Manulife Insurance Review 2026

Pros, cons and coverage insights for high net worth clients — an independent adviser-only evaluation of Manulife's financial strength, global reach and 2026 HNW product set.

By Carlton Crabbe, Chief Executive Officer, Capital for Life · Evaluation date 2 May 2026

9.3 / 10

Overall 2026 CFL score

Aa3

Moody's, upgraded Sep 2025

32 pages

Adviser-only resource

Two senior wealth advisers reviewing the Capital for Life Manulife insurance review on a tablet in a private office

Executive summary

An overall weighted score of 9.3/10

Up from 9.1/10 in 2025 — the highest score awarded in this review series

Manulife's strongest annual evaluation since Capital for Life began this review series. A new Chief Executive, a Moody's upgrade to Aa3, an MSCI ESG upgrade to AAA, the launch of the Manulife Longevity Institute, a DIFC office for HNW clients and the May 2026 launch of Manulife Global Generations PRO make this the most material year of evolution since Manulife Global HNW was formed in January 2023.

It includes

Every material data point change between the 2025 and 2026 editions
Credit ratings, LICAT capital adequacy and AUMA composition
The three issuing hubs plus the new DIFC advisory office
MGG PRO at a glance — the May 2026 dual-contract launch
Planning use cases, the HNW suitability matrix and the final weighted score

The upgrade to Aa3 reflects improved profitability, strong capital, and reduced exposure to lower ROE and legacy businesses.

Moody's Ratings19 September 2025

What's changed since 2025

Nine findings you can take to a client meeting

A delta report on every material change between the 2025 and 2026 editions — sourced to the Manulife 2025 Annual Report, regulator filings and adviser-level product releases.

Moody's upgraded The Manufacturers Life Insurance Company to Aa3

Talking Point

“The upgrade reflects improved profitability, strong capital, and reduced exposure to lower ROE and legacy businesses.”

Adviser Insight: The 19 September 2025 upgrade moves MLI from A1 to Aa3. AM Best A+ (Superior) was affirmed in December 2025, and all five agencies — S&P AA−, Moody's Aa3, AM Best A+, Fitch AA, Morningstar DBRS AA — carry Stable outlooks.
Source: Manulife Financial Corporation, 2025 Annual Report, p.91 — Financial Strength Ratings table, as at 31 January 2026.

MGG PRO launches early May 2026

Talking Point

“A third path between full-risk equity exposure and principal-protected IUL.”

Adviser Insight: The most significant HNW product evolution since Manulife Global HNW formed in January 2023 — a dual-contract, dual-engine Bermuda Savings Plan pairing the Manulife Bermuda Par Fund with institutional alternative credit via the CQS ABS Fund.
Structuring Tip: Default 75% PRO / 25% Par allocation, with 50/50 and 90/10 alternatives at face amounts of USD 5m or more. Premium tracks: 1-pay, 5-pay, 10-pay. Minimum cumulative premium USD 1m, maximum USD 250m.
Eligibility: Not available to U.S., Bermuda, or Canada residents. New features include Policy Split (up to 5 child policies) and Death Benefit Settlement Options.

MSCI ESG upgraded from AA to AAA — the highest possible band

Talking Point

“Manulife has moved from passive ESG compliance to active longevity and well-being investment.”

Adviser Insight: S&P Corporate Sustainability top-quartile recognition and a retained UN PRI A+ rating for fixed income and listed equity accompany the upgrade.
Use Case: The Manulife Longevity Institute launched with USD 350m committed through 2030, alongside the World Economic Forum UpLink demographic challenge for Asia.

A DIFC office opens for HNW advisory in the GCC

Talking Point

“The first international life insurer with a Category 4 DIFC licence dedicated to advising HNW customers.”

Adviser Insight: The DIFC office is an advisory and sales presence, not an issuing jurisdiction. Policies continue to be issued from Bermuda, Singapore, or Hong Kong.
Structuring Tip: Use DIFC as the advisory anchor for Middle East and Africa mandates, then place the case with the hub that matches the client's structuring need.

Capital adequacy: LICAT 136% with C$24.1bn of surplus

Talking Point

“136% against a 100% supervisory target, with C$81.6bn of consolidated capital at group level.”

Adviser Insight: The 137% → 136% move reflects dividends, share buybacks, the Comvest Credit Partners acquisition and the new segregated fund capital framework effective 1 January 2025, partly offset by earnings growth and the RGA U.S. Reinsurance Transaction.
Note: Financial leverage held stable at 23.9% year on year. Insurance service expenses for FY2025 were C$23.1bn under IFRS 17.

Scale: USD 1.24 trillion of assets under management and administration

Talking Point

“Top 30 global asset manager and top 10 life insurer by market capitalisation.”

Adviser Insight: AUMA rose 9% year on year to USD 1.24tn (C$1,704.4bn), helped by the Comvest acquisition (USD 17.5bn AUM), the Schroders Indonesia agreement and the Mahindra India joint venture.
Segment Mix: Asia 38% of segment core earnings (47% across the wider Asia region), Global WAM 25% (up from 20%), Canada 21%, United States 16%.

PRO Series buffered IUL absorbs the first 20% of market loss

Talking Point

“No policy loss unless the index falls by more than 20% — in exchange for higher caps.”

Adviser Insight: MGIUL PRO was the first buffered IUL from a major international life carrier and remains intact for 2026, sitting between traditional 0% floor IUL and full equity exposure.
Comparison: MGIUL 24 remains the Bermuda-issued S&P 500 IUL with a 9.30% cap, 0% floor, 24% multiplier, 15-year surrender period and broad premium financing acceptance.

Underwriting: Light Touch tele-underwriting up to USD 5 million

Talking Point

“Remote tele-underwriting replaces in-person medicals for healthy clients aged 18 to 55.”

Adviser Insight: Tier 1 covers up to USD 3m, standard risk classes only, no APS, telemed interview required. Tier 2 covers up to USD 5m across all risk classes with APS and medicals.
Quit Smoking Programme: Non-smoker rates for qualifying smokers during the first three policy years; test nicotine-free inside that window and the rates are retained permanently.

One adviser-facing caution: the J.D. Power U.S. retail decline

Talking Point

“A U.S. retail satisfaction signal, not an international HNW signal.”

Adviser Insight: The J.D. Power 2025 U.S. Individual Life Insurance Study ranked John Hancock #15 of 22, down from #11 of 21 in 2024 (industry average 650).
Objection Handling: Manulife Global HNW operates a separate environment with dedicated relationship management across Bermuda, Singapore, Hong Kong and DIFC.

Client profiling

Which clients are best suited to Manulife's international HNW platform?

UHNW clients with cross-border assets needing cover up to USD 150 million

Offshore estate planning with life cover of USD 2 million or more

USD-denominated policies inside premium financing structures

Trusts, family offices and multi-jurisdictional wealth structures

Indexed growth with downside protection — IUL, buffered IUL, indexed savings

Clients seeking institutional alternative-credit access via MGG PRO, alongside or instead of PPLI

Adviser Tip: where a client falls into the borderline column — particularly when comparing MGG PRO against PPLI — model both inside one suitability framework before final recommendation.

Definition boxes

The mechanics behind the 2026 conclusions

LICAT and capital adequacy

A 136% LICAT ratio as at 31 December 2025, against OSFI's 100% supervisory target.

LICAT — the Life Insurance Capital Adequacy Test — is the regulatory standard used by OSFI, Canada's federal financial regulator, to assess an insurer's capital strength relative to its risk exposure. It comprises a Total Ratio and a Core Ratio covering Tier 1 capital and key risk exposures.

For advisers and HNW clients, balance-sheet fundamentals matter over decade-long policy horizons: they underpin the carrier's ability to meet long-term commitments and pay claims reliably through market cycles.

Capital position at a glance

LICAT ratio (MLI): 136% as at 31 December 2025 · supervisory target 100%
Capital surplus: C$24.1bn over OSFI's 100% target
Consolidated capital: C$81.6bn at group level
Financial leverage: 23.9% — stable, unchanged year on year
Insurance service expenses: C$23.1bn for FY2025 under IFRS 17

Manulife Global Generations PRO

Two coordinated contracts: a Par Policy for stability, a Non-Par Policy holding the PRO Account.

Launching early May 2026 and issued by The Manufacturers Life Insurance Company (Bermuda Branch), MGG PRO pairs the Manulife Bermuda Par Fund with non-participating segregated access to the institutional CQS ABS Fund.

The Par Policy provides a guaranteed minimum death benefit, annual non-guaranteed dividends, accumulated dividends with interest and a terminal bonus. The Non-Par Policy holds a guaranteed Cash Value Payment, a guaranteed Accidental Death Benefit and the PRO Account. The allocation between Par and PRO is selected at issue and is irrevocable.

MGG PRO at a glance

Currency: USD only
Default allocation: 75% PRO / 25% Par · 50/50 or 90/10 at face ≥ USD 5m
Premium pay tracks: Single Pay · 5 Pay · 10 Pay
Minimum cumulative premium: USD 1,000,000 · maximum USD 250m per controlling person
PRO Account crediting: 9.50% assumed · maximum illustratable 13.90%
Year 30 Total IRR: 8.10% on a post-Promotion basis
Day 1 cash surrender value: ~43% versus 80% under MGG 25 · break-even Year 3

Shared Values living benefits

Concierge-grade benefits integrated with policies of cumulative premium USD 10m or more.

New for 2025 and integrated with most newly issued Manulife Global HNW policies at cumulative premium of USD 10m or more, subject to eligibility and Manulife Bermuda's sole discretion. These are not insurance services.

Shared Values extends across both MGIUL PRO and MGG PRO, giving advisers a non-price differentiator when positioning large-ticket cases.

What is included

Prenuvo whole-body MRI: Concierge-guided screening for early detection of malignancies, aneurysms and hundreds of other conditions. No radiation, no contrast, under an hour.
Teladoc Health: Over 50,000 global specialists across more than 450 conditions via Second Opinion services, with concierge support for international clients.
Eligibility: Cumulative premium ≥ USD 10m, subject to jurisdiction and carrier discretion.

Comparison

Why this matters for you — Manulife against global peers

With over USD 1.24 trillion in assets under management and administration, Manulife is among the world's top 30 global asset managers and one of the top 10 life insurers globally by market capitalisation, per Bloomberg data as at 31 December 2025.

Firm	Basis	Total AUM (USD)
BlackRock	31 Dec 2025	$14.0tn
Vanguard	Year end 2025	$12.0tn
Allianz Group	Incl. 3rd party · 30 Sep 2025	$2.9tn
Manulife	31 Dec 2025 · this review	$1.24tn
Sun Life Financial	31 Dec 2025 · C$1.6tn	$1.17tn
Aegon	Incl. Transamerica · 30 Jun 2025	$0.35tn

Planning use cases

Capital for Life's planning-area assessment

Where Manulife is strong, excellent or moderate for HNW client mandates — for suitability reports, compliance notes or proposal justifications.

Planning application	Rating	Commentary	Planning themes
Retirement income	★★★★ Strong	Cash value drawdown via withdrawals or loans across IUL and Indexed Income; MGG PRO supports Protected Income for Life via Par dividends and PRO Account redemptions.	Drawdown · Income planning
Policy loans	★★★★ Strong	Predictable loan costs and guaranteed spreads with flexibility; MGG PRO loans available against both Par Available Loan Value and PRO Account Value.	Liquidity
High death benefit	★★★★★ Excellent	Large face amounts suitable for estate equalisation and wealth transfer; MGG PRO maximum premium up to USD 250m per controlling person.	Estate planning
Low death benefit (entry level)	★★★ Moderate	Minimum coverage levels are higher than average, which may limit smaller-ticket cases.	Accessibility
Market-linked investment with protection	★★★★ Strong	Indexed products provide equity exposure with a 0% floor or 20% buffer; MGG PRO adds non-equity, alternative-credit pass-through.	Risk-managed growth
Variety of investment strategies	★★★★★ Excellent	IUL, indexed savings, guaranteed and participating whole of life, par-fund savings plans and, new in 2026, an alternative-credit strategy.	Diversification

Final scoring

Six factors, one weighted score

Financial Strength · 30%

9.7 / 10 — up 0.2. Moody's Aa3, AM Best A+ affirmed, LICAT 136%, C$24.1bn surplus.

Capital Adequacy · 20%

9.0 / 10 — held. LICAT 137% → 136% but consolidated capital up and surplus higher year on year.

AUM & Diversification · 15%

9.2 / 10 — up 0.2. AUMA US$1.21tn → US$1.24tn, Comvest, Schroders Indonesia, Mahindra India JV.

Global Market Reach · 15%

9.3 / 10 — up 0.3. DIFC office, Manulife Global HNW unified, Bupa Hong Kong collaboration.

Product Innovation (HNW) · 10%

9.0 / 10 — up 0.5. MGG PRO launch, Shared Values living benefits, PRO Series, CQS ABS access.

Underwriting Flexibility · 10%

9.0 / 10 — held. Light Touch Underwriting and the Quit Smoking Programme retained.

2026 weighted calculation: 2.91 + 1.80 + 1.38 + 1.395 + 0.90 + 0.90 = 9.29 / 10, rounded to 9.3/10 — up from 9.1/10 in the 2025 edition. Evaluation date 2 May 2026.

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Manulife Insurance Review 2026

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