Manulife Insurance Review 2025

Pros, Cons and Coverage Insights for High-Net-Worth Clients.

By Carlton Crabbe, CEO Capital for Life

Evaluation date: 1st June 2025

9.1

Capital for Life overall score

137%

LICAT capital adequacy ratio

USD 1.206tn

Assets under management & administration

Executive Summary

The Manufacturers Life Insurance Company of Canada (Manulife) is one of the world’s leading life insurers, known for its financial strength, global reach, and commitment to high-net-worth (HNW) client solutions. In this Capital for Life review, we assess Manulife across the metrics that matter most to professional advisers, focusing on financial security, cross-border structuring, and long-term suitability.

Let’s get started.

What You’ll Learn in This Review:

01How Manulife’s credit ratings and capital strength offer long-term confidence for HNW clients.
02Why international hubs like Bermuda, Singapore, and Hong Kong enhance global structuring flexibility.
03An overview of Manulife’s product suite: Indexed Universal Life (IUL), Guaranteed Whole of Life, and Savings Plans.
04Key product innovations include Manulife Pro IUL, Light Touch Underwriting, and the Quit Smoking programme.
05How Manulife’s ESG leadership aligns with the sustainable wealth values of global HNW families.
06Why Manulife is well-positioned for retirement income planning, strategic borrowing, and cross-border estate protection.

Financial Strength and Capital Adequacy

Why Financial Strength Matters

The financial strength of a life insurer like Manulife is critical. It supports the company’s ability to meet long-term commitments, pay claims reliably, and remain stable through market cycles. For advisers and HNW clients, strong balance sheet fundamentals offer peace of mind over decades-long policy horizons.

Credit Ratings: Manulife’s Standing

Independent credit rating agencies regularly assess the financial health of insurers. Manulife holds the following ratings across major global agencies:

These consistently high ratings indicate a robust capital position, strong risk management, and long-term claim-paying ability.

Manulife’s ratings across all major agencies reflect a well-capitalised, financially sound institution. For HNW clients and advisers, this level of financial strength supports long-term policy confidence and product reliability.

S&PAA–

Moody’sA1

AM BestA+(Superior)

FitchAA

DBRS MorningstarAA

Last verified: 1st June 2025

137%LICAT Capital Adequacy RatioEquivalent to ~USD 18 billion capital surplus

OSFI minimum

Manulife

Capital for Life’s Assessment

Manulife’s LICAT ratio of 137% far exceeds OSFI’s supervisory minimum and reflects a high degree of capital resilience. This positions Manulife as a highly secure choice for high-net-worth clients seeking long-term protection, premium financing, and estate planning solutions.

What is a LICAT Ratio?

A Key Indicator of Capital Adequacy

Manulife reports a LICAT ratio of 137%, equivalent to a capital surplus of approximately USD 18 billion (C$24 billion), well above regulatory thresholds.

[Last verified: 1st June 2025]

What is the LICAT Ratio?

LICAT (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.

The ratio includes two components:

Total Ratio: Measures overall capital strength across risk categories.
Core Ratio: Focuses on Tier 1 capital and key risk exposures.

Regulatory Oversight

Manulife is regulated by the Office of the Superintendent of Financial Institutions (OSFI) in Canada. OSFI ensures that insurers maintain prudent capital levels and effective governance practices, reinforcing trust in long-term products such as Indexed Universal Life (IUL) and Whole of Life plans.

Manulife’s 137% result indicates significant surplus strength.

Assets Under Management (AUMA) and Diversification

Global Investment Scale

As of 2025, Manulife manages USD 1.206 trillion (C$1.608 trillion) in total assets under management and administration (AUMA), reinforcing its standing among the world’s leading life insurance-based financial institutions.

Actively ManagedUSD 1.039 trillion(C$1.385 trillion)

Under AdministrationUSD 167 billion(C$223 billion)

General AccountUSD 331 billion(C$442 billion)

Segregated FundsUSD 324 billion(C$433 billion)

Approximately 20% of Manulife’s global earnings are derived from its Global Asset Management division, reflecting the growing importance of fee-based, diversified investment strategies within the group’s business model.

Global Comparison (2024 AUM Figures)

To contextualise Manulife’s scale:

Firm	Assets Under Management (USD)
BlackRock	~10 trillion
Vanguard	~8 trillion
Allianz Group	~2.5 trillion
Manulife	1.2 trillion
Sun Life	~856 billion
Aegon (incl. Transamerica)	~427 billion

Source: Publicly available 2024-2025 disclosures and annual reports.

Key Insight

With over USD 1.2 trillion in assets under management, Manulife ranks among the top 30 global asset managers and is one of the top five life insurers globally, with significant investment operations. This scale gives Manulife institutional depth, economic resilience, and access to diversified global capital markets.

Capital for Life’s Assessment

Manulife’s asset base puts it in the same conversation as major banks and global investment houses, offering clients and advisers confidence in the firm’s long-term capacity to meet liabilities, sustain policy values, and manage risk.

For high-net-worth clients, this breadth of investment capability strengthens product integrity, particularly when using solutions such as Indexed Universal Life, savings plans, or whole of life cover for estate planning, retirement income, or premium financing strategies.

“I am extremely pleased with the high-value life insurance products and retirement planning strategies that Capital for Life designed for my client. As a trusted adviser in this specialised area, Carlton and his team helped through every aspect of the application process to make this seamless and effortless for both the client and myself. The Team is highly experienced, knowledgeable and professional.”

Stuart J. Mizen, SVN Capital

Global Reach and Offshore Hubs for HNW Life Insurance

Manulife operates a globally balanced business model, with earnings distributed across four key regions:

30%

Asia

Led by strong growth in Hong Kong and Southeast Asia.

26%

United States

Driven primarily through the John Hancock brand.

22%

Canada

Stable home market with mature infrastructure.

20%

Global Wealth & Asset Management

Generating fee-based income across markets.

For high-net-worth clients, Manulife offers a unique advantage through its three international life insurance hubs. Each jurisdiction provides different regulatory environments, product access, and structuring flexibility, critical considerations for advisers managing cross-border wealth, premium financing, and trust-based life insurance planning.

Atlantic

Manulife Bermuda

Products Offered: Universal Life (UL), Indexed Universal Life (IUL), Guaranteed Savings Plans (USD).
Strategic Role: A global offshore hub serving clients in Europe, Asia, the Middle East, and Latin America, with jurisdictional neutrality and favourable regulatory recognition.
Regulatory Oversight: Bermuda Monetary Authority (BMA), offering Solvency II equivalence and tailored oversight for HNW products.
Unique Advantage: Currently one of two Manulife hubs offering IUL solutions; ideal for clients needing common law compatibility, privacy, and access to international product features.

ASEAN

Manulife Singapore

Products Offered: Indexed Universal Life, Whole of Life, investment-linked savings plans.
Strategic Role: ASEAN regional hub for HNW clients, particularly those requiring onshore structuring, trust integration, and access to premium financing.
Regulatory Oversight: Regulated by the Monetary Authority of Singapore (MAS), known for its transparency and investor protections.
Unique Advantage: Suited for Singapore tax residents and families needing regulatory clarity and life policies embedded in local trust or corporate structures.

Greater China

Manulife Hong Kong

Products Offered: Universal Life, Participating Whole Life, Investment-Linked Assurance Schemes (ILAS).
Strategic Role: Core hub for Greater China HNW clients, enabling both local and cross-border wealth structuring.
Regulatory Oversight: Supervised by the Hong Kong Insurance Authority (IA), which supports open access, private wealth engagement, and tax-efficient planning.
Unique Advantage: Preferred by PRC family offices and wealth advisers for access to RMB, USD, and HKD policies, as well as Hong Kong’s established legal and financial infrastructure.

Capital for Life Assessment

Bermuda

Best for clients needing privacy, premium flexibility, and common law frameworks

Capital for Life Assessment

Singapore

Ideal for ASEAN HNW clients using onshore trusts, bank financing, and structured insurance

Capital for Life Assessment

Hong Kong

Suited to Greater China clients, family offices, and advisers managing multi-currency estate planning.

Manulife Life Insurance Products for High-Net-Worth Clients

Manulife offers a comprehensive range of international life insurance products designed for high-net-worth (HNW) individuals who require long-term financial protection, estate planning tools, and offshore structuring flexibility. These products are built to support both accumulation and preservation strategies, and are commonly used in conjunction with trusts, family offices, and corporate structures.

Product Overview

Indexed Universal Life (IUL)

Common Use Cases

Offshore trusts, retirement income access, premium financing

✓ Available

Guaranteed Savings Plans

Common Use Cases

Capital preservation, legacy planning, deferred drawdown strategies

✓ Available

Guaranteed Whole of Life Cover

Common Use Cases

Estate equalisation, IHT mitigation, long-term family protection

✓ Available

Indexed Income Savings Plan

Common Use Cases

Structured retirement income, market-linked growth with downside protection

✓ Available

Term Life Insurance

Common Use Cases

Not available for all international clients. Limited to clients in Asia

◐ Asia Only

Capital for Life’s Assessment

Manulife provides one of the strongest product suites for international HNW life planning. Its Indexed Universal Life (IUL) policies are among the most flexible in the market, offering features such as withdrawals, policy loans, and access to premium financing. These policies are frequently used in offshore trust structures, family office strategies, and corporate-owned life insurance (COLI) frameworks to maximise tax deferral and succession planning efficiency. The addition of Guaranteed Savings Plans and Whole of Life policies appeals to clients seeking predictable outcomes and capital certainty, often critical in legacy transfer, IHT planning, or asset protection mandates.

The Indexed Income Savings Plans offer growth potential with built-in downside protection, making them attractive to clients who want participation in equity-linked returns while maintaining a conservative risk profile. Advisers should note, however, that Manulife does not currently offer term life insurance products in the international market. While term coverage is less common in high-net-worth planning, it can be a useful tool for providing temporary liquidity, facilitating business succession, or complementing layered life insurance coverage strategies. Advisers may need to source term solutions from alternative providers when needed.

Additional Customised Options

Many Manulife policies may also offer riders and optional benefits (subject to jurisdiction), such as:

Waiver of premium provisions.
Accelerated death benefits.
Additional insured or spouse riders.
Policy continuation options for trusts or corporate ownership.

These features offer advisers the flexibility to tailor life cover to a client’s broader financial plan and governance structures.

Summary

Manulife’s international life insurance product offering is highly competitive for advisers serving sophisticated, globally mobile clients. Its strength lies in long-duration cover, flexibility in offshore structuring, and suitability for integration with HNW wealth planning strategies. While advisers may need to complement Manulife’s suite with term coverage from other providers, its core product line stands out for its strength, stability, and application across multiple jurisdictions.

Underwriting Innovation: Light Touch and Quit Smoking Programme

Light Touch Underwriting

Manulife’s Light Touch Underwriting is designed for efficiency and an enhanced client experience, ideal for HNW clients aged 20–55 seeking up to US$5 million in coverage with no major health concerns. It replaces in-person medicals with remote tele-underwriting, reducing time and documentation friction.

Tier 1

Up to $3M, Standard risk classes only, no APS, telemed interview required. Excludes certain medical/lifestyle risks.

Tier 2

Up to $5M, all risk classes, APS and medicals required, broader eligibility.

Best suited for executive or mobile clients needing faster policy issuance. Full medical underwriting still applies for higher sums or complex cases.

Quit Smoking Programme

Manulife’s Quit Smoking Benefit provides non-smoker premium rates to qualifying smokers during the first three policy years. If clients successfully quit and test nicotine-free within this window, they permanently retain non-smoking rates.

→

Substantial cost savings on premiums

→

Incentive-aligned with health improvement

→

Unique in the offshore HNW market context

Manulife Product Innovation for HNW Clients (2025)

Innovation in international life insurance is accelerating, particularly in the high-net-worth (HNW) market, where client needs continue to grow in complexity. Capital for Life recognises Manulife as one of the leading insurers embracing product and underwriting evolution to serve globally mobile, high-net-worth individuals more effectively.

Manulife PRO Series: Buffered Indexed Universal Life (IUL)

New for 2025, Manulife has launched the PRO Series IUL product line for international clients. These policies feature a buffered performance structure, where the first 20% of market loss is absorbed, meaning no policy losses are incurred unless the index falls more than 20%.

In exchange, clients benefit from higher cap rates, capturing more upside when markets perform well. This structure introduces a risk-adjusted investment approach within the IUL framework, an alternative to the traditional 0% floor, no-loss IUL designs that Manulife has historically offered.

This evolution mirrors successful strategies from Manulife’s U.S. operations, via John Hancock, and is suitable for clients seeking more market exposure while maintaining downside protection.

Capital for Life’s Assessment

The Buffered IUL product marks a significant evolution in Manulife’s global offering. It provides clients with a third path between full-risk equity exposure and principal-protected IUL, making it attractive for clients with moderate risk tolerance and advisers needing options beyond the standard 0% floor model.

The Light Touch Underwriting and Quit Smoking Programme are also positive differentiators, particularly in an international market where underwriting logistics can delay policy placement. These features improve the client journey and support adviser-client engagement through added value and meaningful health incentives.

Manulife Innovation Highlights for HNW Clients

PRO Series – Buffered IUL

Absorbs the first 20% of market losses; offers higher cap rates for upside

Benefit to HNW Clients

Balances risk and reward; ideal for moderate-risk investors

Traditional IUL (0% Floor)

No losses in negative market years; capped upside

Benefit to HNW Clients

Offshore trusts, retirement income access, premium financing

Light Touch Underwriting

No in-person medicals for applicants aged 18–55 seeking up to $5M in coverage

Benefit to HNW Clients

Faster, easier onboarding for low-risk clients

Tele-underwriting

Medical consultations conducted remotely via phone or video

Benefit to HNW Clients

Increases accessibility and convenience, especially for mobile clients

Quit Smoking Programme

Non-smoker premiums for 3 years with the option to retain them permanently

Benefit to HNW Clients

Premium savings plus a health improvement incentive

Financial Planning Use Cases for HNW Clients

For advisers working with high-net-worth (HNW) clients, Manulife’s international life insurance products can serve as powerful tools across multiple financial planning scenarios. From generating income in retirement to facilitating intergenerational wealth transfer or structured market participation, Manulife offers a broad range of solutions tailored to complex, globally mobile clients.

This section summarises how Manulife’s products align with key planning needs, helping advisers determine the most effective use cases within their clients’ wealth strategies.

Capital for Life’s Assessment by Planning Area

Retirement Income

Strong

Life insurance products support income draw-down from accumulated cash value

Policy Loans

Strong

Offers predictable loan costs and guaranteed spreads with flexibility

High Death Benefit

Excellent

Large face amounts suitable for estate equalisation and wealth transfer

Low Death Benefit (Entry Level)

Moderate

Minimum coverage levels higher than average; may limit smaller ticket cases

Market-Linked Investment (with Protection)

Strong

Indexed products provide equity exposure with 0% floor or buffered protection

Variety of Investment Strategies

Excellent

Offers IUL, indexed savings, guaranteed and participating whole of life

Use Case Highlights

Product Flexibility

Whole-of-life, participating policies, and index-linked savings options support both growth and preservation mandates.

Legacy Planning

High death benefit capacity supports large-scale estate liquidity or charitable giving structures.

Income Planning

Clients seeking flexible, tax-efficient retirement income can access cash value withdrawals or loans within Indexed Universal Life (IUL) contracts.

Risk-Managed Growth

Indexed savings and buffered IULs allow market participation with downside protection, making them useful for moderate-risk HNW investors.

Which Clients Are Best Suited to Manulife?

HNW Client Suitability Overview

To help financial advisers assess where Manulife’s international life insurance solutions fit best, Capital for Life has developed a three-tiered suitability model:

Best Suited: Manulife’s core market, HNW clients with global needs and complex planning goals.
Less Suited: Clients with simpler protection needs, domestic-only coverage goals, or term-only preferences.
Borderline / Case-by-Case: Situations where structuring, education, or growing client sophistication may shift suitability over time.

This segmentation enables advisers to align recommendations more precisely with client objectives, thereby improving both suitability outcomes and long-term policy performance.

Capital for Life’s Perspective

Matching the right client to Manulife’s product suite can unlock significant value, particularly where structuring, liquidity planning, or cross-border complexity is involved.

Advisers working with global high-net-worth families will find Manulife’s underwriting, product variety, and jurisdictional flexibility

Manulife Client Suitability Matrix

✓ Best Suited

(U)HNW clients with cross-border assets needing cover up to $150 million

Offshore estate planning with life cover of $2 million+

USD-denominated policies with premium financing structures

Use of trusts, family offices, or multi-jurisdictional wealth structures

Indexed growth with downside protection (IUL, buffer, savings plans)

✗ Less Suited

Clients needing domestic-only solutions with no offshore elements

Small-ticket cases needing simplified underwriting or lower premiums

Price-sensitive clients focused solely on low-cost term

Clients seeking term-only insurance (not currently available)

Clients with basic protection-only needs

~ Case by Case

Medium-net-worth individuals seeking cover near the minimum threshold

Clients exploring premium financing with less established borrowing history

Risk-averse clients unfamiliar with index-based returns

Claims Experience and Policyholder Support

Manulife’s Global Claims Performance

In 2023, Manulife paid out US$26.5 billion (C$35.8 billion) in net benefits and claims, demonstrating its exceptional capacity to meet financial commitments to policyholders worldwide. This figure reflects not only financial strength but also consistent operational execution in supporting clients when it matters most.

Key Insight

To put this into context, Manulife’s claims payments exceed the entire annual GDP of countries like Cyprus or Iceland, reinforcing the scale at which the company operates within the global life insurance landscape.

Supported by a robust capital base and prudent risk controls, Manulife continues to maintain strong claims-handling capabilities while delivering long-term, sustainable growth

Capital for Life’s Assessment

Manulife’s claims experience in its latest data available for 2023 reinforces its position as a financially resilient and operationally dependable life insurer. Its ability to honour over US$26 billion in claims in a single year demonstrates vast liquidity, financial strength, global infrastructure and a reliability that high-net-worth clients demand.

For advisers, this scale of claim fulfilment means more than just headline figures, it reflects policyholder stability, confidence in future payouts, and the assurance that clients will be supported through death benefits, critical illness claims, and structured settlements in line with contract terms.

Manulife’s claims performance is a testament to its size and capital adequacy, risk governance, and long-term commitment to policyholders. This combination makes it a trusted choice in the international high-net-worth market.

Manulife Client Experience, NPS and Recognition

Global Satisfaction Metrics

Manulife continues to demonstrate a strong commitment to customer service, with key satisfaction indicators and awards validating its global performance:

★

Record NPS 2024

Net Promoter Score (NPS): Manulife achieved a record-high NPS in 2024, signalling elevated client loyalty and brand advocacy across markets.

★

J.D. Power #11

J.D. Power Ranking: John Hancock, Manulife’s U.S. subsidiary, ranked #11 out of 21 life insurers in the 2024 J.D. Power U.S. Individual Life Insurance Study—a meaningful improvement in policyholder satisfaction.

★

HR Asia Gold Award

HR Asia Award: Manulife Malaysia received the Gold Award for being one of the “Best Companies to Work for in Asia” for the fifth consecutive year (2023).

★

Forbes Recognition

Forbes Global Recognition: Listed among Forbes’ World’s Best Employers (2023), reinforcing the group’s commitment to workplace excellence and long-term client care.

Capital For Life’s Assessment

These third-party metrics and recognitions suggest that Manulife is making consistent efforts to enhance both client experience and employee engagement, two drivers that directly impact long-term service quality and claims responsiveness.

A high NPS score indicates strong policyholder trust, which is crucial for high-net-worth clients who rely on the institution's longevity. Meanwhile, John Hancock’s improvement in the U.S. rankings reflects ongoing investment in digital experience, responsiveness, and service transparency. For financial advisers, customer satisfaction data acts as a proxy for operational reliability and a signal of organisational culture, both of which are essential when recommending insurers to long-term, globally mobile clients.

Manulife ESG Performance and Sustainable Investing Leadership

For high-net-worth clients and their advisers, ESG (Environmental, Social, and Governance) considerations are increasingly central to long-term planning and institutional due diligence. Manulife is widely recognised as a global leader in ESG within the life insurance sector, combining sustainability commitments with transparent risk governance and measurable impact.

Notable Manulife ESG Initiatives

C$72.1bn

in sustainable investments, including green buildings, renewable energy, and sustainably managed timberland.

1.4 billion

trees planted since 1985 through global timberland management.

100%

renewable electricity powers all Manulife Bank ATMs in Canada.

64%

of board directors are women, and 27% are from visible minority groups.

UN PRI A+

ESG integration rating for fixed income and listed equity portfolios.

Why ESG Matters to Clients and Advisers

A growing proportion of HNW clients prioritise transparent ESG credentials in insurance-linked and investment-based solutions.

Strong ESG ratings reduce exposure to long-term risks such as regulatory change, litigation, or reputational damage.

ESG-aligned providers support values-based client engagement, particularly across family office and philanthropic structures.

Advisers benefit from recommending forward-thinking, well-governed institutions to ESG-conscious clients.

Manulife’s ESG positioning enhances portfolio resilience and contributes to sustainable legacy planning.

Capital for Life’s Assessment

Manulife’s ESG performance consistently ranks among the top-tier global insurers, supported by credible third-party validation and substantial investment in long-term sustainability initiatives. These credentials are particularly relevant for high-net-worth (HNW) clients seeking alignment between their financial planning and personal values.

Its investments in reforestation, renewable energy, and board diversity speak to a well-rounded ESG strategy. While execution may vary across jurisdictions, Manulife’s overall ESG profile provides advisers with confidence in its ability to meet both ethical expectations and long-term obligations.

On balance, Manulife’s ESG strength is a competitive differentiator in today’s values-driven wealth environment.

Capital for Life 2025

Manulife Review Summary

Using our proprietary weighted scoring model, Capital for Life has independently evaluated Manulife (The Manufacturers Life Insurance Company of Canada) across six key factors most relevant to professional advisers and high-net-worth clients.

9.1/10

Capital for Life Overall Score

Final Scoring Breakdown

Financial Strength9.5/10

Exceptional credit ratings, liquidity, and cycle-tested resilience

Capital Adequacy9/10

LICAT ratio significantly above regulatory thresholds

AUM & Diversification9/10

Over US$1.2 trillion in assets with global diversification

Global Market Reach9/10

Strong presence in North America, Asia, and offshore structuring hubs

Product Innovation (HNW Focus)8.5/10

New IUL buffer strategies, digital underwriting, and client-centric features

Underwriting Flexibility9/10

Broad appetite across jurisdictions and simplified pathways for HNW clients

Evaluation Date: 1st June 2025
See Capital for Life’s Rating Methodology for full details.

Conclusion

Manulife remains one of the most globally capable, financially secure, and strategically positioned life insurers in the international high-net-worth market.

It offers advisers a rare combination of:

Institutional stability (across all economic cycles).

Multi-jurisdictional platform access (Bermuda, Singapore, Hong Kong).

Diversified IUL and savings-based products that align with legacy, income, and liquidity planning.

While its minimum premium thresholds and lack of international term insurance may limit accessibility for particular client segments, its strengths in structured planning, capital adequacy, and adviser responsiveness make it a top-tier choice for cross-border HNW life cover.

Capital for Life’s Verdict:

Manulife delivers enduring value, structural flexibility, and global scale, making it a preferred partner for advisers serving sophisticated, mobile clients.

What We Recommend

Based on our transparent scoring process, real-world client experience, and global case comparisons, Capital for Life recommends Manulife’s international life insurance solutions for:

High-net-worth individuals seeking offshore protection with premium financing.
Clients requiring USD-denominated, trust-compatible life insurance products.
Family offices and advisers prioritising ESG alignment, long-term claims security, and jurisdictional choice.

Our reviews are independently conducted and based on data-driven, adviser-centric methodology, designed to guide selection with confidence and clarity.

See also: Why You Can Trust Capital for Life
See also: Capital for Life Rating Methodology

Capital for Life Research

Capital for Life Research: Methodology for Rating Global Life Insurers

Capital for Life Research uses a proprietary scoring framework to evaluate the strength and suitability of international life insurance providers, particularly for high-net-worth (HNW) and ultra-high-net-worth (UHNW) clients.

Evaluation Factor	Weighting
Financial Strength	30%
Capital Adequacy	20%
Assets Under Management (AUM) & Diversification	15%
Global Market Reach	15%
Product Innovation (HNW Focus)	10%
Underwriting Flexibility	10%

Why You Can Trust Us

Each factor is scored out of 10 using quantitative and qualitative criteria, including public disclosures, product breadth, regulatory disclosures, and benchmarking data gathered by Capital for Life Research.

This framework is part of Capital for Life’s ongoing commitment to producing independent, data-backed insights for professional advisers working in cross-border and offshore life planning.

Each factor is scored out of 10 using quantitative and qualitative criteria, including public disclosures, product breadth, regulatory posture, and benchmarking data gathered by Capital for Life Research.

“Manulife remains one of the most globally capable, financially secure, and strategically positioned life insurers in the international high-net-worth market.”

Rating Scale Interpretation

Score	Assessment
9.0 – 10.0	Outstanding – Industry-leading across most or all areas
8.0 – 8.9	Strong – High-quality offering with minor limitations
7.0 – 7.9	Competent – Solid but with notable gaps in certain areas
6.0 – 6.9	Limited – Suitable only in specific scenarios
Below 6.0	Not Recommended – Substantial concerns or misalignment with HNW needs

This methodology enables advisers and clients to make informed comparisons between providers, focusing on the attributes that matter most to international, wealth-oriented insurance planning.

Data Sources and Benchmarks

Capital for Life Research combines adviser insight, underwriting trends, and institutional data to build its life insurer evaluations. Our scoring sources include:

Credit ratings (S&P, Moody’s, AM Best, Fitch)
Regulatory capital disclosures (e.g. LICAT, Solvency II, RBC)
Annual reports and solvency summaries
Global AUM figures and product filings
Adviser and client feedback from actual casework (Capital for Life Research)
Product illustrations and internal underwriting data

Scoring and Peer Normalisation

Each category is scored from 1 to 10:

9–10: Market-leading performance
7–8: Strong, but with some limitations or regional variation
5–6: Serviceable, though not competitive in key HNW areas
<5: Misaligned with HNW market expectations Scores are then weighted and benchmarked against a global peer set, ensuring insurer assessments reflect not only standalone capability but also relative competitiveness in the international life insurance market.

Review Frequency

Ratings are reviewed semi-annually, or following a material change in the insurer’s financial status, regulatory position, or product offering. These changes may include:

Downgrades or upgrades in financial ratings
Launch or withdrawal of key products (e.g. IUL, guaranteed savings)
Changes in jurisdictional access or licensing
Mergers, acquisitions, or portfolio restructuring

Use Case and Limitations

Capital for Life’s ratings are designed for use by professional financial advisers, wealth managers, trustees, and regulated introducers. They do not constitute a personal recommendation or financial advice.

Adviser-Only Member Resource

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Manulife Insurance Review 2025 — Pros, Cons and Coverage Insights for High-Net-Worth Clients. By Carlton Crabbe, CEO Capital for Life.

www.capitalforlife.com

Capital for Life

Capital for Life's vision is to empower high-net-worth clients and their advisers with superior life insurance and financing solutions.

Capital for Life Ltd. Registered in England and Wales. Company No. 12976386.
Registered office: 5 Brayford Square, London E1 0SG.