Statistical Information Package · Q1 2013. TABLE OF CONTENTS Page Page Financial Reporting...

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Statistical Information Package

Q1 2013

TABLE OF CONTENTS

Page Page

Financial Reporting Structure 1 Asset InformationNotes to Readers 2 Asset Composition and QualityFinancial Highlights 3 Portfolio Composition 28

Fixed Income Securities by Credit Quality and Geographic Location 29Fixed Income Securities by Sector 30

Consolidated Financial Statements Provisions, Impairments & Unrealized Losses 31Consolidated Statements of Income 6 Investment Income 32Consolidated Statements of Financial Position 7Statements of Changes in Equity 8Consolidated Statements of Cash Flows 9 Actuarial Liabilities InformationSource of Earnings 10 Variable Annuity Product Guarantees 33

Wealth Management DAC Balances 34

Segmented InformationAsia 11

Hong Kong 12 Capital InformationIndonesia 13 Regulatory Capital 35Other Asia Territories 14Japan 15 Glossary of Terms and Definitions 36

Canadian 16Individual Insurance 17 General Information 37Individual Wealth Management 18Group Businesses 19

U.S. Division 20John Hancock Life 22John Hancock Long-Term Care 23John Hancock Wealth Asset Management 24John Hancock Annuities 25

Corporate & Other 26Corporate & Other - Reinsurance 27

FINANCIAL REPORTING STRUCTURE

U.S. DIVISION

HONG KONG INDIVIDUAL INSURANCE JOHN HANCOCK LIFE CORPORATE

Individual Insurance Universal Life Variable Universal Life CorporateGroup Life and Health Whole Life Universal LifeGroup Pensions Term Life Whole LifeMutual Funds Living Benefits Term Life

Affinity Markets COLIInternational Group Program: Universal Life with Lifetime No-Lapse Guarantees Group Life & Health Guaranteed Non-Par Whole Life Group Pensions

INDONESIA INDIVIDUAL WEALTH MANAGEMENT (IWM)

JOHN HANCOCK LONG-TERM CARE (LTC) REINSURANCE

Individual Insurance Annuities Retail LTC Property and CasualtyGroup Life and Health Fixed Rate Products Group LTC JH Accident and Health (discontinued)Group Pensions Segregated Funds Federal LTCMutual Funds Manulife Bank

Mutual Funds

OTHER ASIA TERRITORIES* GROUP BUSINESSES JOHN HANCOCK WEALTH ASSET MANAGEMENT

INVESTMENTS

Individual Insurance Group Life and Health Defined Contribution Institutional Advisory AccountsGroup Life and Health Group Retirement Solutions Mutual Funds Privately Managed AccountsGroup Pensions College SavingsMutual Funds

* Other Asia territories includes China, Taiwan, Malaysia,Philippines, Singapore, Thailand, Vietnam, Cambodia andRegional office.

JAPAN JOHN HANCOCK ANNUITIES

Individual Insurance Variable AnnuitiesVariable Annuities Fixed Deferred Annuities

Payout AnnuitiesSpread-based ProductsFee-based Products

Page 1 FINANCIAL REPORTING STRUCTURE

CANADIAN

MFC

CORPORATE & OTHERASIA

Notes to Readers

#

C

Page 2 NOTES TO READERS

Use of this document:Information in the document is supplementary to the Company's first quarter Press Release, MD&A and unaudited financial statements and the Company's 2012 Annual Report and should be read in conjunction with those documents

Performance and Non-GAAP MeasuresWe use a number of non-GAAP financial measures to measure overall performance and to assess each of our businesses. Non-GAAP measures include premiums and deposits, funds under management, constant currency basis, new business embedded value, core earnings, total annualized premium equivalents, total weighted premium income, capital and sales. Non-GAAP financial measures are not defined terms under GAAP and, therefore, are unlikely to be comparable to similar terms used by other issuers. Therefore, they should not be considered in isolation or as a substitute for any other financial information prepared in accordance with GAAP.

Premiums and deposits is a measure of top line growth. The Company calculates premiums and deposits as the aggregate of (i) general fund premiums net of reinsurance, reported as premiums on the Statement of Income, (ii) premium equivalents for administration only group benefit contracts, (iii) premiums in the Canadian Group Benefit’s reinsurance ceded agreement, (iv) segregated fund deposits, excluding seed money, (v) mutual fund deposits, (vi) deposits into institutional advisory accounts, and (vii) other deposits in other managed funds. The ceded premium related to the coinsurance agreements entered into in Q2 2012 and Q3 2012 for our U.S. Fixed Deferred Annuity business is excluded from this measure.

Funds under management is a measure of the size of the Company. It represents the total of the invested asset base that the Company and its customers invest in.

The definition we use for capital serves as a foundation of our capital management activities at the MFC level. For regulatory reporting purposes, the numbers are further adjusted for various additions or deductions to capital as mandated by the guidelines used by OSFI. Capital is calculated as the sum of (i) total equity excluding Accumulated Other Comprehensive Income (Loss) on cash flow hedges and (ii) liabilities for preferred shares and capital instruments.

Sales are measured according to product type. (i) For total individual insurance, sales include 100 per cent of new annualized premiums and 10 per cent of both excess and single premiums. For individual insurance, new annualized premiums reflect the annualized premium expected in the first year of a policy that requires premium payments for more than one year. Sales are reported gross before the impact of reinsurance. Single premium is the lump sum premium from the sale of a single premium product, e.g. travel insurance. (ii) For group insurance, sales include new annualized premiums and administrative services only premium equivalents on new cases, as well as the addition of new coverages and amendments to contracts, excluding rate increases.(iii) For individual wealth management contracts, all new deposits are reported as sales. This includes individual annuities, both fixed and variable; mutual funds; college savings 529 plans; and authorized bank loans and mortgages. As we have discontinued sales of new VA contracts in the U.S, beginning in Q1 2013, subsequent deposits into existing U.S VA contracts will not be considered sales.(iv) For group pensions/retirement savings, sales of new regular premiums and deposits reflect an estimate of expected deposits in the first year of the plan with the Company. Single premium sales reflect the assets transferred from the previous plan provider. Sales include the impact of the addition of a new division or of a new product to an existing client. Total sales include both new regular and single premiums and deposits.

Total annualized premium equivalents (APE) is comprised of 100 per cent of regular premiums/deposits sales and 10 per cent of single premiums/deposits sales, for both insurance and wealth management products

Total weighted premium income (TWPI) includes 10 percent of single premiums/deposits, plus 100 percent of first year and renewal premiums/deposits. This applies to general funds, segregated funds and mutual funds.

Core earnings is a non-GAAP profitability measure. It shows what the net income (loss) attributed to shareholders would have been assuming that interest and equity markets performed as assumed in our policy valuation and certain other items had not occurred. It excludes the direct impact of equity markets and interest rates as well as a number of other items that are considered material and exceptional in nature.

New Business Embedded Value (“NBEV”): Is the change in shareholders’ economic value as a result of sales in the period. NBEV is calculated as the present value of expected future earnings after the cost of capital on new business using future mortality, morbidity, policyholder behavior assumptions, and expense assumptions used in the pricing of the products sold. Investment assumptions are consistent with product pricing, updated to reflect current market conditions. Best estimate fixed income yields are updated quarterly, and long term expected yields for alternative long- duration assets are typically updated during the annual planning cycle.

Constant currency basisQuarterly amounts stated on a constant currency basis are calculated using Q1 2013 income statement and statement of financial position exchange rates as appropriate.

Core earnings per share is core earnings less preferred share dividends divided by weighted average outstanding common shares.

FINANCIAL HIGHLIGHTS(Canadian $ in millions unless otherwise stated and per share information, unaudited)

2013 2012 2012 2012 2012 FiscalQ1 Q4 Q3 Q2 Q1 2012

Shareholders' Net Income (Loss) by Division

Asia 928 682 491 (315) 1,111 1,969

Canadian (62) 251 378 223 317 1,169

U.S. 726 726 438 179 576 1,919

Corporate and other (1,052) (582) (1,518) (368) (779) (3,247)

Net income (loss) attributed to shareholders 540 1,077 (211) (281) 1,225 1,810

Preferred share dividends (32) (29) (31) (28) (24) (112)

Common shareholders' net income (loss) 508 1,048 (242) (309) 1,201 1,698

Common shareholders' net income (loss) on a constant currency basis 508 1,029 (280) (264) 1,109

Earnings (Loss) Analysis

Core earnings

Asia 226 180 230 286 267 963

Canadian 179 233 229 201 172 835

U.S. 440 293 288 247 257 1,085

Corporate and other (excl. macro hedge expected) (128) (62) (103) (67) (113) (345)

Macro hedge expected (148) (140) (124) (118) (107) (489)

Core investment gains 50 50 50 50 50 200

Total core earnings 619 554 570 599 526 2,249

Investment gains related to fixed income trading, market value increases in excess of expected alternative assets 97 321 365 54 209 949

investment returns, asset mix changes and credit experience (excl. core investment gains)

Total core earnings plus investment related gains in excess of core investment gains 716 875 935 653 735 3,198

Items excluded from core earnings

Material and exceptional tax related items - 264 - - 58 322

Income (charges) on variable annuity guarantee liabilities that are dynamically hedged 101 100 122 (269) 223 176

Change in actuarial methods and assumptions (excl. URR changes) (69) (87) (1,006) - 12 (1,081)

Restructuring charge related to organization design - (57) - - - (57)

Direct impact of equity markets and interest rates (208) (18) (88) (727) 75 (758)

Goodwill impairment charge - - (200) - - (200)

- - 26 62 122 210

Total shareholders' net income (loss) 540 1,077 (211) (281) 1,225 1,810

Selected Performance Measures

Basic earnings (loss) per common share $0.28 $0.57 ($0.13) ($0.17) $0.67 $0.94

Basic earnings (loss) per common share on a constant currency basis $0.28 $0.56 ($0.15) ($0.15) $0.62

Diluted earnings (loss) per common share $0.28 $0.57 ($0.13) ($0.17) $0.63 $0.92

Return on common shareholders' equity (annualized) 9.1% 19.2% (4.4)% (5.6)% 22.1% 7.8%

Page 3 FINANCIAL HIGHLIGHTS

Impact of major reinsurance transactions, in-force product changes and dispositions

-

-

-

-56%

-58%

-54%

-15%

-

4%

18%

71%

0%

-

-56%

-56%

-59%

2013 Q1vs.

33%

26%

-16%

-

2012 Q1

-3%

-100%

-

-

-100%

-55%

-58%

-55%

-54%

FINANCIAL HIGHLIGHTS (CONT'D)(Canadian $ in millions unless otherwise stated and per share information, unaudited)

2013 2012 2012 2012 2012 FiscalQ1 Q4 Q3 Q2 Q1 2012

Premiums and Deposits - Insurance

Life and health insurance premiums 3,872 4,355 3,413 3,719 3,473 14,960

Segregated fund deposits 424 388 544 551 529 2,012

ASO premium equivalents 710 706 673 725 715 2,819

Group Benefits ceded 996 1,180 967 1,313 970 4,430

Premiums and deposits - Insurance 6,002 6,629 5,597 6,308 5,687 24,221

Premiums and deposits - Insurance on a constant currency basis 6,002 6,576 5,538 6,205 5,612

Premiums and Deposits - Wealth Management

Annuity and pension premiums 727 659 573 740 1,031 3,003

Investment contract deposits 19 59 40 43 70 212

Segregated fund deposits 5,860 5,149 4,995 5,072 5,765 20,981

Mutual fund deposits 8,834 6,117 4,335 4,337 4,054 18,843

Institutional advisory account deposits 782 5,376 1,106 894 368 7,744

Other fund deposits 2 109 139 100 93 165 497

Premiums and deposits - Wealth Management 16,331 17,499 11,149 11,179 11,453 51,280

Premiums and deposits - Wealth Management on a constant currency basis 16,331 17,657 11,266 11,148 11,479 2 Other funds include College Savings (529 plan) and Privately Managed Accounts.

Insurance Sales 3

Asia 233 358 295 422 365 1,440

Canadian 243 399 146 447 318 1,310

U.S. 143 172 155 132 140 599

Insurance sales 619 929 596 1,001 823 3,349

Insurance sales on a constant currency basis 619 915 579 969 799 3 Insurance sales consist of recurring premiums and 10% of both excess and single premiums.

Wealth Management Sales

Asia 2,478 2,114 1,084 1,398 1,094 5,690

Canadian 2,886 2,507 2,314 2,440 2,796 10,057

U.S. 7,059 5,818 4,831 4,710 4,834 20,193

Wealth management sales 12,423 10,439 8,229 8,548 8,724 35,940

Wealth management sales on a constant currency basis 12,423 10,484 8,287 8,491 8,685

New Business Embedded Value

Insurance products 164 131 119 211 190 651

Wealth management products 137 118 59 92 114 383

Total new business embedded value 301 249 178 303 304 1,034

Page 4 FINANCIAL HIGHLIGHTS (CONT'D)

-24%

11%

-36%

42%

118%

113%

-29%

2%

-1%

-20%

43%

-34%

-73%

7%

6%

3%

2%

-25%

-23%

46%

3%

-1%

-14%

20%

2013 Q1vs.

2012 Q1

43%

127%

42%

FINANCIAL HIGHLIGHTS (CONT'D)(Canadian $ in millions unless otherwise stated and per share information, unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1

Common Share StatisticsShare Price - Toronto (in Canadian $) high 15.75 13.71 12.92 13.86 14.07 12% 14.07 low 13.56 11.65 10.18 10.39 11.03 23% 10.18 close 14.96 13.51 11.85 11.09 13.51 11% 13.51Share Price - New York (in U.S $) high 15.70 13.88 13.35 14.07 14.21 10% 14.21 low 13.75 11.59 9.99 9.97 10.89 26% 9.97 close 14.72 13.59 12.04 10.89 13.55 9% 13.59Common shares outstanding (millions) - end of period 1,833 1,828 1,821 1,815 1,807 1% 1,828 - weighted average 1,828 1,822 1,816 1,808 1,802 1% 1,812 - diluted weighted average 1,856 1,854 1,816 1,808 1,919 -3% 1,888Dividend per common share paid in the quarter1 0.13 0.13 0.13 0.13 0.13 0% 0.52Common share dividend payout ratio 47.0% 22.8% n/a n/a 19.6% 140% 55.8%1 On May 2, 2013, the Board of Directors approved a quarterly shareholders' dividend of $0.13 per share on the common shares of the Company, payable on or after June 19, 2013 to shareholders of record at the close of business on May 14, 2013.

Valuation DataBook value per common share 12.48 12.15 11.65 12.23 12.29 1% 12.15Market value to book value ratio 1.20 1.11 1.02 0.91 1.10 9% 1.11Book value excluding goodwill per common share 10.79 10.46 9.92 10.37 10.44 3% 10.46Market value to book value excluding goodwill ratio 1.39 1.29 1.19 1.07 1.29 7% 1.29Market capitalization ($ billions) 27.4 24.7 21.6 20.1 24.4 12% 24.7

Funds Under Management General fund 231,252 229,122 223,932 227,094 223,030 4% 229,122 Segregated funds excluding institutional advisory accounts 217,326 205,901 203,622 201,285 203,736 7% 205,901 Mutual funds 68,996 59,979 55,705 53,821 53,411 29% 59,979 Institutional advisory accounts 29,859 28,776 23,660 24,083 23,975 25% 28,776 Other funds2 7,774 7,358 6,849 6,663 6,684 16% 7,358 Total funds under management 555,207 531,136 513,768 512,946 510,836 9% 531,136 Total funds under management on a constant currency basis 555,207 537,063 521,160 507,456 513,685 8% 537,063 2 Other funds includes College Savings (529 plan), Privately Managed Accounts and funds managed for institutional clients in Asia.

Capital InformationTotal capital 3 30,081 29,247 28,014 29,150 29,866 1% 29,247 MCCSR - The Manufacturers Life Insurance Company 4 217% 211% 204% 213% 225% -3% 211%3 Total capital includes total equity less AOCI on cash flow hedges and liabilities for preferred shares and capital instruments. Total equity includes unrealized gains and losses on AFS bonds and AFS equities, net of taxes. The net unrealized gain on AFS bonds, net of taxes, is no longer part of OSFI regulatory capital.4 For The Manufacturers Life Insurance Company, the capital ratio has been determined in accordance with the Minimum Continuing Capital & Surplus Requirements (MCCSR) of the Office of the Superintendent of

Financial Institutions (Canada).

Foreign Exchange Information5

- Statements of Financial Position (CDN to $ 1 US) 1.015641 0.994926 0.983671 1.019100 0.999100 2%(CDN to 1 YEN) 0.010800 0.011480 0.012620 0.012770 0.012120 -11%

- Statements of Income (CDN to $ 1 US) 1.008295 0.991414 0.995279 1.010454 1.001100 1%(CDN to 1 YEN) 0.010943 0.012233 0.012659 0.012627 0.012631 -13%

Page 5 FINANCIAL HIGHLIGHTS (CONT'D)

5 Unless otherwise indicated, information contained in this supplement is in Canadian dollars. The exchange rates above are used for currency conversion from U.S. dollars and Japanese yen to Canadian dollars for financial statement purposes.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)(Canadian $ in millions, unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1

Revenue Premium income

Gross premiums 6,282 6,609 5,925 6,424 6,199 1% 25,157 Premiums ceded to reinsurers1 (1,683) (1,595) (1,939) (1,965) (1,695) -1% (7,194) Net premium income 4,599 5,014 3,986 4,459 4,504 2% 17,963

Investment income Investment income2 1,426 2,080 2,174 2,865 1,580 -10% 8,699 Realized/ unrealized gains (losses) on assets supporting insurance and investment contract liabilities3 (1,875) (1,596) 1,421 7,303 (4,066) -54% 3,062 Net investment income (loss) (449) 484 3,595 10,168 (2,486) -82% 11,761

Other revenue 1,990 1,694 1,817 2,052 1,783 12% 7,346 Total revenue 6,140 7,192 9,398 16,679 3,801 62% 37,070 Contract benefits and expenses

To contractholders and beneficiaries Death, disability and other claims 2,546 2,282 2,370 2,409 2,466 3% 9,527 Maturity and surrender benefits 1,262 1,472 1,179 1,163 1,244 1% 5,058 Annuity payments 862 838 803 807 796 8% 3,244 Policyholder dividends and experience rating refunds 236 257 275 286 274 -14% 1,092 Net transfers from to segregated funds (85) (185) (146) (229) (158) -46% (718) Change in insurance contract liabilities3 (581) 39 5,042 11,770 (3,409) -83% 13,442 Change in investment contract liabilities 19 22 3 10 36 -47% 71 Ceded benefits and expenses (1,538) (1,526) (1,491) (1,543) (1,364) 13% (5,924) Change in reinsurance assets1 125 156 (761) (236) 5 nm (836)

Net benefits and claims 2,846 3,355 7,274 14,437 (110) - 24,956

General expenses 1,121 1,249 1,065 1,084 1,017 10% 4,415 Investment expenses 285 297 284 259 251 14% 1,091 Commissions 951 1,012 944 1,000 976 -3% 3,932 Interest expense 295 110 239 305 280 5% 934 Net premium taxes 72 78 71 79 71 1% 299 Goodwill impairment - - 200 - - - 200

Total contract benefits and expenses 5,570 6,101 10,077 17,164 2,485 124% 35,827 Income (loss) before income taxes 570 1,091 (679) (485) 1,316 -57% 1,243

Income tax (expense) recovery (15) 14 360 186 (68) -78% 492 Net income (loss) 555 1,105 (319) (299) 1,248 -56% 1,735

Less: net income attributed to non-controlling interests in subsidiaries 7 8 (1) 13 8 -13% 28 Less: net income (loss) attributed to participating policyholders 8 20 (107) (31) 15 -47% (103)

Net income (loss) attributed to shareholders 540 1,077 (211) (281) 1,225 -56% 1,810 Preferred share dividends (32) (29) (31) (28) (24) 33% (112)

Common shareholders' net income (loss) 508 1,048 (242) (309) 1,201 -58% 1,698

1On June 29, 2012 and September 25, 2012 the Company entered into coinsurance agreements to reinsure 89 per cent of its book value fixed deferred annuity business. Under the terms of the agreements, the Company will maintain responsibility for servicing of the policies and some of the assets and has retained the remaining exposure. For presentation in the Statistical Information Package, the premiums ceded of $2 in Q4'12, $1,799 in Q3’12 and $5,428 in Q2’12 as a result of these agreements have been shown net with the change in reinsurance assets line.

2 The volatility in investment income largely related to gains and losses on macro hedges used as part of our equity risk management program and gains and losses on AFS bonds related to the management of interest rate exposures. These activities in the surplus segment are mostly offset by gains reflected in the measurement of our policy liabilities (see change in insurance contract liabilities). Gains (losses) on macro hedges were as follows:

Q1 2013 Q4 2012 Q3 2012 Q2 2012 Q1 2012(980) (444) (264) 341 (758)

3 The volatility in realized/unrealized gains (losses) on assets supporting insurance and investment contract liabilities relates primarily to the impact of interest rate changes on bond and fixed income derivative positions as well as interest rate swaps supporting the dynamic hedge program. These items are mostly offset by changes in the measurement of our policy obligations. For fixed income assets supporting insurance and investment contracts, equities supporting pass through products and derivatives related to variable annuity hedging programs, the impact of realized/ unrealized gains (losses) on the assets is largely offset in the change in insurance and investment contract liabilities.

Page 6 CONSOLIDATED STATEMENTS OF INCOME

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(Canadian $ in millions, unaudited)

2013 2012 2012 2012 2012 2013 Q1Q1 Q4 Q3 Q2 Q1 vs.

2012 Q1

ASSETSInvested assets

Cash and short-term securities 12,130 13,480 10,287 12,990 12,293 -1%Securities Bonds 120,636 119,281 120,045 120,692 117,416 3% Equities 12,893 11,995 11,233 10,717 11,226 15%Loans Mortgages 35,452 35,082 34,459 34,737 34,943 1% Private placements 20,416 20,275 19,225 19,840 20,098 2% Policy loans 6,948 6,793 6,716 6,895 6,710 4% Bank loans 2,100 2,142 2,202 2,251 2,275 -8%Real estate 8,661 8,513 8,436 8,136 7,694 13%Other invested assets 12,016 11,561 11,329 10,836 10,375 16%

Total invested assets 231,252 229,122 223,932 227,094 223,030 4%

Other assetsAccrued investment income 1,838 1,794 1,792 1,798 1,826 1%Outstanding premiums 807 1,009 781 966 654 23%Derivatives 13,118 14,707 16,345 16,772 11,388 15%Goodwill and intangible assets 5,196 5,113 5,135 5,423 5,362 -3%Reinsurance assets 18,842 18,681 18,574 16,548 10,737 75%Deferred tax asset 3,694 3,445 2,613 2,286 2,073 78%Miscellaneous 3,367 3,127 4,776 4,069 3,247 4%

Total other assets 46,862 47,876 50,016 47,862 35,287 33%Segregated funds net assets 219,449 207,985 205,685 203,450 205,829 7%Total assets 497,563 484,983 479,633 478,406 464,146 7%

LIABILITIES AND EQUITY

Policy liabilitiesInsurance contract liabilities 201,163 199,588 198,877 198,650 184,232 9%Investment contract liabilities 2,446 2,420 2,361 2,506 2,517 -3%

Bank deposits 19,241 18,857 18,953 18,823 18,424 4%Deferred tax liability 638 603 619 629 631 1%Derivatives 7,141 7,500 7,993 8,292 6,277 14%Other liabilities 12,860 13,922 12,284 12,047 11,478 12%

243,489 242,890 241,087 240,947 223,559 9%Long-term debt 4,721 5,046 5,047 5,085 5,061 -7%Liabilities for preferred shares and capital instruments 4,113 3,903 3,897 3,914 4,905 -16%Segregated funds net liabilities 219,449 207,985 205,685 203,450 205,829 7%Total liabilities 471,772 459,824 455,716 453,396 439,354 7%

EquityIssued share capital

Preferred shares 2,497 2,497 2,301 2,301 2,057 21%Common shares 19,964 19,886 19,803 19,723 19,644 2%

Contributed surplus 264 257 255 258 253 4%Shareholders' retained earnings 3,525 3,256 2,447 2,925 3,471 2%Shareholders' accumulated other comprehensive income (loss)

on defined employee benefit plans (662) (653) (723) (741) (731) -9%on available-for-sale securities 410 363 264 246 250 64%on cash flow hedges (177) (185) (200) (226) (169) 5%on translation of foreign operations (458) (709) (636) 12 (499) -8%

Total shareholders' equity 25,363 24,712 23,511 24,498 24,276 -4%Participating policyholders' equity 154 146 126 233 264 -42%Non-controlling interests in subsidiaries 274 301 280 279 252 9%Total equity 25,791 25,159 23,917 25,010 24,792 4%Total liabilities and equity 497,563 484,983 479,633 478,406 464,146 7%

Page 7 CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY(Canadian $ in millions, unaudited)

2013 2012 2012 2012 2012 FiscalQ1 Q4 Q3 Q2 Q1 2012

Preferred sharesBalance, beginning of period 2,497 2,301 2,301 2,057 1,813 1,813 Issued during the period - 200 - 250 250 700 Issuance costs, net of tax - (4) - (6) (6) (16) Balance, end of period 2,497 2,497 2,301 2,301 2,057 2,497

Common sharesBalance, beginning of period 19,886 19,803 19,723 19,644 19,560 19,560 Issued under Dividend Reinvestment and Share Purchase Plans 78 83 80 79 84 326 Balance, end of period 19,964 19,886 19,803 19,723 19,644 19,886

Contributed surplusBalance, beginning of period 257 255 258 253 245 245 Acquisition of non-controlling interest - - (6) - - (6) Exercise of stock options and deferred share units - - - 1 - 1 Stock option expense 7 2 3 4 8 17 Balance, end of period 264 257 255 258 253 257

Shareholders' retained earnings Balance, beginning of period 3,256 2,447 2,925 3,471 2,501 2,501 Effect of accounting change - - - - 4 4 Net income (loss) attributed to shareholders 540 1,077 (211) (281) 1,225 1,810 Preferred share dividends (32) (29) (31) (28) (24) (112) Common share dividends (239) (239) (236) (237) (235) (947) Balance, end of period 3,525 3,256 2,447 2,925 3,471 3,256

Shareholders' accumulated other comprehensive income (loss)Balance, beginning of period (1,184) (1,295) (709) (1,149) 96 96 Effect of accounting change - - - - (915) (915) Other comprehensive income (loss)

Remeasurement of pension and other post-employment plans, net of tax recovery of $4 (9) 70 18 (9) 8 87 Available-for-sale ("AFS") securities unrealized gains (losses), net of tax expense of $16 72 110 21 171 68 370 AFS securities realized losses (gains) & impairments (recoveries), net of tax recovery of $3 (25) (2) (2) (173) 78 (99) Cash flow hedges unrealized gains (losses), net of tax expense of $4 6 13 23 (59) 75 52 Cash flow hedges realized (gains) losses, net of tax recovery of $1 2 2 2 2 2 8 Unrealized foreign exchange gains (losses), net of $9 hedges and tax recovery of $9 251 (82) (648) 511 (561) (780) Share of other comprehensive income (loss) of associates - - - (3) - (3)

Balance, end of period (887) (1,184) (1,295) (709) (1,149) (1,184)

Total shareholders' equity, end of period 25,363 24,712 23,511 24,498 24,276 24,712

Participating policyholders' equityBalance, beginning of period 146 126 233 264 249 249 Net income (loss) 8 20 (107) (31) 15 (103) Balance, end of period 154 146 126 233 264 146

Non-controlling interests in subsidiariesBalance, beginning of period 301 280 279 252 415 415 Effect of accounting change - - - - (177) (177) Net income attributed to non-controlling interest 7 8 (1) 13 8 28 Other comprehensive income (loss) attributed to non-controlling interests - - - 2 (2) - Contributions (distributions), net (34) 13 2 12 8 35 Balance, end of period 274 301 280 279 252 301

Total equity, end of period 25,791 25,159 23,917 25,010 24,792 25,159

Page 8 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Canadian $ in millions, unaudited)2013 2012 2012 2012 2012 2013 Q1 Fiscal

Q1 Q4 Q3 Q2 Q1 vs. 20122012 Q1

Operating activitiesNet income (loss) 555 1,105 (319) (299) 1,248 -56% 1,735 Adjustments for non-cash items in net income: Increase (decrease) in insurance contract liabilities (581) 39 5,042 11,770 (3,409) -83% 13,442 Increase in investment contract liabilities 19 22 2 12 36 -47% 72 Decrease (increase) in reinsurance assets, net of premiums ceded relating to FDA coinsurance 125 156 (761) (236) 5 nm (836) Amortization of premium/discount on invested assets 8 6 - 7 14 -43% 27 Other amortization 104 107 96 92 95 9% 390 Net realized and unrealized (gains) losses, including impairments 2,902 2,119 (1,371) (7,844) 4,867 -40% (2,229) Deferred income tax expense (recovery) (167) (824) (416) (220) (14) nm (1,474) Stock option expense 7 2 3 4 8 -13% 17 Goodwill impairment - - 200 - - - 200 Net income adjusted for non-cash items 2,972 2,732 2,476 3,286 2,850 4% 11,344 Changes in policy related and operating receivables and payables (356) 605 (61) (191) (571) -38% (218) Cash provided by operating activities 2,616 3,337 2,415 3,095 2,279 15% 11,126 Investing activities Purchases and mortgage advances (13,144) (20,215) (24,284) (22,084) (15,790) -17% (82,373) Disposals and repayments 9,508 19,387 19,420 20,324 12,348 -23% 71,479 Changes in investment broker net receivables and payables (169) 155 (178) (74) (74) 128% (171) Net cash decrease from purchase of subsidiaries (73) - - - - - - Cash used in investing activities (3,878) (673) (5,042) (1,834) (3,516) 10% (11,065) Financing activities Increase (decrease) in repurchase agreements and securities sold but not yet purchased (70) 258 267 (22) (489) -86% 14 Repayment of long-term debt, net (350) - - - - - - Issue (repayment) of capital instruments, net 199 - - (1,000) 497 -60% (503) Net issue (redemption) of investment contract liabilities (38) 12 (70) (70) 8 - (120) Changes in bank deposits, net 373 (99) 157 371 451 -17% 880 Shareholder dividends paid in cash (192) (185) (187) (186) (175) 10% (733) Funds borrowed (repaid), net (79) (2) (6) (2) (1) nm (11) Secured borrowings from securitization transactions - 250 - - 250 -100% 500 Contributions from (distributions to) non-controlling interest (34) 13 (4) 13 8 - 30 Preferred shares issued, net - 196 - 244 244 -100% 684 Cash provided by (used in) financing activities (191) 443 157 (652) 793 - 741 Cash and short-term securities Increase (decrease) during the period (1,453) 3,107 (2,470) 609 (444) 227% 802 Effect of foreign exchange rate changes on cash and short-term securities 156 55 (278) 145 (143) - (221) Balance, beginning of period 12,847 9,685 12,433 11,679 12,266 5% 12,266 Balance, end of period 11,550 12,847 9,685 12,433 11,679 -1% 12,847

Cash and short-term securitiesBeginning of period Gross cash and short-term securities 13,480 10,287 12,990 12,293 12,799 5% 12,799 Net payments in transit, included in other liabilities (633) (602) (557) (614) (533) 19% (533) Net cash and short-term securities, beginning of period 12,847 9,685 12,433 11,679 12,266 5% 12,266 End of period Gross cash and short-term securities 12,130 13,480 10,287 12,990 12,293 -1% 13,480 Net payments in transit, included in other liabilities (580) (633) (602) (557) (614) -6% (633) Net cash and short-term securities, end of period 11,550 12,847 9,685 12,433 11,679 -1% 12,847

Page 9 CONSOLIDATED STATEMENTS OF CASH FLOW

CONSOLIDATED STATEMENTS OF CASH FLOWS

CONSOLIDATED SOURCE OF EARNINGS(Canadian $ in millions, unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1

Source of Earnings 1

Expected profit from in-force business 925 871 882 820 846 9% 3,419 Impact of new business (76) (147) (115) (70) (86) -12% (418) Experience gains (losses) 1,2 (118) 564 318 (366) 444 - 960 Management actions and changes in assumptions (297) (331) (1,736) (934) (1) nm (3,002) Earnings on surplus funds 135 152 147 113 97 39% 509 Other (14) (46) (67) (30) (7) 100% (150) Income (loss) before income taxes 555 1,063 (571) (467) 1,293 -57% 1,318 Income tax (expense) recovery (15) 14 360 186 (68) -78% 492 Net income (loss) attributed to shareholders 540 1,077 (211) (281) 1,225 -56% 1,810 Preferred share dividends (32) (29) (31) (28) (24) 33% (112) Common shareholders' net income (loss) 508 1,048 (242) (309) 1,201 -58% 1,698 Constant currency, expected profit from in-force business 925 865 851 805 819 13%

1 Per OSFI instructions, the expected profit from in-force business denominated in foreign currencies is translated at the prior quarter's statement of financial position rate. 'Experience gains' includes the adjustment to get to the income statement rate.2 Management basis SOE reporting used in this supplementary information package is consistent with OSFI SOE guidelines with the exception that 'experience gains' includes the full impact on reported income from changes to the segregated fund guarantee reserves due to investment market performance. Under OSFI SOE guidelines the component of this reserve change related to changes in CTE level would be reported as a valuation basis change.

GlossaryExpected profit from in-force business

Impact of new business

Experience gains (losses)

Management actions and changes in assumptions Earnings impact of:-management initiated actions in the period that generate a non-recurring current period impact.-changes in methods and assumptions that impact actuarial liabilities or other liabilities.-integration expenses from acquisitions that flow to income.

Earnings (loss) on surplus funds Actual investment returns on the Company's surplus (shareholders' equity).Other Earnings items not included in any other line of the SOE.Income taxes Tax charges to income, consistent with the amount on the statement of income.

Page 10 SOURCE OF EARNINGS

Formula-driven release of PfADS (Provisions for Adverse Deviations) on the non-fee businesses and expected profit on fee businesses.

For non-fee income businesses, the capitalized value of future profits less PfADs in respect of new business. For fee income businesses, the non-capitalized acquisition expenses.

Earnings impact of any differences between actual experience in the current period relative to expected experience implicit in the actuarial liabilities, and differences in current period fee income due to market performance.

ASIA DIVISION(Unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1

Statements of Income - U.S. $ in millions Revenue Premium income

Gross premiums 1,937 1,956 1,767 1,871 1,943 0% 7,537 Premiums ceded to reinsurers (178) 186 (53) (41) (39) 356% 53

Investment income 244 284 295 289 257 -5% 1,125 Other revenue 364 (2) 252 226 239 52% 715 Subtotal revenue 2,367 2,424 2,261 2,345 2,400 -1% 9,430 Realized/ unrealized gains on invested assets supporting insurance and investment contract liabilities 1 823 75 494 324 309 166% 1,202 Total revenue 3,190 2,499 2,755 2,669 2,709 18% 10,632 Contract benefits and expensesTo contractholders and beneficiaries

Gross benefits and claims paid and change in insurance contract liabilities 1 1,788 1,229 1,660 2,433 1,066 68% 6,388 Ceded benefits and expenses and change in reinsurance assets (105) (93) (42) (23) (38) 176% (196) Change in investment contract liabilities 10 1 (3) (4) 29 -66% 23

General expenses 262 313 264 265 243 8% 1,085 Investment expenses 24 30 24 25 23 4% 102 Commissions 206 256 217 273 233 -12% 979 Other 22 21 22 21 23 -4% 87 Total contract benefits and expenses 2,207 1,757 2,142 2,990 1,579 40% 8,468 Income (loss) before income taxes 983 742 613 (321) 1,130 -13% 2,164 Income tax (expense) recovery (48) (45) (27) (23) 1 - (94) Net income (loss) 935 697 586 (344) 1,131 -17% 2,070 Less net income (loss) attributed to non-controlling interest in subsidiaries 9 7 8 9 10 -10% 34 Less net income (loss) attributed to participating policyholders 6 1 86 (41) 11 -45% 57 Net income (loss) attributed to shareholders 2 920 689 492 (312) 1,110 -17% 1,979 1 For fixed income assets supporting insurance and investment contract liabilities, equities supporting pass through products and derivatives related to variable annuity hedging programs, the impact of realized/ unrealized gains (losses) on the assets is largely offset in the change in actuarial liabilities, included in contract benefits.2 See the Q1 press release for a description of Q1 2013 results compared to Q1 2012.

Source of Earnings - U.S. $ in millionsExpected profit from in-force business 247 237 234 231 220 12% 922 Impact of new business (21) (33) (26) 50 38 - 29 Experience gains (losses) 701 493 268 (615) 801 -12% 947 Management actions and changes in assumptions - - - - - - - Earnings on surplus funds 47 44 44 46 45 4% 179 Other (6) (7) (1) (1) 5 - (4) Income (loss) before income taxes 968 734 519 (289) 1,109 -13% 2,073 Income tax (expense) recovery (48) (45) (27) (23) 1 - (94) Net income (loss) attributed to shareholders 920 689 492 (312) 1,110 -17% 1,979

Total annualized premium equivalents (excluding variable annuities) 497 607 416 560 478 4% 2,061 Total weighted premium income (excluding variable annuities) 2,082 2,414 1,956 1,939 1,851 12% 8,160

Premiums and Deposits - U.S. $ in millions Premiums 1,759 2,142 1,714 1,830 1,904 -8% 7,590Investment contract deposits (5) 27 12 14 14 - 67 Segregated fund and other deposits 498 429 344 436 390 28% 1,599Mutual fund and other deposits 3 2,178 1,843 888 936 554 293% 4,221 Total premiums and deposits 4,430 4,441 2,958 3,216 2,862 55% 13,4773 This line includes the 49% interest in Manulife TEDA.

Funds Under Management - U.S. $ in millions General fund 36,406 38,002 38,642 36,346 34,479 6% 38,002Segregated funds 23,225 23,558 24,250 23,146 23,635 -2% 23,558Mutual funds 4 13,724 12,446 10,783 10,124 10,317 33% 12,446Other funds 5 4,176 4,117 3,799 3,520 3,647 15% 4,117 Total funds under management 77,531 78,123 77,474 73,136 72,078 8% 78,1234 This line includes the 49% interest in Manulife TEDA.5 Other funds mainly include funds managed by the Company for institutional clients in Hong Kong, Indonesia and Other Asia Territories.

Number of AgentsNumber of agents 52,508 53,671 51,472 50,662 49,678 6% 53,671

Canadian $ in millions - Summary Statements of Operations and Key MetricsRevenue 3,217 2,478 2,742 2,698 2,711 19% 10,629Total policy benefits and expenses 2,226 1,743 2,132 3,021 1,580 41% 8,476Net income (loss) attributed to shareholders 928 682 491 (315) 1,111 -16% 1,969Total premiums and deposits 4,468 4,403 2,944 3,248 2,866 56% 13,461Total funds under management 78,759 77,713 76,201 74,531 72,015 9% 77,713

Page 11 ASIA

ASIA - HONG KONG(Unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1


Gross premiums 378 415 399 391 338 12% 1,543 Premiums ceded to reinsurers (13) (28) (15) (15) (15) -13% (73)

Investment income 102 103 100 109 94 9% 406 Other revenue 86 83 77 73 74 16% 307 Subtotal revenue 553 573 561 558 491 13% 2,183 Realized/ unrealized gains on invested assets supporting insurance and investment contract liabilities 1 (21) 58 223 124 122 - 527 Total revenue 532 631 784 682 613 -13% 2,710 Contract benefits and expensesTo contractholders and beneficiaries

Gross benefits and claims paid and change in insurance contract liabilities 1 296 388 547 477 343 -14% 1,755 Ceded benefits and expenses and change in reinsurance assets (10) (22) (9) (12) (23) -57% (66) Change in investment contract liabilities 10 1 (4) (3) 28 -64% 22

General expenses 59 74 58 59 54 9% 245 Investment expenses 5 9 7 7 7 -29% 30 Commissions 54 66 53 69 51 6% 239 Other 13 12 12 12 12 8% 48 Total contract benefits and expenses 427 528 664 609 472 -10% 2,273 Income before income taxes 105 103 120 73 141 -26% 437 Income tax expense (5) (3) (6) (4) (4) 25% (17)

Net income attributed to shareholders 100 100 114 69 137 -27% 420 1 For fixed income assets supporting insurance and investment contract liabilities, equities supporting pass through products and derivatives related to variable annuity hedging programs, the impact of realized/unrealized gains (losses) on the assets is

largely offset in the change in actuarial liabilities, included in contract benefits.

Sales - U.S. $ in millions Insurance 2

Total insurance sales 50 65 55 81 56 -11% 257 Wealth Management Group pensions - new annualized premium sales 16 17 15 14 11 45% 57 Group pensions - single premium sales 247 219 105 105 73 238% 502 Individual Wealth Management 3 103 85 47 43 58 78% 233 2 Consists of 100% of recurring premiums and 10% of both excess and single premiums.3 Sales for Individual Wealth Management are measured by premiums and deposits, and include mutual fund deposits and investment linked sales.

Total annualized premium equivalents (excluding variable annuities) - U.S. $ in millions 104 112 85 110 80 30% 387

Premiums and Deposits - U.S. $ in millions Premiums 365 387 384 376 323 13% 1,470 Investment contract deposits (5) 27 12 13 14 - 66 Segregated fund deposits 240 215 164 161 152 58% 692 Mutual fund deposits 458 362 282 259 265 73% 1,168 Total premiums and deposits 1,058 991 842 809 754 40% 3,396

Total weighted premium income (excluding variable annuities) - U.S. $ in millions 722 702 688 663 622 16% 2,675

Funds Under Management - U.S. $ in millions General fund 12,498 12,172 11,785 11,286 10,814 16% 12,172 Segregated funds 5,013 4,862 4,590 4,302 4,503 11% 4,862 Mutual funds 9,059 8,599 7,838 7,280 7,617 19% 8,599 Other funds 4 3,688 3,742 3,459 3,248 3,392 9% 3,742 Total funds under management 30,258 29,375 27,672 26,116 26,326 15% 29,375 4 Other funds include funds managed by the Company for institutional clients.

Changes in General, Segregated, Mutual and Other Funds Under Management - U.S. $ in millionsBeginning balance 29,375 27,672 26,116 26,326 24,790 18% 24,790 Premiums and deposits 1,058 991 842 809 754 40% 3,396 Investment income (loss) 5 239 1,189 1,173 (654) 1,523 -84% 3,231 Benefits and withdrawals (453) (441) (408) (383) (375) 21% (1,607) Other6 39 (36) (51) 18 (366) - (435) Ending balance 30,258 29,375 27,672 26,116 26,326 15% 29,375 5 Investment income (loss) consists of gross investment income for the general fund and interest, dividends and net realized and unrealized gains and losses for the segregated funds, mutual funds and other funds.6Other is comprised of all changes to the statement of income and the statement of financial position that are not specifically identified in the roll forward. These include general expenses, investment expenses, taxes, changes in receivables and payables,

transfers to/from other Business Units and changes in allocated capital. This includes deposits and withdrawals on externally managed funds which have not been included in premiums and deposits, and benefits and withdrawals.

Number of Agents Number of agents 5,323 5,582 5,256 5,042 5,006 6% 5,582

Canadian $ in millions - Key MetricsNet income attributed to shareholders 101 99 114 70 137 -26% 420 Sales - Insurance 50 64 55 82 56 -11% 257 Sales - Wealth Management 369 320 165 164 142 160% 791 Total premiums and deposits 1,069 982 836 819 755 42% 3,392 Total funds under management 30,730 29,227 27,220 26,614 26,302 17% 29,227

Page 12 ASIA - HONG KONG

ASIA - INDONESIA(Unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1


Gross premiums 260 293 183 216 209 24% 901 Premiums ceded to reinsurers (1) (2) (2) (2) (1) 0% (7)

Investment income 31 31 29 33 30 3% 123 Other revenue 7 8 4 4 6 17% 22 Subtotal revenue 297 330 213 252 244 22% 1,039 Realized/ unrealized gains (losses) on invested assets supporting insurance and investment contract liabilities 1 89 88 110 (46) 93 -4% 245 Total revenue 386 418 323 206 337 15% 1,284 Contract benefits and expensesTo contractholders and beneficiaries

Gross benefits and claims paid and change in insurance contract liabilities 1 311 381 244 140 267 16% 1,032 Ceded benefits and expenses and change in reinsurance assets (2) (1) (1) (1) - - (3)

General expenses 26 32 22 21 19 37% 94 Investment expenses 5 5 3 4 4 25% 16 Commissions 24 29 22 20 20 20% 91 Total contract benefits and expenses 364 446 290 184 310 17% 1,230 Income (loss) before income taxes 22 (28) 33 22 27 -19% 54 Income tax (expense) recovery (2) (10) (10) (2) (8) -75% (30)

Net income (loss) attributed to shareholders 20 (38) 23 20 19 5% 24 1 For fixed income assets supporting insurance and investment contract liabilities and equities supporting pass through products , the impact of realized/unrealized gains (losses) on the assets is largely offset in the change in actuarial liabilities, included in contract benefits.

Sales - U.S. $ in millions Total insurance sales 2 23 34 31 26 23 0% 114 Wealth Management sales3 298 449 174 185 225 32% 1,033 2 Consists of 100% of recurring premiums and 10% of both excess and single premiums.3 Sales for Wealth Management businesses are measured by premiums and deposits, and include mutual fund deposits, pension sales and investment linked sales.

Total annualized premium equivalents - U.S. $ in millions 57 98 50 52 51 12% 251

Premiums and Deposits - U.S. $ in millions Premiums 259 291 181 214 208 25% 894 Segregated fund deposits 28 30 26 28 39 -28% 123 Mutual fund deposits 132 243 97 65 80 65% 485 Total premiums and deposits 419 564 304 307 327 28% 1,502

Total weighted premium income - U.S. $ in millions 147 181 147 139 127 16% 594

Funds Under Management - U.S. $ in millions General fund 3,412 3,196 2,981 2,844 2,833 20% 3,196 Segregated funds 637 609 591 579 579 10% 609 Mutual funds 672 686 545 520 550 22% 686 Other funds 151 152 146 139 133 14% 152 Total funds under management 4,872 4,643 4,263 4,082 4,095 19% 4,643

Changes in General, Segregated, Mutual and Other Funds Under Management - U.S. $ in millionsBeginning balance 4,643 4,263 4,082 4,095 3,812 22% 3,812 Premiums and deposits 419 564 304 307 327 28% 1,502 Investment income (loss) 4 198 159 192 (33) 181 9% 499 Benefits and withdrawals (342) (237) (198) (170) (205) 67% (810) Other 5 (46) (106) (117) (117) (20) 130% (360) Ending balance 4,872 4,643 4,263 4,082 4,095 19% 4,643 4 Investment income (loss) consists of gross investment income for the general fund and interest, dividends and net realized and unrealized gains and losses for the segregated funds, mutual funds and other funds.5 Other is comprised of all changes to the statement of income and the statement of financial position that are not specifically identified in the roll forward. These includes general expenses, investment expenses, taxes, changes in receivables and payables, transfers to/from other Business Units, impact of currency changes and changes in allocated capital. This includes deposits and withdrawals on externally managed funds which have not been included in premiums and deposits, and benefits and withdrawals.


Canadian $ in millions - Key MetricsNet income (loss) attributed to shareholders 21 (37) 23 20 19 11% 25 Sales - Insurance 24 33 30 27 23 4% 113 Sales - Wealth management 300 445 173 187 225 33% 1,030 Total premiums and deposits 423 560 302 311 327 29% 1,500 Total funds under management 4,962 4,604 4,185 4,158 4,093 21% 4,604

Page 13 ASIA - INDONESIA

ASIA - OTHER ASIA TERRITORIES *(Unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1


Gross premiums 422 463 345 326 321 31% 1,455 Premiums ceded to reinsurers (78) (66) (26) (17) (14) 457% (123)

Investment income 50 76 88 78 67 -25% 309 Other revenue 45 32 44 35 34 32% 145 Subtotal revenue 439 505 452 421 408 8% 1,786 Realized/ unrealized gains on invested assets supporting insurance and investment contract liabilities 1 285 43 92 58 127 124% 320 Total revenue 724 548 544 479 535 35% 2,106 Contract benefits and expensesTo contractholders and beneficiaries

Gross benefits and claims paid and change in insurance contract liabilities 1 559 406 300 329 351 59% 1,386 Ceded benefits and expenses and change in reinsurance assets (58) (65) (31) (10) (13) 346% (119) Change in investment contract liabilities - - 1 - - - 1

General expenses 89 99 86 86 74 20% 345 Investment expenses 9 10 9 8 7 29% 34 Commissions 61 66 54 55 55 11% 230 Other 6 7 6 6 6 0% 25 Total contract benefits and expenses 666 523 425 474 480 39% 1,902 Income before income taxes 58 25 119 5 55 5% 204 Income tax expense (15) (7) (7) (13) (3) 400% (30) Net income (loss) 43 18 112 (8) 52 -17% 174 Less net income attributed to non-controlling interest in subsidiaries 9 7 8 9 10 -10% 34 Less net income (loss) attributed to participating policyholders 2 6 1 86 (41) 11 -45% 57

Net income attributed to shareholders 28 10 18 24 31 -10% 83 1 For fixed income assets supporting insurance and investment contract liabilities and equities supporting pass through products , the impact of realized/unrealized gains (losses) on the assets is largely offset in the change in actuarial liabilities, included in contract benefits.2 The fluctuation in income attributed to participating policyholders for the second and third quarters of 2012 is primarily due to the impact of changes in actuarial assumptions.

Sales - U.S. $ in millions

Total insurance sales 3 61 75 62 72 93 -34% 302 Wealth Management sales4,5 1,072 668 571 664 247 334% 2,150 3 Consists of 100% of recurring premiums and 10% of both excess and single premiums.4 Sales for Wealth Management businesses are measured by premiums and deposits, and include mutual fund deposits, pension sales and investment linked sales.5 This line includes the 49% interest in Manulife TEDA.

Total annualized premium equivalents - U.S. $ in millions 168 143 120 138 119 41% 520

Premiums and Deposits - U.S. $ in millions Premiums 344 397 319 309 307 12% 1,332 Segregated fund and other deposits 203 155 106 91 77 164% 429 Mutual fund and other deposits 6 1,021 657 498 607 204 400% 1,966 Total premiums and deposits 1,568 1,209 923 1,007 588 167% 3,727 6 This line includes the 49% interest in Manulife TEDA.

Total weighted premium income - U.S. $ in millions 479 481 395 395 350 37% 1,621

Funds Under Management - U.S. $ in millions General fund 9,604 9,333 8,994 8,496 8,318 15% 9,333 Segregated funds 2,420 2,208 2,054 1,877 1,939 25% 2,208 Mutual funds 7 2,932 2,605 2,377 2,311 2,141 37% 2,605 Other funds 337 223 194 133 122 176% 223 Total funds under management 15,293 14,369 13,619 12,817 12,520 22% 14,3697 This line includes the 49% interest in Manulife TEDA.

Changes in General, Segregated, Mutual and Other Funds Under Management - U.S. $ in millionsBeginning balance 14,369 13,619 12,817 12,520 11,857 21% 11,857 Premiums and deposits 1,568 1,209 923 1,007 588 167% 3,727 Investment income 8 632 246 251 97 374 69% 968 Benefits and withdrawals (915) (702) (621) (585) (434) 111% (2,342) Other 9 (361) (3) 249 (222) 135 - 159 Ending balance 15,293 14,369 13,619 12,817 12,520 22% 14,3698 Investment income consists of gross investment income for the general fund and interest, dividends and net realized and unrealized gains and losses for the segregated funds, mutual funds and other funds.9 Other is comprised of all changes to the statement of income and the statement of financial position that are not specifically identified in the roll forward. These includes general expenses, investment expenses, taxes, changes in receivables and payab transfers to/from other Business Units, impact of currency changes and changes in allocated capital. This includes deposits and withdrawals on externally managed funds which have not been included in premiums and deposits, and benefits and with


Canadian $ in millions - Key MetricsNet income attributed to shareholders 27 8 18 25 31 -13% 82 Sales - Insurance 61 75 63 72 93 -34% 303 Sales - Wealth management 1,082 662 568 671 248 336% 2,149 Total premiums and deposits 1,580 1,199 921 1,014 590 168% 3,724 Total funds under management 15,536 14,298 13,396 13,063 12,510 24% 14,298* Other Asia territories includes China, Taiwan, Malaysia, Philippines, Singapore, Thailand, Vietnam, Cambodia and Regional office.

Page 14 ASIA - OTHER ASIA TERRITORIES

ASIA - JAPAN(Unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1


Gross premiums 877 785 840 938 1,075 -18% 3,638 Premiums ceded to reinsurers 1 (86) 282 (10) (7) (9) 856% 256

Investment income 61 74 78 69 66 -8% 287 Other revenue 1 226 (125) 127 114 125 81% 241 Subtotal revenue 1,078 1,016 1,035 1,114 1,257 -14% 4,422 Realized/ unrealized gains (losses) on invested assets supporting insurance and investment contract liabilities 2 470 (114) 69 188 (33) - 110 Total revenue 1,548 902 1,104 1,302 1,224 26% 4,532 Contract benefits and expensesTo contractholders and beneficiaries

Gross benefits and claims paid and change in insurance contract liabilities 2 622 54 569 1,487 105 492% 2,215 Ceded benefits and expenses and change in reinsurance assets (35) (5) (1) - (2) nm (8) Change in investment contract liabilities - - - (1) 1 -100% -

General expenses 88 108 98 99 96 -8% 401 Investment expenses 5 6 5 6 5 0% 22 Commissions 67 95 88 129 107 -37% 419 Other 3 2 4 3 5 -40% 14 Total contract benefits and expenses 750 260 763 1,723 317 137% 3,063 Income (loss) before income taxes 798 642 341 (421) 907 -12% 1,469 Income tax (expense) recovery (26) (25) (4) (4) 16 - (17)

Net income (loss) attributed to shareholders 772 617 337 (425) 923 -16% 1,452 1 Q4 2012 movement in premium ceded to reinsurers and other revenue are impacted by the reinsurance of a portion of the Japanese life business.2 For fixed income assets supporting insurance and investment contract liabilities and derivatives related to variable annuity hedging programs, the impact of realized/ unrealized gains (losses) on the assets is largely offset in the change in actuarial liabilities, included in contract benefits.

Sales - U.S. $ in millions Individual Insurance - New annualized premiums 98 188 148 238 193 -49% 767 Wealth Management - Variable Annuities 27 28 49 157 123 -78% 357 Wealth Management - Fixed Annuities and mutual funds 694 666 129 216 355 95% 1,366

Total annualized premium equivalents (excluding variable annuities) - U.S. $ in millions 168 254 161 260 228 -26% 903

Premiums and Deposits - U.S. $ in millions Premiums 791 1,067 830 931 1,066 -26% 3,894 Investment contract deposits - - - 1 - - 1 Segregated fund deposits 27 29 48 156 122 -78% 355 Mutual fund deposits 567 581 11 5 5 nm 602 Total premiums and deposits 1,385 1,677 889 1,093 1,193 16% 4,852

Total weighted premium income (excluding variable annuities) - U.S. $ in millions 734 1,050 726 742 752 -2% 3,270

Funds Under Management - U.S. $ in millions General fund 10,892 13,301 14,882 13,720 12,514 -13% 13,301 Segregated funds 15,155 15,879 17,015 16,388 16,614 -9% 15,879 Mutual funds 1,061 556 23 13 9 nm 556 Total funds under management 27,108 29,736 31,920 30,121 29,137 -7% 29,736

Changes in General, Segregated and Mutual Funds Under Management - U.S. $ in millions Beginning balance 29,736 31,920 30,121 29,137 29,732 0% 29,732

Premiums and deposits 1,385 1,677 889 1,093 1,193 16% 4,852 Investment income (loss) 3 1,812 953 620 (397) 1,290 40% 2,466 General fund benefits and withdrawals (367) (345) (250) (280) (299) 23% (1,174) Segregated, mutual and other fund benefits and withdrawals (687) (310) (183) (171) (241) 185% (905) Other4 (4,771) (4,159) 723 739 (2,538) 88% (5,235)

Ending balance 27,108 29,736 31,920 30,121 29,137 -7% 29,736 3 Investment income consists of gross investment income (loss) for the general fund and includes interest, dividends and net realized and unrealized investment gains and losses for the segregated funds and mutual funds.4 Other is comprised of all changes to the statement of income and the statement of financial position that are not specifically identified in the roll forward. This includes general expenses, investment expenses, taxes, impact of currency changes, changes in receivables and payables, transfer to/from other business units and changes in allocated capital.

Number of Agents Number of agents 3,013 2,996 3,030 3,053 3,060 -2% 2,996

Canadian $ in millions - Key MetricsNet income (loss) attributed to shareholders 779 612 336 (430) 924 -16% 1,442 Sales - Insurance 98 186 147 241 193 -49% 767 Sales - Wealth management 727 688 177 376 479 52% 1,720 Total premiums and deposits 1,396 1,662 885 1,104 1,194 17% 4,845 Total funds under management 27,531 29,584 31,400 30,696 29,110 -5% 29,584

Yen in millions - Key MetricsNet income (loss) attributed to shareholders 71,153 50,048 26,496 (34,023) 73,148 -3% 115,669 Sales - Individual Insurance 9,033 15,204 11,651 19,120 15,242 -41% 61,217 Sales - Wealth Management 66,466 56,243 14,014 29,785 37,919 75% 137,961 Total premiums and deposits 127,576 135,851 69,966 87,392 94,546 35% 387,755 Total funds under management 2,549,122 2,576,961 2,488,140 2,403,730 2,401,905 6% 2,576,961

Page 15 ASIA - JAPAN

CANADIAN(Canadian $ in millions, unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1

Statements of IncomeRevenue Premium income

Gross premiums 2,232 2,450 2,123 2,518 2,211 1% 9,302 Premiums ceded to reinsurers (1,306) (1,502) (1,248) (1,610) (1,343) -3% (5,703)

Investment income 807 829 751 743 750 8% 3,073 Other revenue 607 708 626 893 551 10% 2,778 Subtotal revenue 2,340 2,485 2,252 2,544 2,169 8% 9,450 Realized/ unrealized gains (losses) on invested assets supporting insurance and investment contract liabilities 1 (448) (401) 627 1,267 (714) -37% 779 Total revenue 1,892 2,084 2,879 3,811 1,455 30% 10,229Contract benefits and expensesTo contractholders and beneficiaries

Gross benefits and claims paid and change in insurance contract liabilities 1 2,167 1,936 2,943 3,875 1,434 51% 10,188 Ceded benefits and expenses and change in reinsurance assets (1,022) (1,017) (1,021) (1,240) (1,104) -7% (4,382) Change in investment contract liabilities (5) 5 (4) (1) (7) -29% (7)

General expenses 329 325 323 328 313 5% 1,289 Investment expenses 95 90 86 84 83 14% 343 Commissions 315 315 319 316 326 -3% 1,276 Other 150 150 112 156 115 30% 533 Total contract benefits and expenses 2,029 1,804 2,758 3,518 1,160 75% 9,240 Income before income taxes (137) 280 121 293 295 - 989 Income tax (expense) recovery 77 (10) 65 (60) 26 196% 21 Net income (60) 270 186 233 321 - 1,010 Less net income (loss) attributed to participating policyholders 2 19 (192) 10 4 -50% (159) Net income attributed to shareholders 2 (62) 251 378 223 317 - 1,169 1 For fixed income assets supporting insurance and investment contract liabilities, equities supporting pass through products and derivatives related to variable annuity hedging programs, the impact of realized/unrealized gains (losses) on the assets is largely offset in the change in actuarial liabilities, included in contract benefits.2 See the Q1 press release for a description of Q1 2013 results compared to Q1 2012.

Source of Earnings Expected profit from in-force business 254 248 247 234 230 10% 959 Impact of new business (40) (53) (46) (53) (49) -18% (201) Experience gains (losses) (400) 11 125 (125) (101) 296% (90) Management actions and changes in assumptions (1) (1) (1) 181 162 - 341 Earnings on surplus funds 67 64 64 65 63 6% 256 Other (19) (8) (76) (19) (14) 36% (117) Income before income taxes (139) 261 313 283 291 - 1,148 Income tax (expense) recovery 77 (10) 65 (60) 26 196% 21 Net income attributed to shareholders (62) 251 378 223 317 - 1,169

Premiums and DepositsPremiums 926 948 875 908 868 7% 3,599 Segregated fund deposits 1,558 1,096 1,186 1,237 1,695 -8% 5,214 Mutual fund deposits 1,145 738 459 382 478 140% 2,057 ASO premium equivalents 710 706 673 725 715 -1% 2,819 Group Benefits ceded 996 1,180 967 1,313 970 3% 4,430 Total premiums and deposits 5,335 4,668 4,160 4,565 4,726 13% 18,119

Funds Under ManagementGeneral fund 79,876 79,961 79,073 77,422 74,697 7% 79,961Segregated funds 46,838 44,701 43,983 42,380 43,083 9% 44,701Mutual funds, including assets held by segregated funds 22,783 20,675 19,636 18,736 18,962 20% 20,675Less: Mutual funds held by segregated funds (13,033) (12,138) (11,640) (11,070) (11,093) 17% (12,138)Total funds under management 136,464 133,199 131,052 127,468 125,649 9% 133,199

Page 16 CANADIAN

CANADIAN - INDIVIDUAL INSURANCE(Canadian $ in millions, unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1


Gross premiums 1,065 1,116 1,039 1,083 1,039 3% 4,277 Premiums ceded to reinsurers (291) (309) (269) (284) (359) -19% (1,221)

Investment income 333 349 296 279 287 16% 1,211 Other revenue 18 21 58 19 21 -14% 119 Subtotal revenue 1,125 1,177 1,124 1,097 988 14% 4,386 Realized/ unrealized gains (losses) on invested assets supporting insurance and investment contract liabilities 1 (14) (120) 518 558 (73) -81% 883 Total revenue 1,111 1,057 1,642 1,655 915 21% 5,269 Contract benefits and expensesTo contractholders and beneficiaries

Gross benefits and claims paid and change in insurance contract liabilities 1 1,373 915 1,764 1,646 974 41% 5,299 Ceded benefits and expenses and change in reinsurance assets (242) (245) (308) (466) (346) -30% (1,365)

General expenses 108 104 105 102 102 6% 413 Investment expenses 19 19 19 19 18 6% 75 Commissions 136 144 147 141 142 -4% 574 Other 20 23 19 19 20 0% 81 Total contract benefits and expenses 1,414 960 1,746 1,461 910 55% 5,077 Income before income taxes (303) 97 (104) 194 5 - 192 Income tax (expense) recovery 99 5 71 (40) 49 102% 85 Net income (204) 102 (33) 154 54 - 277 Less net income (loss) attributed to participating policyholders 2 2 19 (192) 10 4 -50% (159)

Net income attributed to shareholders (206) 83 159 144 50 - 436 1 For fixed income assets supporting insurance and investment contract liabilities and for equities supporting pass through products, the impact of realized/ unrealized gains (losses) on the assets is largely offset in the change in actuarial liabilities, included in contract benefits.2 The net income (loss) attributed to participating policyholders for 2012 was driven by the impact of changes in actuarial assumptions.

SalesNew annualized premium sales Life and living benefits 3 40 42 47 49 46 -13% 184 Other 4 16 16 19 19 16 0% 70 Total new annualized premium sales 56 58 66 68 62 -10% 254

Single premium sales 5 74 82 81 56 77 -4% 296 3 Sales of life and living benefits consist of 100% of recurring premiums and 10% of excess premiums in accordance with guidance from LIMRA International. Life and living benefits sales include products sold through all individual distribution sources, including Affinity Markets. Living benefits include disability, critical illness and long-term care products.4 Other includes products such as health, dental and mortgage creditor insurance.5 Single premium sales include travel insurance and credit card balance insurance.

Premiums and Deposits Premiums 774 807 770 799 680 14% 3,056 Segregated fund deposits 1 1 1 2 1 0% 5 ASO premium equivalents 11 11 11 11 12 -8% 45 Total premiums and deposits 786 819 782 812 693 13% 3,106

Funds Under Management General fund 32,437 32,594 31,891 30,791 29,295 11% 32,594 Segregated funds 189 185 186 180 195 -3% 185 Total funds under management 32,626 32,779 32,077 30,971 29,490 11% 32,779

Changes in General and Segregated Funds Under ManagementBeginning balance 32,779 32,077 30,971 29,490 29,040 13% 29,040 Premiums and deposits 775 808 771 801 681 14% 3,061 Investment income 6 328 232 823 826 227 44% 2,108 Benefits and withdrawals (456) (405) (360) (385) (407) 12% (1,557) Other 7 (800) 67 (128) 239 (51) nm 127 Ending balance 32,626 32,779 32,077 30,971 29,490 11% 32,7796 Investment income consists of gross investment income for the general fund and interest, dividends and net realized and unrealized gains and losses for the segregated funds.7 Other is comprised of all changes to the statement of income and the statement of financial position that are not specifically identified in the roll forward. These include general expenses, investment expenses, taxes, changes in receivables

and payables, transfers to/from other business units and changes in allocated capital.

Page 17 CANADIAN - INDIVIDUAL INSURANCE

CANADIAN - INDIVIDUAL WEALTH MANAGEMENT(Canadian $ in millions, unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1


Gross premiums 96 89 61 67 86 12% 303 Investment income 340 349 329 338 334 2% 1,350 Other revenue 331 320 307 300 300 10% 1,227 Subtotal revenue 767 758 697 705 720 7% 2,880 Realized/ unrealized gains (losses) on invested assets supporting insurance and investment contract liabilities 1 (419) (259) 28 603 (633) -34% (261) Total revenue 348 499 725 1,308 87 300% 2,619 Contract benefits and expensesTo contractholders and beneficiaries Gross benefits and claims paid and change in insurance contract liabilities 1 (189) (1) 244 904 (534) -65% 613

Change in investment contract liabilities (5) 5 (4) (1) (7) -29% (7) General expenses 92 95 93 99 86 7% 373 Investment expenses 59 56 52 50 51 16% 209 Commissions 135 125 126 129 138 -2% 518 Other 108 100 69 107 74 46% 350 Total contract benefits and expenses 200 380 580 1,288 (192) - 2,056 Income (loss) before income taxes 148 119 145 20 279 -47% 563 Income tax (expense) recovery (25) (11) (4) (5) (39) -36% (59)

Net income (loss) attributed to shareholders 123 108 141 15 240 -49% 504 1 For fixed income assets supporting insurance and investment contract liabilities, equities supporting pass through products and derivatives related to variable annuity hedging programs, the impact of realized/unrealized gains (losses) on the assets

is largely offset in the change in actuarial liabilities, included in contract benefits.

Premiums and Deposits Premiums 96 89 61 67 86 12% 303 Mutual fund gross deposits 2 1,723 1,392 854 844 1,030 67% 4,120 Variable annuity segregated fund deposits 433 379 461 563 618 -30% 2,021 Less: deposits to mutual funds from proprietary segregated fund products (578) (654) (395) (462) (552) 5% (2,063) Total premiums and deposits 1,674 1,206 981 1,012 1,182 42% 4,381 2 Mutual fund gross deposits include retail deposits as well as deposits from third party institutional sales and sales of proprietary segregated fund products.

Manulife Bank lending volumes3 739 1,078 1,111 1,329 1,058 -30% 4,576 3 Manulife Bank lending volumes represent bank loans and mortgages authorized in the period.

Funds Under Management General fund - Manulife Bank 21,893 21,446 21,320 21,108 20,819 5% 21,446 General fund - Other 12,848 13,512 13,705 13,742 13,004 -1% 13,512 Segregated funds 26,417 25,781 25,674 25,007 25,588 3% 25,781 Mutual funds, including assets held by segregated funds 22,783 20,675 19,636 18,736 18,962 20% 20,675 Less: Mutual funds held by segregated funds (13,033) (12,138) (11,640) (11,070) (11,093) 17% (12,138)Total funds under management 70,908 69,276 68,695 67,523 67,280 5% 69,276

Changes in General, Segregated and Mutual Funds Under ManagementBeginning balance 69,276 68,695 67,523 67,280 65,507 6% 65,507

Premiums 1,674 1,206 981 1,012 1,182 42% 4,381 Bank deposits 384 (96) 130 399 414 -7% 847 Investment income 4 1,598 790 1,461 232 1,267 26% 3,750 General fund benefits and withdrawals (318) (343) (309) (361) (433) -27% (1,446) Segregated fund withdrawals (687) (614) (504) (519) (600) 15% (2,237) Mutual fund withdrawals (400) (368) (341) (325) (370) 8% (1,404) Other 5 (619) 6 (246) (195) 313 - (122)

Ending balance 70,908 69,276 68,695 67,523 67,280 5% 69,2764Investment income for segregated and mutual funds includes net realized and unrealized investment gains and losses, interest and dividend revenue.5 Other for the general fund is comprised of all changes to the statement of income and the statement of financial position that are not specifically identified in the roll forward. These include general expenses, investment expenses, taxes, changes in receivables and payables and changes in allocated capital. Other for segregated and mutual funds includes expenses and transfers to/from other business units.

Page 18 CANADIAN - INDIVIDUAL WEALTH MANAGEMENT

CANADIAN - GROUP BUSINESSES (Canadian $ in millions, unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1


Gross premiums 1,071 1,245 1,023 1,368 1,086 -1% 4,722 Premiums ceded to reinsurers (1,015) (1,193) (979) (1,326) (984) 3% (4,482)

Investment income 134 131 126 126 129 4% 512 Other revenue 258 367 261 574 230 12% 1,432 Subtotal revenue 448 550 431 742 461 -3% 2,184 Realized/ unrealized gains (losses) on invested assets supporting insurance and investment contract liabilities 1 (15) (22) 81 106 (8) 88% 157 Total revenue 433 528 512 848 453 -4% 2,341 Contract benefits and expensesTo contractholders and beneficiaries

Gross benefits and claims paid and change in insurance contract liabilities 1 983 1,022 935 1,325 994 -1% 4,276 Ceded benefits and expenses and change in reinsurance assets (780) (772) (713) (774) (758) 3% (3,017)

General expenses 129 126 125 127 125 3% 503 Investment expenses 17 15 15 15 14 21% 59 Commissions 44 46 46 46 46 -4% 184 Other 22 27 24 30 21 5% 102 Total contract benefits and expenses 415 464 432 769 442 -6% 2,107 Income before income taxes 18 64 80 79 11 64% 234 Income tax recovery (expense) 3 (4) (2) (15) 16 -81% (5)

Net income attributed to shareholders 21 60 78 64 27 -22% 229 1 For assets supporting insurance and investment contract liabilities, the impact of realized/ unrealized gains (losses) on the assets is largely offset in the change in actuarial liabilities, included in contract benefits.

SalesGroup Benefits2 180 333 71 374 248 -27% 1,026 Group Retirement Solutions - new annualized premium sales 62 54 44 33 91 -32% 222 Group Retirement Solutions - single premium sales 411 169 178 66 465 -12% 878 Total sales 653 556 293 473 804 -19% 2,126 2 Sales for the Group Benefits business are measured by new annualized premiums (including amendments) and single premium sales, including ASO premium equivalents.

Premiums and Deposits Premiums 56 52 44 42 102 -45% 240 Segregated fund deposits 1,124 716 724 672 1,076 4% 3,188 ASO premium equivalents 699 695 662 714 703 -1% 2,774 Group Benefits ceded 996 1,180 967 1,313 970 3% 4,430 Total premiums and deposits 2,875 2,643 2,397 2,741 2,851 1% 10,632

Funds Under Management General funds 12,698 12,409 12,157 11,781 11,579 10% 12,409 Segregated funds 20,232 18,735 18,123 17,193 17,300 17% 18,735Total funds under management 32,930 31,144 30,280 28,974 28,879 14% 31,144

Changes in General and Segregated Funds Under ManagementBeginning balance 31,144 30,280 28,974 28,879 27,580 13% 27,580 Premiums and deposits 1,180 768 768 714 1,178 0% 3,428 Investment income (loss)3 1,016 577 818 (100) 907 12% 2,202 Benefits and withdrawals (563) (582) (441) (448) (565) 0% (2,036) Other 4 153 101 161 (71) (221) - (30) Ending balance 32,930 31,144 30,280 28,974 28,879 14% 31,1443 Investment income (loss) consists of gross investment income for the general fund and interest, dividends and net realized and unrealized gains and losses for the segregated funds.4 Other is comprised of all changes to the statement of income and the statement of financial position that are not specifically identified in the roll forward. These includes general expenses, investment expenses, taxes, changes in receivables

and payables, transfers to/from other Business Units and changes in allocated capital.

Page 19 CANADIAN - GROUP BUSINESSES

U.S. DIVISION(Unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1


Gross premiums 2,127 2,271 2,041 1,978 2,013 6% 8,303 Premiums ceded to reinsurers1 (266) (332) (656) (319) (310) -14% (1,617)

Investment income 1,297 1,432 1,389 1,310 1,365 -5% 5,496 Other revenue 938 936 901 900 901 4% 3,638 Subtotal revenue 4,096 4,307 3,675 3,869 3,969 3% 15,820 Realized/ unrealized gains (losses) on invested assets supporting insurance and investment contract liabilities 2 (2,238) (1,278) 297 5,691 (3,655) -39% 1,055 Total revenue 1,858 3,029 3,972 9,560 314 492% 16,875 Contract benefits and expensesTo contractholders and beneficiaries

Gross benefits and claims paid and change in insurance contract liabilities 2 245 1,506 3,216 8,887 (1,222) - 12,387 Ceded benefits and expenses and change in reinsurance assets1 (362) (330) (829) (515) (249) 45% (1,923) Change in investment contract liabilities 14 16 10 15 14 0% 55

General expenses 333 374 308 318 319 4% 1,319 Investment expenses 176 198 178 161 158 11% 695 Commissions 434 457 414 405 416 4% 1,692 Other 45 43 60 42 41 10% 186 Total contract benefits and expenses 885 2,264 3,357 9,313 (523) - 14,411 Income before income taxes 973 765 615 247 837 16% 2,464 Income tax expense (253) (32) (174) (71) (261) -3% (538) Net income attributed to shareholders 3 720 733 441 176 576 25% 1,926 1On June 29, 2012 and September 25, 2012 the Company entered into coinsurance agreements to reinsure 89 per cent of its book value fixed deferred annuity business. Under the terms of the agreements, the Company will maintain responsibility for servicing of the policies and some of the assets and has retained the remaining exposure. For presentation in the Statistical Information Package, the premiums ceded of $1,808 in Q3’12 and $5,372 in Q2’12 as a result of these agreements have been shown net with the change in reinsurance assets line.2 For fixed income assets supporting insurance and investment contract liabilities and for equities supporting pass through products and derivatives related to variable annuity hedging programs, the impact of realized/unrealized gains (losses) on the assets is largely offset in the change in actuarial liabilities, included in contract benefits. The gains (losses) primarily relate to fair value movements on bonds and derivatives.3 See the Q1 press release for a description of Q1 2013 results compared to Q1 2012.

Premiums and Deposits - U.S. $ in millionsPremiums 1,861 1,939 1,385 1,659 1,703 9% 6,686 Investment contract deposits 23 29 29 27 56 -59% 141 Segregated fund deposits 4,190 4,054 4,029 3,835 4,204 0% 16,122 Mutual fund deposits 5,555 3,721 3,109 3,073 3,115 78% 13,018 Total premiums and deposits 11,629 9,743 8,552 8,594 9,078 28% 35,967

Funds Under Management - U.S. $ in millionsGeneral fund 109,670 112,979 112,906 113,334 110,961 -1% 112,979Segregated funds 144,799 138,635 138,198 132,891 137,285 5% 138,635Mutual funds 48,089 42,536 40,882 38,185 38,308 26% 42,536 Total funds under management 302,558 294,150 291,986 284,410 286,554 6% 294,150

Canadian $ in millions - Summary Statements of Income and Key MetricsRevenue 1,873 3,003 3,954 9,659 314 496% 16,930Total policy benefits and expenses 893 2,246 3,341 9,409 (523) - 14,473Net income attributed to shareholders 726 726 438 179 576 26% 1,919 Total premiums and deposits 11,725 9,661 8,510 8,684 9,089 29% 35,944 Total funds under management 307,290 292,657 287,217 289,842 286,298 7% 292,657

Page 20 U.S DIVISION

U.S. DIVISION (CONT'D)(Unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1

U.S. INSURANCESource of Earnings - U.S. $ in millionsExpected profit from in-force business 191 173 164 164 186 3% 687 Impact of new business 21 (15) (7) (30) (36) - (88) Experience gains (losses) 123 289 22 499 (321) - 489 Management actions and changes in assumptions - - 17 - - - 17 Earnings on surplus funds 74 78 79 78 78 -5% 313 Other 8 (40) 9 (13) 2 300% (42) Income (loss) before income taxes 417 485 284 698 (91) - 1,376 Income tax (expense) recovery (130) (138) (93) (250) 43 - (438) Net income (loss) attributed to shareholders 287 347 191 448 (48) - 938

U.S. WEALTH MANAGEMENTSource of Earnings - U.S. $ in millionsExpected profit from in-force business 236 206 207 175 183 29% 771 Impact of new business (35) (47) (36) (38) (37) -5% (158) Experience gains (losses) 310 65 101 (602) 737 -58% 301 Management actions and changes in assumptions - (1) 19 (39) (1) - (22) Earnings on surplus funds 44 46 45 46 46 -4% 183 Other 1 11 (5) 7 - - 13 Income (loss) before income taxes 556 280 331 (451) 928 -40% 1,088 Income tax (expense) recovery (123) 106 (81) 179 (304) -60% (100) Net income (loss) attributed to shareholders 433 386 250 (272) 624 -31% 988

U.S. DIVISIONSource of Earnings - U.S. $ in millionsExpected profit from in-force business 427 379 371 339 369 16% 1,458 Impact of new business (14) (62) (43) (68) (73) -81% (246) Experience gains (losses) 433 354 123 (103) 416 4% 790 Management actions and changes in assumptions - (1) 36 (39) (1) - (5) Earnings on surplus funds 118 124 124 124 124 -5% 496 Other 9 (29) 4 (6) 2 350% (29) Income before income taxes 973 765 615 247 837 16% 2,464 Income tax expense (253) (32) (174) (71) (261) -3% (538) Net income attributed to shareholders 720 733 441 176 576 25% 1,926

Page 21 U.S DIVISION (CONT'D)

U.S. DIVISION - JOHN HANCOCK LIFE(Unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1


Gross premiums 1,417 1,562 1,314 1,238 1,224 16% 5,338 Premiums ceded to reinsurers (262) (330) (650) (314) (310) -15% (1,604)

Investment income 608 691 640 611 634 -4% 2,576 Other revenue 180 183 159 175 173 4% 690 Subtotal revenue 1,943 2,106 1,463 1,710 1,721 13% 7,000 Realized/ unrealized gains (losses) on invested assets supporting insurance and investment contract liabilities1 (546) (375) 413 1,790 (865) -37% 963 Total revenue 1,397 1,731 1,876 3,500 856 63% 7,963 Contract benefits and expensesTo contractholders and beneficiaries

Gross benefits and claims paid and change in insurance contract liabilities 1 1,011 1,487 2,040 3,082 764 32% 7,373 Ceded benefits and expenses and change in reinsurance assets (246) (442) (594) (282) (415) -41% (1,733)

General expenses 114 128 108 110 109 5% 455 Investment expenses 26 34 25 26 23 13% 108 Commissions 200 232 191 175 186 8% 784 Other 36 34 49 32 32 13% 147 Total contract benefits and expenses 1,141 1,473 1,819 3,143 699 63% 7,134 Income before income taxes 256 258 57 357 157 63% 829 Income tax expense (74) (59) (15) (134) (45) 64% (253)

Net income attributed to shareholders 182 199 42 223 112 63% 576 1 For fixed income assets supporting insurance and investment contract liabilities and for equities supporting pass through products, the impact of realized/ unrealized gains (losses) on the assets is largely offset in the change in actuarial liabilities, included in contract benefits.

Sales - U.S. $ in millions 2

Total sales 130 163 142 118 120 8% 543 2 Consists of 100% of recurring premiums and 10% of both excess and single premiums.

Premiums and Deposits - U.S. $ in millions Premiums 1,155 1,232 664 924 914 26% 3,734 Segregated fund deposits 216 189 351 349 335 -36% 1,224 Total premiums and deposits 1,371 1,421 1,015 1,273 1,249 10% 4,958

Funds Under Management - U.S. $ in millions General fund 55,873 56,345 55,961 55,270 52,635 6% 56,345 Segregated funds 10,938 10,458 10,478 10,005 10,320 6% 10,458Total funds under management 66,811 66,803 66,439 65,275 62,955 6% 66,803

Changes in General and Segregated Funds Under Management - U.S. $ in millionsBeginning balance 66,803 66,439 65,275 62,955 62,364 7% 62,364 Premiums and deposits 1,371 1,421 1,015 1,273 1,249 10% 4,958 Investment income 3 637 492 1,537 2,146 621 3% 4,796 Benefits and withdrawals (1,001) (1,056) (1,034) (909) (1,001) 0% (4,000) Other 4 (999) (493) (354) (190) (278) 259% (1,315) Ending balance 66,811 66,803 66,439 65,275 62,955 6% 66,8033 Investment income consists of gross investment income for the general fund and interest, dividends and net realized and unrealized gains and losses for the segregated funds.4 Other is comprised of all changes to the statement of operations and the balance sheet that are not specifically identified in the roll forward. These include general expenses, investment expenses, taxes, changes in receivables and payables, transfers to/from other Business Units and changes in allocated capital.

Canadian $ in millions - Key MetricsNet income attributed to shareholders 183 198 41 225 112 63% 576Sales 131 162 142 119 120 9% 543Total premiums and deposits 1,383 1,409 1,010 1,287 1,250 11% 4,956Total funds under management 67,857 66,464 65,354 66,521 62,898 8% 66,464

Page 22 U.S DIVISION - JOHN HANCOCK LIFE

U.S. DIVISION - JOHN HANCOCK LONG-TERM CARE(Unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1


Gross premiums 430 465 457 444 426 1% 1,792 Premiums ceded to reinsurers - - (1) - - - (1)

Investment income 281 296 278 270 255 10% 1,099 Other revenue 10 8 9 9 9 11% 35 Subtotal revenue 721 769 743 723 690 4% 2,925 Realized/ unrealized gains (losses) on invested assets supporting insurance and investment contract liabilities 1 (675) (353) 209 2,020 (1,144) -41% 732 Total revenue 46 416 952 2,743 (454) - 3,657 Contract benefits and expensesTo contractholders and beneficiaries

Gross benefits and claims paid and change in insurance contract liabilities 1 (216) 75 624 2,300 (309) -30% 2,690 Ceded benefits and expenses and change in reinsurance assets - - - (1) - - (1)

General expenses 49 53 44 49 49 0% 195 Investment expenses 12 20 14 11 11 9% 56 Commissions 32 33 34 34 35 -9% 136 Other 8 8 9 9 8 0% 34 Total contract benefits and expenses (115) 189 725 2,402 (206) -44% 3,110 Income (loss) before income taxes 161 227 227 341 (248) - 547 Income tax (expense) recovery (56) (79) (78) (116) 88 - (185) Net income (loss) attributed to shareholders 105 148 149 225 (160) - 362 1 For fixed income assets supporting insurance and investment contract liabilities and for equities supporting pass through products, the impact of realized/ unrealized gains (losses) on the assets is largely offset in the change in actuarial liabilities, included in contract benefits.

Sales - U.S. $ in millions New annualized premiums 12 10 13 13 20 -40% 56

Premiums and Deposits - U.S. $ in millions Premiums 430 465 456 444 426 1% 1,791 Segregated fund deposits 105 105 105 105 104 1% 419 Total premiums and deposits 535 570 561 549 530 1% 2,210

Funds Under Management - U.S. $ in millions General fund 26,344 27,280 27,149 26,524 23,959 10% 27,280 Segregated funds 3,612 3,399 3,273 3,027 2,957 22% 3,399 Total funds under management 29,956 30,679 30,422 29,551 26,916 11% 30,679

Changes in General and Segregated Funds Under Management - U.S. $ in millionsBeginning balance 30,679 30,422 29,551 26,916 27,641 11% 27,641 Premiums and deposits 535 570 561 549 530 1% 2,210 Investment income (loss) 2 (248) (2) 662 2,288 (717) -65% 2,231 Benefits and withdrawals (230) (227) (222) (213) (207) 11% (869) Other 3 (780) (84) (130) 11 (331) 136% (534) Ending balance 29,956 30,679 30,422 29,551 26,916 11% 30,6792 Investment income (loss) consists of gross investment income (loss) for the general fund and interest, dividends and net realized and unrealized gains and losses for the segregated funds.3 Other is comprised of all changes to the statement of income and the statement of financial position that are not specifically identified in the roll forward. These include general expenses, investment expenses, taxes, changes in receivables an payables, transfers to/from other Business Units and changes in allocated capital.

Canadian $ in millions - Key MetricsNet income (loss) attributed to shareholders 106 146 148 228 (160) - 362 Sales 12 10 13 13 20 -40% 56 Total premiums and deposits 538 566 557 554 532 1% 2,209 Funds under management 30,424 30,523 29,925 30,116 26,892 13% 30,523

Page 23 U.S DIVISION - JOHN HANCOCK LONG-TERM CARE

JOHN HANCOCK WEALTH ASSET MANAGEMENT (Unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1


Gross premiums 42 39 42 33 42 0% 156 Investment income 10 16 20 11 13 -23% 60 Other revenue 382 361 350 332 331 15% 1,374 Subtotal revenue 434 416 412 376 386 12% 1,590 Realized/ unrealized gains (losses) on invested assets supporting insurance and investment contract liabilities 1 - - - (1) 5 -100% 4 Total revenue 434 416 412 375 391 11% 1,594 Contract benefits and expensesTo contractholders and beneficiaries

Gross benefits and claims paid and change in insurance contract liabilities 1 43 46 59 43 57 -25% 205 General expenses 117 128 102 102 102 15% 434 Investment expenses 95 92 91 80 79 20% 342 Commissions 123 114 107 104 104 18% 429 Other - - - - - - - Total contract benefits and expenses 378 380 359 329 342 11% 1,410 Income before income taxes 56 36 53 46 49 14% 184 Income tax expense 1 52 (11) (10) (11) - 20

Net income attributed to shareholders 57 88 42 36 38 50% 204 1 For fixed income assets supporting insurance and investment contract liabilities and equities supporting pass through products, the impact of realized/unrealized gains (losses) on the assets is largely offset in the change in actuarial liabilities, included in contract benefits.

Sales - U.S. $ in millionsSales - Defined contribution 2 1,392 1,995 1,515 1,206 1,328 5% 6,044 Sales - Mutual funds 3 5,547 3,720 3,103 3,073 3,115 78% 13,011 2 Defined contribution sales include new annualized and first year single premium sales. 3 Mutual funds include sales of College Savings (529 plan). Privately Managed Accounts is now under the Investment Division and is reported as part of Corporate & Other.

Premiums and Deposits - U.S. $ in millions Premiums 42 39 42 33 42 0% 156 Segregated fund deposits 3,745 3,645 3,400 3,080 3,546 6% 13,671 Mutual fund deposits4 5,555 3,721 3,109 3,073 3,115 78% 13,018 Total premiums and deposits 9,342 7,405 6,551 6,186 6,703 39% 26,8454 Mutual fund deposits include College Savings (529 plan) and Defined Contribution mutual fund products. Privately Managed Accounts is now under the Investment Division and is reported as part of Corporate & Other.

Funds Under Management - U.S. $ in millions General fund 1,260 1,407 1,414 1,372 1,332 -5% 1,407 Segregated funds 74,363 70,005 68,983 65,521 67,253 11% 70,005 Mutual funds 5 48,089 42,536 40,882 38,185 38,308 26% 42,536 Total funds under management 123,712 113,948 111,279 105,078 106,893 16% 113,9485 Mutual funds include College Savings (529 plan) and Defined Contribution mutual fund products. Privately Managed Accounts is now under the Investment Division and is reported as part of Corporate & Other.

Changes in General, Segregated, Mutual and Other Funds Under Management - U.S. $ in millionsBeginning balance 113,948 111,279 105,078 106,893 97,084 17% 97,084

Premiums and deposits - Defined contribution 3,787 3,684 3,442 3,113 3,588 6% 13,827Premiums and deposits - Mutual funds 5,555 3,721 3,109 3,073 3,115 78% 13,018Investment income (loss) 6 6,392 1,797 5,100 (2,470) 8,568 -25% 12,995 Withdrawals - Defined contribution (3,219) (3,833) (3,114) (2,949) (3,020) 7% (12,916)Withdrawals - Mutual funds (2,386) (2,511) (2,131) (2,302) (2,214) 8% (9,158)Other 7 (365) (189) (205) (280) (228) 60% (902)

Ending balance 123,712 113,948 111,279 105,078 106,893 16% ####6 Investment income (loss) consists of gross investment income for the general fund and interest, dividends and net realized and unrealized gains and losses for the segregated funds, mutual funds and other funds.7 Other is comprised of all changes to the statement of income and the statement of financial position that are not specifically identified in the roll forward. These include general expenses, investment expenses, taxes, changes in receivables and payables,

transfers to/from other Business Units and changes in allocated capital.

Canadian $ in millions - Key MetricsNet income attributed to shareholders 58 88 42 37 37 57% 204 Sales - Defined contribution 1,404 1,978 1,507 1,218 1,330 6% 6,033 Sales - Mutual funds 5,593 3,688 3,088 3,105 3,119 79% 13,000Total premiums and deposits 9,420 7,341 6,520 6,250 6,711 40% 26,822Total funds under management 125,645 113,369 109,461 107,085 106,798 18% ####

Page 24 U.S DIVISION - JOHN HANCOCK WEALTH ASSET MANAGEMENT

JOHN HANCOCK ANNUITIES(Unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1


Gross premiums 238 205 228 263 321 -26% 1,017 Premiums ceded to reinsurers1 (4) (2) (5) (5) - - (12)

Investment income 398 429 451 418 463 -14% 1,761 Other revenue 366 384 383 384 388 -6% 1,539 Subtotal revenue 998 1,016 1,057 1,060 1,172 -15% 4,305 Realized/ unrealized gains (losses) on assets supporting insurance and investment contract liabilities 2 (1,017) (550) (325) 1,882 (1,651) -38% (644) Total revenue (19) 466 732 2,942 (479) -96% 3,661 Contract benefits and expensesTo contractholders and beneficiaries

Gross benefits and claims paid and change in insurance contract liabilities 2 (593) (102) 493 3,462 (1,734) -66% 2,119 Ceded benefits and expenses and change in reinsurance assets1 (116) 112 (235) (232) 166 - (189) Change in investment contract liabilities 14 16 10 15 14 0% 55

General expenses 53 65 54 57 59 -10% 235 Investment expenses 43 52 48 44 45 -4% 189 Commissions 79 78 82 92 91 -13% 343 Other 1 1 2 1 1 0% 5 Total contract benefits and expenses (519) 222 454 3,439 (1,358) -62% 2,757 Income (loss) before income taxes 500 244 278 (497) 879 -43% 904 Income tax (expense) recovery (124) 54 (70) 189 (293) -58% (120) Net income (loss) attributed to shareholders 376 298 208 (308) 586 -36% 784 1On June 29, 2012 and September 25, 2012 the Company entered into coinsurance agreements to reinsure 89 per cent of its book value fixed deferred annuity business. Under the terms of the agreement, the Company will maintain responsibility for servicing of the policies and some of the assets and has retained the remaining exposure. For presentation in the Statistical Information Package, the premiums ceded of $1,808 in Q3’12 and $5,372 in Q2’12 as a result of these agreements have been shown net with the change in reinsurance assets line.2 For fixed income assets supporting insurance and investment contract liabilities, equities supporting pass through products and derivatives related to variable annuity hedging programs, the impact of realized/unrealized gains (losses) on the assets is largely offset in the change in actuarial liabilities, included in contract benefits.

Sales - U.S. $ in millions Fixed products 61 63 93 74 179 -66% 409 Variable products - 89 146 309 205 -100% 749 Total sales 3 61 152 239 383 384 -84% 1,158 3 In Q4 2012 the Company ceased selling fixed and variable deferred annuities. Fixed Product sales in Q1 2013 represent sales of Structured settlements and single premium immediate annuities which the Company stopped selling in March 2013. Effective Q1 2013 subsequent payments into existing annuity contracts are not considered to be sales.

Premiums and Deposits - U.S. $ in millions Premiums 234 203 223 258 321 -27% 1,005 Investment contract deposits 23 29 29 27 56 -59% 141 Segregated fund deposits 124 115 173 301 219 -43% 808 Total premiums and deposits 381 347 425 586 596 -36% 1,954

Funds Under Management - U.S. $ in millions General fund 26,193 27,947 28,382 30,168 33,035 -21% 27,947 Segregated funds 55,886 54,773 55,464 54,338 56,755 -2% 54,773 Total funds under management 82,079 82,720 83,846 84,506 89,790 -9% 82,720

Changes in General and Segregated Funds Under Management - U.S. $ in millionsBeginning balance 82,720 83,846 84,506 89,790 87,811 -6% 87,811

Premiums and deposits 381 347 425 586 596 -36% 1,954 Investment income (loss) 4 2,034 708 2,614 1,292 3,041 -33% 7,655 General fund benefits and withdrawals (556) (548) (600) (679) (740) -25% (2,567) Segregated fund withdrawals (1,410) (1,364) (1,279) (1,440) (1,461) -3% (5,544) Other 5 (1,090) (269) (1,820) (5,043) 543 - (6,589)

Ending balance 82,079 82,720 83,846 84,506 89,790 -9% 82,720 4 Investment income (loss) consists of gross investment income for the general fund and interest, dividends and net realized and unrealized gains and losses for the segregated funds.5 Other is comprised of all changes to the statement of income and the statement of financial position that are not specifically identified in the roll forward. These include general expenses, investment expenses, taxes, changes in receivables and payables, transfers to/from other Business Units and changes in allocated capital. Also included is the impact related to the Fixed Deferred Annuity coinsurance transaction (Q3 2012: $1.8 billion and Q2 2012: $5.4 billion).

Canadian $ in millions - Key MetricsNet income (loss) attributed to shareholders 379 294 207 (311) 587 -35% 777 Total premiums and deposits 384 345 423 593 596 -36% 1,957 Total funds under management 83,364 82,301 82,477 86,120 89,710 -7% 82,301

Page 25 U.S DIVISION - JOHN HANCOCK ANNUITIES

CORPORATE & OTHER(Canadian $ in millions, unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1

Statements of IncomeCorporate and InvestmentsRevenue

Gross investment income before items below 249 236 236 262 205 21% 939 Gains (losses) on AFS equities 38 31 30 (4) 38 0% 95 Gains (losses) on AFS bonds and related derivative positions (15) (53) (31) 91 (52) -71% (45) Gains (losses) on macro hedges (980) (445) (263) 341 (758) 29% (1,125)Interest on surplus funds allocated to divisions (234) (233) (234) (238) (233) 0% (938)

Other revenue 69 59 41 82 87 -21% 269 Total revenue, net (873) (405) (221) 534 (713) 22% (805) Contract benefits and expenses General expenses 189 240 169 164 138 37% 711 Investment expenses, net (12) (20) (3) (13) (13) -8% (49) Changes in actuarial methods and assumptions 97 153 1,343 953 (18) - 2,431 Goodwill impairment - - 200 - - - 200 Other 2 160 (13) 130 153 189 -15% 459 Total contract benefits and expenses 434 360 1,839 1,257 296 47% 3,752 Loss before income taxes (1,307) (765) (2,060) (723) (1,009) 30% (4,557) Income tax recovery 216 104 499 345 176 23% 1,124 Net loss (1,091) (661) (1,561) (378) (833) 31% (3,433) Less net income (loss) attributed to non-controlling interest in subsidiaries (2) 1 (10) 5 (2) 0% (6)

Net loss attributed to shareholders - Corporate and Investments (1,089) (662) (1,551) (383) (831) 31% (3,427)

Net income attributed to shareholders for Reinsurance business (see next page) 37 80 33 15 52 -29% 180 Total net income loss attributed to shareholders 1 (1,052) (582) (1,518) (368) (779) 35% (3,247) 1 See the Q1 press release for a description of Q1 2013 results compared to Q1 2012.2 Q4 2012 includes the release of interest provision related to tax contingency.

Premiums and DepositsSegregated fund deposits - - - 71 - - 71 Institutional advisory accounts deposits 782 5,376 1,106 894 368 112% 7,744 Private Client Group - - - - 65 -100% 65 Premiums - Reinsurance business (see next page) 23 20 26 25 26 -12% 97 Total premiums and deposits 805 5,396 1,132 990 459 75% 7,977

Funds Under ManagementGeneral fund - Corporate and Investments 1,862 (2,243) (5,375) (4,062) 1,817 2% (2,243)General fund - Reinsurance (see next page) 1,139 1,200 1,169 1,197 1,205 -5% 1,200 Segregated funds - elimination of amounts held by the Company (166) (166) (156) (113) (123) 35% (166) Institutional advisory accounts 3 29,859 28,776 23,660 24,083 23,975 25% 28,776 Total funds under management 32,694 27,567 19,298 21,105 26,874 22% 27,5673 Of the $29.9 billion in Institutional Advisory Accounts FUM in Q1 2013, $27.3 billion is managed by Manulife Asset Management and the remainder is managed by Investment Division affiliates.

Page 26 CORPORATE & OTHER

CORPORATE & OTHER - REINSURANCE (Unaudited)

2013 2012 2012 2012 2012 2013 Q1 FiscalQ1 Q4 Q3 Q2 Q1 vs. 2012

2012 Q1


Gross premiums 28 27 28 31 28 0% 114 Premiums ceded to reinsurers (6) (6) (2) (5) (3) 100% (16)

Investment income 9 11 9 9 6 50% 35 Other revenue 1 3 3 (62) 4 -75% (52) Subtotal revenue 32 35 38 (27) 35 -9% 81 Realized/ unrealized gains (losses) on invested assets supporting insurance and investment contract liabilities 1 (1) (2) 7 4 (2) -50% 7 Total revenue 31 33 45 (23) 33 -6% 88 Contract benefits and expensesTo contractholders and beneficiaries

Gross benefits and claims paid and change in insurance contract liabilities 1 (8) (49) 10 (61) (30) -73% (130) Ceded benefits and expenses and change in reinsurance assets (7) (7) (7) 17 (3) 133% -

General expenses 2 4 3 3 4 -50% 14 Investment expenses - - 1 - - - 1 Commissions 1 - - 2 - - 2 Total contract benefits and expenses (12) (52) 7 (39) (29) -59% (113) Income before income taxes 43 85 38 16 62 -31% 201 Income tax expense (6) (5) (3) (1) (11) -45% (20)

Net income attributed to shareholders 37 80 35 15 51 -27% 181 1 For fixed income assets supporting insurance and investment contract liabilities, the impact of realized/ unrealized gains (losses) on the assets is largely offset in the change in actuarial liabilities, included in contract benefits.

Source of Earnings - U.S. $ in millionsExpected profit from in-force business 29 33 34 36 36 -19% 139 Experience gains (losses) 8 48 (3) 42 21 -62% 108 Management actions and changes in assumptions - - - (67) - - (67) Earnings on surplus funds 6 5 6 5 5 20% 21 Other - (1) 1 - - - - Income before income taxes 43 85 38 16 62 -31% 201 Income tax expense (6) (5) (3) (1) (11) -45% (20) Net income attributed to shareholders 37 80 35 15 51 -27% 181

Premiums - U.S. $ in millions Life reinsurance - 1 - 1 - - 2 Property and Casualty reinsurance 22 20 26 25 25 -12% 96 Total premiums 22 21 26 26 25 -12% 98

Funds Under Management - U.S. $ in millions General fund 1,121 1,206 1,189 1,174 1,205 -7% 1,206

Canadian $ in millions - Key MetricsNet income attributed to shareholders 37 80 33 15 52 -29% 180 Total premiums 23 20 26 25 26 -12% 97 Total funds under management 1,139 1,200 1,169 1,197 1,205 -5% 1,200

Page 27 CORPORATE & OTHER - REINSURANCE

AssetInformation

INVESTED ASSETS - PORTFOLIO COMPOSITION(Canadian $ in millions, unaudited)

As at As at As at As at As atQ1 2013 % Q4 2012 % Q3 2012 % Q2 2012 % Q1 2012 %

Carrying valueCash and short-term securities 12,130 5.2 % 13,480 5.9 % 10,287 4.6 % 12,990 5.7 % 12,293 5.5 %

Public bonds Government Canadian government & agency 16,384 7.1 % 15,943 6.9 % 17,216 7.7 % 16,844 7.4 % 16,934 7.6 % US government & agency 27,296 11.8 % 27,172 11.9 % 26,689 11.9 % 26,829 11.8 % 24,762 11.1 % Foreign governments & agency 13,635 5.9 % 13,616 5.9 % 14,211 6.3 % 14,130 6.3 % 12,078 5.4 % Corporate 59,639 25.8 % 58,802 25.7 % 58,008 25.9 % 58,508 25.8 % 58,170 26.1 % Securitized

CMBS 1,460 0.6 % 1,599 0.7 % 1,767 0.8 % 2,302 1.0 % 3,182 1.4 %RMBS 507 0.2 % 390 0.2 % 337 0.2 % 303 0.1 % 380 0.2 %ABS 1,715 0.8 % 1,759 0.8 % 1,817 0.8 % 1,776 0.8 % 1,910 0.9 %

Total public bonds 120,636 52.2 % 119,281 52.1 % 120,045 53.6 % 120,692 53.2 % 117,416 52.7 %

Private placement debt 20,416 8.8 % 20,275 8.9 % 19,225 8.6 % 19,840 8.7 % 20,098 9.0 %

Mortgages Commercial Multi family residential 3,302 1.4 % 3,320 1.4 % 3,213 1.4 % 3,242 1.4 % 3,383 1.5 % Retail 5,852 2.5 % 5,689 2.5 % 5,481 2.5 % 5,615 2.5 % 5,735 2.6 % Office 5,149 2.2 % 5,169 2.3 % 5,079 2.3 % 5,299 2.3 % 5,508 2.5 % Industrial 2,324 1.0 % 2,394 1.0 % 2,447 1.1 % 2,534 1.1 % 2,796 1.2 % Other commercial 1,963 0.9 % 1,957 0.9 % 2,122 0.9 % 2,150 1.0 % 2,133 1.0 % Other mortgages Manulife Bank single residential 15,517 6.7 % 15,220 6.6 % 14,774 6.6 % 14,399 6.3 % 13,881 6.2 % Agriculture 1,345 0.6 % 1,333 0.6 % 1,343 0.6 % 1,498 0.7 % 1,507 0.7 %Total mortgages 1 35,452 15.3 % 35,082 15.3 % 34,459 15.4 % 34,737 15.3 % 34,943 15.7 %

Policy loans 6,948 3.0 % 6,793 3.0 % 6,716 3.0 % 6,895 3.0 % 6,710 3.0 %

Bank loans 2,100 0.9 % 2,142 0.9 % 2,202 1.0 % 2,251 1.0 % 2,275 1.0 %

EquitiesPar, equity-linked and pass-through 7,678 3.3 % 7,235 3.2 % 7,016 3.1 % 6,704 3.0 % 6,848 3.1 %Nonpar and surplus 5,215 2.3 % 4,760 2.0 % 4,217 1.9 % 4,013 1.7 % 4,378 1.9 %

Total equities 12,893 5.6 % 11,995 5.2 % 11,233 5.0 % 10,717 4.7 % 11,226 5.0 %

Real estate & other invested assetsAlternative long-duration assets Office 6,248 2.7 % 6,168 2.7 % 6,120 2.7 % 5,829 2.6 % 5,524 2.5 % Industrial 634 0.3 % 614 0.3 % 613 0.3 % 616 0.3 % 592 0.3 % Company use 794 0.3 % 789 0.3 % 794 0.4 % 818 0.3 % 810 0.3 % Other 985 0.4 % 942 0.4 % 909 0.4 % 873 0.4 % 768 0.3 %Total real estate 8,661 3.7 % 8,513 3.7 % 8,436 3.8 % 8,136 3.6 % 7,694 3.4 %

Private equity 1,857 0.8 % 1,761 0.8 % 1,685 0.7 % 1,600 0.7 % 1,500 0.7 % Power & infrastructure 2,971 1.3 % 2,913 1.3 % 2,807 1.3 % 2,781 1.2 % 2,596 1.2 % Oil & gas 1,446 0.6 % 1,355 0.6 % 1,312 0.6 % 1,274 0.6 % 1,285 0.6 % Timberland 1,552 0.7 % 1,489 0.6 % 1,420 0.6 % 944 0.4 % 913 0.4 % Farmland 809 0.4 % 754 0.3 % 847 0.4 % 819 0.4 % 781 0.3 % Total other alternative long-duration assets 17,296 7.5 % 16,785 7.3 % 16,507 7.4 % 15,554 6.9 % 14,769 6.6 %

Leases 2,665 1.2 % 2,591 1.1 % 2,540 1.1 % 2,609 1.1 % 2,536 1.2 % Affordable housing 408 0.2 % 414 0.2 % 417 0.2 % 454 0.2 % 461 0.2 % Other 308 0.1 % 284 0.1 % 301 0.1 % 355 0.2 % 303 0.1 %Total real estate & other invested assets 20,677 9.0 % 20,074 8.7 % 19,765 8.8 % 18,972 8.4 % 18,069 8.1 %

Total invested assets 231,252 100.0 % 229,122 100.0 % 223,932 100.0 % 227,094 100.0 % 223,030 100.0 %1 Includes government insured mortgages ($10,500 or 30% as at March 31, 2013).

Fair value 2

Real estate 9,291 9,092 8,985 8,648 8,186 Total other alternative long-duration assets 17,995 17,580 17,342 16,377 15,679 Total real estate & other invested assets 21,376 20,869 20,600 19,795 18,979

Page 28 INVESTED ASSETS - PORTFOLIO COMPOSITION

2 The fair values of real estate and other investments are disclosed in the table above since the changes in the fair value of those assets backing insurance and investment contract liabilities are reflected as earnings/charges through actuarial reserves.

INVESTED ASSETS - FIXED INCOME SECURITIES BY CREDIT QUALITY AND GEOGRAPHIC LOCATION(Canadian $ in millions, unaudited)

Public Bond and Private Placement Portfolio by Credit Quality (at carrying value)

Credit As at As at As at As at As atRating 1 Q1 2013 % Q4 2012 % Q3 2012 % Q2 2012 % Q1 2012 %

AAA 40,468 34% 40,133 34% 40,378 33% 40,830 34% 39,561 34%

AA 22,888 19% 22,980 19% 24,917 21% 24,428 20% 22,894 19%

A 35,117 29% 33,917 28% 33,462 28% 33,882 28% 33,030 28%

BBB 17,385 14% 17,670 15% 16,832 14% 17,065 14% 17,461 15%

BB 4,041 3% 3,835 3% 3,651 3% 3,627 3% 3,600 3%

B & lower, and unrated 737 1% 746 1% 805 1% 860 1% 870 1%

Total 120,636 100% 119,281 100% 120,045 100% 120,692 100% 117,416 100%

AAA 743 4% 697 4% 838 4% 631 3% 628 3%

AA 2,731 13% 2,633 13% 2,430 13% 2,493 13% 2,491 12%

A 5,905 29% 5,709 28% 5,293 28% 5,850 30% 5,776 29%

BBB 8,908 44% 9,116 45% 8,612 45% 8,621 43% 8,886 44%

BB 845 4% 835 4% 823 4% 1,072 5% 1,139 6%

B & lower, and unrated 1,284 6% 1,285 6% 1,229 6% 1,173 6% 1,178 6%

Total 20,416 100% 20,275 100% 19,225 100% 19,840 100% 20,098 100%

AAA 41,211 29% 40,830 29% 41,216 30% 41,461 30% 40,189 29%

AA 25,619 18% 25,613 18% 27,347 20% 26,921 19% 25,385 19%

A 41,022 29% 39,626 29% 38,755 28% 39,732 28% 38,806 28%

BBB 26,293 19% 26,786 19% 25,444 18% 25,686 18% 26,347 19%

BB 4,886 4% 4,670 3% 4,474 3% 4,699 3% 4,739 3%

B & lower, and unrated 2,021 1% 2,031 2% 2,034 1% 2,033 2% 2,048 2%

Total 141,052 100% 139,556 100% 139,270 100% 140,532 100% 137,514 100%

1 The Company replicates exposure to specific issuers by selling credit protection via credit default swaps (CDS) to complement its cash bond investments. The Company does not use CDS to leverage its credit risk exposure and any CDS protection sold is

backed by government security holdings. In order to reflect the actual credit exposure held by the Company, the credit quality carrying values have been adjusted to reflect the credit quality of the underlying issuers referenced in the CDS sold by the Company. At March 31, 2013, the Company had $289 (December 31, 2012: $264) notional outstanding of CDS protection sold.

Public Bond and Private Placement Portfolio by Geographic Location (at carrying value)

As at As at As at As at As atCountry Q1 2013 % Q4 2012 % Q3 2012 % Q2 2012 % Q1 2012 %

US 60,495 50% 60,171 50% 59,370 49% 61,083 51% 60,080 51%

Canada 33,462 28% 32,676 27% 33,822 28% 32,995 27% 32,629 28%

Europe 4,476 4% 4,420 4% 4,438 4% 4,476 4% 4,614 4%

Asia & Other 22,203 18% 22,014 19% 22,415 19% 22,138 18% 20,093 17%

Total 120,636 100% 119,281 100% 120,045 100% 120,692 100% 117,416 100%

US 11,632 57% 11,381 56% 10,793 56% 11,452 58% 11,735 58%

Canada 6,363 31% 6,490 32% 6,122 32% 5,871 29% 5,776 29%

Europe 1,294 6% 1,303 6% 1,251 6% 1,315 7% 1,359 7%

Asia & Other 1,127 6% 1,101 6% 1,059 6% 1,202 6% 1,228 6%

Total 20,416 100% 20,275 100% 19,225 100% 19,840 100% 20,098 100%

US 72,127 51% 71,552 51% 70,163 50% 72,535 52% 71,815 52%

Canada 39,825 28% 39,166 28% 39,944 29% 38,866 28% 38,405 28%

Europe 5,770 4% 5,723 4% 5,689 4% 5,791 4% 5,973 4%

Asia & Other 23,330 17% 23,115 17% 23,474 17% 23,340 16% 21,321 16%

Total 141,052 100% 139,556 100% 139,270 100% 140,532 100% 137,514 100%

Page 29 INVESTED ASSETS - FIXED INCOME SECURITIES BY CREDIT QUALITY AND GEOGRAPHICAL LOCATION

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INVESTED ASSETS - FIXED INCOME SECURITIES BY SECTOR(Canadian $ in millions, unaudited)

Public Bond and Private Placement Portfolio by Sector / Industry Holdings (at carrying value)

As at Q1 2013 As at Q4 2012 As at Q3 2012 As at Q2 2012 As at Q1 2012Carrying Investment Carrying Investment Carrying Investment Carrying Investment Carrying Investment

value % grade % value % grade % value % grade % value % grade % value % grade %

Government & agency 57,315 48% 95% 56,731 48% 96% 58,116 49% 96% 57,803 48% 96% 53,774 46% 96%

Financial 18,569 15% 95% 18,335 15% 95% 18,291 15% 96% 18,324 15% 95% 19,230 16% 96%

Telecommunications 2,180 2% 100% 2,095 2% 100% 2,017 2% 100% 2,074 2% 100% 2,103 2% 100%

Utilities 13,950 12% 98% 13,781 11% 98% 13,833 12% 97% 13,957 12% 97% 13,339 11% 97%

Energy 7,879 7% 98% 7,935 7% 98% 7,633 6% 97% 7,582 6% 96% 7,354 6% 96%

Industrial 5,425 4% 99% 5,438 5% 100% 5,279 4% 99% 5,342 4% 99% 5,064 4% 99%

Securitized MBS/ABS 3,682 3% 87% 3,748 3% 87% 3,921 3% 89% 4,381 4% 89% 5,472 5% 90%

Consumer (non-cyclical) 5,124 4% 100% 4,793 4% 100% 4,739 4% 100% 4,659 4% 100% 4,379 4% 100%

Consumer (cyclical) 1,558 1% 98% 1,536 1% 98% 1,496 1% 97% 1,775 1% 98% 1,671 2% 97%

Basic materials 2,416 2% 90% 2,360 2% 88% 2,248 2% 88% 2,350 2% 91% 2,493 2% 90%

Technology 1,087 1% 100% 989 1% 100% 860 1% 100% 881 1% 100% 927 1% 100%

Media & internet 1,117 1% 100% 1,190 1% 97% 1,281 1% 97% 1,300 1% 98% 1,318 1% 98%

Diversified & miscellaneous 334 0% 100% 350 0% 100% 331 0% 100% 264 0% 100% 292 0% 100%

Total 120,636 100% 96% 119,281 100% 96% 120,045 100% 96% 120,692 100% 96% 117,416 100% 96%


Financial 2,210 11% 94% 2,170 11% 94% 1,950 10% 93% 1,876 10% 93% 2,078 10% 94%

Telecommunications 99 1% 100% 101 1% 100% 76 0% 100% 78 0% 100% 78 1% 100%

Utilities 7,783 38% 91% 7,631 38% 91% 7,077 37% 90% 6,883 35% 89% 6,741 34% 89%

Energy 1,722 8% 100% 1,709 8% 100% 1,702 9% 100% 1,840 9% 100% 1,821 9% 100%

Industrial 1,776 9% 83% 1,647 8% 82% 1,618 8% 83% 1,764 9% 82% 1,838 9% 84%

Securitized MBS/ABS 47 0% 100% 53 0% 100% 55 0% 100% 61 0% 100% 65 0% 100%



Basic materials 977 5% 62% 1,009 5% 63% 1,043 6% 64% 1,567 8% 76% 1,621 8% 75%

Technology 83 0% 100% 81 0% 100% 25 0% 100% 26 0% 100% 26 0% 100%

Media & internet 146 1% 64% 161 1% 68% 178 1% 69% 200 1% 69% 222 1% 69%

Diversified & miscellaneous 0 0% n/a 0 0% n/a 0 0% n/a 0 0% n/a 0 0% n/a

Total 20,416 100% 90% 20,275 100% 90% 19,225 100% 90% 19,840 100% 89% 20,098 100% 88%


Financial 20,779 15% 95% 20,505 15% 95% 20,241 15% 95% 20,200 14% 95% 21,308 15% 96%

Telecommunications 2,279 2% 100% 2,196 2% 100% 2,093 1% 100% 2,152 1% 100% 2,181 1% 100%

Utilities 21,733 15% 95% 21,412 15% 95% 20,910 15% 95% 20,840 15% 95% 20,080 15% 94%

Energy 9,601 7% 98% 9,644 7% 98% 9,335 7% 98% 9,422 7% 97% 9,175 7% 97%

Industrial 7,201 5% 95% 7,085 5% 95% 6,897 5% 96% 7,106 5% 95% 6,902 5% 95%

Securitized MBS/ABS 3,729 3% 87% 3,801 3% 88% 3,976 3% 89% 4,442 3% 90% 5,537 4% 90%



Basic materials 3,393 2% 82% 3,369 2% 81% 3,291 2% 80% 3,917 3% 85% 4,114 3% 85%

Technology 1,170 1% 100% 1,070 1% 100% 885 1% 100% 907 1% 100% 953 1% 100%

Media & internet 1,263 1% 96% 1,351 1% 94% 1,459 1% 93% 1,500 1% 94% 1,540 1% 94%

Diversified & miscellaneous 334 0% 100% 350 0% 100% 331 0% 100% 264 0% 100% 292 0% 100%

Total 141,052 100% 95% 139,556 100% 95% 139,270 100% 96% 140,532 100% 95% 137,514 100% 95%

Page 30 INVESTED ASSETS - FIXED INCOME SECURITIES BY SECTOR

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INVESTED ASSETS - PROVISIONS, IMPAIRMENTS & UNREALIZED LOSSES(Canadian $ in millions, unaudited)

Unrealized (losses)

Amounts Amounts Amounts Amounts AmountsAmortized < 80% cost Amortized < 80% cost Amortized < 80% cost Amortized < 80% cost Amortized < 80% cost

cost $ % > 6 months cost $ % > 6 months cost $ % > 6 months cost $ % > 6 months cost $ % > 6 months

Public bonds Government 52,821 (445) 1% - 51,905 (237) 0% - 52,739 (277) 1% - 52,121 (209) 0% - 49,952 (431) 1% - Corporate Financials 17,235 (115) 1% (61) 16,991 (130) 1% (63) 16,980 (182) 1% (108) 17,357 (260) 1% (157) 18,403 (284) 2% (125) Non-financials 36,225 (87) 0% (13) 35,207 (61) 0% (17) 34,227 (61) 0% (7) 35,176 (115) 0% (45) 34,878 (119) 0% (3) Securitized CMBS 1,451 (41) 3% (31) 1,596 (56) 4% (45) 1,767 (68) 4% (56) 2,301 (81) 4% (62) 3,146 (93) 3% (69) RMBS 534 (34) 6% (18) 428 (44) 10% (26) 389 (58) 15% (37) 394 (96) 24% (79) 507 (133) 26% (117) ABS 1,592 (11) 1% (8) 1,643 (16) 1% (9) 1,700 (20) 1% (13) 1,686 (41) 2% (34) 1,827 (44) 2% (33) Private placement debt 20,416 (130) 1% - 20,275 (107) 1% - 19,225 (106) 1% (21) 19,840 (111) 1% (40) 20,098 (103) 1% (22) Fixed income securities 1 130,274 (863) 1% (131) 128,045 (651) 1% (160) 127,027 (772) 1% (242) 128,875 (913) 1% (417) 128,811 (1,207) 1% (369)

Provisions, impairments and recoveries 2

Par Non-par Total Par Non-par Total Par Non-par Total Par Non-par Total Par Non-par Total

Credit related Loans (1) (7) (8) (1) (6) (7) 2 1 3 - (3) (3) (1) (7) (8) Public bonds - FVTPL (3) (5) (8) 17 21 38 (10) (44) (54) (2) (12) (14) 5 (16) (11) Public bonds - AFS - (4) (4) - 2 2 - (4) (4) - (3) (3) - (13) (13) Other 3 - - - - 1 1 - - - - 2 2 - 1 1 Sub-total (4) (16) (20) 16 18 34 (8) (47) (55) (2) (16) (18) 4 (35) (31) Equity related Public - AFS - (2) (2) - (3) (3) - (5) (5) - (15) (15) - (10) (10) Private equities - AFS and Other 3 - - - - (2) (2) - - - - - - - - - Sub-total - (2) (2) - (5) (5) - (5) (5) - (15) (15) - (10) (10) Total (4) (18) (22) 16 13 29 (8) (52) (60) (2) (31) (33) 4 (45) (41) 2 Includes net new (provisions) recoveries on loans and net (impairments) gains on sale on public bonds and other invested assets, including those held at fair value. Although GAAP does not require us to measure the impairment portion of unrealized losses on public bonds classified as FVO, we believe this is a key metric for our business.

Net impaired fixed income assets

Gross Impaired Gross Impaired Gross Impaired Gross Impaired Gross Impairedamount Allowances value amount Allowances value amount Allowances value amount Allowances value amount Allowances value

Loans Mortgages and bank loans 86 (32) 54 135 (54) 81 164 (50) 114 185 (55) 130 185 (61) 124 Private placements 111 (36) 75 118 (35) 83 135 (32) 103 188 (39) 149 214 (40) 174 Sub-total 197 (68) 129 253 (89) 164 299 (82) 217 373 (94) 279 399 (101) 298 Other fixed income 4

Public bonds - FVTPL 146 - 146 156 - 156 211 - 211 163 - 163 181 - 181 Public bonds - AFS 16 - 16 15 - 15 40 - 40 40 - 40 45 - 45 Other 2 - 2 2 - 2 2 - 2 2 - 2 2 - 2 Sub-total 164 - 164 173 - 173 253 - 253 205 - 205 228 - 228 Total 361 (68) 293 426 (89) 337 552 (82) 470 578 (94) 484 627 (101) 526 4 Impairments of Other fixed income assets are charged directly to the carrying value of the asset. Accordingly, no allowances are shown against these assets.

Page 31 INVESTED ASSETS - PROVISIONS, IMPAIRMENTS AND UNREALIZED LOSSES

3 Other credit related and equity related provisions, impairments and recoveries are included in investment income from Other Investments; please refer to the following page.

As at Q1 2012

Gross unrealized (losses) Gross unrealized (losses)

As at Q1 2013 As at Q4 2012 As at Q3 2012 As at Q2 2012

As at Q1 2012

Q1 2012

1 Gross unrealized losses consist of unrealized losses on AFS public bonds and private placements held at cost in the Corporate Surplus segments, as well as the difference between fair value and amortized cost on public bonds and private placements held in liability segments. Losses on AFS public bonds held in Surplus and on all private placements are realized upon sale or by credit impairment. However, for fixed income securities supporting CALM liabilities, losses are only realized upon credit impairment because unrealized gains and losses on public bonds, which impact net investment income, are largely offset by the changes in actuarial liabilities unless the security is credit impaired.

Q4 2012

As at Q3 2012As at Q4 2012

Q1 2013

Gross unrealized (losses)


As at Q1 2013


Q3 2012 Q2 2012

As at Q2 2012

INVESTMENT INCOME(Canadian $ in millions, unaudited)

Amount Yield Amount Yield Amount Yield Amount Yield Amount Yield

Cash and short-term securitiesInvestment income 28 n/a 26 n/a 21 n/a 28 n/a 24 n/a

BondsInterest income 1,100 4.1% 1,112 4.2% 1,117 4.2% 1,140 4.3% 1,164 4.3%Recoveries (impairments), net 1 (12) 40 (58) (17) (24) Gains (losses) on assets backing surplus 11 (8) - 213 (87)

Total 1,099 3.7% 1,144 3.8% 1,059 3.5% 1,336 4.5% 1,053 3.6%1 Includes impairments on bonds classified as AFS and FVTPL.

EquitiesDividend income 59 1.9% 87 3.1% 74 2.8% 91 3.4% 52 1.9%Impairments, net (2) (3) (5) (15) (10) Gains (losses) on assets backing surplus 38 32 29 (4) 38 Total 95 3.1% 116 4.1% 98 3.7% 72 2.7% 80 3.0%

LoansMortgage loan interest income 405 4.7% 404 4.7% 407 4.8% 434 5.1% 424 5.0%Private placement interest income 306 6.1% 317 6.6% 393 8.4% 329 6.8% 326 6.6%Policy loan interest income 96 5.6% 99 5.8% 98 5.8% 100 5.9% 97 5.8%Bank loan interest income 22 4.0% 25 4.7% 23 4.0% 22 4.0% 23 4.1%Recoveries (impairments), net (8) (7) 3 (3) (8)

Total 821 5.2% 838 5.4% 924 6.0% 882 5.7% 862 5.5%

Real estateRental and other income 117 5.5% 104 5.0% 97 4.8% 109 5.7% 113 6.2%Gains on assets backing surplus - 5 1 3 1

Total 117 5.5% 109 5.2% 98 4.9% 112 5.8% 114 6.2%

Other investmentsInvestment income 118 n/a 180 n/a 119 n/a 103 n/a 88 n/a

Derivatives

Gains (losses) on macro equity hedges (980) (444) (264) 341 (758) Other derivative income 128 111 119 (9) 117Total (852) n/a (333) n/a (145) n/a 332 n/a (641) n/a

Investment income 2 1,426 2.5% 2,080 3.7% 2,174 3.9% 2,865 5.4% 1,580 2.8%2 Investment income includes dividends, interest, rental income and realized gains on assets supporting surplus.

Realized/ unrealized gains (losses) on assets supporting insurance and investment contracts

Bonds (546) (238) 1,194 3,170 (1,243)

Equities 606 179 426 (370) 691

Loans (3) 23 34 112 28

Real estate 15 71 57 96 196

Other investments 79 67 154 63 27

Derivatives (2,026) (1,698) (444) 4,232 (3,765)

Total (1,875) n/a (1,596) n/a 1,421 n/a 7,303 n/a (4,066) n/a

Total investment income (loss) (449) -0.8% 484 0.9% 3,595 6.5% 10,168 19.7% (2,486) -4.3%

Investment expenses related to invested assets (97) n/a (119) n/a (100) n/a (95) n/a (92) n/a

Investment income (loss) less investment expenses (546) -0.9% 365 0.7% 3,495 6.3% 10,073 19.5% (2,578) -4.5%

Page 32 ASSET INFORMATION - INVESTEMENT INCOME

Q1 2012Q1 2013 Q4 2012 Q3 2012 Q2 2012

Actuarial LiabilitiesInformation

VARIABLE ANNUITY PRODUCT GUARANTEES(Canadian $millions, unaudited)

Gross Amount 5

Amount Reinsured

Net of Reinsurance1 Gross Amount 5

Amount Reinsured

Net of Reinsurance1

Expected Gain/ (Loss) from Guarantees3

Target Capital (200 % of MCCSR)

Policy Liabilities Held plus Target Capital

Q1 2013 104,473 9,386 95,087 9,633 1,877 7,756

Q4 2012 105,758 9,453 96,305 12,402 2,136 10,266

Q3 2012 107,527 9,658 97,869 13,165 2,203 10,962

Q2 2012 110,871 10,267 100,604 15,883 2,579 13,304

Q1 2012 109,187 10,347 98,840 12,776 2,279 10,497

Total Total Net Key markets, closing levels S&P 500 TSX TOPIX EAFEAs at Q1 2013 Guarantee Value 5 Fund Value 5 Amount at Risk 2,5

As at Q1 2013 1,569 12,750 1,035 1,674 USWithdrawal Benefits 43,516 40,304 3,825 Income Benefits 585 507 84 As at Q4 2012 1,426 12,434 860 1,604 Death Benefits 5,213 5,431 554

49,314 46,242 4,463 As at Q3 2012 1,441 12,318 737 1,511

CanadaWithdrawal Benefits 16,720 15,499 1,343 Maturity Benefits 8,504 10,910 114 As at Q2 2012 1,362 11,597 770 1,423 Death Benefits 1,693 - 349

26,917 26,409 1,806 As at Q1 2012 1,408 12,392 854 1,553

JapanWithdrawal Benefits 4,881 4,448 503 Maturity Benefits 9,993 9,719 509 Income Benefits - - - Death Benefits 1,323 1,169 104

16,197 15,336 1,116

Reinsurance & Other 2,659 2,535 371

1 Net of amounts ceded to 3rd party reinsurers. Amounts reinsured include amounts covered under stop loss treaties as well as first dollar treaties. Some of the treaties include deductibles and claims limits.2 Net Amount at Risk is based on sum of excess of guarantee value over fund value only on contracts where amount at risk is currently positive.3 Expected Gain/(Loss) from Guarantees is the contract fees attributed to guarantees less the guarantee costs based on average of all scenarios. Not included in this amount is the value of expected profit on the underlying contracts that contain the guarantees.4 Under Phase I of IFRS 4, former Canadian GAAP valuation practices continue to apply to insurance contracts. This requires that reserves for segregated fund and variable products have a Conditional Tail Expectation ("CTE") of between 60 and 80. We hold CTE(70) level policy liabilities for both unhedged business and dynamically hedged business.5 Total Guarantee Value, Total Fund Value and Net Amount at Risk includes certain HK products which are classified as investment contracts under IFRS. There is no reinsurance or hedging for these products.6 The policy liabilities are held within the insurance contract liabilities, investment contract liabilities and other liabilities, as applicable under IFRS and are shown net of reinsurance.

The net amount at risk is not currently payable. Guaranteed death benefits are contingent and only payable upon the eventual death of policyholders if fund values remain below guarantee values. Withdrawal, accumulation and income benefits are also contingand only payable at scheduled maturity in the future, if the policyholders are still living and have not terminated their policies and fund values remain below guarantee values.

0Guaranteed benefits in a single contract are frequently a combination of death benefit and living benefit (withdrawal / maturity / income). Death benefit amounts shown reflect only stand alone death benefits plus any excess of death benefits over living benefits on contracts with both death and other benefit forms.

CTE(0) is the average of all scenarios tested in the period Annual Market Growth of approximately 9.5%CTE(70) covers the average cost of the worst 30% of scenarios tested with the highest net cost Minimal (less than 1%) Market Growth for 10 years, followed by annual market growth of approximately 5%CTE(90) covers the average cost of the worst 10% of scenarios tested with the highest net cost Immediate -25% to -30% equity market decline, followed by 10 years of no growth before assuming annual market growth of approximately 4%CTE(95) covers the average cost of the worst 5% of scenarios tested with the highest net cost Immediate -40% to -45% equity market decline, followed by 10 years of no growth before assuming annual market growth of approximately 3%

Page 33 ACTUARIAL LIABILITIES INFORMATION - VARIABLE ANNUITY PRODUCT GUARANTEES

(4,197)

5,909

7,948

9,461

9,459

CTE Level & Description Comparable Market Scenario for North American Markets

Net of Reinsurance1

(1,623) 5,7235,993

5,963 15,424

15,2675,808

11,716

Guarantee Value Net Amount at Risk 2

(2,164)

(4,407)

(3,454)

Policy Liabilities Held 4,6

11,506

14,1126,164

5,597

ACTUARIAL LIABILITIES - WEALTH MANAGEMENT DAC BALANCES(Canadian $ in millions, unaudited)

2013 2012 2012 2012 2012Q1 Q4 Q3 Q2 Q1

Change in Deferred Acquisition Costs (DAC)Opening balance 3,995 4,097 4,328 4,357 4,537Amount capitalized 133 127 127 152 147 Amount amortized (218) (245) (253) (252) (252)Currency 48 16 (105) 71 (75)Ending balance 3,958 3,995 4,097 4,328 4,357

DAC BalancesHong Kong 205 198 193 200 196 Japan 128 152 187 210 211 Canadian Individual Wealth Management 1,004 1,002 1,019 1,035 1,036 John Hancock Annuities 1,124 1,187 1,275 1,425 1,490 John Hancock Wealth Asset Management 1,398 1,363 1,334 1,370 1,337 Other 99 93 89 88 87 Total DAC 3,958 3,995 4,097 4,328 4,357

Funds Under ManagementHong Kong 12,863 12,314 11,258 10,849 10,997 Japan 15,353 15,759 16,697 16,660 16,558 Canadian Individual Wealth Management 1 53,808 51,703 50,664 49,340 49,629 John Hancock Annuities 1 56,301 55,103 55,523 56,199 56,095John Hancock Wealth Asset Management 125,645 113,369 109,461 107,085 106,798 Other 26,377 24,731 23,890 22,880 23,091 Total Funds Under Management 290,347 272,979 267,493 263,013 263,168

DAC as a % of Funds Under ManagementHong Kong 1.6% 1.6% 1.7% 1.8% 1.8%Japan 0.8% 1.0% 1.1% 1.3% 1.3%Canadian Individual Wealth Management 1.9% 1.9% 2.0% 2.1% 2.1%John Hancock Annuities 2.0% 2.2% 2.3% 2.5% 2.7%John Hancock Wealth Asset Management 1.1% 1.2% 1.2% 1.3% 1.3%Other 0.4% 0.4% 0.4% 0.4% 0.4%Total DAC as a % of Funds Under Management 1.4% 1.5% 1.5% 1.6% 1.7%

1 Funds under management has been adjusted to show only the assets with applicable DAC balances.

Page 34 ACTUARIAL LIABILITIES INFORMATION - WEALTH MANAGEMENT DAC BALANCES

DAC balances are classified as reductions in liabilities for products classified as insurance contracts and as other assets on the statement of financial position for products not classified as insurance contracts. Recoverability is tested quarterly.

REGULATORY CAPITAL(Canadian $ in millions, unaudited)

2013 2012 2012 2012 2012Q1 Q4 Q3 Q2 Q1

The Manufacturers Life Insurance Company's MCCSR

Capital available:Tier 1 capital

Common shares 22,454 22,454 22,258 22,258 21,769 Retained earnings and CTA 5,622 4,523 4,401 5,531 5,312 Qualifying non-controlling interests 269 493 485 496 474 Innovative instruments 1,000 1,000 1,000 1,000 2,000 Other 2,876 3,016 2,970 2,994 3,078 Gross Tier 1 capital 32,221 31,486 31,114 32,279 32,633 Deductions:Goodwill & intangibles in excess of limit (3,094) (3,100) (3,136) (3,378) (3,345) Other (4,951) (4,875) (5,358) (4,952) (4,410)

Adjustments (1,217) (1,195) (1,257) (1,288) (1,242) Net Tier 1 capital - A 22,959 22,316 21,363 22,661 23,636

Tier 2 Capital Tier 2A 610 498 445 461 502 Tier 2B allowed 2,300 2,483 2,482 2,487 2,484 Tier 2C 4,936 5,077 4,827 4,656 4,653

Adjustments (1,217) (1,195) (1,257) (1,288) (1,242) Total Tier 2 capital allowed 6,629 6,863 6,497 6,316 6,397

Total Tier 1 and Tier 2 capital 29,588 29,179 27,860 28,977 30,033 Less Adjustments - - - - - Total Capital Available - B 29,588 29,179 27,860 28,977 30,033

Capital Required:Asset default & market risk 8,873 8,866 8,525 8,328 8,332 Insurance risks 2,517 2,786 2,955 3,114 2,935 Interest rate risks 2,231 2,179 2,151 2,150 2,098

Total Capital Required - C 13,621 13,831 13,631 13,592 13,365

MCCSR Ratio: Total (B/C) x 100 217% 211% 204% 213% 225%

Page 35 CAPITAL INFORMATION - REGULATORY CAPITAL

1 Under the IFRS transition guidance outlined by the Office of the Superintendent of Financial Institutions, the impact of IFRS adoption on available capital is largely phased-in over an eight quarter period which began with the first quarter of 2011. The impact on required capital is not subject to the phase-in rules. The phased-in adoption of IFRS reduced MLI’s MCCSR ratio by approximately 5.9 points over the years of 2011 and 2012. The period for the phased-in adoption of IFRS is now complete in Q4'12.

IFRS 1

GLOSSARY OF TERMS AND DEFINITIONS

Page 36 GLOSSARY OF TERMS AND DEFINITIONS

Accumulated Other Comprehensive Income (AOCI): A separate component of shareholders’ equity which includes net unrealized gains and losses on available-for-sale securities, net unrealized gains and losses on derivative instruments designated within an effective cash flow hedge, unrealized foreign currency translation gains and losses and actuarial gains and losses on employee benefit plans. These items have been recognized in comprehensive income, but excluded from net income.

Return on Common Shareholders' Equity: Common shareholders' net income divided by average common shareholders' equity.

Annuity: A contract which allows the contract holder to either (i) accumulate funds for retirement planning, or (ii) receive scheduled payments, either periodically for a specified period of time or until death. · Fixed Annuity: The return to the contract holder is specified in the contract, i.e., the Company bears the investment risk.· Book Value Annuity: An annuity which provides a declared rate of interest for a specified contract while offering a guarantee of principal amount.· Variable Annuity: Funds are invested in segregated funds (also called separate accounts in the U.S.) and the return to the contract holder fluctuates according to the earnings of the underlying investments. In some instances, guarantees are provided.

Available-For-Sale (AFS) Financial Assets: Non-derivative financial assets that are designated as available-for-sale or that are not classified as loans and receivables, held-to-maturity investments, or held for trading.

Book Value per Share: Ratio obtained by dividing common shareholders' equity by the number of common shares outstanding at the end of the period.

Cash Flow Hedges: A hedge of the exposure to variability in cash flows associated with a recognized asset or liability, a forecasted transaction or a foreign currency risk in an unrecognized firm commitment that is attributable to a particular risk and could affect reported net income.

Corporate Owned Life Insurance (COLI): Life insurance purchased by organizations, predominantly to finance non-qualified executive deferred compensation plans.

Deferred Acquisition Costs (DAC): Costs directly attributable to the acquisition of new business, principally agents’ compensation, which are capitalized on the Company’s balance sheet and amortized into income over a specified period.

Fair Value: Amount of consideration that would be agreed upon in an arm’s length transaction between knowledgeable, willing parties who are under no compulsion to act.

Funds Under Management (FUM): Include general fund assets, segregated fund assets, institutional advisory accounts, mutual fund assets and other funds.· General Fund Assets: Total invested assets as presented on the Company’s balance sheet. · Segregated Fund Assets: Net assets held by policyholders in segregated funds related to insurance, annuity and pension products. These funds are maintained separately from the Company’s general account and the policyholder / contract holder bears the investment risk of the underlying fund. · Mutual Fund Assets: Net assets held in proprietary mutual funds.· Institutional Advisory Accounts: Accounts either separate or commingled of Institutional Clients for which Manulife Asset Management provides investment management services and that do not meet the definition of Segregated Funds.· Other Funds: Funds managed or administered by the Company other than those associated with a contract issued by the Company.

Impaired Assets: Mortgages, bonds and other investment securities in default where there is no longer reasonable assurance of collection.

Institutional Clients: Organizations that are non-Manulife-affiliated for which Manulife Asset Management provides investment management services. Such clients include pensions, endowments and other external investment managers and wealth management organizations.

Investment Contracts: Products that do not contain insurance risk (as defined under IFRS) and are accounted for as financial liabilities at amortized cost or fair value.

Leveraged Leases: In these leases the financing provided by the long-term creditor is nonrecourse as to the general credit of the lessor. The amount of the financing is sufficient to provide the lessor with substantial "leverage" in the transaction. Income is recognized on a constant yield basis.

Long-Term Care (LTC): Insurance coverage available on an individual or group basis to provide reimbursement for medical and other services to the chronically ill, disabled or mentally challenged.

Minimum Continuing Capital and Surplus Requirements (MCCSR): The ratio of the available capital of a life insurance company to its required capital, each as calculated under the Office of the Superintendent of Financial Institutions' (OSFI) published guidelines.

Premiums and Deposits: Include general fund premiums, segregated fund deposits, institutional advisory account deposits, mutual fund deposits, other fund deposits and ASO premium equivalents.· General Fund Premiums: Premiums earned on insurance and fixed annuity contracts as reflected in the Company’s statement of operations. · Segregated Fund Deposits: Deposits related to insurance, annuity and pension products which are invested in segregated funds.· Mutual Fund Deposits: Deposits received in proprietary mutual funds.· Institutional Advisory Account Deposits: Deposits received in the Institutional Advisory Accounts.· Other Fund Deposits: Deposits received from customers related to non-proprietary funds for Manulife-branded products.· ASO Premium Equivalents: ASO (“administrative services only") contracts are group insurance contracts administered by the Company on behalf of the client on which the Company earns a fee for its services but the client retains all risks inherent in the group insurance. ASO premium equivalents are a measure of the business volume calculated as expected claims plus administrative fees charged.

Sales: Sales are measured according to product type.· Individual Insurance: New annualized premiums reflect the annualized premium expected in the first year of a policy that requires premium payments for more than one year. Sales are reported gross before the impact of reinsurance. Single premium is the lump sum premium from the sale of a single premium product e.g. travel insurance. · Group Insurance: Sales include new annualized premiums and ASO premium equivalents on new cases, as well as the addition of new coverages and amendments to contracts, excluding rate increases.· Individual Wealth Management: All new deposits are reported as sales. This includes individual annuities, both fixed and variable; segregated fund products; mutual funds; college savings 529 plans; and authorized bank loans and mortgages. As we have discontinued sales of new VA contracts in the U.S, beginning in Q1 2013, subsequent deposits into existing U.S VA contracts will not be considered sales.

· Group Pensions: New regular premiums reflect an estimate of expected deposits in the first year of the plan with the Company. Single premium sales reflect the assets transferred from the previous plan provider. Sales include the impact of the addition of a new division of or a new product to an existing client as well as increases in the contribution rate for an existing plan.

Total Capital: Capital funding that is both unsecured and permanent in nature. Comprises total equity (excluding AOCI on cash flow hedges) and liabilities for preferred shares and capital instruments.

Universal Life Insurance: A form of permanent life insurance with flexible premiums. The customer may vary the premium payment and death benefit within certain restrictions. The contract is credited with a rate of interest based on the return of a portfolio of assets held by the Company, possibly with a minimum rate guarantee, which may be reset periodically at the discretion of the Company.

Variable Universal Life Insurance: A form of permanent life insurance with flexible premiums in which the cash value and possibly the death benefit of the policy fluctuate according to the investment performance of segregated funds (or separate accounts).

GENERAL INFORMATION

MANULIFE FINANCIAL CORPORATION HEAD OFFICE INVESTOR INFORMATION 200 Bloor Street East Anique Asher, VP, Investor RelationsToronto, Ontario (416) 852-9580Canada M4W 1E5 E-mail: [email protected] Site: www.manulife.com

TRANSFER AGENT INDUSTRY RATING INFORMATIONCanadaCIBC Mellon Trust Company1-800-783-9495www.cibcmellon.com/investor

United StatesMellon Investor Services The Manufacturers Life Insurance Company (as at May 1, 2013)1-800-249-7702 Purpose Rating agency Ratingwww.melloninvestor.com Claims paying/ Standard & Poor's AA-

Financial strength Moody's A1FitchRatings AA-

COMMON STOCK DBRS IC-1Common Stock of Manulife Financial is traded on: A.M. Best A+Stock Exchange SymbolToronto MFC John Hancock Life Insurance Company (U.S.A) (as at May 1, 2013)New York MFC Purpose Rating agency RatingHong Kong 945 Claims paying/ Standard & Poor's AA-Philippines MFC Financial strength Moody's A1

FitchRatings AA-DBRS not ratedA.M. Best A+

Page 37 GENERAL INFORMATION

The following credit rating agencies each assign claims paying/financial strength ratings to our main operating subsidiaries, The Manufacturers Life Insurance Company and John Hancock Life Insurance Company (U.S.A.), thereby recognizing these companies as having strong credit ratings in the insurance industry.

Manulife, Manulife Financial, the Manulife Financial For Your Future logo, the Block Design, the Four Cubes Design, and Strong Reliable Trustworthy Forward-thinking are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license.

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