1) Non-CMHC Insured Commercial Mortgages 2022 2021 As at December 31, Canada U.S. Canada U.S. (2) Loan-to-Value ratio 60% 56% 61% 57% (2) Debt-Service Coverage ratio 1.57x 1.90x 1.56x 1.87x Average duration (years) 4.27 6.31 4.6 6.8 Average loan size ($ millions) $ 21.5 $ 21.1 $ 19.4 $ 19.0 (3) Loans in arrears 0.00% 0.00% 0.00% 0.00% (1) Excludes Manulife Bank commercial mortgage loans of $381 million (2021 – $393 million). (2) Loan-to-Value and Debt-Service Coverage are based on re-underwritten cash flows. (3) Arrears defined as over 90 days past due in Canada and over 60 days past due in the U.S. Public Equities As at December 31, 2022, public equity holdings of $23.5 billion represented 6% (2021 – $28.1 billion and 7%) of invested assets and, when excluding assets supporting participating policyholder and pass-through products, represented 1% (2021 – 1%) of invested assets. The portfolio is diversified by industry sector and issuer. Geographically, 29% (2021 – 28%) is held in Canada; 31% (2021 – 37%) is held in the U.S.; and the remaining 40% (2021 – 35%) is held in Asia, Europe, and other geographic areas. Public Equities – classified by type of product-line supported As at December 31, 2022 2021 ($ billions) Carrying value % of total Carrying value % of total Participating Policyholders $12.2 52 $14.7 52 Non-participating products and pass-through products 8.4 36 9.6 34 Corporate and Other segment 2.9 12 3.8 14 (1) Total public equities $ 23.5 100 $ 28.1 100 (1) Includes $1.6 billion of AFS equities and $1.3 billion of seed money investments in new segregated and mutual funds. Alternative Long-Duration Assets (“ALDA”) Our ALDA portfolio is comprised of a diverse range of asset classes with varying degrees of correlations. The portfolio typically consists of private assets representing investments in varied sectors of the economy which act as a natural hedge against future inflation and serve as an alternative source of asset supply to long-term corporate bonds. In addition to being a suitable match for our long-duration liabilities, these assets provide enhanced long-term yields and diversification relative to traditional fixed income markets. The vast majority of our ALDA are managed in-house. 40 | 2022AnnualReport | Management’sDiscussionandAnalysis

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As at December 31, 2022, carrying value of ALDA of $51.7 billion represented 12% (2021 – $44.4 billion and 10%) of invested assets. The fair value of total ALDA was $53.7 billion at December 31, 2022 (2021 – $46.3 billion). The carrying value and corresponding fair value by sector and/or asset type are outlined above (see table in the section “General Fund Assets”). RealEstate Our real estate portfolio is diversified by geographic region; of the total fair value of this portfolio, 44% is located in the U.S., 39% in Canada, and 17% in Asia and Other as at December 31, 2022 (2021 – 42%, 42%, and 16%, respectively). This high-quality portfolio has virtually no leverage and is primarily invested in premium urban office towers, concentrated in cities with stable growth, and highly diverse economies, in North America and Asia. The portfolio is well positioned with an average occupancy rate of 89% (2021 – 90%) and an average lease term of 5.1 years (2021 – 5.5 years). During 2022, we executed 2 acquisitions representing $0.09 billion market value of commercial real estate assets (2021 – 2 acquisitions and $0.03 billion, respectively). As part of ongoing portfolio management initiatives, 9 commercial real estate assets totaling $0.3 billion were sold during 2022. The composition of our real estate portfolio based on fair value is as follows: As at December 31, 2022 2021 ($ billions) Fair value % of total Fair value % of total Company Own-Use $ 3.0 21 $ 3.0 21 Office – Downtown 4.3 30 4.8 33 Office – Suburban 1.1 8 1.4 10 Industrial 2.7 19 2.2 15 Residential 2.2 15 1.9 13 Retail 0.4 3 0.4 3 Other 0.7 4 0.7 5 Total real estate(1) $ 14.4 100 $ 14.4 100 (1) These figures represent the fair value of the real estate portfolio. The carrying value of the portfolio was $13.3 billion and $13.2 billion at December 31, 2022 and December 31, 2021, respectively. Infrastructure We invest both directly and through funds in a variety of industry specific asset classes, listed below. The portfolio is well-diversified with over 600 portfolio companies. The portfolio is predominately invested in the U.S. and Canada, but also in the United Kingdom, Western Europe, Latin America, and Australia. Our power and infrastructure holdings are as follows: As at December 31, 2022 2021 ($ billions) Carrying value % of total Carrying value % of total Power generation $ 4.3 34 $ 3.9 40 Transportation (including roads, ports) 3.6 28 2.7 27 Electric and gas regulated utilities 0.6 5 0.4 5 Electricity transmission 0.2 2 0.1 1 Water distribution 0.4 3 0.2 2 Midstream gas infrastructure 0.8 6 0.7 7 Maintenance service, efficiency and social infrastructure 0.4 3 0.2 2 Telecommunications/Tower 2.3 18 1.5 15 Other infrastructure 0.2 1 0.1 1 Total infrastructure $ 12.8 100 $ 9.8 100 Timberland&Farmland Our timberland and farmland assets are managed by a proprietary entity, Manulife Investment Management Timberland and Agriculture 1 (“MIM Timberland and Agriculture”). In addition to being the world’s largest timberland investment manager for institutional investors , with timberland properties in the U.S., New Zealand, Australia, Chile, Brazil, and Canada, MIM Timberland and Agriculture also manages farmland properties in the U.S., Australia, Chile, and Canada. The general fund’s timberland portfolio comprised 22% of MIM Timberland and Agriculture’s total timberland AUM (2021 – 22%). The farmland portfolio includes annual (row) crops, fruit crops, wine grapes, and nut crops. The general fund’s holdings comprised 41% of MIM Timberland and Agriculture’s total farmland AUM (2021 – 41%). PrivateEquities Our private equity portfolio of $14.3 billion (2021 — $11.6 billion) includes both directly held private equity and private equity funds. Both are diversified across vintage years and industry sectors. 1 Based on the global timber investment management organization ranking in the RISI InternationalTimberland Ownershipand InvestmentDatabase. 41

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Oil & Gas This category is comprised of $2.2 billion (2021 — $1.9 billion) in various oil and gas private equity interests which are a combination of both producing and mid-streaming assets. Investment Income For the years ended December 31, ($ millions, unless otherwise stated) 2022 2021 Interest income $ 12,290 $ 11,517 (1) Dividend, rental and other income 3,843 4,180 (Impairments)/Recoveries (151) 15 Other, including gains and losses on sale of AFS debt securities (775) (85) Investment income before realized and unrealized gains on assets supporting insurance and investment contract liabilities and on macro equity hedges 15,207 15,627 Realized and unrealized gains and losses on assets supporting insurance and investment contract liabilities and on macro equity hedges Debt securities (32,675) (5,585) Public equities (3,602) 3,220 Mortgages and private placements 394 403 Alternative long-duration assets and other investments 1,349 3,772 Derivatives, including macro equity hedging program (10,543) (5,813) (45,077) (4,003) Totalinvestmentincome(loss) $(29,870) $ 11,624 (1) Rental income from investment properties is net of direct operating expenses. In 2022, the $29.9 billion of investment loss (2021 – income of $11.6 billion) consisted o

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