Manulife’s Global Expansion And Capital Returns Reshape Long Term Growth Story

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• Manulife Financial (TSX:MFC) has entered a joint venture to move into India’s life insurance market.

• The company has announced acquisitions in Indonesia and the U.S. as part of a wider international expansion plan.

• Manulife is rolling out AI powered tools and has opened a global office in Dubai to support digital and high net worth client growth.

For you as an investor, this string of moves indicates that Manulife is focusing more on its role as a global insurer and asset manager, rather than only a North American player. Life insurance and wealth products remain central to its business model, and India, Indonesia and the Gulf region are all significant markets for insurance penetration and wealth creation.

The push into AI tools and the Dubai office suggests a company working to align its distribution, product design and client servicing with more digital and higher wealth segments. These shifts do not guarantee outcomes, but they provide additional areas to monitor around execution, integration of new businesses and how the TSX:MFC risk profile changes as its geographic mix evolves.

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3 things going right for Manulife Financial that this headline doesn’t cover.

For you, the key point is that Manulife is tying long-term business moves in Asia and the Gulf to an active capital return program. Management is committing cash to expansion in India and Indonesia, private-credit and asset management capabilities, and AI-powered tools, while at the same time raising the common dividend by 10.2% to C$0.485 per share and planning to repurchase up to 42.2 million shares, or about 2.5% of the share count, subject to TSX approval. That mix suggests a focus on both growth and balance sheet discipline rather than an all-or-nothing tilt in either direction.

• The push deeper into Asia and wealth management, including India, Indonesia and private-credit, lines up with the narrative that growth in these regions and fee-based businesses can support higher long-term earnings power.

• The same narrative flags execution and integration risks, and those concerns remain relevant as Manulife folds in new acquisitions and scales AI tools across multiple jurisdictions with different regulations.

• The renewed buyback and higher dividend are not fully captured in the qualitative narrative and add another layer for you to consider around how capital returns interact with the company’s global expansion plans.

Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Manulife Financial to help decide what it’s worth to you.

• ⚠️ Integration risk across multiple deals and regions, including India, Indonesia and private-credit, where delays or higher costs could affect profitability and returns.

• ⚠️ Regulatory and claims risk in core insurance and retirement products, especially with exposure to markets like Hong Kong and legacy U.S. businesses that have been highlighted as potential pressure points.

• 🎁 Record core earnings in 2025, 8% core EPS growth and new business CSM growth above 20% in each insurance segment indicate a business that is currently generating higher earnings and adding profitable contracts.

• 🎁 A 10.2% dividend increase, ongoing preferred dividends and authorization to repurchase up to 2.5% of shares point to a board willing to return capital while still funding global expansion and technology investment.

From here, you will want to see whether the India joint venture actually secures regulatory approval on the expected terms, how quickly the Indonesia and U.S. acquisitions start contributing to fee income, and whether AI-powered tools translate into faster underwriting and lower unit costs without raising risk. On capital returns, track how much of the 42.2 million share buyback capacity is used, at what pace, and whether dividend growth remains aligned with earnings. Finally, keep an eye on core EPS, new business CSM and any updates on the company’s 18%+ core ROE target by 2027, as those metrics sit at the heart of the current Manulife story.

To ensure you’re always in the loop on how the latest news impacts the investment narrative for Manulife Financial, head to the community page for Manulife Financial to never miss an update on the top community narratives.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include MFC.TO.

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