IFRS 17 Insurance Contracts Adoption Disclosure Howweaddressed We obtained an understanding, evaluated the design, and tested the operating effectiveness of management’s controls over the thematterinour disclosure of the effects of applying the new standard to insurance contract liabilities including the transition CSM. The controls audit we tested included, among others, controls related to management’s selection of accounting policies and the related determination of the transition approach, as well as controls related to the development of fair value and actuarial models, the integrity of data used, implementation of new systems and models, and assumption setting and implementation processes. To test the Company’s disclosure of the impact of IFRS 17 on the insurance contract liabilities including the transition CSM, our audit procedures included, among others, involving our actuarial specialists to evaluate the related accounting policies, the elections involved in transition, and to assess the appropriateness of the determination of where the Full Retrospective Approach was impracticable. In relation to the assumptions used in the measurement of the insurance contract liabilities including the transition CSM, disclosed in Note 2, we assessed the appropriateness and consistency of key assumptions by comparing to publicly available market data, our knowledge of the products and the requirements of IFRS 17. Key assumptions assessed by us, with the involvement of our actuarial specialists, included the discount rate and risk adjustment used in the measurement of the insurance contract liabilities and the fair value assumptions used in the determination of the transition CSM. These procedures also included testing underlying support and documentation, such as executed policyholder insurance contracts. We tested the methodology and calculations of the IFRS 17 insurance contract liabilities and transition CSM either through review of the calculation logic within the newly implemented models, or through calculating an independent estimate of the insurance contract liability for a sample of insurance contracts and comparing the results to the Company’s results. We have served as Manulife Financial Corporation’s auditor since 1905. Chartered Professional Accountants Licensed Public Accountants Toronto, Canada February 15, 2023 138 | 2022AnnualReport | ConsolidatedFinancialStatements