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