Independent, weighted assessment of one of the world’s leading international life insurers — for HNW and UHNW advisers structuring cross-border cases.
The 2026 picture reflects measurable progress on every dimension this review examines: stronger ratings, a higher ESG band, a new advisory presence in the GCC, and a genuinely new product architecture in MGG PRO.
Manulife in 2026 is materially evolved versus the 2025 edition. The September 2025 Moody’s upgrade to Aa3 confirms underlying balance sheet strength. The MSCI ESG upgrade from AA to AAA places Manulife in the highest tier globally. The launch of the Manulife Longevity Institute, with USD 350 million committed through 2030, signals a substantive shift toward longevity and well-being investment. And the May 2026 launch of Manulife Global Generations PRO opens, for the first time inside a Bermuda Savings Plan, defined access to an institutional alternative-credit strategy.
For advisers serving sophisticated, mobile clients across the Middle East, Europe, Africa, Asia, and Australia, Manulife remains at the top of advisers’ recommendation lists — and the gap to peer carriers has widened.
Three Manulife products feature in current Capital for Life adviser cases. Each has its own dedicated review and technical reference.
First international buffered IUL from a major life carrier. Absorbs the first 20% of market loss in exchange for higher caps, sitting between traditional 0% floor IUL and full equity exposure.
Bermuda-issued IUL with S&P 500 crediting, contractual cap and floor mechanics, multi-pay options, and broad premium financing acceptance across HNW lenders.
Dual-contract participating Savings Plan from Manulife Bermuda. Pairs the Manulife Bermuda Par Fund with non-participating segregated access to the CQS ABS Fund.
Illustrated rates and product specifications shown are not guaranteed and are not a forecast of future returns. Refer to each product’s official documentation for full assumptions.
Each insurer is scored across six factors using public disclosures, regulator filings, primary corporate releases, and adviser case data. Weights are fixed across the full carrier set so scores remain comparable year over year and across carriers.
Manulife's 2026 financial strength profile is materially stronger than at the time of the 2025 review.
The Moody’s upgrade to Aa3 from A1 on 19 September 2025 reflects, in Moody’s own words, “improved profitability, strong capital, and reduced exposure to lower ROE and legacy businesses.” The upgrade brings Manulife’s Moody’s rating into line with its long-standing AM Best A+ (Superior) standing, affirmed in December 2025, and reinforces a multi-agency profile that is consistently top tier.
The Manufacturers Life Insurance Company reported a LICAT ratio of 136% as at 31 December 2025, comfortably above OSFI’s 100% supervisory target. The 1-percentage-point year-on-year decline reflects dividends, common share buybacks, the Comvest Credit Partners acquisition, and the new segregated fund capital framework — partially offset by earnings growth. Capital surplus over OSFI’s supervisory target is C$24.1 billion at the MLI level.
Source: Manulife Q4 2025 Earnings Release; OSFI LICAT Guideline 2024; Moody's Investor Service press release, 19 September 2025.
As at 31 December 2025, Manulife managed USD 1.24 trillion (C$1.704 trillion) in total assets under management and administration (AUMA), an increase of approximately 9% on the prior year and reinforcing Manulife’s position among the world’s leading life-insurance based financial institutions.
Source: Manulife Financial Corporation, 2025 Annual Report, p.23. Last verified: 2nd May 2026.
Approximately 25% of Manulife’s segment core earnings in 2025 was generated by Global Wealth and Asset Management, up from 20% in the prior reporting period, reflecting the growing importance of fee based, diversified investment strategies within the group’s business model. The 2025 acquisition of Comvest Credit Partners (US$17.5 billion AUM) and the agreement to acquire PT Schroder Investment Management Indonesia further reinforced this diversification.
To contextualise Manulife’s scale, the table below compares the total assets under management of selected global financial institutions. Each insurer or asset manager uses its own methodology; figures are taken from full-year 2025 disclosures or, where unpublished, the most recent reporting period.
| Firm | Assets Under Management (USD) | As at |
|---|---|---|
| BlackRock | ~14.0 trillion | 31 December 2025 |
| Vanguard | ~12 trillion | Year end 2025 |
| Allianz Group (insurance + 3rd party) | ~2.9 trillion | 30 September 2025 |
| Manulife | 1.24 trillion | 31 December 2025 |
| Sun Life Financial | ~1.17 trillion (C$1.6tn) | 31 December 2025 |
| Aegon (incl. Transamerica) | ~0.35 trillion | 30 June 2025 |
Sources: BlackRock 4Q25 earnings release; Vanguard 2026 corporate brochure; Allianz 3Q25 earnings release; Manulife and Sun Life 2025 Annual Reports; Aegon 2Q25 results.
Manulife’s asset base places 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, premium financing, or alternative-credit allocation strategies.
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. This scale gives Manulife institutional depth, economic resilience, and access to diversified global capital markets.
Source: Manulife Financial Corporation, 2025 Annual Report, p.1 (Bloomberg, market capitalisation as at 31 December 2025).
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.
Manulife operates a globally balanced business model. Based on 2025 segment core earnings contribution from operating segments, Asia accounts for 38% (47% on a combined Asia region basis, including Asia operations within Global Wealth and Asset Management); Global Wealth and Asset Management for 25%; Canada for 21%, a stable home market with mature infrastructure; and the United States for 16%, primarily through the John Hancock brand.
Source: Manulife Financial Corporation, 2025 Annual Report, MD&A, p.18. The 2025 edition framing of 30/26/22/20 is superseded by 2025 full year reporting.
For high net worth clients, Manulife’s most relevant lens is its Manulife Global HNW platform, established in January 2023 to integrate Bermuda, Singapore, and Hong Kong HNW businesses under a single brand and operating model, with a dedicated team of more than 100 professionals.
In 2025, Manulife Global HNW became the first international life insurer to establish an office in the Dubai International Financial Centre (DIFC). The DIFC office holds a Category 4 licence and is dedicated to advising on and arranging life insurance contracts for HNW customers across the Middle East, Africa, and the wider region.
The DIFC office is an advisory and sales presence; policies continue to be issued from one of the three established hubs (Bermuda, Singapore, or Hong Kong) according to the client’s circumstances and structuring requirements. For Capital for Life advisers based in the GCC, the DIFC presence provides direct local engagement with Manulife product specialists, faster underwriting interaction for the region, and a stronger institutional touchpoint for HNW client meetings.
Source: Manulife 2025 Annual Report, p.1 and MD&A. Last verified: 2nd May 2026.
Manulife offers a comprehensive range of international life insurance products designed for HNW and UHNW clients 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 type | Available | Common use cases |
|---|---|---|
| Indexed Universal Life (IUL) | Yes | Offshore trusts, retirement income access, premium financing, S&P 500 and multi index crediting |
| Manulife Global Generations PRO (MGG PRO) — NEW 2026 | Yes (Bermuda) | Multi generational planning, dual-engine Par + alternative credit, structured drawdown via Protected Income for Life |
| Guaranteed Savings Plans | Yes | Capital preservation, legacy planning, deferred drawdown strategies |
| Guaranteed Whole of Life Cover | Yes | Estate equalisation, IHT mitigation, long term family protection |
| Indexed Income Savings Plan | Yes | Structured retirement income, market linked growth with downside protection |
| Term Life Insurance | Partial | Available in selected Asia jurisdictions (e.g. ManuProtect Term II in Singapore); not available across all international markets |
Manulife provides one of the strongest international product suites for HNW life planning. Its Indexed Universal Life policies are among the most flexible in the market, offering withdrawal access, policy loans, and premium financing compatibility. These policies are frequently used in offshore trust structures, family office strategies, and corporate owned life insurance frameworks to maximise tax deferral and succession planning efficiency.
The 2026 product set is materially expanded by the launch of MGG PRO, which extends the established MGG 25 participating Savings Plan into a dual-contract, dual-engine architecture combining the Manulife Bermuda Par Fund with non-participating segregated access to the CQS ABS Fund — an institutional alternative-credit strategy not previously accessible inside a Bermuda Savings Plan. The addition of Guaranteed Savings Plans and Whole of Life policies continues to appeal 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, attractive to clients who want participation in equity linked returns while maintaining a conservative risk profile. Advisers should note that Manulife does not currently offer term life insurance products across all international markets. Where temporary liquidity, business succession, or layered cover is required, term solutions may need to be sourced from alternative providers, although ManuProtect Term II is available in Singapore.
Many Manulife policies offer riders and optional benefits subject to jurisdiction, including:
These features offer advisers the flexibility to tailor cover to a client’s broader financial plan and governance structures.
Manulife’s international life insurance product offering is highly competitive for financial 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. With the 2026 launch of MGG PRO, Manulife has extended its product line into institutional alternative credit access inside an insurance wrapper. While advisers may still need to complement Manulife’s suite with term coverage from other providers in some jurisdictions, the core product line stands out for its strength, stability, and application across multiple jurisdictions.
Innovation in international life insurance is accelerating, particularly in the 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.
Launching in early May 2026, MGG PRO is a dual-contract, dual-engine participating whole of life Savings Plan from The Manufacturers Life Insurance Company (Bermuda Branch). It pairs the offshore stability of Manulife Bermuda’s Canadian-regulated participating fund with non-participating segregated access to an institutional alternative-credit strategy — the CQS ABS Fund — previously available only behind private investment platforms.
Two coordinated insurance contracts are issued together at inception. The Par Policy provides the stability layer: a guaranteed minimum death benefit, annual non-guaranteed dividends, accumulated dividends with interest, and a terminal bonus, all underpinned by the Manulife Bermuda Par Fund and governed under Canadian OSFI Par Fund regulations. The Non-Par Policy holds a guaranteed Cash Value Payment (CVP), a guaranteed Accidental Death Benefit (ADB), and the PRO Account — a non-participating segregated account that passes through the performance of the underlying CQS ABS Fund directly to the policyholder.
The allocation between Par and PRO Accounts is selected at issue and is irrevocable. The default 75% PRO / 25% Par allocation defines the standard policy. 50/50 and 90/10 alternatives are available at face amounts of USD 5 million or more.
| Specification | Detail |
|---|---|
| Issuing entity | The Manufacturers Life Insurance Company (Bermuda Branch) |
| Currency | USD only |
| Default allocation | 75% PRO / 25% Par |
| Alternative allocations (face ≥ USD 5m) | 50/50 or 90/10 |
| Premium pay tracks | Single Pay, 5 Pay, 10 Pay |
| Minimum cumulative premium | USD 1,000,000 |
| Maximum premium per controlling person | USD 250,000,000 (75/25 and 90/10) / USD 125,000,000 (50/50) |
| Default PRO Account assumed crediting rate | 9.50% |
| Maximum illustratable PRO crediting rate | 13.90% |
| Year 30 Total Internal Rate of Return | 8.10% (post-Promotion basis) |
| Day 1 Cash Surrender Value | Approximately 43% (compared with 80% under MGG 25) |
| Total break-even | Year 3 (compared with Year 5 under MGG 25) |
| Maturity | Policy year 121 |
| New features | Policy Split (up to 5 child policies, 2 split events maximum); Death Benefit Settlement Options (lump sum or 5/10/20 year instalments) |
| Eligibility exclusions | Not available to U.S. citizens or residents, Bermuda residents, or Canada residents |
Source: Manulife Global Generations PRO Product Guide (April 2026); Capital for Life Adviser Briefing, May 2026.
Manulife’s PRO Series IUL product line, introduced in 2025, features a buffered performance structure in which the first 20% of market loss is absorbed, meaning no policy losses are incurred unless the underlying index falls by more than 20%. The first of its kind to be released by a major international life insurance carrier.
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 IUL designs that Manulife has historically offered. The MGIUL PRO Series is suitable for clients seeking more market exposure while maintaining defined downside protection.
Light Touch Underwriting is designed for efficiency and an enhanced client experience, ideal for HNW clients aged 18 to 55 seeking up to USD 5 million in coverage with no major health concerns. It replaces in-person medicals with remote tele-underwriting, reducing time and documentation friction.
Best suited for executive or globally mobile clients needing faster policy issuance. Full medical underwriting still applies for higher sums or complex cases.
The 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. This delivers substantial premium savings, aligns with health improvement, and is unique in the offshore HNW market context.
New for 2025 and integrated with most newly issued policies, Manulife provides access to Shared Values, a suite of premium living benefits that support proactive, preventive healthcare alongside the policy’s wealth-planning architecture.
Shared Values benefits are subject to eligibility and Manulife Bermuda’s sole discretion. Programmes may be modified, suspended, or discontinued. Not insurance services.
MGG PRO in 2026 is the most significant product evolution in Manulife’s international HNW product set since the company’s MGIUL PRO was launched last year. It continues the rollout of the PRO range of solutions. MGG PRO gives access to an institutional alternative-credit strategy alongside a Canadian-regulated participating chassis. For Capital for Life advisers, MGG PRO is complementary to, not competitive with, IUL and Private Placement Life Insurance on the planning shelf. It serves clients who require long-term offshore stability with a defined high-performance credit strategy, but for whom a fully bespoke PPLI investment policy is unnecessary or inappropriate, and for whom a more conventional Savings Plan is not the desired risk-return profile.
Meanwhile, the MGIUL PRO buffered product remains a meaningful evolution: it provides clients with a third path between full-risk equity exposure and principal-protected IUL, attractive to clients with moderate risk tolerance and advisers seeking options beyond the standard 0% floor model. The Light Touch Underwriting and Quit Smoking Programmes are positive differentiators, particularly in an international market where underwriting logistics can delay policy placement.
| Feature | Description | Benefit to HNW clients |
|---|---|---|
| MGG PRO (NEW 2026) | Dual-contract Savings Plan: Par chassis plus segregated CQS ABS Fund engine; default 75/25 allocation | Multi-generational planning with institutional alternative-credit access inside a Bermuda insurance wrapper |
| PRO Series — Buffered IUL | Absorbs the first 20% of market losses; offers higher cap rates for upside | Balances risk and reward; suitable for moderate risk investors |
| Traditional IUL (0% floor) | No losses in negative market years; capped upside | Offshore trusts, retirement income access, premium financing |
| Light Touch Underwriting | No in person medicals for applicants aged 18 to 55 seeking up to USD 5m in coverage | Faster, easier onboarding for low risk clients |
| Tele underwriting | Medical consultations conducted remotely via phone or video | Increases accessibility and convenience, especially for mobile clients |
| Quit Smoking Programme | Non smoker premiums for 3 years with the option to retain them permanently | Premium savings plus a health improvement incentive |
| Shared Values (Living Benefits) | Prenuvo MRI and Teladoc concierge, available at premium ≥ USD 10m | Proactive healthcare integrated with HNW policy ownership |
For advisers working with HNW clients, Manulife's international life insurance products 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.
| Planning application | Rating | Commentary |
|---|---|---|
| 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 |
| 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 |
| High death benefit | Excellent | Large face amounts suitable for estate equalisation and wealth transfer; MGG PRO max premium up to USD 250m per controlling person |
| 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 20% buffer protection; MGG PRO adds non equity, alternative-credit pass through |
| Variety of investment strategies | Excellent | IUL, indexed savings, guaranteed and participating whole of life, par fund savings plans and now in 2026, an alternative-credit strategy. |
To help advisers assess where Manulife’s international life insurance solutions fit best, Capital for Life uses a three tier suitability model:
Manulife’s core market, HNW clients with global needs and complex planning goals.
Clients with simpler protection needs, domestic only coverage goals, or term only preferences.
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, improving both suitability outcomes and long term policy performance.
| Best suited for | Less suited for | Borderline / case by case |
|---|---|---|
| UHNW clients with cross border assets needing cover up to USD 150 million | Clients needing domestic only solutions with no offshore element | Medium net worth individuals seeking cover near the minimum threshold |
| Offshore estate planning with life cover of USD 2 million or more | Small ticket cases needing simplified underwriting or lower premiums | Clients exploring premium financing with less established borrowing history |
| USD denominated policies with premium financing structures | Price sensitive clients focused solely on low-cost term | Risk averse clients unfamiliar with index-based returns |
| Use of trusts, family offices, or multi-jurisdictional wealth structures | Clients seeking term only insurance (limited international availability) | Clients comfortable with mark to market NAV mechanics for MGG PRO PRO Account access |
| Indexed growth with downside protection (IUL, buffered IUL, indexed savings) | Clients with basic protection only needs | Clients evaluating MGG PRO versus PPLI for alternative-credit allocation inside an insurance wrapper |
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 HNW families will find Manulife’s underwriting, product variety, and jurisdictional flexibility well aligned with the 2026 advisory landscape, especially with the addition of MGG PRO and the DIFC office presence in the GCC.
Under IFRS 17, the disclosure framework adopted across the global insurance industry from January 2023, Manulife reports insurance service expenses rather than the legacy “net benefits and claims paid” line. For full year 2025, Manulife’s insurance service expenses were C$23.1 billion, reflecting incurred claims, directly attributable expenses, and changes in liabilities for incurred claims under the IFRS 17 framework.
This figure demonstrates the company’s continuing operational scale and capacity to honour commitments to policyholders worldwide. Combined with the C$24.1 billion of capital surplus over OSFI’s supervisory target, the C$81.6 billion of consolidated capital, and AAA-rated MSCI ESG governance, Manulife’s claims and benefits payment capability sits at the upper tier of the global life insurance market.
Supported by a robust capital base and prudent risk controls, Manulife continues to maintain strong claims handling capabilities while delivering long-term, sustainable growth across the Manulife Global HNW platform and its broader international franchise.
Manulife’s claims and benefits experience reinforces its position as a financially resilient and operationally dependable life insurer. Its capacity to honour large-scale claims demonstrates vast liquidity, financial strength, global infrastructure, and the reliability that HNW clients demand.
For advisers, this scale of claim fulfilment means more than a headline figure — 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. Combined with the September 2025 Moody’s upgrade and the December 2025 AM Best affirmation, Manulife’s claims-handling profile is structurally stronger than it was at the time of the 2025 review.
Source: Manulife Financial Corporation, 2025 Annual Report — Consolidated Statements of Income (IFRS 17).
Manulife continues to demonstrate a strong commitment to customer service, with key satisfaction indicators and external recognition validating its global performance. The 2026 picture reflects significant new accolades alongside one notable area of variability.
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. The Forbes Best Life Insurance Companies inclusion is particularly relevant for HNW client positioning, alongside the Evident AI #1 ranking, which speaks to operational and underwriting infrastructure that international advisers increasingly rely on.
The J.D. Power decline for John Hancock is a U.S. retail satisfaction signal rather than an international HNW signal. The Manulife Global HNW platform is a separate operating environment with dedicated relationship management for advisers and HNW clients across Bermuda, Singapore, Hong Kong, and now DIFC — an environment where the structural drivers measured by J.D. Power (digital channels, problem resolution at scale, agent versus direct purchase paths) operate very differently. Advisers should nevertheless be aware of the underlying retail trend when discussing Manulife brand perception with U.S.-connected clients.
Sources: Manulife 2025 Annual Report; Manulife full year and Q4 2025 earnings release (11 February 2026); J.D. Power 2025 U.S. Individual Life Insurance Study (9 October 2025).
For HNW clients and their advisers, ESG 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. The 2026 picture is materially stronger than the 2025 picture.
Manulife’s ESG profile in 2026 is materially improved compared with 2025. The MSCI rating jump from AA to AAA places Manulife in the top tier globally, and the launch of the Manulife Longevity Institute, combined with the Innovating for Asia’s Demographic Future Challenge, demonstrates the firm’s transition from passive ESG compliance to active longevity and well-being investment. These credentials are particularly relevant for HNW clients seeking alignment between their financial planning and personal values, family office mandates focused on intergenerational health and wealth, and philanthropy-connected estate plans.
On balance, Manulife’s ESG strength is a meaningful competitive differentiator in today’s values-driven wealth environment, and a stronger differentiator in 2026 than it was in 2025.
Sources: Manulife 2025 Annual Report (At a Glance and Community sections); Manulife Sustainability Report; MSCI ESG Ratings.
Using our proprietary weighted scoring model, Capital for Life has independently re-evaluated Manulife (The Manufacturers Life Insurance Company of Canada) across the six factors most relevant to professional advisers and HNW clients. Each factor reflects 2025 full year disclosures, the September 2025 Moody’s upgrade, the MSCI ESG upgrade, and the May 2026 launch of MGG PRO, a genuine alternative risk and asset class savings plan.
| Factor | Score | Assessment |
|---|---|---|
| Financial Strength | 9.7/10 | Moody's upgrade to Aa3; AM Best A+ affirmed December 2025; LICAT 136% with C$24.1bn surplus over OSFI 100% target |
| Capital Adequacy | 9.0/10 | LICAT marginally lower (136% vs 137%) but consolidated capital up to C$81.6bn; financial leverage stable at 23.9% |
| AUM & Diversification | 9.2/10 | AUMA US$1.24tn (+9% YoY); Comvest acquired (US$17.5bn AUM); Schroders Indonesia agreement; Mahindra India JV |
| Global Market Reach | 9.3/10 | DIFC office launched (first international life insurer with Category 4 licence); Manulife Global HNW unified; Bupa HK collaboration |
| Product Innovation (HNW) | 9.0/10 | MGG PRO May 2026 launch — dual-contract Par + CQS ABS engine; Shared Values living benefits; PRO Series intact |
| Underwriting Flexibility | 9.0/10 | Light Touch Underwriting; Quit Smoking Programme; international HNW underwriting flexibility consistent |
Carlton’s knowledge and expertise is invaluable in the field of life assurance planning for HNW individuals and families. A clear communicator who can quickly craft a solution and is unrelenting on a successful delivery.
Manulife remains one of the most globally capable, financially secure, and strategically positioned life insurers in the international HNW market. The 2026 picture is materially stronger than the 2025 picture across financial strength, ESG, geographic reach, and product innovation.
Manulife offers advisers a rare combination of:
While Manulife’s minimum premium thresholds and limited international term insurance availability may restrict accessibility for particular client segments, its strengths in structured planning, capital adequacy, global reach, and adviser responsiveness make it a top-tier choice for cross-border HNW life cover in 2026.
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:
HNW and UHNW 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.
Clients seeking institutional alternative-credit access via MGG PRO inside a Bermuda Savings Plan wrapper, alongside or instead of PPLI.
Multi-generational wealth transfer cases requiring Policy Split, Death Benefit Settlement Options, or Manulife Bermuda Master Insurance Trust sub-trust ownership structures.
Our reviews are independently conducted and based on data-driven, adviser-centric methodology, designed to guide selection with confidence and clarity.
Manulife in 2026 is a more capable carrier than at any point in its recent history. The Moody’s credit rating upgrade confirms the underlying balance sheet strength. The MSCI AAA rating adds weight to the values framework Manulife operates by. The new United Arab Emirates Dubai International Financial Centre office shortens the distance between professional advisers, HNW clients, and this insurer in the GCC. And MGG PRO extends the PRO series further still — a product that, for the first time, opens the door to defined access to an institutional alternative-credit strategy. For advisers serving sophisticated clients, Manulife remains at the top of advisers’ recommendation lists.
Capital for Life Research uses a proprietary scoring framework to evaluate the strength and suitability of international life insurance providers, particularly for HNW and UHNW clients.
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.
Capital for Life is led by Carlton Crabbe, with close to 30 years of specialist experience advising HNW and UHNW individuals, international families, entrepreneurs, and private bank clients across the UAE, UK, Europe, Africa, Asia, and Australia. Carlton was formerly FCA authorised at Barclays Private Bank and Grant Thornton before establishing Capital for Life. The firm operates as an Appointed Representative Partner Practice of Forest Wealth SA, a FINMA registered insurance intermediary.
| Evaluation factor | Weighting |
|---|---|
| Financial Strength | 30% |
| Capital Adequacy | 20% |
| Assets Under Management & Diversification | 15% |
| Global Market Reach | 15% |
| Product Innovation (HNW Focus) | 10% |
| Underwriting Flexibility | 10% |
| Score | Assessment |
|---|---|
| 9.0 to 10.0 | Outstanding — Industry leading across most or all areas |
| 8.0 to 8.9 | Strong — High quality offering with minor limitations |
| 7.0 to 7.9 | Competent — Solid but with notable gaps in certain areas |
| 6.0 to 6.9 | Limited — Suitable only in specific scenarios |
| Below 6.0 | Not Recommended — Substantial concerns or misalignment with HNW needs |
Capital for Life Research combines adviser insight, underwriting trends, and institutional data to build its life insurer evaluations. Our scoring sources include:
Each category is scored from 1 to 10, with 9 to 10 representing market leading performance, 7 to 8 strong with limitations or regional variation, 5 to 6 serviceable but not competitive in key HNW areas, and below 5 misaligned with HNW market expectations. Scores are weighted and benchmarked against a global peer set, ensuring insurer assessments reflect both standalone capability and relative competitiveness in the international life insurance market.
Ratings are reviewed semi annually, or following a material change in the insurer’s financial status, regulatory position, or product offering. Material change triggers include downgrades or upgrades in financial strength ratings, launch or withdrawal of key products, changes in jurisdictional access or licensing, and mergers, acquisitions, or portfolio restructuring.
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.
Scores do not constitute investment advice, a credit opinion, or a regulatory rating. They are Capital for Life’s editorial assessment for adviser use.
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MGG PRO is a participating whole-of-life Savings Plan with a dual-contract structure, pairing the Manulife Bermuda Par Fund (stability) with non-participating segregated access to the CQS ABS Fund (alternative credit). MGIUL 24 is an Indexed Universal Life policy with S&P 500 crediting, contractual cap and floor mechanics, and broad premium financing acceptance. They serve different planning architectures rather than competing for the same case — MGG PRO sits between IUL and PPLI on the planning shelf.
The Manufacturers Life Insurance Company reported a LICAT ratio of 136% as at 31 December 2025, representing a capital surplus of C$24.1 billion over OSFI's 100% supervisory target. LICAT is the Canadian regulator's capital adequacy test for life insurers — a stronger ratio means greater claims-paying resilience and capital flexibility for new business growth.
Through three issuing hubs — Manulife Bermuda, Manulife Singapore, and Manulife Hong Kong — unified under the Manulife Global HNW brand since January 2023. A new advisory office opened in the Dubai International Financial Centre in 2025, the first Category 4 licence held by an international life insurer in DIFC. The DIFC office is an advisory presence; policies continue to be issued from Bermuda, Singapore, or Hong Kong according to the client's circumstances.
Yes. Manulife's IUL and Universal Life policies are widely used in premium-financed structures, particularly through Manulife Bermuda. MGIUL 24 has broad lender acceptance. MGG PRO premium financing is assessed case-by-case given the dual-contract structure and the PRO Account's mark-to-market mechanics. Capital for Life supports advisers through full structuring including lender selection.
Manulife Global HNW is the unifying brand established in January 2023 to integrate the Bermuda, Singapore, and Hong Kong HNW businesses under a single operating model. It is supported by a dedicated team of more than 100 professionals and serves HNW and UHNW clients across the Middle East, Europe, Africa, Asia, and Latin America. The 2025 DIFC office opening extended the platform's advisory reach into the GCC.
Capital for Life reviews insurer ratings semi-annually, or sooner following a material change in the insurer's financial status, regulatory position, or product offering. Material change triggers include rating upgrades or downgrades, launch or withdrawal of key products, changes in jurisdictional access, and significant M&A activity. The full 2027 review is scheduled for May 2027.