Management’sDiscussion andAnalysis This Management’s Discussion and Analysis (“MD&A”) is current as of February 15, 2023. 1. Manulife Financial Corporation Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across our offices in Asia, Canada, and Europe, and primarily as John Hancock in the United States. We provide financial advice, insurance, and wealth and asset management solutions for individuals, groups and institutions. At the end of 2022, we had more than 40,000 employees, over 116,000 agents, and thousands of distribution partners, serving over 34 million customers. At the end of 2022, we had $1.3 trillion 1 (US$1.0 trillion) in assets under management and administration , including total invested assets of $0.4 trillion (US$0.3 trillion), and segregated funds net assets of $0.3 trillion (US$0.3 trillion). We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges, and under ‘945’ in Hong Kong. Our reporting segments are: • Asia – providing insurance products and insurance-based wealth accumulation products in Asia. • Canada – providing insurance products, insurance-based wealth accumulation products, and banking services in Canada and has an in-force variable annuity business. • U.S. – providing life insurance products and insurance-based wealth accumulation products and has an in-force long-term care insurance business and an in-force annuity business. • Global Wealth and Asset Management (“Global WAM”) – providing investment advice and innovative solutions to our retail, retirement and institutional clients around the world under the Manulife Investment Management (“MIM”) brand. • Corporate and Other – comprised of investment performance on assets backing capital, net of amounts allocated to operating segments; financing costs; costs incurred by the corporate office related to shareholder activities (not allocated to operating segments); our Property and Casualty (“P&C”) Reinsurance business; and run-off reinsurance business lines. In this document, the terms “Company”, “Manulife”, “we” and “our” mean Manulife Financial Corporation (“MFC”) and its subsidiaries. The term “MLI” means The Manufacturers Life Insurance Company and its subsidiaries. Profitability Profitability As at and for the years ended December 31, ($ millions, unless otherwise stated) 2022 2021 Net income attributed to shareholders $ 7,294 $ 7,105 (1) Core earnings $ 6,182 $ 6,536 Diluted earnings per common share ($) $ 3.68 $ 3.54 (2) Diluted core earnings per common share ($) $ 3.10 $ 3.25 Return on common shareholders’ equity (“ROE”) 14.1% 14.2% (2) Core ROE 11.9% 13.0% (2) Expense efficiency ratio 50.9% 48.9% General expenses $ 7,782 $ 7,828 (1) This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below for more information. (2) This item is a non-GAAP ratio. See “Non-GAAP and Other Financial Measures” below for more information. Our net income attributed to shareholders was $7.3 billion in 2022 compared with $7.1 billion in 2021. Net income attributed to shareholders is comprised of core earnings(consisting of items we believe reflect the underlying earnings capacity of the business), which amounted to $6.2 billion in 2022 compared with $6.5 billion in 2021, and items excluded from core earnings of $1.1 billion of net gains in 2022 compared with $0.6 billion of net gains in 2021. 1 This item is a non-GAAP financial measure. See “Non-GAAP and Other Financial Measures” below for more information. 10 | 2022AnnualReport | Management’sDiscussionandAnalysis