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