Impacts from material management action items reported in 2022 included 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 losses from the sale of bonds designated as available for sale (“AFS”). Earningsonsurplusfundsreflect the actual investment returns on assets supporting the Company’s surplus (shareholders’ equity). These assets comprise a diversified portfolio and returns will vary with the underlying asset categories. Otherrepresents pre-tax earnings items on insurance business that are not included in any other line of the SOE. GlobalWealthandAssetManagement(“GlobalWAM”)represents pre-tax net income from the Global Wealth and Asset Management segment. ManulifeBankrepresents pre-tax net income from Manulife Bank. Unallocatedoverheadrepresents pre-tax unallocated overhead expenses from the Corporate and Other segments. Incometaxesrepresent tax charges to earnings based on the varying tax rates in the jurisdictions in which Manulife conducts business. Manulife’s net income attributed to shareholders for the full year 2022 increased to $7,294 million from $7,105 million the previous year. For the year ended December 31, 2022 Corporate Global (C$ millions) Asia Canada U.S. and Other WAM Total Expected Profit from In-force Business $1,492 $1,209 $1,604 $ 135 $ – $4,440 Impact of New Business 611 52 329 2 – 994 Experience gains (losses) 156 268 1,454 (155) – 1,723 Management actions and changes in assumptions (94) 153 1,102 (529) – 632 Earnings on surplus 259 218 316 (1,437) – (644) Other 98 1 (9) 28 – 118 Insurance 2,522 1,901 4,796 (1,956) – 7,263 Global Wealth and Asset Management – – – – 1,544 1,544 Manulife Bank – 258 – – – 258 Unallocated overhead – – – (404) – (404) Income (loss) before income taxes $2,522 $2,159 $4,796 $(2,360) $1,544 $8,661 Income tax (expense) recovery (298) (629) (846) 629 (223) (1,367) Net income (loss) attributed to shareholders $2,224 $1,530 $3,950 $(1,731) $1,321 $7,294 For the year ended December 31, 2021 Corporate Global (C$ millions) Asia Canada U.S. and Other WAM Total Expected Profit from In-force Business $ 1,361 $ 1,125 $ 1,797 $ 104 $ – $ 4,387 Impact of New Business 832 46 394 2 – 1,274 Experience gains (losses) 534 153 578 (143) – 1,122 Management actions and changes in assumptions 426 (88) (608) (470) – (740) Earnings on surplus 188 203 266 (10) – 647 Other 138 8 38 39 – 223 Insurance 3,479 1,447 2,465 (478) – 6,913 Global Wealth and Asset Management – – – – 1,640 1,640 Manulife Bank – 237 – – – 237 Unallocated overhead – – – (500) – (500) Income (loss) before income taxes $ 3,479 $ 1,684 $ 2,465 $ (978) $ 1,640 $ 8,290 Income tax (expense) recovery (422) (330) (385) 186 (234) (1,185) Net income (loss) attributed to shareholders $ 3,057 $ 1,354 $ 2,080 $ (792) $ 1,406 $ 7,105 Embedded Value The embedded value (“EV”) as of December 31, 2022 will be disclosed later. 231