Manulife: Great Operating Performance In Q2 Is Overshadowed By Premium Valuation

Manulife Financial Corporation delivered strong Q2 2026 results, with broad-based growth and double-digit YoY increases in APE sales and core earnings. APE sales surged 21% YoY to CAD 2.7B, driven by Asia and new product launches, while core earnings rose 12% to over CAD 1.9B. Credit quality remains robust with minimal ECL provisions, and capital returns to shareholders are supported by a solid capital position and sustainable dividend.