Manulife earnings growth seen continuing on Asia, wealth units: Morningstar

Net earned premiums are projected to grow 3.9% in 2026.

Manulife’s earnings growth is expected to continue over the next several years, supported by its Asia operations and global wealth and asset management business, despite headwinds in the US market, according to Morningstar’s analyst note.

Adjusted earnings per share are forecast to rise from $2.37 (CA$3.24) in 2024 to $2.80 (CA$3.83) in 2025 and $3.19 (CA$4.37) in 2026, representing annual growth of 13.8% and 18.3%, respectively.

Net earned premiums are projected to grow 3.9% in 2026 after a 7.1% rise in 2025, whilst total revenue is expected to increase 2.8% in 2026 following no growth this year.

The company’s $0.93b (CA$1.28b) acquisition of Comvest Credit Partners, due to close in late 2025, is aimed at expanding private credit assets under management.

Morningstar maintained its $28.47 (CA$39) fair value estimate, noting that shares remain slightly overvalued, trading at 1.09 times the estimate as of early August 2025.

($1.00 = CA$1.38)