Condensed Consolidated Statement of Income MFC JHUSA Other Consolidation Consolidated For the year ended December 31, 2022 (Guarantor) (Issuer) subsidiaries adjustments MFC Revenue Gross premiums $ – $ 7,924 $ 37,041 $ (863) $ 44,102 Premiums ceded to reinsurers – (2,561) (4,662) 974 (6,249) Net premium income – 5,363 32,379 111 37,853 Net investment income (loss) 554 (9,714) (19,446) (1,264) (29,870) Other revenue (36) 281 7,871 1,048 9,164 Total revenue 518 (4,070) 20,804 (105) 17,147 Contract benefits and expenses Net benefits and claims – (8,505) (1,572) 778 (9,299) Commissions, investment and general expenses 42 3,099 13,798 (1,034) 15,905 Other expenses 440 264 939 151 1,794 Total contract benefits and expenses 482 (5,142) 13,165 (105) 8,400 Income (loss) before income taxes 36 1,072 7,639 – 8,747 Income tax (expense) recovery 32 (23) (1,574) – (1,565) Income (loss) after income taxes 68 1,049 6,065 – 7,182 Equity in net income (loss) of unconsolidated subsidiaries 7,226 997 2,046 (10,269) – Net income (loss) $ 7,294 $ 2,046 $ 8,111 $ (10,269) $ 7,182 Net income (loss) attributed to: Non-controlling interests $–$–$(1)$–$(1) Participating policyholders – (236) 125 – (111) Shareholders and other equity holders 7,294 2,282 7,987 (10,269) 7,294 $ 7,294 $ 2,046 $ 8,111 $ (10,269) $ 7,182 Condensed Consolidated Statement of Income MFC JHUSA Other Consolidation Consolidated For the year ended December 31, 2021 (Guarantor) (Issuer) subsidiaries adjustments MFC Revenue Gross premiums $ – $ 7,782 $ 37,563 $ (1,001) $ 44,344 Premiums ceded to reinsurers – (3,243) (3,031) 995 (5,279) Net premium income – 4,539 34,532 (6) 39,065 Net investment income (loss) 530 3,779 8,440 (1,125) 11,624 Other revenue 33 2,042 9,605 (548) 11,132 Total revenue 563 10,360 52,577 (1,679) 61,821 Contract benefits and expenses Net benefits and claims – 6,478 28,467 877 35,822 Commissions, investment and general expenses 12 3,451 14,419 (1,436) 16,446 Other expenses 390 212 1,946 (1,120) 1,428 Total contract benefits and expenses 402 10,141 44,832 (1,679) 53,696 Income (loss) before income taxes 161 219 7,745 – 8,125 Income tax (expense) recovery (28) 115 (1,300) – (1,213) Income (loss) after income taxes 133 334 6,445 – 6,912 Equity in net income (loss) of unconsolidated subsidiaries 6,972 1,218 1,552 (9,742) – Net income (loss) $ 7,105 $ 1,552 $ 7,997 $ (9,742) $ 6,912 Net income (loss) attributed to: Non-controlling interests $ – $ – $ 255 $ – $ 255 Participating policyholders – (4) (448) 4 (448) Shareholders 7,105 1,556 8,190 (9,746) 7,105 $ 7,105 $ 1,552 $ 7,997 $ (9,742) $ 6,912 218 | 2022AnnualReport | NotestoConsolidatedFinancialStatements