Manulife Financial Management
Management criteria checks 1/4
Manulife Financial's CEO is Phil Witherington, appointed in May 2025, has a tenure of 1.33 years. total yearly compensation is CA$15.47M, comprised of 9.7% salary and 90.3% bonuses, including company stock and options. directly owns 0.016% of the company’s shares, worth CA$15.99M. The average tenure of the management team and the board of directors is 1.3 years and 4 years respectively.
Key information
Phil Witherington
Chief executive officer
CA$15.5m
Total compensation
| CEO salary percentage | 9.67% |
| CEO tenure | 1.3yrs |
| CEO ownership | 0.02% |
| Management average tenure | 1.3yrs |
| Board average tenure | 4yrs |
Recent management updates
Recent updates
Narrative Update • Sep 03
MFC: Earnings Momentum And Capital Measures Will Guide Balanced Medium Term Outlook
Manulife Financial's updated fair value estimate moves to CA$65.20 from CA$63.87 as analysts lift price targets into the CA$59 to CA$70 range and point to adjusted revenue growth and P/E assumptions, along with a slightly lower profit margin outlook. Analyst Commentary Recent Street research on Manulife Financial clusters in a CA$59 to CA$70 price target range, with most analysts keeping positive ratings while one maintains a more neutral stance.Narrative Update • Aug 13
MFC: Earnings Momentum And Capital Actions Will Shape Balanced Medium Term Outlook
Analysts have lifted the fair value estimate for Manulife Financial to CA$63.87 from CA$60.07. This change reflects higher Street price targets in the CA$59 to CA$70 range, supported by updated views on revenue growth, profit margin and future P/E assumptions.Narrative Update • Jul 30
MFC: AI Execution And Capital Returns Will Shape Measured Medium Term Outlook
Manulife Financial's analyst price target has moved higher, with the fair value estimate rising from CA$57.25 to CA$60.07, supported by recent Street research that reflects updated views on revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent Street commentary on Manulife Financial points to a mixed but generally constructive view on the stock's valuation and execution.Narrative Update • Jul 16
MFC: Asia Expansion And AI Focus Will Support Measured Medium Term Outlook
Analysts have raised their blended price target for Manulife Financial to CA$57.25 from CA$55.38, reflecting updated views on the company after a series of recent Street target changes between CA$54 and CA$61 and slight adjustments to fair value, revenue growth and profit margin assumptions. Analyst Commentary Street research on Manulife Financial has clustered around a range of CA$54 to CA$61, with several firms adjusting their price targets in recent months.Narrative Update • Jun 22
MFC: AI Leadership And Asia Expansion Will Support Balanced Medium Term Outlook
Analysts have slightly adjusted their view on Manulife Financial, with recent Street updates pointing to a modestly lower blended price target in the CA$54 to CA$58 range as they fine tune assumptions rather than change the core outlook. Analyst Commentary Recent Street commentary on Manulife Financial centers on fine tuning of price targets in the CA$54 to CA$58 range, with analysts largely maintaining existing ratings while adjusting valuation assumptions at the margin.Narrative Update • Jun 05
MFC: AI Partnerships And Leadership Changes Will Support Medium Term Sentiment Stability
Narrative Update: Manulife Financial The analyst price target for Manulife Financial is now framed around CA$54 to CA$58, with the updated fair value estimate of CA$55.38 reflecting recent Street adjustments and analyst views on revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent Street updates on Manulife Financial cluster in a fairly tight CA$54 to CA$58 range, as analysts fine tune their models rather than making sweeping valuation changes.Narrative Update • Apr 29
MFC: Capital Returns And Partnerships Will Support Medium Term Sentiment Stability
Analysts have nudged their average price target on Manulife Financial slightly higher by CA$1, reflecting incremental adjustments from recent research updates while keeping key valuation inputs, such as fair value, discount rate, revenue growth, profit margin, and future P/E, effectively unchanged. Analyst Commentary Recent research updates point to a mixed but generally constructive stance on Manulife Financial, with several bullish price target adjustments offset by at least one reduction.Narrative Update • Apr 15
MFC: Capital Returns And Partnerships Will Support Medium Term Multiple Stability
Manulife Financial's analyst price targets have seen a small upward reset to around CA$55 to CA$56, as analysts factor in steady fair value estimates, updated revenue and margin assumptions, and mixed but generally supportive recent research updates from Scotiabank, RBC Capital, and TD Securities. Analyst Commentary Bullish Takeaways Bullish analysts lifting price targets toward CA$56 indicate continued confidence that current valuation still leaves some room for upside based on their fair value work.Analysis Article • Apr 13
Manulife Financial Corporation (TSE:MFC) Analysts Just Slashed This Year's Revenue Estimates By 13%
The latest analyst coverage could presage a bad day for Manulife Financial Corporation ( TSE:MFC ), with the analysts...Narrative Update • Mar 31
MFC: Medium Term Execution And Capital Returns Will Support Multiple Expansion
Analysts have nudged the average price target for Manulife Financial higher, with several firms lifting their views by CA$1 to CA$3 into the CA$52 to CA$58 range, citing progress on medium term targets, potential upside to consensus estimates, and room for further multiple expansion. Analyst Commentary Recent research commentary around Manulife Financial has focused on how well the company is executing on its medium term goals, what that could mean for earnings expectations, and how much upside remains in the current valuation range.Narrative Update • Mar 17
MFC: Execution On Medium Term Goals Will Support Further Multiple Expansion
Analysts have nudged the fair value estimate for Manulife Financial slightly higher to about CA$54.71, citing modestly higher revenue growth assumptions, a somewhat lower profit margin outlook, and a higher future P/E that aligns with a series of recent price target increases in the CA$52 to CA$58 range. Analyst Commentary Recent Street research on Manulife Financial has been active, with several firms adjusting price targets in a tight CA$52 to CA$58 range and one rating upgrade.Narrative Update • Mar 03
MFC: Execution On Medium Term Goals Will Support Further Multiple Expansion
Analysts have inched their average price target for Manulife Financial higher to about the CA$55 to CA$58 range, reflecting updated views around the company’s progress toward its medium term objectives, potential upside to consensus estimates, and the possibility of further multiple expansion supported by capital strength, cash flow and sector consolidation themes discussed in recent research. Analyst Commentary Recent research shows a mix of optimism and caution around Manulife Financial, with several firms adjusting price targets in the CA$52 to CA$58 range and one lowering its target by CA$1.Narrative Update • Feb 17
MFC: Core Execution And Capital Returns Will Support Measured Multiple Expansion
Analysts have raised their fair value estimate for Manulife Financial by CA$1.00 to CA$54.67. This reflects updated assumptions for revenue growth, profit margins, and a slightly lower future P/E that align with a series of recent target increases from Scotiabank, RBC Capital, CIBC, and Barclays, partly offset by a modest trim from TD Securities.Narrative Update • Feb 02
MFC: Core Insurance Execution And Asia Focus Will Support Measured Multiple Expansion
Our analyst fair value estimate for Manulife Financial has edged up by about $0.20 per share as analysts reflect a series of higher price targets, supported by views on execution against medium term objectives, potential upside to consensus estimates, and room for further multiple expansion within the life insurance group. Analyst Commentary Recent Street research on Manulife Financial has leaned constructive, with several firms lifting price targets and, in at least one case, upgrading the stock rating.Narrative Update • Jan 19
MFC: Core Insurance Strength And Asia Expansion Will Support Measured Multiple Expansion
Narrative update on Manulife Financial The updated analyst price target for Manulife Financial has edged higher to about $53.47 from $51.94. This reflects analysts' responses to recent target increases, upgraded ratings, and expectations for potential multiple expansion supported by capital strength, cash flow, and execution against medium term objectives.Narrative Update • Jan 05
MFC: Core Insurance Strength And Asia Expansion Will Support Balanced Outlook
Analysts have nudged their price targets for Manulife Financial higher, with recent raises of approximately $2 to $5. These adjustments reflect improved life insurance earnings, stronger core insurance results, and solid Asia sales, while still accounting for sector headwinds from potential Fed cuts.Narrative Update • Dec 16
MFC: Core Insurance And Asia Execution Will Support Balanced Medium Term Outlook
Analysts have nudged their price targets on Manulife Financial higher, with recent revisions in both U.S. dollar and Canadian dollar terms reflecting stronger than expected life insurance earnings and solid core insurance and Asia growth. This has resulted in a modest increase in our fair value estimate to about $51.94.Narrative Update • Dec 02
MFC: Core Insurance Performance And Asia Sales Will Drive Resilient Future Outlook
Analysts have raised their price targets for Manulife Financial, with increases ranging from C$1 to C$5 per share. They cite strong insurance earnings reports and continued sales growth in Asia as key factors for the improved outlook.Narrative Update • Nov 18
MFC: Core Insurance Strength and Asia Momentum Will Support Steady Outlook
Analysts have raised their average price target for Manulife Financial from $49.13 to $51.87. This change reflects improved expectations for revenue growth and ongoing positive model updates following recent strong earnings reports in the life insurance sector.Narrative Update • Nov 01
MFC: Sector Headwinds And Mixed Performance Will Shape Near-Term Outlook
Analysts have modestly increased their price target for Manulife Financial to approximately $49.13. They cite ongoing sector headwinds and recent results that have broadly met or exceeded expectations as reasons for this adjustment.Narrative Update • Oct 17
Expanding Asia And US Markets Will Shape The Future
Analysts have updated their price target for Manulife Financial to $48.20. This is a modest increase that reflects ongoing sector tailwinds and the company’s better-than-expected earnings performance.CEO Compensation Analysis
| Date | Total Compensation | Salary | Company Earnings |
|---|---|---|---|
| Jun 30 2026 | n/a | n/a | CA$6b |
| Mar 31 2026 | n/a | n/a | CA$6b |
| Dec 31 2025 | CA$15m | CA$1m | CA$5b |
| Sep 30 2025 | n/a | n/a | CA$5b |
| Jun 30 2025 | n/a | n/a | CA$5b |
| Mar 31 2025 | n/a | n/a | CA$5b |
| Dec 31 2024 | CA$9m | CA$1m | CA$5b |
| Sep 30 2024 | n/a | n/a | CA$5b |
| Jun 30 2024 | n/a | n/a | CA$4b |
| Mar 31 2024 | n/a | n/a | CA$4b |
| Dec 31 2023 | CA$8m | CA$988k | CA$5b |
| Sep 30 2023 | n/a | n/a | CA$4b |
| Jun 30 2023 | n/a | n/a | CA$4b |
| Mar 31 2023 | n/a | n/a | CA$483m |
| Dec 31 2022 | CA$6m | CA$944k | -CA$2b |
| Sep 30 2022 | n/a | n/a | -CA$998m |
| Jun 30 2022 | n/a | n/a | CA$117m |
| Mar 31 2022 | n/a | n/a | CA$5b |
| Dec 31 2021 | CA$6m | CA$915k | CA$7b |
| Sep 30 2021 | n/a | n/a | CA$7b |
| Jun 30 2021 | n/a | n/a | CA$7b |
| Mar 31 2021 | n/a | n/a | CA$5b |
| Dec 31 2020 | CA$5m | CA$907k | CA$6b |
| Sep 30 2020 | n/a | n/a | CA$5b |
| Jun 30 2020 | n/a | n/a | CA$4b |
| Mar 31 2020 | n/a | n/a | CA$5b |
| Dec 31 2019 | CA$5m | CA$864k | CA$5b |
Compensation vs Market: Phil's total compensation ($USD11.06M) is above average for companies of similar size in the Canadian market ($USD7.83M).
Compensation vs Earnings: Phil's compensation has increased by more than 20% in the past year.
CEO
Phil Witherington (49 yo)
1.3yrs
Tenure
CA$15,472,253
Compensation
Mr. Philip James Witherington, also known as Phil, is President, CEO & Director of The Manufacturers Life Insurance Company from 2025. Mr. Witherington is Controller of Manulife (International) Limited sin...
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 1.3yrs | CA$15.47m | 0.016% CA$ 16.0m | |
| Chief Financial Officer | 3.2yrs | CA$5.15m | 0.0013% CA$ 1.4m | |
| President and CEO of Global Wealth & Asset Management | no data | CA$7.71m | 0.0067% CA$ 6.9m | |
| President & CEO of Manulife Asia | 1.3yrs | CA$6.79m | 0.0034% CA$ 3.5m | |
| President & CEO of John Hancock | 3.4yrs | CA$6.18m | 0.0066% CA$ 6.8m | |
| Chief Technology & Operations Officer | less than a year | no data | 0.0043% CA$ 4.4m | |
| Chief Investment Officer | 2.1yrs | no data | 0.0025% CA$ 2.6m | |
| Executive VP & Chief Accounting Officer | no data | no data | no data | |
| Global Head of Treasury & Investor Relations | 1.3yrs | no data | no data | |
| General Counsel | 1yr | no data | 0.000050% CA$ 51.5k | |
| Global Chief Communications Officer | no data | no data | no data | |
| Global Chief Marketing Officer | no data | no data | 0.0025% CA$ 2.5m |
1.3yrs
Average Tenure
Experienced Management: MFC's management team is not considered experienced ( 1.3 years average tenure), which suggests a new team.
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 1.3yrs | CA$15.47m | 0.016% CA$ 16.0m | |
| Independent Corporate Director | 6.3yrs | CA$375.23k | 0.00039% CA$ 401.6k | |
| Independent Director | 2.5yrs | CA$319.64k | no data | |
| Independent Chairman of the Board | 16.1yrs | CA$590.63k | 0.0072% CA$ 7.4m | |
| Independent Director | 2.5yrs | CA$319.64k | no data | |
| Chairman of the Board - Manulife Asia | 3.2yrs | no data | no data | |
| Independent Director | 2.3yrs | CA$319.64k | no data | |
| Independent Corporate Director | 4.8yrs | CA$375.23k | no data | |
| Independent Director | 2.1yrs | CA$319.64k | 0.00031% CA$ 319.2k | |
| Independent Corporate Director | 7.1yrs | CA$355.19k | no data | |
| Independent Corporate Director | 5.8yrs | CA$319.64k | no data | |
| Independent Corporate Director | 7.1yrs | CA$375.23k | no data |
4.0yrs
Average Tenure
66.5yo
Average Age
Experienced Board: MFC's board of directors are considered experienced (4 years average tenure).
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/20 03:58 |
| End of Day Share Price | 2026/09/18 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
| |
| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Manulife Financial Corporation is covered by 31 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Mark Rosen | Accountability Research Corporation |
| Lemar Persaud | ATB Cormark Historical (Cormark Securities) |
| Eric Berg | Barclays |