Manu 1

Environmental,
Social and
Governance Report
Manulife Financial Corporation

2021 ESG Report
Introduction 03 Environmental 29 Governance 100

Introduction
About this Report 03 Climate Change 29 Policies and Practices 100
Performance Highlights 04 Our Operations 31 Risk Management 102
ESG at Manulife
About Manulife 05 Our Investments 36 Ethics and Compliance Culture 104
Environmental CEO’s Message 07 Our Products and Services 40 Tax Transparency 105
Impact Agenda 08 Climate-related Risks and Data Security and Privacy 106
Social Opportunities (TCFD Report) 48
Q&A with Global Chief Executive Compensation
Sustainability Officer 10 Biodiversity 52 Practices 110
Governance Materiality Assessment and Responsible Marketing 111
Stakeholder Engagement 12
Social 55 Public Policy 112
Performance Data Supporting the Sustainable
Community Investment 55
Development Goals 14
Volunteering and Giving 64 Performance Data 113
Financial Inclusion 66
ESG at Manulife 15
Diversity, Equity and Inclusion 69
ESG Governance 15 Additional information
Supplier Diversity 77
Sustainable Investing 17
Talent Attraction and Retention 78 2021 Annual Report
ESG Integration in
Asset Management 18 Training and Development 79 2021 Management Information Circular
ESG Integration in Engagement and Recognition 84 Caution Regarding Forward-looking

Asset Ownership 23 Employee Benefits and Wellness 86
Statements
Partnerships and Engagements 27 Occupational Health and Safety 89

Abbreviations and Acronyms
Customer Experience 91
Customer Well-being 97
Abbreviations
and Acronyms 2
2021 ESG Report
Introduction About Scope

The ESG Report describes Manulife’s
Boundaries
This report largely covers our activities
Canadian provincial securities laws and
the U.S. Private Securities Litigation
this Report
Reform Act of 1995. The forward-looking
About this Report approach, performance and achievements during Manulife’s 2021 fiscal year. All facts statements in this report include statements
Performance Highlights in relation to our sustainability efforts. and figures are as of December 31, 2021, with respect to Manulife’s Climate Action
The information contained in this report was unless stated otherwise. This report includes Plan and journey to net zero. Although we
About Manulife In seeking to minimize obtained through stakeholder consultation, information from our global operations believe that the expectations reflected
CEO’s Message our environmental footprint, internal management review and a including Canada, Asia, Europe, and the in such forward-looking statements are
materiality assessment. United States, where we primarily operate as reasonable, such statements involve risks
Impact Agenda our Environmental, Social John Hancock. The information in this report and uncertainties, and undue reliance
Q&A with CSO and Governance (ESG) Frameworks
is provided on a consolidated basis unless should not be placed on such statements.
stated otherwise.
Materiality Report is only available in The structure and content of this report
Certain material factors or assumptions
are applied in making forward-looking
Supporting the SDGs digital format. are informed by the Global Reporting All dollar amounts are in Canadian currency,
statements and actual results may differ
Initiative (GRI), the Sustainability Accounting unless stated otherwise. Manulife Financial
materially from those expressed or implied
Corporation and its subsidiaries, including
ESG at Manulife Standards Board (SASB) standards, the in such statements. Important factors that
The Manufacturers Life Insurance Company,
Additional information on Task Force on Climate-related Financial could cause actual results to differ materially
Disclosures (TCFD), the United Nations are referred to herein as “we,” “our,”
our ESG practices is from expectations include factors identified
Environmental Sustainable Development Goals (SDGs) and “Manulife,” and the “company.”
in the “Caution regarding forward-looking
available in the following
the Stakeholder Capitalism Metrics published statements” in our 2021 Annual Report and
publicly available reports: by the International Business Council of the
Manulife, Manulife & Stylized M Design, and
Social Stylized M Design are trademarks of The elsewhere in our filings with Canadian and
World Economic Forum. U.S. securities regulators.
Manulife Financial Corporation Manufacturers Life Insurance Company and
2021 Annual Report are used by it, and by its affiliates, including
Governance The forward-looking statements in this report
2022 Management Information Circular Audience Manulife Financial Corporation, under license.
are presented for the purpose of assisting
We have tailored this report to meet the investors and others in understanding our
Performance Data 2021 Green Bond Report
needs of our many stakeholder groups, with Caution Regarding objectives and strategic priorities and may
2021 GRI Index a focus on investors and analysts interested
in our ESG policies, programs, practices and
Forward-looking not be appropriate for other purposes. We do
not undertake to update any forward-looking
2021 SASB Index performance. For additional information, Statements statements except as required by law.
please refer to manulife.com/sustainability. This report contains forward-looking
statements which are made pursuant
to the “safe harbour” provisions of
Abbreviations
and Acronyms 3
2021 ESG Report
Performance Highlights
Introduction
About this Report 2021 ESG Ratings1
Performance Highlights 31% of Manulife’s VP-level roles
54% of Manulife’s independent Rating 2021
and above are held by women,
About Manulife Board directors are women, 61
54%
2
31% an increase in representation of

exceeding our goal of 30% which 81st percentile
CEO’s Message 4% from last year, achieving our
we have maintained since 2013
2022 target ahead of schedule
Impact Agenda
3 AA
Q&A with CSO
Materiality
Supporting the SDGs
Providing financial services 1.25 billion trees $21.7 million 4 B-
to over
6 million planted by Manulife Investment
customers Management since 1985 directly invested in local communities
ESG at Manulife in emerging markets around the world 5 ESG Risk level:Low
Environmental
$31.8 million
Social 2.7 million 61% of Manulife Investment invested in employee training and development
1 The use by Manulife Financial Corporation of any ESG ranking agency research or
affiliate data, and the use of logos, trademarks, service marks, or index names herein,
do not constitute a sponsorship, endorsement, recommendation, or promotion of
customers globally have Management managed farms Manulife Financial Corporation by the above rating agencies and indices. Services
access to our behavioural use regenerative practices and data are the property of the above rating agencies and indices or its information
Governance insurance platforms

providers, and are provided ‘as-is’ and without warranty. Names and logos are
82% of Manulife Investment

trademarks or service marks of the above rating agencies and indices.
2 As of December 2021, Manulife Financial Corporation is a member of the DJSI
North America Index.
Management’s real estate
Performance Data investment portfolio is certified
3 As of December 2021, Manulife Financial Corporation received an MSCI ESG
Rating of AA.
4 As of December 2021, Manulife Financial Corporation received a CDP Climate Change
to a green building certification score of B- which represents a management level disclosure.
5 As of January 2022, Manulife received an ESG Risk Rating of 17.9 and was assessed
Global customer rNet
Promoter Score (NPS):
479,000 acres by Sustainalytics to be at low risk of experiencing material financial impacts from
ESG factors.
+21 pts of land protected

by Manulife Investment $67.4 billion
a 9-point improvement in total company
Management Timberland
over 2020
and Agriculture Sensitive sustainable investments
Lands program
Abbreviations
and Acronyms 4
2021 ESG Report
Introduction
About Manulife
About this Report
About Manulife
CEO’s Message
Manulife is a global financial We have a storied history dating back more
Impact Agenda than 130 years in Canada, 125 years in Asia
services company with a and 155 years in the U.S. We have more than
Q&A with CSO
clear and compelling mission: 38,000 employees and over 119,000 agents,
Materiality
38,000+
serving more than 33 million customers
Supporting the SDGs
Decisions made easier. across the world. Throughout our history,
Lives made better. we have provided products and services
ESG at Manulife With our global headquarters in Toronto,

that seek to improve health outcomes and
provide financial security for our customers
employees
Canada, we operate as Manulife across and partners. We have been driven to create
119,000+
Canada, Asia, and Europe, and primarily
Environmental as John Hancock in the United States.
positive change and stand alongside our
communities during good times and bad.
agents
We provide financial advice, insurance, We remain committed to being a catalyst
Social and wealth and asset management for change, pursuing our mission and taking
solutions through Manulife Investment action to make a positive environmental and
Management, to individuals, institutions,
33+ million
social impact.
Governance and retirement plan members worldwide.
Through our behavioural insurance offerings As the needs of our customers, communities
Performance Data — Manulife Vitality, ManulifeMOVE, and
John Hancock Vitality — we support our
and our environment have evolved, so have
we. As we move forward together, our mission
customers
customers in living healthier, more active and values will drive us to continue improving
lives by rewarding them for making healthy outcomes and making our world a healthier,
lifestyle choices. more equitable place.
Abbreviations
and Acronyms 5
2021 ESG Report Products and Services • Individual retirement savings plans* In Asia
• Institutional pooled funds* • Advisory Mandates*
Our approach • Mortgage creditor insurance • Annuities
Around the world, more than 33 million • Mutual funds* • Creditor insurance
Introduction • Outsourced Chief Investment Officer • Education savings plans
customers trust Manulife to help protect
About this Report their loved ones, grow their wealth, improve (OCIO)* • Group life and health insurance
Performance Highlights their health — and build their futures. We • Retail banking • Group retirement savings plans*
provide financial protection and wealth • Segregated funds • Individual life and health insurance
About Manulife
management, with a diverse suite of • Separately managed accounts (SMAs)* • Individual retirement savings plans*
CEO’s Message products and services to meet the current • Sustainable Investment Strategies* • Institutional segregated accounts*
Impact Agenda and future needs of individuals, groups and • Target-date funds* • Investment-linked products
institutions. • Mutual funds*
Q&A with CSO In the U.S. • Segregated investment mandates*
Materiality While specific offerings are tailored to local
• Annuities • Sustainable Investment Strategies*
markets, they generally include financial
Supporting the SDGs • Closed-end funds*
advice, insurance and wealth and asset
• Collective investment trusts (CITs)* In Europe
management solutions. Key products and
services in each region are listed below. • Education savings plans (529)* • Alternative Investment Funds (AIFs)*
ESG at Manulife • Exchange-traded funds (ETFs)* • Institutional segregated accounts*
Our diverse range of products and • Financial planning and advice • Sustainable Investment Strategies*
Environmental services by market includes: • Group retirement savings plans*
• Individual life insurance Our investment capabilities
In Canada • Individual Retirement Accounts (IRAs)* • Asset allocation and solutions*
Social • Annuities • Infrastructure equity*
• Institutional commingled funds*
• Exchange-traded funds (ETFs)* • Institutional segregated accounts* • Liability-driven investing (LDI)*
Governance • Financial planning and advice* • Model portfolios* • Liquid alternatives*
• Group life, health and disability insurance • Mutual funds* • Private equity and credit*
• Group retirement savings plans* • Outsourced Chief Investment Officer (OCIO)* • Public equity and debt*
Performance Data • Real estate equity and debt*
• Guaranteed interest certificates (GICs) • Separately managed accounts (SMAs)*
• Individual life, health and travel insurance • Sustainable Investment Strategies* • Timberland and farmland*
• Target-date funds*
* Products and services provided by our Global Wealth and Asset Management segment.
Abbreviations
and Acronyms 6
2021 ESG Report
A Message from Roy Gori

Introduction
About this Report
At Manulife, we believe we have an zero future, and investing in climate change parental and adoption leave benefits for
Performance Highlights essential role to play in protecting and mitigation and resilience. Under this plan, colleagues in Canada. And in Hong Kong,
preserving the environment, supporting while we are already net zero on Scope 1 and mental health benefits covered under the
About Manulife
health and well-being, and contributing to 2 emissions, we will continue to reduce our plan for team members have been extended
CEO’s Message the communities where we live and work. absolute Scope 1 and 2 emissions by 35% to dependents.
Impact Agenda That’s why we’ve taken meaningful and by 2035, and we have committed to net zero
concrete steps to help build a healthier, financed emissions by 2050 with short-term We continue to make progress on our
Q&A with CSO ambition to promote Diversity, Equity,
more equitable future. On behalf of our more targets to be validated by the Science Based
Materiality than 38,000 colleagues around the world, Targets initiative. We have also added goals and Inclusion through expanded hiring
I’m proud to share our progress with you. linked to our Climate Action Plan into our commitments, education and community
Supporting the SDGs
Executive performance assessment and support for organizations helping Black,
We continue to invest in our communities to compensation to ensure leaders across our Indigenous, and people of colour. In June, we
ESG at Manulife empower sustained health and well-being, business are engaged in this essential work. brought our global colleagues together for
drive inclusive economic opportunity, and our first Afternoon of Reflection and Learning
accelerate a sustainable future. Working with We’re also bringing our commitments to allow all team members to explore the
Environmental our partners, we delivered on high-impact to life through our business and making many dimensions of diversity through speaker
initiatives, including our second “MOVE impact-focused investments, including sessions, guided discussions, and more.
for GOOD” challenge that motivated our the acquisition of 89,800 acres of
Social I’m proud of the progress and impact
customers collectively to walk 100 million forested land in the U.S. to be used
steps to unlock a donation that encouraged for carbon sequestration and storage. Manulife made this year, and, together
Governance underserved children in Hong Kong to be Manulife Investment Management also with our global team, I look forward to
more active. We’re also tremendously proud expanded their sustainable investing accelerating our journey and leading our
of our annual MLK Scholars program, which products with the launch of investment company to do more in 2022 as we deliver
Performance Data marked its fourteenth edition this year. strategies in Sustainable Asia Bond, Global on our mission – Decisions made easier.
Since it was implemented in 2008, we’ve Climate, and ESG Asian Multi-Asset Income. Lives made better.
invested over US$15 million to provide
summer jobs and professional development The health and well-being of our global
opportunities to over 6,000 youth. team is a top priority. In the U.S., we
provided access to a platform that offers
We were proud to share the first phase of our health navigation, advocacy, and support
Climate Action Plan, a robust and long-term for LGBTQ+2 and Black, Indigenous, and Roy Gori
commitment to reducing our environmental People of Colour colleagues and their President and Chief Executive Officer
footprint, supporting the transition to a net families. We increased our maternity,
Abbreviations
and Acronyms 7
2021 ESG Report
Introduction
About this Report
Our Impact Agenda,

About Manulife As a health and wealth company, staying true to our purpose is how
CEO’s Message we create long-term value for our business, our communities, and the
our Approach
planet. It’s how we all win.
Impact Agenda
Q&A with CSO Through our Impact Agenda, we’ve committed ourselves and our
Materiality to Creating a resources to continue making lives better through three interconnected
areas of focus:
Supporting the SDGs
Long-Lasting Impact We’re empowering health and well-being to help lay the essential
foundation of a good life.
ESG at Manulife
Decisions made easier. Lives made better. We’re driving inclusive economic opportunities to create a more
even playing field for all.
Environmental At Manulife, these are our reasons for
being. They’re core to who we are and the And we’re accelerating a sustainable future to preserve the
planet we all share.
Social journey we’re on.
This work benefits our business while benefiting our planet and the
Governance people who call it home. It gives us all an edge over tomorrow.
Performance Data
United in the pursuit of our common
goals, we’re building a better business
for a better world.
Abbreviations
and Acronyms 8
2021 ESG Report
Introduction
About this Report
Sustained Health Drive Inclusive Accelerate a
and Well-being Economic Opportunity Sustainable Future
About Manulife
Make healthier behaviour choices easier Accelerate the upward mobility of Support the transition to a net zero
CEO’s Message and more accessible and provide advice underrepresented groups and contribute economy and protect and grow the value
Impact Agenda and solutions to drive financial security. to making financial solutions accessible of nature-based solutions.
to everyone.
Q&A with CSO
Materiality
Commitments: Commitments: Commitments:
Supporting the SDGs
• Innovate and scale our behavioural • Increase women representation at the AVP • Net zero financed emissions by 2050
insurance platform level to 40% and at the VP+ level to 32%
• Reduce absolute scope 1 and 2
ESG at Manulife • Do our part towards the global Vitality • Increase Black, Indigenous and People emissions 35% by 2035
goal of getting 100 million people 20% of Colour (BIPOC) representation in
• Certify 100% of eligible Manulife
Environmental more active by 2025 leadership roles by 30% by 2025 and
Investment Management managed
ensure at least 30% BIPOC representation
• Continue to elevate the well-being of farmland as certified sustainable
in graduate programs each year
Social our people by 2023
• Increase spend with diverse suppliers by
• Expand Healthy Building • Reduce paper volume by 35% by
at least 4% by 2025
Governance Certifications for key Manulife 2025 and ensure remaining paper is
Investment Management managed • Increase focus on financial inclusion and from sustainable sources
Real Estate properties accessibility of products and services
Performance Data
For more information on our Impact Agenda and implementation progress,

please visit Manulife.com/Sustainability.
Abbreviations
and Acronyms 9
2021 ESG Report
Introduction
About this Report
Q&A with Manulife’s Global Chief
Sustainability Officer, Sarah Chapman
About Manulife
Why was it important for to ensure we are making tangible progress disaggregated, with subject matter experts
CEO’s Message year-over-year. In doing so, the Impact embedded in many areas of the business
Manulife to establish an
Impact Agenda Agenda helps us coordinate a foundation which allows for maximum impact across
Impact Agenda? that has a credible workflow at the global our areas of specific expertise. For instance,
Q&A with CSO
Manulife has an incredible foundation of level with focus to accelerate and catalyze from a social perspective, there is an
Materiality work and expertise in a wide variety of areas our efforts in the markets where we operate effort in Asia to make health insurance
Supporting the SDGs that relate to critical ESG topics. From our around the globe. and financial products and services more
focus on sustainable real estate to our over available to underserved communities. In
36-year history of managing timberland the U.S., we are offering specialized digitally
ESG at Manulife How will the Impact Agenda enabled health insurance products to help
and agriculture assets sustainably to
encouraging healthy lifestyles through our be implemented? customers proactively manage diabetes.
behavioural insurance products, we have The Impact Agenda is a lens we use to
Environmental From an environmental perspective, we are
long been a positive voice and leader to help make decisions about the future of
reimagining the way we view agriculture
several pressing social and environmental our business. For instance, innovations
and timberland assets to create a more
Social issues. Despite our proactive commitments in products, services and community
streamlined lifecycle that incentivizes
and actions, we recognized we needed to investments, and decisions around thought
companies to invest in the longevity of
sharpen our focus if we truly want to make leadership, advocacy and public policy —
Governance an impact — a North Star to guide the with the ultimate goal of addressing key
nature. Despite the different initiatives we are
exploring and implementing, what remains
organization globally in areas where we have societal and environmental issues with our
consistent across all facets of our business
Performance Data the greatest ability to effect change. business expertise. It is implemented across
is our dedication to a shared responsibility
every division and geography of our business
This is where the Impact Agenda plays across our global workforce. Every person
through strategic initiatives focused on shared
a critical role. Organized around three on the Manulife team is empowered to take
value that drive toward our overall mission:
interconnected areas of focus — ownership and determine how their role
Decisions made easier. Lives made better.
empowering health and well-being, driving directly contributes to the Impact Agenda.
inclusive opportunities, and accelerating While the Global Sustainability team sits
a sustainable future — the Impact Agenda at the centre of the organization, our
channels our commitments and enables company wide ESG structure is intentionally
us to actively set goals and track progress
Abbreviations
and Acronyms 10
2021 ESG Report
How does Manulife hold itself How is Manulife’s While we’re proud of the progress we’ve
Introduction accountable for reaching the Impact Agenda differentiated made, tackling some of society’s most
pressing issues depends on collective
About this Report goals and commitments set in the industry? action and strong partnerships between
Performance Highlights out in the Impact Agenda? Many of our peers are focused on similar industry, governments, global citizens and
About Manulife Accountability is paramount to affecting real issues at the highest level as they are Non-governmental organization (NGOs). “Accountability is
CEO’s Message
change. It is why we put so much focus on a material ESG factors within our industry, No single entity will be able to mitigate
paramount to affecting
culture of shared responsibility throughout but our approach to action will set us climate change and create a healthier, more
Impact Agenda our organization and why we continuously apart. Manulife’s Impact Agenda is not a equitable world on their own. At Manulife, real change. It is why
net new strategy; it’s built on a foundation we’re committed to continue doing our part.
Q&A with CSO reflect on our efforts to see what we can do to
of tangible impact with measurable
we put so much focus
improve in the future. Within each pillar of the
Materiality
Impact Agenda, we have measurable targets results. For instance, in 2020, we shared on a culture of shared
Supporting the SDGs commitments around diversity, equity and
and commitments — all of which have robust
inclusion and since that announcement, responsibility throughout
roadmaps outlining strategy, logistics and
milestones along the way. The timelines of our have made solid progress against our talent our organization and
ESG at Manulife goals vary in length, but what is important is goals and have made strong partnerships in
that they are all actioned and measured by the community, like signing the CEO Action why we continuously
Environmental employees at all levels of the organization. for Diversity and Inclusion Pledge in the U.S.
reflect on our efforts to
In 2021, we shared the details of the initial
From a governance perspective, we have a phase of our climate action plan, including see what we can do to
Social Board committee, the Corporate Governance commitments to reduce our absolute
and Nominating Committee, that oversees scope 1 and 2 emissions 35% by 2035 and
improve in the future.”
all ESG-related initiatives and efforts. net zero financed emissions by 2050. With
Governance There are cross-functional practitioner respect to empowering health and wellness,
level centres of expertise alongside various over 2.7 million customers have partnered
Performance Data councils that drive the execution of the with us with an aim to live healthier lifestyles
strategy and support the Board in their role. through our behavioural insurance platform.
Abbreviations
and Acronyms 11
2021 ESG Report
Introduction Materiality Assessment and Stakeholder Engagement

About this Report
About Manulife
In 2021, we assessed the relevancy of our stakeholder’s expectations regarding Manulife’s ESG strategy and performance.
CEO’s Message Their feedback affirms that we are on the right track and provides insight into how we can actively address key topics through
Impact Agenda our business and operations.
Q&A with CSO The following table identifies our key stakeholder groups, how we typically engage with them, and their primary topics of interest,
as identified through the materiality assessment and our ongoing stakeholder interactions.
Materiality
Supporting the SDGs
Stakeholder group Ways we engage Sustainability topics of interest to stakeholders
Employees • Annual global employee engagement survey • Diversity, equity and inclusion
ESG at Manulife • Annual mid-year engagement action check-in survey • Protecting employee data and privacy
• MFCentral — global employee intranet and resource centre • Operating ethically
• Ongoing polling and surveys and Voice of the Employee (VOTE) group polling • Employee health and well-being
Environmental and testing
• Respecting human rights
• Executive-led Town Halls and Ask Me Anything sessions
• Recognition
Social • Diversity, Equity and Inclusion Council
• Personal development and learning opportunities
• Employee resource groups
• Global recognition program
Governance
• Feedback following training sessions, like Annual Code of Business Conduct
and Ethics training
Performance Data • Online internal community forums

Consumers/customers • Net Promoter System • Protecting customer data and privacy
• In-person working sessions • Ethical operations
• Human-centred design • Providing financial solutions to meet customer needs
• Call centres • Helping customers make informed decisions
• Financial services professionals • ESG integration in products
Table continues
Abbreviations
and Acronyms 12
2021 ESG Report
Stakeholder group Ways we engage Sustainability topics of interest to stakeholders

Shareholders/investors • Shareholder engagement • Protecting customer data and privacy
Introduction • Annual meeting • Operating ethically
About this Report • Investor events and Presentations • Corporate governance
• Webcasts • Human capital development
• Investor Relations website • Climate change
About Manulife
• Annual Report and Management Information Circular • Responsible investment
CEO’s Message • Meetings, phone calls and email correspondence • Diversity, equity and inclusion
Impact Agenda • Quarterly earnings results and earnings calls
Industry consultations • Mandatory local and regional reporting requirements • Corporate governance
Q&A with CSO
• Voluntary reporting and engagement on key issues • Climate change risk governance
Materiality
• Questionnaires • ESG integration into risk management
Supporting the SDGs • Industry consultations • Climate change in relation to investments
• Enhanced disclosure and investor information
ESG at Manulife Civil society/NGOs • Ongoing dialogue with local and regional • Protecting customer data and privacy
non-governmental organizations
• Operating ethically
• Partnerships
• Investing policyholder assets in a sustainable manner
Environmental • Industry working groups
• Developing investment products that provide environmental
• Funding research projects or social benefits
• Conferences and forums • Access to finance for underserved populations
Social
• Diversity, equity and inclusion
Supplier/vendors • One-on-one meetings • Vendor Code of Conduct
Governance • Supplier diversity program • Ethical supply chain
• ESG screening in Requests for Proposals (RFP) • Supplier diversity
Performance Data • Data privacy and cyber security
• Well-being of supplier/vendor employees
• Health and safety
• Fair and inclusive workplace
• Solvency and economic value
• Innovation and digitization
Communities • Community partnerships • Making a positive social impact
• Sponsorship of community events • Meeting the needs of local communities
• Volunteerism • Diversity, equity and inclusion
Abbreviations
and Acronyms 13
2021 ESG Report
ll-being
We
Introduction Supporting ealth and
About this Report

the Sustainable e
ir n
g H
Increase the
representation of women
Development
Promote and foster a culture
w
across our organization
About Manulife where individuals can thrive
po
and beyond by empowering
physically and mentally
Em
Goals
CEO’s Message them with resources that
so they can live healthy
help them succeed.
and fulfilling lives.
Impact Agenda
Q&A with CSO
Through our Impact Agenda and
Incl
Materiality
goals, we are well-positioned to
usive
Supporting the SDGs
contribute toward seven SDGs.
Provide resources
Economic Opportu
Take urgent action to
that empower
ESG at Manulife reduce our emissions
healthy work lives
and decarbonize our
while promoting
financed emissions
financial inclusive
Environmental portfolio by setting
opportunities for
targets and creating
underrepresented
Accele
measurable milestones.
communities.
Social
rate
Governance
nit y
Su a
Performance Data Invest in affordable,
st a
Create a culture where
reliable and sustainable
diversity, equity and
ina
energy systems,
inclusion is celebrated and
supporting the transition
bl
Fu to a low-carbon world.
rooted within all facets
e
tu of our business.
re
Abbreviations
and Acronyms 14
2021 ESG Report
Introduction ESG Governance

ESG at Manulife
ESG Governance
Sustainable Investing
ESG in Asset Management
Our sustainability governance about emerging issues and topics relevant
to our business and operations and
ESG in Asset Ownership
framework enables us to the regulatory environment to enhance
Partnerships and Engagements achieve our sustainability their knowledge and understanding of
ESG matters.
objectives across our global
Environmental franchise, facilitating easier and The CGNC’s oversight of our ESG framework
complements the work of the Executive
more strategic decision-making Sustainability Council (ESC). The ESC
Social within the context of our consists of our Global Chief Sustainability
Officer (CSO) along with nine members
business objectives.
of our Executive Leadership Team (ELT),
Governance including our Chief Executive Officer (CEO).
Oversight of our ESG framework is part
of the mandate of our Board of Directors’ The chair position, currently held by our
Performance Data Corporate Governance and Nominating Global Chief Marketing Officer, is held on
Committee (CGNC). The CGNC reviews the a two-year rotational basis. Meeting on a
progress made on our sustainability strategy monthly basis, the ESC is responsible for
and stays informed of ESG trends, risks establishing the enterprise’s sustainability
and opportunities through management ambition, guiding the development and
reporting. Members of the CGNC include the execution of the sustainability strategy and
Chairman of the Board and six independent providing recommendations and direction
Board members. Board members also on matters related to ESG. In addition
receive ongoing education through to the ESC, we have subsidiary-specific
presentations and information packages committees that execute asset-class-specific
sustainability objectives.
Abbreviations
and Acronyms 15
2021 ESG Report
The CSO chairs Manulife’s Sustainability Board Corporate Governance and Management Resources and
Introduction Centre of Expertise (CoE), which consists of Directors Risk Committee
Nominating Committee Compensation Committee
Audit Committee
of corporate function and business unit

sustainability leads tasked with integrating Met five times with 100% attendance
ESG at Manulife sustainability into our business practices.
ESG Governance This group’s responsibilities include leading
the development and implementation Executive Meets monthly
of the sustainability strategy; ensuring Sustainability Chief Chief Chief Chief Chief Chief Chief General President President and
ESG in Asset Management integration of sustainability into business Council Financial Human Investment Marketing Operations Risk Sustainability Counsel and CEO CEO, Manulife
Officer Resources Officer Officer — Officer Officer Officer Investment
ESG in Asset Ownership unit strategies, policies and procedures;
Oversees ESG and Officer Chair Management
and advising on sustainability matters and sustainability strategy
Partnerships and Engagements providing support and capacity building to and disclosures
business units.
Environmental Led by the CSO, Manulife’s Global
Climate Change Taskforce consists of
Social representatives from multiple businesses
Sustainability Meets monthly
and functional areas. It drives the
Centre of Corporate Group Finance Group Risk General Account Manulife Manulife Manulife
development of the climate strategy, risk
Governance Expertise Sustainability Management Investment Investment Investment
management activities on climate-related Management Management Management
Discusses and aligns Public Markets Real Estate Infrastructure
matters, performance tracking and
on sustainability- Manulife Manulife Global Legal and Government Global Supplier
disclosures. The Climate Change Taskforce
Performance Data related matters Investment Investment Communications Compliance Affairs Diversity
supports execution of our climate action Management Management
plan and includes representation from Private Equity Timberland and
subsidiary-specific working groups. and Credit Agriculture
Climate Meets weekly
Change Corporate Sustainability Group Finance Group Risk Management General Account Corporate Real Estate
Task Force
Manulife Investment Manulife Investment Manulife Investment Manulife Investment Manulife Investment
Develops and Management Management Real Estate Management Management Private Management Timberland
drives the Climate Public Markets Infrastructure Equity and Credit and Agriculture
Action Plan
Abbreviations
and Acronyms 16
2021 ESG Report
Introduction
ESG at Manulife
Sustainable Investments at Manulife (C$ billions, $26.2, Green buildings
Direct equity investments and commercial mortgages, backed by green building
ESG Governance
General Account and private third-party assets)6 certifications Leadership in Energy and Environmental Design (LEED), Buildings Owners
and Managers Association (BOMA Best), and Energy Star. Residential mortgages are not
relevant to Manulife at this time and are excluded.
$0.7 $0.6
ESG in Asset Management $15.8, Sustainably-managed timberlands
Private timberland assets operated by Manulife subsidiary Manulife Investment
ESG in Asset Ownership $2.9 Management Timberland and Agriculture and private placements certified to Forest
Stewardship Council (FSC) and Programme for the Endorsement of Forest Certification
Partnerships and Engagements $3.0 (PEFC) standards.
Environmental $3.4 $10.7, Renewable energy

Private debt and equity financing of energy from renewable sources (solar, wind,
geothermal, waste biomass, hydroenergy).
Social $4.1 $26.2 $4.1, Sustainably-managed agriculture

Private timberland assets operated by Manulife subsidiary Manulife Investment
Management Timberland and Agriculture and certified to the Leading Harvest Standard.
Governance
$67.4 $3.4, Energy efficiency
Private debt financing of energy efficiency upgrades at U.S. government sites.
Performance Data $10.7 $3.0, Clean transportation
Private debt financing of electrified transport and mass public transit.
$0.7, Sustainable management of water resources

Private debt financing of water recycling and purification businesses.
$0.6, Green bonds

$15.8 Private debt and equity investments; public securities excluded with the exception of
several green bond investments.
$2.9, Affordable healthcare, education, and housing

Free or substantially subsidized, and/or non-profit facilities and institutions that provide
6 Green investment categories (defined by Manulife Sustainable Bond Framework) and social investments. accessible and affordable education, housing, and healthcare regardless of ability to pay
See data appendices for relevant exclusions. to underserved populations, such as minorities, vulnerable youth, people living below
the poverty line or households with income below 80% of the area median income (AMI).
Abbreviations
and Acronyms 17
2021 ESG Report
ESG Integration in Asset Management

Introduction
ESG at Manulife
Managing our clients’ Sustainability private markets sustainable investing
committees for review and input. These
ESG Governance
investments, we work to deliver as standard goals are reviewed continuously through
strong risk-adjusted investment Our sustainable investing teams prepare execution of the work plans. The sustainable
plans on an annual basis. These plans investing teams report activities and
returns over time while helping articulate the ESG goals the teams seek to progress of the business plans to their
realize a sustainable trajectory attain during the year with assignment of respective committees.
Partnerships and Engagements

for the global economy. projects to individual team members who
Our group of 25 sustainable investment
have oversight and responsibility for the
Manulife Investment Management values goal accomplishment. For example, goals professionals reinforces and strengthens
and actively supports the robust integration for our public markets investments include ESG integration and stewardship activities
Environmental across our investment teams and
of sustainability principles, including increasing impact of engagements, ESG
our active ownership strategies in our integration success measures, system asset classes.
Social investment approaches. This holds true enhancements and structured training
across asset classes, geographies and sessions. Similarly, goals for our private
Supporting our clients
our business identities — whether we are asset class investments include enhancing
Governance acting as asset operators, equity holders or tools to incorporate ESG throughout the We are committed to a program of ongoing
debt holders. investment life cycle (investment decision, education on sustainability and, in 2021,
monitoring, reporting), and providing began development of an education
Performance Data curriculum — the Manulife Investment
support to the development and distribution
of new and existing products. Goals are Management Sustainable Investing
prioritized based on the impact on the Academy. This curriculum will cover varying
overall investment processes and the firm’s levels of sustainability, from foundational
objective to achieve ongoing excellence in through to more advanced topics.
ESG integration. The education program will initially be made
available to institutional investors in Canada
Initially, the goals are recommended and in spring 2022, with the current objective of
presented by the sustainable investing expanding to other markets in the future.
teams to the respective public and
Abbreviations
and Acronyms 18
2021 ESG Report
Private Markets
Introduction
ESG at Manulife
In the real assets space, we’re frequently In private markets, our strategies Offering sustainable real Managing forests
the asset manager and operator, which integrate ESG throughout the
ESG Governance we believe gives us a unique perspective investment lifecycle.
estate investments and farms
on sustainable business practices and Our real estate platform develops and Our agriculture and timberland businesses
Sustainable Investing 1. We use our ESG due diligence process,
concerns. For example, where we invest and manages commercial real estate for our exist to create value through the sustainable
ESG in Asset Management operate assets in our real estate, timberland based on a combination of external clients around the globe. The portfolio management of natural resource
and agriculture portfolios, we seek to resources including the SASB, the includes office, industrial, retail and investments. Our foundational principle is
raise the bar of sustainable investing and Principles for Responsible Investing (PRI) multi-family space strategically located in that “good stewardship is good business.”
Partnerships and Engagements stewardship while enhancing the value of and our own expertise major metropolitan markets. Our business is built around our five pillars
our assets and having a positive impact on of sustainable and responsible investing,
all our stakeholders. In our infrastructure 2. We document ESG due diligence in Our Real Estate Sustainable Investing which are outlined in our Sustainability
Environmental an investment memorandum that Framework outlines our approach which is
and private equity and credit investments, and Responsible Investing Framework
we focus on building strong relationships is evaluated during the investment based on responsible property investment and Practices within our timberland and
Social with companies, sponsors and co-investors, committee approval process and aligns with global standards and agriculture businesses and summarized here:
which enables a meaningful approach to benchmarks, including GRESB. We
sustainability and enhances our influence 3. Once an investment is made, we continue incorporate ESG considerations across • Climate stability: We seek to limit the
Governance over key assets and portfolio companies. to monitor material aspects that might the entire real estate value chain, from impacts of climate change by responsibly
affect an asset or company, including construction and acquisition of an asset using and managing land, creating carbon
ESG factors through all aspects of property management. sequestration opportunities with our
Performance Data These practices are supported by resources forests and farms and mitigating climate
4. We communicate ESG-related such as our proprietary Sustainability change through investing in renewables
information regularly to our investors in Investment and Due Diligence tool, and energy efficiency.
through our quarterly reports, at annual sustainability clauses in our standard lease,
general meetings or on an ad hoc basis • Ecosystem resiliency: Healthy
and our proprietary Sustainable Building
when requested by investors ecosystems provide immense value to
Standards. 54.6 million sq feet of Manulife
the vitality of communities and economies.
Investment Management Real Estate is
To ensure they thrive for generations to
certified under a sustainable building
come, we operate in a way that responsibly
certification, representing over 80% of our
manages land and protects sensitive lands
global portfolio.7
and biodiversity.
Abbreviations
7 Calculated based on square footage of the gross floor area of properties in the global portfolio. Totals from different certification
and Acronyms standards do not sum as properties with multiple certifications are only counted once. 19
2021 ESG Report Private Markets
• Watershed protection: Protecting and Global GAP, USDA GAP, Lodi, SAI-FSA). Enhancing private equity material sustainability factors, identification
Introduction improving watersheds is vital for the As of year-end 2021, 100% of our forests and discussion of risks, areas for
ecosystems and communities that depend were certified under either SFI or FSC, and and credit improvement, areas not assessed and areas
on them. We protect sensitive lands, 100% of our U.S. farmland was certified Our private equity and credit group is in which the portfolio company is already
ESG at Manulife seek adherence to strict water and land under Leading Harvest. We continue to grow committed to sustainable investing and well advanced.
ESG Governance management policies and best practices our certified sustainable farmland acreage, management of our clients’ assets as outlined
and support forest growth. with the goal of 100% certification of eligible in our Private Equity and Credit Sustainable Once an investment is made, our teams
Sustainable Investing work closely with their investment
properties under the Leading Harvest Investing Framework. Sustainable investing
ESG in Asset Management • People empowerment: We value our partners to monitor all material items that
Farmland Management Standard globally. is particularly important for private equity in
people, employees and contractors and might affect the investment or company,
ESG in Asset Ownership view of our focus on creating long-term value
strive to provide them with safe and including material sustainability factors.
and building strong relationships with general
Partnerships and Engagements healthy working environments and the Investing in infrastructure partners (GPs), sponsors and company The investment teams leverage a variety
tools, training and support they need of tools such as shareholder rights, board
The importance of sustainable investing in management. Within private credit, assessing
to thrive. seats and our broader relationships with
Environmental infrastructure is particularly apparent due ESG issues that may be material before an
to the long-term nature of the assets and investment is made can help us anticipate investment partners, who typically control
• Community prosperity: We are
investment horizon. As such, we believe inherent downside risks. Profiling potential the underlying portfolio companies, to
committed to supporting and
Social strengthening the local and indigenous that good management of sustainability material risks and opportunities related to ensure material sustainability issues are
risks and opportunities in our infrastructure ESG across all assets is critical to preserving not overlooked.
communities where we operate.
We provide employment opportunities investments can lead to long-term and enhancing the value of our investments.
Governance sustainable returns. Our Infrastructure Ultimately, we believe that evaluation of ESG
and public use of our land, engage with
non-governmental organizations (NGOs), Sustainable Investing Framework outlines risks and opportunities in our private equity
Performance Data and support local causes as part of our our approach to sustainable investing in and credit investments can yield sustainable
community stewardship. infrastructure, including ESG integration returns over the long term.
in the investment process and the energy
We manage our forests and farms not only Our private equity and credit teams conduct
to secure competitive financial returns,
transition and exclusions. In line with our
an ESG assessment of each investment as
As of year-end 2021,
ESG integration practices in the investment
but also to achieve key environmental and process, our sustainable investing team part of their due diligence and incorporate 100% of our forests were
social objectives set out by third-party in private markets has implemented findings into their fundamental analysis. certified under either SFI
sustainability standards. In forestry this an annual ESG monitoring process for The outcomes of ESG due diligence
includes the Sustainable Forestry Initiative® our infrastructure equity investments. are documented in the final investment or FSC, and 100% of our
(SFI®) and the Forest Stewardship Council® The monitoring process allows our team to memorandum, which is presented during U.S. farmland was certified
(FSC®), and in agriculture this includes the investment committee approval process.
Leading Harvest and others (for example:
track and measure the ESG performance of
ESG documentation in the investment
under Leading Harvest
our investments across our portfolio.
memorandum includes a summary of
Abbreviations
and Acronyms 20
2021 ESG Report
Public Markets
Introduction
We develop innovative global frameworks aligns with its investment approach. Each • Multi-asset solutions: Generally
ESG at Manulife for sustainable investing and collaboratively team bears responsibility for the evaluation speaking, the industry has been slower
ESG Governance engage with companies in our securities of ESG factors throughout the due diligence to integrate ESG factors in multi-asset
portfolios. At year-end 2021, over 90% of and decision-making processes in the versus public equity or fixed-income asset
our assets under management in public pursuit of risk-adjusted returns and capital classes separately. We believe, however,
ESG in Asset Management equity and public fixed-income strategies preservation, with ESG integration in: that value can be attained through
We are expanding our
were fully integrating ESG factors under targeted integration. sustainability offerings,
our proprietary assessment framework.8 • Fixed income: Our approach to
Partnerships and Engagements fixed-income ESG integration is adapted
helping our clients address
We understand that sustainable investing
requires ongoing change and improvement to identify the material issues within each Engaging with a range of objectives. In
and look forward to implementing several industry. In addition to the materiality of investee companies 2021, this included the
Environmental ESG risks, our investment professionals
additional assessment criteria to assess and
seek to assess the timing of likely impact.
Ongoing engagement with investee launch of the Manulife Asian
measure our investment teams’ progress. companies is an essential part of how we seek
Social Credit analysts are responsible for
to enhance the resiliency of our clients’ assets ESG Multi-Asset Income Fund
ESG integration across different public completing an ESG risk assessment and
— including where we manage assets on in Taiwan. This was the first
asset classes includes the integration of can use the ESG risk profile to adjust the
behalf of the Manulife General Account (GA)
Governance third-party vendor data — a preliminary relative value ranking of names within a multi-asset fund with ESG
— as well as achieving actual change in
step in our process. Manulife Investment given industry.
addressing key sustainability issues such as product features launched
Management receives and reviews ESG
Performance Data scores, ratings and data from a number
• Listed equity: In addition to using internal climate change. As investors, we also play at Manulife Investment
and external ESG data to identify higher- a critical role in encouraging companies to
of external data vendors, which creates a
adopt sustainable business practices that
Management’s platform
and lower-risk stocks, our teams actively
more comprehensive third-party assessment in Taiwan, focusing on
engage with company management to promote stable long-term growth and reduce
of constituents.
assess a company’s exposure — and the potential impact of material sustainability companies that demonstrate
potentially help enhance its resiliency — risks over time.
Each investment team operates in particular
to different types of ESG risks. This insight
strong sustainability
markets and with different nuances to
its approach to investing. Accordingly, can help shape the teams’ modeling and characteristics.
each team integrates ESG factors into its define sensitivities around their estimates
investment process in a manner that best of fair value.
Abbreviations
8 As of December 31, 2021, integration is based on Manulife Investment Management’s proprietary integration progression levels, which
and Acronyms measure investment teams’ progress in ESG integration for assets directly managed by Manulife Investment Management. 21
2021 ESG Report Public Markets
Management proposals Shareholder proposals on social issues

Proposal category Number of Votes contrary Some reasons we voted contrary Proposal category Number of Votes contrary Some reasons we voted contrary
Introduction proposals to management to management proposals to management to management
Director elections 52,783 11% • Poor attendance Human rights risks 12 75% • Reporting would help shareholders assess
• Lack of independence assessments standards human rights risks in operations and the
ESG at Manulife •
•
Diminishment of shareholder rights
Lack of gender diversity
or policies supply chain
• Problematic executive remuneration Gender/racial pay gap 6 83% • Poor current disclosure on diversity and
ESG Governance practices inclusion initiatives toward equal pay
Sustainable Investing Executive compensation 4,458 15% • Misalignment between pay and performance Labour issues 25 88% • Reporting on harassment issues and rates
(say on pay) • Lack of performance-based remuneration of complaints will help shareholders assess
ESG in Asset Management • Short vesting periods company culture and associated risks
• Lack of rigor in performance metrics
Equal opportunity 12 83% • Data would help shareholders assess
ESG in Asset Ownership • Outsize pay versus peers
employment data representation through employee base and
• Discretionary payments
associated promotion rates
Partnerships and Engagements • Problematic severance arrangements
Environmental
Shareholder proposals on environmental issues Shareholder proposals on governance issues
Proposal category Number of Votes contrary Some reasons we voted contrary Proposal category Number of Votes contrary Some reasons we voted contrary
Social proposals to management to management proposals to management to management
Climate change action 51 84% • Disclosure would help shareholders assess Require independent 40 88% • Recent failures suggest independent
and reporting on climate governance and strategy related to the board chair oversight is needed at the board level
Governance change management of physical and transition risks
associated with climate change
• Role of lead independent director is undefined
• Generally support separation of roles
Community— 8 100% • Reporting would help assess management Lobbying and political 51 94% • Current disclosure is inadequate to assess
Performance Data environment impact of deforestation risks in the supply chain
• Reporting would provide information
contributions risks and benefits of firm lobbying activities
• Disclosure would allow shareholders
regarding regulatory and other risks to assess alignment between trade
associated with the continued use of associations and current firm initiatives
single-use plastics
Board diversity 8 50% • Current board composition lags peers
GHG emissions 13 62% • Disclosure would help assess company
strategy in the face of increasing costs Link executive pay to ESG 6 67% • Public concern over pricing poses
associated with emissions criteria reputational risk that should be considered
in compensation
Request for advisory 6 100% • The advisory vote provides shareholders • Risk related to public and regulatory scrutiny
vote on climate change with another voting outlet to assess climate over privacy protections should be reflected
risk and opportunity management in remuneration
Shareholder rights 180 92% • We generally support creation/enhancement

of shareholder rights, including the ability
to nominate and vote on directors, call a
special meeting, and align voting rights with
economic interest
Abbreviations Information shown reflects proposals most often requested by clients and third parties.
and Acronyms For full data, see our voting records. 22
2021 ESG Report
ESG Integration in Asset Ownership

Introduction
ESG at Manulife
Managing our own Integrating ESG into These guidelines are complemented by
several additional policies that contribute
ESG Governance
portfolio of investments investment decisions to the General Account’s overall risk
Manulife’s General Account consists of our The Manulife General Account (General management and governance structure with
company’s own assets, which largely support Account) maintains its own ESG Governance respect to its investment activity, such as
ESG in Asset Management our policyholder liabilities. We believe that in and has developed ESG Investment the General Account’s Environmental Policy,
order to deliver strong risk-adjusted returns, Guidelines for its investment mandates, Anti-Money Laundering and Anti-Terrorist
we must consider ESG-related risks and which include requirements to: Financing Policy, Code of Business Conduct
Partnerships and Engagements opportunities in our investment process. and Ethics and the Reputation Risk Policy.
• Consider and screen ESG risks and
opportunities material to specific To support the implementation of our
Environmental investments and assess their relevance guidelines within portfolio management,
in 2021, a more comprehensive training
• Monitor material ESG issues at the
Social program was established to educate
borrower level as part of ongoing
investment teams on the relevance of ESG in
investment surveillance
the investment process. Topics presented to
Governance • Discuss material ESG risks in investment the department thus far include:
reviews and approval materials
• Manulife’s Climate Action Plan
Performance Data
• How independent rating agencies are
approaching ESG
• The science behind climate change
• The road to net zero
• Green and ESG-linked bonds
In 2021, a comprehensive training program was

established to educate investment teams on the
relevance of ESG in the investment process.
Abbreviations
and Acronyms 23
2021 ESG Report
We continue to grow our portfolio of sustainable investments in our General Account

Introduction
$44.9 General Account Green Investments (C$ billions)

ESG at Manulife
$39.8
ESG Governance $18.9, Green buildings $3.4, Energy efficiency
Direct equity investments and commercial mortgages, Private debt financing of energy efficiency upgrades at U.S.
Sustainable Investing backed by green building certifications Leadership in government sites.
Energy and Environmental Design (LEED), Buildings Owners
ESG in Asset Management $27.6 and Managers Association (BOMA Best), and Energy Star. $3.0, Clean transportation
ESG in Asset Ownership Residential mortgages are not relevant to Manulife at this Private debt financing of electrified transport and mass
time and are excluded. public transit.
$9.5, Renewable energy $1.6, Sustainably-managed agriculture
Private debt and equity financing of energy from Private timberland assets operated by Manulife subsidiary
Environmental renewable sources (solar, wind, geothermal, waste Manulife Investment Management Timberland and Agriculture
biomass, hydroenergy). and certified to the Leading Harvest Standard.
$4.3, Sustainably-managed timberlands $0.7, Sustainable management

Social of water resources
Private agriculture assets operated by Manulife subsidiary
2021 2020 2019 Manulife Investment Management Timberland and Agriculture Private debt financing of water recycling and
and private placements certified to Forest Stewardship purification businesses.
Governance General Account Green Investments (C$ billions)
Council (FSC) and Programme for the Endorsement of Forest
General Account Social Investments (C$ billions) Certification (PEFC) standards. $0.6, Green bonds
Private debt and equity investments; public securities
Performance Data excluded with the exception of several green
bond investments.
11% of our General General Account Social Investments (C$ billions)

Account portfolio is
11% held in sustainable $2.9, Affordable healthcare, education, and housing (new category for FY21)
Free or substantially subsidized, and/or non-profit facilities and institutions that provide accessible and affordable education,
investments housing and healthcare regardless of ability to pay to underserved populations, such as minorities, vulnerable youth, people
living below the poverty line or households with income below 80% of the area median income (AMI).
Abbreviations
and Acronyms 24
2021 ESG Report General Account ESG Investment Guidelines
As we aim to achieve attractive risk-adjusted Should an investment present ESG-related In reviewing potential and existing Monitoring material ESG issues at, and
Introduction returns on our General Account assets, risk exposure, ESG factors will be investments, General Account analysts encouraging ESG awareness by, the
our processes seek to ensure screening considered when assessing the economic will consider ESG factors that are borrower level as appropriate, as part of
and consideration of ESG factors, by benefits/costs of the investment, to material to an investment. They will do general ongoing investment surveillance
ESG at Manulife integrating the evaluation of ESG factors evaluate and rank the investment in relation this by: (for example, through publicly available
ESG Governance throughout the due-diligence and to other investment opportunities, and reporting and/or interactions with
• Considering and screening ESG risks and
decision-making processes. to improve short-, medium-, or long-term borrowers). In some cases, this may present
Sustainable Investing opportunities material to specific (target/
portfolio sustainability. a challenge as many of our investments are
As an asset owner, Manulife’s investment existing) investments and assessing their
ESG in Asset Management in companies/assets that are privately held,
decision making is steered by a set of In broad terms, the approach General relevance, as appropriate. This includes
as such there may be limited to no publicly
ESG in Asset Ownership guidelines that provide guidance to Account analysts may take to consider but is not limited to:
available information.
investment professionals on the integration ESG factors include:
Partnerships and Engagements − Environmental Factors:
of ESG considerations into investment Including a discussion of material ESG risks
• Education: This is a rapidly growing area, • Holding all applicable environmental
decisions and ownership practices specific and opportunities in investment reviews and
and as such General Account analysts permits, validly obtained by complying
Environmental to the general investment account assets of approval materials.
will seek to adapt their capabilities and with all notice and comment protocols
the General Account’s various wholly owned
practices, as the investment community We work to respect and promote human
life insurance companies globally. • Complying with all applicable
expands its knowledge and deepens its rights in our investment decisions and
Social environmental permits
Recognizing that ESG issues can affect understanding of ESG issues stewardship activities as a core part of
• Impact on climate change
investment performance, properly assessing our approach to ESG issues. Human rights
• Integration: Integrate ESG factors into • Environmental degradation/waste
Governance and effectively managing these issues can
their investment analysis and decision-
considerations are also an important part
both protect and lead to higher long-term and pollution of our due diligence and risk assessment
making processes, and the emphasis
sustainable returns. Consideration of • Protected sites/species process. We strive to mitigate adverse
Performance Data will be where a portfolio company’s
ESG factors and associated risks and • Unsustainable practices/resource human rights impacts from our investment
management of these risks relative
opportunities are fundamental to the depletion activities by: (i) filtering investments
to industry norms is material to the
analysis of investments contemplated for countries and parties sanctioned by
credit rating, value or risk/return of − Social Factors:
for inclusion and retention in the General domestic or international laws (compliance
the investment
Account assets portfolio. • Human rights restriction) as well as for companies directly
• Collaboration: Endeavor to collaborate • Working conditions and primarily operating in certain sectors;
Our investing approach, which contemplates
with like-minded organizations and (ii) applying any applicable sector guidelines
staying invested through the economic • Diversity, equity and inclusion
investors to exchange information and to address particularly sensitive ESG issues
cycle, makes it particularly important that
advance the discussion − Governance factors: and provide specific guidance for investment
all factors that can impact the performance
in sensitive sectors; and (iii) using available
of an asset or an organization over varying • Anti-bribery and anti-corruption
tools to enable analysts and portfolio
time horizons, including the long term, be • Corporate governance managers to understand and systematically
carefully considered, including ESG factors. • Product safety and quality analyze ESG issues, including human rights
• Executive pay risk, across asset classes and regions.
Abbreviations
and Acronyms 25
2021 ESG Report
Implementation of Building on best practices Green bond issuances

Introduction
ESG Guidelines Manulife is an active member of the Private We were the first global life insurer to issue
With the implementation of ESG Guidelines, Placement Industry Association working a green bond in 2017 with an inaugural
ESG at Manulife analysts integrate ESG factors into their group, which is working to develop an issuance in Singapore and have since issued
investment analysis and decision-making ESG-oriented questionnaire to be included green bonds in Canada (2018) and in the
ESG Governance
processes, and the emphasis will be where in due diligence materials of new private U.S. (2022). With three issuances to date,
Sustainable Investing placements. This will help standardize our total outstanding green bond issuance
a company’s management of these risks
ESG in Asset Management relative to industry norms are material to information needs and requests from private amounts to the Canadian dollar equivalent of
the credit rating, value or risk/return of entities that do not currently report such $2 billion. The environmental benefit of the
ESG in Asset Ownership information or provide disclosures in a General Account’s low-carbon investments
the investment.
Partnerships and Engagements non-standardized format. that underpin our first two green bond
The General Account’s ESG Guidelines were issuances amounts to 240,000+ tons of
updated in July 2021 to primarily identify Additionally, we have spearheaded efforts to avoided carbon dioxide emissions annually.
Environmental those sectors that require greater scrutiny gather industry peers on a quarterly basis to Sample investments include solar and
from the Credit Committee. These sectors share and discuss best practices regarding wind energy in the U.S. and Canada as
ESG. This work was complemented by a well as sustainably managed forests. In
Social represent sensitive areas and in which
survey of best practices conducted in 2021.
the General Account has very limited or 2022, we updated our Sustainable Bond
no existing exposure, including cannabis, Results were consolidated and anonymized Framework. For more information, refer to
Governance military weapons, non-military weapons, to share back with survey respondents our Green Bond Report.
thermal coal and tobacco. to gain insights on competitive and
leading practices.
Performance Data Additionally, the General Account developed
a methodology for incorporating ESG Impact
Scores across the sectors in which it invests
as well as the issuers within those sectors.
These scores will provide greater clarity in
the identification and reporting of ESG risks
and opportunities in investment reviews
and approval materials. The ultimate score
for sectors and issuers will be determined
by each of the investment teams along with
Credit Risk. This methodology is being rolled
out to the investment teams in early 2022.
Abbreviations
and Acronyms 26
2021 ESG Report
Introduction
ESG at Manulife Partnerships and Engagements

ESG Governance
ESG in Asset Management Manulife is a leading and oil and gas companies. In 2021, in the United Nations Environment
we continued to see notable climate action Programme Finance Initiative (UNEP FI)
member of several global from investee companies targeted through pilot project, which brought together 20
sustainability networks Climate Action 100+ outreach. We engaged of the world’s largest investors to advance
In order to combat the consequences with the industry associations involved in the recommendations of the Task Force on
of climate change, we collaborate with Climate Action 100+ to enhance the investor Climate-related Financial Disclosures (TCFD).
Environmental other like-minded organizations that feel expectations on meaningful climate action. The participants in the pilot developed
passionately about the cause. Our strategy In 2021, we also took a lead role in the scenarios, models, and metrics to enable a
is to work together with those from diverse collaborative engagement with one of the scenario-based, forward-looking assessment
Social world’s largest chemical firms. Through and disclosure of climate related risks and
backgrounds and in different industries.
It is a well-rounded approach that checks this position, we’re looking to influence the opportunities. With UNEP FI and expert
Governance off proactive milestones, so we are all held issuer to adopt more expansive emissions support, the investors tested their portfolios
accountable in the global fight to preserve reduction targets and the production of a against a range of climate scenarios and
our environment. climate lobbying report among other goals. co-developed a metric for determining
Performance Data the climate value at risk (climate VaR) for
equity, bond, and real estate portfolios.
Climate Action 100+ United Nations The outputs and conclusions of this group
In 2017, Manulife Investment Management
Environmental Program are intended to stimulate and ease the
was a founding member of Climate Action (UNEP) Finance Initiative adoption of the TCFD recommendations
100+, as of February 2022, included by the wider industry. Through 2021, we
UNEP Finance Initiative is a global continued to collaborate through Phase II
more than 615 investors from around partnership between UN Environment
the globe representing US$65 trillion in of the UNEP FI project aimed at developing
and over 230 financial institutions that new climate risk assessment methodologies
investor capital. Climate Action 100+ promote sustainable finance. Manulife
focuses on the world’s largest corporate and researching sector-specific climate
has been a contributing member since risks and opportunities.
greenhouse gas (GHG) emitters. By late 2005. Between 2017 and 2019, Manulife
2019, Climate Action 100+ had logged Investment Management participated
notable successes among major mining
Abbreviations
and Acronyms 27
2021 ESG Report
Task Force on Principles for Responsible Business Ambition for 1.5

Introduction
Climate-related Financial Investment (PRI) In 2021, Manulife committed to the
Disclosures (TCFD) The PRI works with more than 4,000 Business Ambition for 1.5°C is led by the
ESG at Manulife signatories in over 60 countries to Science Based Targets initiative (SBTi) in
We have been a supporter of the Task Force partnership with the UN Global Compact
ESG Governance on Climate-related Financial Disclosures promote responsible investment practices.
Manulife Investment Management has been and the We Mean Business Coalition.
Sustainable Investing (TCFD) since November 2017 and are
committed to adopting and aligning our a signatory since 2015 and is an active
disclosures to the TCFD recommendations. member of various working groups, including Stakeholder Capitalism
the Sovereign Bond Advisory Committees,
ESG in Asset Ownership Our climate-related disclosure can be found
Infrastructure Advisory Committee, Fixed Metrics Initiative
Partnerships and Engagements on page 48 in our 2021 Management’s
Discussion and Analysis. Manulife’s Income Advisory Committee and Real Estate Led by the World Economic Forum (WEF),
ESG Report provides additional disclosure Advisory Committee. the Stakeholder Capitalism Metrics initiative
Environmental on Manulife’s position on climate change and promotes alignment among existing
Our annual submission to the PRI reports on Environmental, Social, and Governance
our strategy to support the transition to a
Manulife Investment Management’s activities (ESG) frameworks and establishes a set
low carbon economy.
Social and progress in implementing the PRI’s of metrics that enhances comparability
principles according to the PRI’s reporting and consistency. It includes 21 core and
Accounting4Sustainability framework. For the 2019 reporting year (the 34 expanded metrics and disclosures
Governance latest published reporting year), we received
(A4S) CFO Leadership the highest rating (A+) for Strategy and
focused around four themes: Principles of
Governance, Planet, People and Prosperity.
Performance Data
Network Governance, listed equity and Sovereigns,
A4S is the finance network promoting Supranational and Agencies (SSA) fixed
sustainability integration into strategy and income integration, an ‘A’ rating for real
decision-making. We are a founding member estate, listed equity active ownership and
and active participant on the A4S CFO fixed-income integration, and a ‘B’ rating for
Leadership Network: Canadian Chapter. In infrastructure and private equity in our first
2021, Manulife contributed to the “Essential filing for both modules.9
Guide to Engaging the Board and Executive
Management” practical guide for financial
teams to engage their board and executive
management team on sustainability.
9 As of December 31, 2019, the most current data available. The PRI has notified respondents that the 2021 assessment report will be
delayed. Please visit the PRI website to learn more about their assessment methodology or to see our transparency report.
Abbreviations
and Acronyms 28
2021 ESG Report
Introduction
ESG at Manulife
Climate Change
Environment
Climate Change
Our Operations Our Journey to Net Zero
Our Investments We are taking steps to reduce our environmental footprint, support the transition to a low
Our Products and Services carbon economy and invest in climate change mitigation and resilience. Our business can make
an impact through the investments we make, the ways in which we manage assets on behalf of
Climate-related Risks our clients, including timberland, agriculture and real estate, and how we work.
and Opportunities
Biodiversity We acknowledge the serious threats posed by climate change to our business, society and
the livelihoods of the communities in which we operate. We also recognize the value of nature
and the betterment and protection of biodiversity.
Social
Governance
Performance Data
Abbreviations
and Acronyms 29
2021 ESG Report
Introduction
ESG at Manulife
Our effort to combat climate Transition to net zero
change is embedded across our
Our journey to net zero builds on our
business strategy. We are taking
mission: Decisions made easier. Lives made
Environment steps to becoming a net zero
better. By addressing climate change, we
company through:
Climate Change move closer to fulfilling our mission and
• Our operations: Real estate, giving our customers the confidence to plan
Our Operations timberland and agriculture investment for the future. We recognize the link between
Our Investments property operations and day-to-day environmental and financial stewardship.
business activities across Manulife’s Our vast natural resource holdings have
Our Products and Services
business segments enabled us to achieve net zero emissions
Climate-related Risks in our operations, and we are uniquely
and Opportunities • Our investments: Asset ownership under
positioned in our sector to accelerate the
the management of the General Account
Biodiversity use of nature-based solutions in the fight
• Our products and services: Life and against climate change. We are actively
health insurance, and asset management incorporating climate change considerations
Social and investment strategies on behalf of into our decision making, including how
Manulife clients we manage our operations, how we make
Governance Our Climate Change Statement summarizes
investment decisions, and how we develop
and offer financial products and services.
our approach and is complemented by
As a business deeply rooted in long-term
Performance Data Our Journey to Net Zero, which further
thinking, we are made stronger when our
outline the commitments we made in
people and planet thrive.
2021, across our operations, investments,
products and services.
Abbreviations
and Acronyms 30
2021 ESG Report
Our Operations
Introduction
ESG at Manulife
Reducing our • We have committed to the Business
Ambition for 1.5°C, recognizing the
carbon footprint importance of aligning our emissions
We take action to minimize our operational trajectories with the latest science — and
Environment
footprint to lessen our environmental impact are working to validate our targets in line
Climate Change and reduce operating costs — helping with the criteria and recommendations of
Our Operations prepare our business for a sustainable the SBTi
path forward. We continue to take action
Our Investments • We actively look for opportunities to work
to reduce our footprint:
more effectively across our value chain
• We have achieved and remain focused to reduce Manulife’s broader emissions
Climate-related Risks on net zero in our operations10 — our footprint, through aspects such as
and Opportunities sustainable procurement and green leases
substantial natural resource holdings have
Biodiversity enabled us to remove more carbon from — however, we continue to prioritize
the atmosphere than we emit; and we addressing our most significant value
continue to make substantial investments chain footprint through our investments
Social
in high quality, natural climate solutions
• We are working to reduce our absolute

Governance Scope 1 and 2 emissions 35% by 2035,
taking active steps to operate more
Performance Data efficiently through measures such as fuel
switching and energy retrofits11
10 Includes direct sources of Scope 1 and 2 emissions. Scope 3 (category 1 – 14) emissions are defined by the WRI GHG Protocol as indirect, value chain
Abbreviations emissions and make up a portion of our broader operational carbon footprint.
and Acronyms 11 Our commitment to emissions reductions apply to any properties where we have operational control. 31
2021 ESG Report
Forests, farms and water use, waste diversion, and GHG Manulife Investment Management-managed
For additional details on our real estate,
Introduction emissions reduction, which we report on forests and farms can also be a source of
real estate investment annually in our publicly available Real Estate emissions, through aspects such as fuel
timberland and agriculture asset
management activities, please refer to
properties Sustainability Report. We have set a GHG combustion to operate heavy machinery, the ESG Integration at Manulife section.
ESG at Manulife reduction target for our global real estate application of fertilizers, and powering of Additional details can also be found in:
Keeping our real estate, forests, and farms
operating takes energy. This year, we portfolio of 80% by 2050, using 2018 as processing facilities. Focusing on climate
• Manulife Investment Management
Environment deepened our understanding of our GHG the baseline.12 impacts means going beyond carbon 2020 Real Estate Sustainability Report
emissions and assessed decarbonization removal and actively working to identify new
Climate Change • Manulife Investment Management
opportunities across our properties. We are Forest and farms opportunities for abatement of absolute
Timberland and Agriculture 2020
Our Operations proud of the climate benefits of the carbon emissions in our forestry and farmland Report on Sustainability and
Manulife Investment Management
removals from our forests and farms — and operations. Decarbonization opportunities Responsible Investing
Our Investments Timberland and Agriculture is focused
continue to go beyond carbon removal in are currently under assessment and remain
on managing forests for positive climate • Manulife Investment Management
Our Products and Services a priority with the release of SBTi Forest, Land
pursuit of our emissions reductions goals. impact. The responsible stewardship and Timberland and Agriculture Sustainable
Climate-related Risks and Agriculture (FLAG) sector guidance at the Investing Framework
management of our forests and farms
and Opportunities end of 2021.
Real estate contributes to our climate goals. Natural
Biodiversity climate solutions (NCS) are critical to
As the transition to a net zero economy climate change mitigation and use nature’s
advances, investors and regulators are climate benefits to address the global
Social striving to manage the built environment as warming imperative. Through our plants
efficiently as possible to reduce emissions and soil, Manulife’s terrestrial ecosystems
and meet global climate goals. Across the absorb and store more GHGs than our
Governance global Manulife Investment Management operations emit on an annual basis.13
real estate portfolio, we have energy
Performance Data reduction targets, as well as targets for
12 Intensity-based target is for Scope 1 and 2 emissions under operational control.

13 Annual CO2 removals include annual increase in carbon stock within standing forest inventory (biogenic growth), plus carbon stored in
wood products harvested during that year. Due to year-on-year variation introduced by forest inventory estimation methodologies as well
Abbreviations as harvesting schedules, we report a five-year average of carbon removals. For the purpose of Manulife’s net zero status, net zero claims
include only removals resulting from GA investment in Manulife Investment Management forests and farms – please see performance
and Acronyms table for additional detail. 32
2021 ESG Report
Occupied corporate Aspects which we may Energy efficient design In 2021, we took the following
Introduction consider include: steps to enhance our approach:
real estate Our workplaces are in a continuous state
• Green building certifications such as of improvement. Energy efficient design is • We enhanced business integration of
Manulife occupies significant corporate real
ESG at Manulife estate around the globe. Where we occupy
LEED, BOMA BEST, and CASBEE an important principal in the development sustainability processes in Corporate
and implementation of major projects in Real Estate. In 2021, we updated our
buildings managed by Manulife Investment • Energy Performance Rating such as
buildings where our employees work. In guidance for collaborative agreements in
Environment Management, we leverage the strengths Energy Star Certifications
2021, we completed major improvements landlord leasing documents, supporting
of our property managers. Corporate
Climate Change • Wellness Certifications such as WELL to our Canadian Segment headquarters at business integration across Manulife,
Real Estate works closely to ensure GHG
or Fitwell 500 King Street North in Waterloo, Ontario, emphasizing the role of sustainability in
Our Operations reduction strategies form part of the capital
incorporating LED lighting throughout the determining the suitability of a space. We
planning for our corporate sites. • Landlord transparency and accessibility of
Our Investments building with occupancy sensing, updated also reached out to existing and potential
utility data, including historical utility data controls, and control strategies. landlords with our new green lease
Our Products and Services Green leases and current consumption profiles information and questionnaires, so they
Climate-related Risks We also occupy leased properties, which are aware of the new program.
• Sustainability program and target details
and Opportunities means we can influence our landlords
• Building energy efficiency measures • We expanded the testing and
Biodiversity to green their spaces. We incorporate
implementation of green leases
sustainability into our leased space selection • Health and well-being information such as in Asia and North America. Several
process. This enables us to choose the walkability score, IAQ Programs, Amenities
Social best performing properties and open
renewals provided an opportunity in 2021
to test our processes. In North America,
a dialogue with prospective landlords • Waste management
green lease language was included in
Governance on how we can collaborate to achieve
• Accessibility and alternative transportation renewals for properties in Vancouver and
environmental outcomes.
Toronto. In Asia, we successfully inserted
• Emergency Preparedness and
Performance Data green lease language in a significant new
business continuity
leased property and lease renewals in
Hong Kong.
Abbreviations
and Acronyms 33
2021 ESG Report
Purchased goods Aspects considered through As a signatory to the Sustainable IT Pledge,

Introduction questionnaires include: we are committed to cutting emissions
and services from digital technologies. We integrate
• Transparency, such as publication of
As a global financial services company, sustainability in the procurement process
ESG at Manulife we rely on goods and services such as
sustainability reports and other external
and through lifecycle management.
disclosures related to ESG performance
paper, data centres, and travel to carry We work proactively with vendors to ensure
Environment out our work. We work to integrate • Performance and targets, particularly our hardware is in production service
sustainability into our procurement on environmental/climate change KPIs, until end-of-life and ensure we properly
Climate Change decisions. Manulife includes ESG-related including Scope 1–3 GHG emissions dispose of all hardware. We also leverage
Our Operations questions, including climate change, in RFPs virtual server and storage infrastructure to
Manulife has taken an active approach
as part of our overall vendor management minimize the overall hardware footprint of
Our Investments to engaging directly with suppliers on
and engagement processes. This includes our operations. Additionally, Manulife Bank
Our Products and Services sustainability-related matters. We actively
training category managers evaluation of works with Bullfrog Power, Canada’s leading
conduct engagement sessions with key
Climate-related Risks vendors on ESG-related aspects, including green energy provider, to purchase 100%
suppliers to identify sustainability issues on
and Opportunities types of responses deemed acceptable from green electricity for our network of ATMs
which we can collaborate.
suppliers participating in a RFP. across Canada.
Biodiversity
Where Manulife utilizes branded
merchandise for global internal or external
Social campaigns, guidelines are provided to
support incorporation of sustainability
in the procurement process through our
Governance
Merchandise Tip Sheet. For example,
avoiding branding of disposable items,
Performance Data focusing on recyclable content, and
reducing excess packaging.
For additional information on responsible supply chain management,

Abbreviations please refer to the Supplier Diversity section.
and Acronyms 34
2021 ESG Report
Our operations Manulife’s operational emissions 2021 2020 2019 Manulife value chain emissions 2021 2020 2019
Introduction Total Scope 1 emissions (tCO2e)14 162,749 150,672 102,739 Scope 3 emissions (tCO2e)15
We are in a unique business – we don’t
just occupy workspace, we are operators Corporate 167 – – Manulife Investment Management 391,014 359,186 424,658
Timberland and Agriculture
ESG at Manulife of significant real estate, agriculture, and Real Estate 35,475 37,285 38,054
Tenant leased properties 195,684 199,569 239,093
timberland assets. Manulife Investment Management 127,107 113,387 64,685
Timberland and Agriculture Contractor fuel use 195,330 159,617 185,565
Environment In 2021, we continued to strengthen the Timberland 80,035 76,753 – Corporate 10,171 16,240 39,442
Climate Change foundations of decarbonization across our Agriculture 47,072 36,634 – Purchased goods and services 6,626 8,445 10,765
business. Real estate continues to implement Total Scope 2 emissions (tCO2e), 124,076 128,155 193,776 Paper 5,705 5,696 7,309
Our Operations a GHG management strategy to address location-based Data centres 921 2,749 3,456
Our Investments current commitments, client demand and Corporate 1,376 1,557 702 Waste 1,560 1,751 3,018
industry trends. With emissions ranging Real Estate 104,778 116,421 151,945
Our Products and Services Business travel 1,985 6,044 25,660
from the application of fertilizers to the Manulife Investment Management 17,922 10,177 41,128
Climate-related Risks Carbon removals (MtCO2e)
cultivation of rice fields, Manulife Investment Timberland and Agriculture
and Opportunities Management Timberland and Agriculture Timberland – – –
Carbon Removals from Timberland -2.46 -2.24 -3.14
and Agriculture (MtCO2e)16
Biodiversity continued to prioritize improved carbon Agriculture 17,922 10,177 – Manulife-only assets -1.51 -1.38 –
footprinting of our operations. Total Scope 2 emissions (tCO2e), 109,442 113,249 183,611 Third-party assets -0.95 -0.86 –
market-based
Social Going beyond decarbonization, our Manulife Operational17 Emissions +0.29 +0.28 +0.30
Regenerative Agriculture initiative, including (MtCO2e)
a pledge to engage with every one of our 14 Manulife regularly reviews and enhances our protocols for accounting for energy use and GHG
Governance farm tenants on benefits and opportunities
emissions across the business. In FY21, Manulife rebaselined FY19 and FY20 data due to
(a) divestiture of wholly owned subsidiary NAL Resources in January 2021, which previously
related to regenerative agriculture, is setting represented the majority of our energy use and emissions (b) refinements our list of properties
where operational control exists for Real Estate and Corporate properties.
Performance Data us up for long-term improvements to land 15 Manulife continues to evolve our Scope 3 emissions accounting methodologies and may have
management for carbon sequestration. additional sources of Scope 3 emissions.
16 Annual CO2 removals include annual increase in carbon stock within standing forest inventory
(biogenic growth), plus carbon store in wood products harvested during that year. Due to year-
on-year variation introduced by forest inventory estimation methodologies as well as harvesting
schedules, we report a five-year average of carbon removals. CO2 removals may fluctuate over
time due to planting and harvesting cycles and the use of a 5-year average moves. As demand
for harvested wood products has strengthened relative to supply over the past half-decade in
response to housing shortages and pandemic-related needs, harvesting has increased to take
advantage of stronger wood markets.
17 Manulife Scope 1 & 2 emissions (location-based)
Abbreviations
and Acronyms 35
2021 ESG Report
Introduction
ESG at Manulife Our Investments

Environment
Climate Change
Our Operations Financing the transition Manulife’s
Our Investments to net zero
Our Products and Services Our General Account consists of our company’s
portfolio of green
Climate-related Risks
own assets, which support our policyholder
liabilities. Manulife invests substantial capital
buildings was
and Opportunities
Biodiversity
in both public and private markets, meaning
we play a critical role as an enabler of the
$18.9 billion at
transition to net zero. the end of 2021
Social
• We have committed to net zero investment
portfolio by 2050 and are in the process of
Governance setting short-term, science-based financed
emissions targets to be validated by the SBTi
Performance Data • We continue to work to grow our portfolio

of green investments, such as renewable
energy and energy-efficient real estate
Abbreviations
and Acronyms 36
2021 ESG Report
Asset ownership Making the transition to net zero While continuing to invest in more Taken together, these actions
Introduction established areas of renewable power
Our General Account plays a critical We continue to refine our transition plan for
generation (such as wind, hydro and are expected to positively
investments made by our General Account.
role in the achievement of our climate solar), we proactively develop and pursue impact the carbon footprint
ESG at Manulife ambitions, which includes a commitment On an ongoing basis, we evaluate our
various initiatives to assess emerging
to the SBTi as well as net zero investment investment approach toward higher-emitting
areas of investment opportunity related
of our own investment
sectors such as oil and gas and power,
Environment
portfolio by 2050. In accordance with to the energy transition. In 2021, these portfolio. As we monitor
our ESG Guidelines, the General Account and, where appropriate, recommend
Climate Change incorporates climate-related considerations changes to investment limits and/or the
included “white paper” assessments of progress across the industry,
the hydrogen market and the developing
Our Operations
throughout the investment cycle. investment duration of certain sub-sectors.
carbon sequestration and storage (CCS) we believe our focused work
Where an issuing entity generates more
Our Investments Understanding our impact than 30% of its revenue from thermal coal
market to position Manulife to invest in these on decarbonization and the
sectors readily as appropriate investment
Our Products and Services To understand our contributions to climate
mining operations, we have formalized
opportunities on a risk-adjusted basis
increased level of training
requirements for further scrutiny within our
Climate-related Risks change and mitigation, we capture key
ESG Guidelines.
become available. and information sessions
performance metrics that reflect the scope
and Opportunities
The General Account is a founding we provide in ESG, including
and scale of our investments and provide As a debtholder, our engagement with
Biodiversity
decision-useful information for portfolio management teams and opportunities
investor in Manulife’s Impact Focused climate, support our
investment platform, with the acquisition
managers. This includes accounting may differ from that which is typical for
of 89,800 acres of timberland in Maine in
objective to be an industry
Social for financed emissions, investments in equity holders who have ownership stakes
leader in this area.
high-emitting sectors and low-carbon, green 2021. This represents future access to tools
in the company. Nonetheless, particularly
investments. Our accounting methodologies such as carbon credits (offsets) and the use
for emission-intensive sectors, analysts
Governance are informed by the requirements of question management teams on several ESG
of carbon removals (insets), the strategy
the Partnership for Carbon Accounting for which we continue to refine as net zero
factors, including emissions policies and
Financials, the recommendations of expectations evolve.
Performance Data decarbonization efforts, when provided the
the TCFD, the guidance provided by opportunity at industry conferences and on
the SBTi and we leverage S&P Trucost calls or meetings with management.
environmental data.
Abbreviations
and Acronyms 37
2021 ESG Report
To this end, in 2021, we took • We completed a pilot process for • We established an emissions baseline • We formalized the inclusion of ESG
Introduction the following steps to enhance setting interim science-based targets across our ~$427 billion investment factors, including climate, in credit
our approach: in the power generation sector. portfolio. In 2021, we completed underwriting. In 2021, the General
In 2021, Manulife formally committed an inaugural project to measure our Account continued to grow its portfolio
ESG at Manulife • We established a General Account
to setting interim Science-based Targets financed emissions. Leveraging existing of low-carbon investments across a
Climate Change Working Group
for the reduction of financed emissions, methodologies, such as those provided range of sectors including renewable
(CCWG). The working group provides a
Environment utilizing a sector-by-sector approach. by Trucost, and in-house calculations, we energy, timberland and energy efficiency
platform to share ESG learning, identify
Undertaking this exercise is a critical step were successful in quantifying emissions transactions. The formalization of
Climate Change ESG-related areas for improvement, and
towards net zero financed emissions — as from the majority of our portfolio. ESG analysis into credit underwriting
to recommend and implement various
Our Operations one of the first Canadian-headquartered Given the uncertainties associated has enhanced the General Account’s
ESG initiatives. The group meets on a
financial institutions making commitments with estimating emissions where ability to identify specific areas of the
Our Investments weekly basis and includes members
to the SBTi, we are influential in the scaling companies do not proactively disclose portfolio where our long-term investment
across our operating geographies with
Our Products and Services of science-aligned methodologies across this information, we continue to refine orientation and fundamental approach to
representatives from each of our industry
Climate-related Risks our sector. our approach through 2022. As a result, credit underwriting align with longer-dated
teams as well as members of our Portfolio
and Opportunities our disclosure remains focused on public risks and opportunities associated with the
Management and Credit teams. The group
Through 2021, we engaged external equities and debt, where data reliability energy transition.
Biodiversity assists in improving departmental efforts
consultants to support a pilot process and comparability are notably higher.
to assess, monitor and report various • We supported development and
for target-setting in the power As guidelines for accounting of financed
ESG matters, including but not limited implementation of an internal ESG
Social to climate change, the identification of
generation sector in accordance with the emissions continue to develop, Manulife
database in support of our climate
pilot SBTi guidance. The pilot considered is well-positioned to expand the scope of
potential opportunities and to assist in commitments. Manulife’s Advanced
all methodologies for target-setting, disclosure in future years.
Governance coordinating and providing ESG training to Analytics team was engaged by investment
including sector decarbonization,
investment officers, among other issues. managers across Manulife (including
temperature-setting and portfolio
the General Account), to build and
coverage approaches for public equities
Performance Data implement an internal ESG database to
and project finance in power generation.
provide better information related to its
With completion of the pilot at the end of
portfolio companies’ emissions and to
2021, we remain committed to validation
track and monitor its green investments.
of financed emissions targets across all
The development of this system began in
required asset classes through 2022. This
2021 and is expected to be completed
timeline is determined by the availability
in 2022.
of systems for data analysis and resource
availability for target validation services.
Abbreviations For more information, please see ESG Integration in Asset Ownership section.
and Acronyms 38
2021 ESG Report
Our investments Manulife’s portfolio emissions 2020 2019

Introduction Estimated portfolio emissions (MtCO2e)17 38.3 –
Understanding the complete carbon
emission profile of our General Account Estimated weighted average carbon intensity 677 –
(WACI) (tCO2e/mCAD)18
ESG at Manulife investment portfolio is a critical step in the
Listed equity 255 216
transition to net zero.
Fixed income 740 673
Environment Over the past several years, we have piloted Total disclosed portfolio coverage (%)19 73% –
Climate Change methodologies for accounting for the 17 For the purpose of reporting, Manulife utilized a Trucost methodology for compilation of publicly
carbon footprint of our financed emissions. available data and therefore, incorporates scope 1, 2, and Scope 3 - upstream emissions (where
significant to the sector). Emissions are reported per the Partnership for Carbon Accounting
Our Operations Accounting for our portfolio footprint is Financials (PCAF), utilizing the Global GHG Accounting and Reporting Standard for the Financial
Our Investments evolving on a day-to-day basis, as portfolio Industry. Data is as of Dec 31, 2020. Due to the nature of publicly available emissions disclosure
across industries, data lags by one fiscal year. In FY20, Trucost moved to Enterprise Value
companies expand their own emissions apportioning for all instruments in line with PCAF - prior year data utilized Market Capitalization,
reporting capabilities, improve the quality limiting data comparability.
18 Indicates the carbon intensity of money invested, providing a measure of responsibility for
Climate-related Risks of their reporting in alignment with emissions and contribution to climate change. Due to market forces and changes in market
and Opportunities emerging regulations, and methodologies capitalisation, year-on-year performance comparison may be challenging. As Manulife continues
to pilot and utilize financed emissions metrics, attribution of performance year-over-year is
Biodiversity are refined by industry groups and data expected to improve.
analytics providers. 19 While we have quantified emissions from 86% of our portfolio holdings, holdings where emissions
are wholly estimated through average and/or proxies are excluded from this disclosure (currently,
Social
~27% of our listed equity and bonds portfolio). Manulife is undergoing a Science-based Target
setting process and actively enhancing our internal methodologies for data compilation and
analysis, including refining decision-useful intensity metrics for portfolio management. We look
forward to improvements to our reporting to support further demonstration of our progress
Governance against Climate Action Plan commitments.
Performance Data
Abbreviations
and Acronyms 39
2021 ESG Report

Introduction
ESG at Manulife
Being part of the • Where appropriate, we are collaborating Asset management
with asset management peers on key
sustainable solution issues, including climate, and are We value and actively support the robust
As a global life insurer, we understand the demonstrating asset manager support integration of sustainability principles in
Environment our investment approaches, including our
connection between our environment and for responsible investment though
Climate Change human health. As an investment manager, avenues such as the CDP Science-based active strategies. This holds true across
we are in a position to build dedicated Target Campaign, Global Investor asset classes, geographies and our business
Our Operations
investment strategies that address the issues Statement to Governments on Climate identities — whether we are acting as asset
Our Investments Change and signing of the Finance for operators, equity holders or debt holders.
of climate change and offer nature-based
Our Products and Services solutions to mitigate climate change through Biodiversity Pledge Our goal is to encourage action and mitigate
forests and farms. We are accelerating systemic environmental risks in a strategic
Climate-related Risks • We are encouraging the adoption of and impactful way, including working with
and Opportunities the pace of innovation around developing
sustainable business practices in public companies we invest in and advocating for
products that both solve customer needs and
Biodiversity markets, promoting action that enables change across an array of forums.
help create a more sustainable future.
sustainable long-term growth and
reduces the potential impact of material Across our asset management business,
Social sustainability risks over time we made improvements to ESG integration,
reporting and monitoring in 2021, which
• We continue to grow our offerings of incorporates climate-related factors. We
Governance dedicated sustainable investing strategies, also launched dedicated climate-related
including nature-based solutions to strategies in support of our clients.
climate change20
Performance Data
• We are contributing to a growing body
of knowledge on the impact of climate
change on human health, strengthening
our ability to respond to client needs
Abbreviations
and Acronyms 20 Not all investments available to all investors in all jurisdictions. 40
2021 ESG Report
Private Markets
Introduction
ESG at Manulife
Timberland Offering natural climate solutions We have experience managing carbon
projects in both compliance and voluntary
and agriculture While climate change negatively impacts
markets and across project types including
nature, we have realized that one of our
We seek to limit the impacts of climate carbon removals achieved by planting
Environment greatest assets to fighting climate change
change by responsibly using and managing new forests and boosting the carbon
Climate Change is nature itself — which is why there is
land, creating carbon sequestration capture of existing forests with improved
a growing popularity of natural climate
Our Operations opportunities with our forests and farms, and forest management as well as avoided
solutions. Natural climate solutions are
mitigating climate change through investing emissions resulting from changing the forest
Our Investments actions to protect, sustainably manage,
in renewables and energy efficiency. management regimes.
and restore natural or modified ecosystems
in ways that address societal challenges Our carbon projects adhere to the Manulife
Climate-related Risks Being a steward effectively and adaptively. As a timberland Investment Management Timberland and
and Opportunities Healthy ecosystems provide immense value and agriculture investment manager and Agriculture Carbon Principles that we
Biodiversity to the vitality of communities and economies member of both the WBCSD’s Nature Action adopted in 2021 that are aligned with the
and play an important role in mitigating and Forest Solutions Group projects, our Core Carbon Principles created by Integrity
climate change. To ensure they thrive for very business is managing nature. Council for the Voluntary Carbon Market—a
Social generations to come and optimize their recently launched governance body evolving
benefits to the climate, we operate in a way We work with leading carbon project
from the Taskforce on Scaling Voluntary
that responsibly manages land and protects developers and accredited third-party
Governance verification and validation bodies to identify
Carbon Markets. Our Principles provide a
sensitive lands and biodiversity. We also framework for high-integrity, high-quality
seek to adhere to strict water and land new carbon project opportunities, conduct
carbon sequestration and crediting across
Performance Data management policies and best practices and feasibility studies, timberland inventories
our carbon project activities for both forest
support forest growth. and project calculations and compile
and soil carbon. In addition to managing
documentation for ongoing monitoring,
investments for timberland value, we have
reporting and verification.
the ability to develop portfolios of forest
investments managed primarily for carbon
value and based on these high-integrity
carbon principles centered on additionality,
permanence, monitoring and reporting and
verification, among other criteria.
Abbreviations
and Acronyms 41
2021 ESG Report Private Markets (continued)
Introduction
In 2021, we took the following • We enhanced accounting for carbon
ESG at Manulife steps to enhance our approach: removals. We take the accounting of Additional information
carbon removals seriously and continued • ESG Integration in Asset Management
• We invested in the development of
to roll out collection of light detection
Environment carbon-focused investment options. • Manulife Investment Management
and ranging (LiDAR) data for our Manulife Timberland and Agriculture
Climate Change Manulife Investment Management, on
Investment Management-managed forests Sustainable and Responsible
behalf of the General Account, acquired
Our Operations in 2021, supporting measurement of Investing Report
89,800 acres of timberland in the
forest carbon sequestration with improved
Our Investments U.S. state of Maine to integrate natural • Manulife Investment Management
accuracy. LiDAR technology measures Stewardship Report
climate solutions into its investment
Our Products and Services a tree’s reflection of light and enables
decisions. The investment is classified • Manulife Investment Management
high-resolution mapping, in many cases,
Climate-related Risks as carbon-focused with the core of Sustainable and Responsible
and Opportunities of individual trees. From the LiDAR forest Investing Report
the investment thesis centred on the
inventories, carbon calculations can be
Biodiversity timberlands being used primarily to
performed directly and then seamlessly
store carbon.
fed into client- and property-level reports
Social that support third-party verification.
Governance
Performance Data
Abbreviations
and Acronyms 42
Real estate In 2021, we took the following

Additional information
Introduction As the transition to a net zero economy
steps to enhance our approach:
• ESG Integration in Asset Management
advances, investors and regulators are • We developed sustainable development
ESG at Manulife expecting the built environment to reduce guidelines for new construction. In an • 2021 Manulife Investment
emissions and meet global climate effort to set the precedent for new builds, Management Real Estate
Sustainability Report
goals. Across the Manulife Investment our guidelines integrate sustainability into
Environment Management managed global real estate our development practices. This is key to • Manulife Investment Management
portfolio, we have energy reduction targets, managing long-term risks and delivering Stewardship Report
Climate Change
as well as targets for water use, waste healthy, efficient and high performing • Manulife Investment Management
Our Operations building that are well positioned to
diversion and GHG emissions reduction, Sustainable and Responsible
Our Investments which we report on annually in our publicly support our communities, tenants and Investing Report
available real estate sustainability report. investors. The new guidelines document • 2021 Real Estate Climate Risk
We have set a GHG reduction target for our sustainability design requirements and Disclosure Report
Climate-related Risks global real estate portfolio of 80% by 2050, leadership practices for all developments
and Opportunities we are invested and partnered in and set
using 2018 as the baseline.
Biodiversity both minimum requirements and leading
practices we seek to pilot.
Social • We held training for property and

asset management on greenhouse
gases (GHG101 webinar).
Governance
• We launched a new property standard
on carbon management, including
Performance Data development of a property carbon
management planning toolkit.
Abbreviations
and Acronyms 43
Infrastructure The investment team has and will continue

Introduction to consider investment opportunities in
In infrastructure, the importance utilities that are working to transition to a • ESG Integration in Asset Management
of sustainable investing, including lower-carbon economy. This may include
ESG at Manulife consideration of climate-related topics, is utilities that have plans to retire their
Stewardship Report
due to the long-term nature of the assets legacy-owned coal-fired power stations as
and investment horizon. Infrastructure part of an energy transition strategy. In line • Manulife Investment Management
Environment represents an important source of emissions Sustainable and Responsible
with our views on energy transition, our
but also a critical solution to the issue of Investing Report
Climate Change infrastructure team no longer evaluates
climate change. investments in individual coal-fired power • Manulife Investment Management
Our Operations
Infrastructure Sustainable
plants. In addition, we believe there are
Our Investments Our infrastructure investment team Investing Framework
increasing economic and environmental risks
acknowledges the risks and opportunities
Our Products and Services to coal-fired assets.
associated with climate change and the
Climate-related Risks transition to a lower-carbon economy. Our
and Opportunities infrastructure investment team is an active In 2021, we took the following
Biodiversity participant in the energy transition in the steps to enhance our approach:
United States, with investments in industries
• We engaged with infrastructure owners
such as solar, wind, and battery storage.
Social on Scope 1, 2 and 3 emissions. As part
We believe these and other renewable
of broader ESG monitoring improvements
energy assets are the key components of a
undertaken across the private equity
lower-carbon electricity system.
Governance business, we requested infrastructure
For natural gas-fired plants, our infrastructure assets disclose their Scope 1, 2 and 3
emissions if available. If they had not yet
Performance Data team looks at a few opportunities where these
measured their emissions, we asked how
plants are integrated or have the potential
to be integrated with the broader renewable they view their climate-related impact
energy strategy in the region to help provide (low, average, high), and explain why they
system stability for the intermittency of believe so. We also looked to assess what
wind and solar power. Natural gas has been our portfolio companies’ preparedness was
the principal driver in the United States for for potential climate-related impacts and
the decreased dependence on coal-fired explain why they believe so.
energy generation.
Abbreviations
and Acronyms 44
Private equity and credit In our questionnaire for fund investments,

Introduction we asked GPs how they integrate
In line with our ESG integration practices climate-related issues in their governance • ESG Integration in Asset Management
in the investment process, our sustainable and processes. This included asking
ESG at Manulife investing team in private markets has whether they have a dedicated ESG
Stewardship Report
implemented an annual ESG monitoring team, resources available for employees
process for our private equity and to assess climate-related risks and • Manulife Investment Management
Environment credit investments. Within our ESG Sustainable and Responsible
opportunities, and whether they have
monitoring process, we measure specific Investing Report
Climate Change assessed their firms’ emissions. We
climate-related metrics. The monitoring also inquired on how they engage with • Manulife Investment Management
Our Operations
process allows our teams to track and their portfolio companies on climate-
Private Equity and Credit Sustainable
Our Investments measure the ESG performance of our Investing Framework
related issues. This included asking
Our Products and Services investments across our portfolio. whether they have assessed the
Climate-related Risks emissions profile, physical and transition
and Opportunities In 2021, we took the following risks, or climate-related KPIs for their
steps to enhance our approach: portfolio companies.
Biodiversity
• We developed an ESG portfolio
baseline, including climate-related For our direct portfolio company
Social KPIs. To complete this process, we investments, we asked how they integrate
partnered with an external provider climate-related issues in their governance
that specializes in data collection and and processes, if they have assessed
Governance processing for firms in the investment carbon emissions, if they have conducted
industry. We developed two sets of an assessment on physical/transition
risk and if they have identified any
Performance Data questionnaires — one for fund investments
and one for portfolio company investments climate-related risks, opportunities and/or
— based on industry standards and financial impacts.
best practices.
Abbreviations
and Acronyms 45
2021 ESG Report
Public Markets
Introduction
Manulife Investment Management is a of our engagement activities21 focused on In 2021, we took the following
ESG at Manulife signatory of UNPRI, and our Manulife climate-related topics.22 17% of ESG-related steps to enhance our approach: Additional information
Investment Management Public Markets shareholder proposals we voted on focused • ESG Integration in Asset Management
• We enhanced our proxy voting policy
teams are committed to investing sustainably on climate, including aspects such as
Environment to support climate-related shareholder • Manulife Investment Management
across our businesses. At year-end 2021, emissions, reporting and governance. Stewardship Report
Climate Change proposals. In 2021, we worked to support
over 90% of our assets under management
We participate in dedicated collaborative a greater number of shareholder proposals • Manulife Investment Management
Our Operations in equity and fixed-income strategies were
initiatives where we believe we can have specifically related to climate issues. Sustainable and Responsible
fully integrating ESG factors in accordance
Our Investments Our intent through this change is to Investing Report
with our proprietary assessment framework. a substantial impact to address issues
on climate. This includes platforms such re-emphasize the importance to issuers
Our Products and Services This includes factors associated with
as Climate Action 100+ and Climate to not only provide better disclosure
climate change.
Climate-related Risks Engagement Canada (CEC). regarding ESG risks and opportunities,
and Opportunities but also to improve management of
Biodiversity ESG integration those factors.
Offering dedicated
Per our ESG integration approach, we • We took on a stronger role in industry
Social see ongoing engagement with investee strategies climate engagement. As a participant in
companies as an essential part of how We also offer dedicated investment Climate Action 100+, we accepted the
we enhance the resiliency of our clients’ strategies to clients focused on addressing opportunity to be the lead engagement
Governance assets — including where we manage climate change in their investment portfolios investor with a large chemical company.
assets on behalf of the Manulife General — the Manulife Global Climate strategy, As a result of the overall success of
Account as well achieving actual change in launched in 2021, leverages the Paris Climate Action 100+, we supported
Performance Data
addressing key sustainability issues such as Agreement and science-based targets as a and are a founding member of Climate
climate change. As investors, we also play framework for its security selection process Engagement Canada (CEC).
a critical role in encouraging companies by investing in companies which in our
to adopt sustainable business practices assessment have clear paths to reduce their
that promote stable long-term growth and carbon footprint.
reduce the potential impact of material
sustainability risks over time. In 2021, 60%
21 Based on data from our proprietary engagement tracker. A single engagement may be represented across multiple topics as a single
engagement often covers a range of issues. Reflects topics which we track that were discussed in at least 3% of our total engagements.
Abbreviations
22 Inclusive of the following topics: GHG emissions; energy management; sustainable finance; physical impacts of climate change;
and Acronyms environmental business opportunities; materials sourcing & efficiency. 46
2021 ESG Report Public Markets (continued)
Health and life insurance Our changing climate stands to impact

Introduction human health and every country and
Manulife is at the leading edge of analysis individual will be impacted, with vulnerable
of the impacts of climate change on populations at greatest risk. We believe
ESG at Manulife products and underwriting for health and that the work undertaken by our business
life insurance. These impacts range in benefits Manulife’s ability to manage
severity and complexity, from acute illness climate-related risks and opportunities and
Environment to chronic stress. respond to client needs. But beyond our
Climate Change business, it contributes to a larger body of
Our approach includes research to
Our Operations societal knowledge on the impact of climate
understand the human impacts of climate
change on human health.
Our Investments change, awareness building of human
impacts across the business, and finally, In 2021, research and analysis conducted
engagement with external experts on relevant considered the impact of climate change
Climate-related Risks initiatives. An interdisciplinary team of on extreme weather events, and increased
and Opportunities Manulife members is engaged on this work temperatures on morbidity and/or
Biodiversity and includes underwriting, risk, actuarial mortality, including aspects such as mental
and advanced analytics professionals and health, cardiovascular and respiratory
representation from business segments diseases. We additionally contributed to
Social across Manulife. continued scaling of work by the Geneva
Association to identify the role that insurers
Governance and other stakeholders can play to help
mitigate and adapt to a changing climate
and environment.
Performance Data
Abbreviations
and Acronyms 47
2021 ESG Report
Climate-related Risks and Opportunities

Introduction
(TCFD Report)
ESG at Manulife
Environment In addition to our journey to net zero, we are Task Force on Climate-related Financial Disclosures (TCFD)
Climate Change
taking steps to improve the resilience of our We have been a supporter of the TCFD since November
Our Operations 2017. For more information, please see pages 48 – 50 in our
business in the face of a changing climate. 2021 Management’s Discussion and Analysis.
Our Investments
and Opportunities
Biodiversity Governance
Disclose the organization’s governance around climate-related risks and opportunities
Social
Pillar/recommendation Manulife action
Governance Describe board oversight of climate-related

risks and opportunities
• The CGNC reviews matters related to climate change as part of its oversight of Manulife’s ESG framework
• The Risk Committee considers climate-related risks and opportunities through ongoing monitoring and
reporting of emerging risks
Performance Data
Describe management’s role in assessing • Manulife’s ESC consists of the Chief Sustainability Officer and members of the Executive Leadership
and managing climate-related risks Team including the Chief Executive Officers and sets the strategic direction of the firm as it relates to
and opportunities our Climate Action Plan
2021 highlights
During 2021, climate change was introduced as a strategic topic for Global Risk Management and leadership acknowledged the need to increase awareness
and expertise within the function to better support the management of climate-relate risks across the organization. A working group was established to
accelerate the effort in upskilling our risk staff, assess and adopt relevant industry practices and emerging regulatory expectations and enhance our existing
Enterprise Risk Management (ERM) framework by embedding climate risk considerations into risk management activities across the enterprise.
Abbreviations
and Acronyms 48
2021 ESG Report
Strategy
Disclose actual and potential impacts of climate-related risks and opportunities to the organization’s businesses, strategy and financial planning
Introduction
Describe the climate-related risks and • Time horizons: Short (1 – 5 years), medium (5 – 15 years), and long • Risks: Market/capital, regulatory and reputational risks associated with
opportunities the organization has identified (beyond 15 years) time horizons transition to low-carbon economy; product and operational risks associated
over the short, medium and long-term with physical impacts of changing climate
ESG at Manulife • May be experienced directly (e.g., through financial loss) or indirectly (e.g.,
through reputational damage), as a result of the physical impacts of climate • Opportunities: Product and market opportunities associated
change or the transition to a low-carbon economy with transition to a low-carbon economy
Environment Describe the impact of climate-related risks • Manulife is a long-term oriented underwriter and investor — monitoring and • Asset ownership: Climate change stress testing, including value shocks
Climate Change and opportunities on the organization’s evaluating the impacts from climate-related risks and opportunities remains ranging from +15% to –65% for industrial sub-sectors over a five-year time
businesses, strategy, and financial planning ongoing and is integrated in existing business segment strategies including horizon — capital levels remained well above minimum regulatory capital
Our Operations group functions such as finance and capital planning requirements
Our Investments • Insurance products: • Asset Management: Multipronged “sustainability as a standard” approach
across asset classes, with sensitivity to regional, political and cultural
− Property and casualty retrocession: annual review of risk exposure to
Our Products and Services differences incorporating physical and transition risks and opportunities
frequency and severity of catastrophic weather events through ESG integration, scenario analysis, and engagement — spans
Climate-related Risks investment process from preliminary due diligence and valuation, feasibility
− Life and health insurance: research and data collection to inform
and Opportunities and confirmatory diligence, and final valuation, offer and close
underwriting as it relates to impact of physical climate change to
Biodiversity morbidity and mortality
Describe the resilience of the organization’s • Climate-related scenario analysis conducted at the business segment level • Asset ownership: Scenario analysis conducted specific to
strategy, taking into consideration different to understand implications of climate-related risks capital maintenance requirements; supported by Climate Action Plan
Social climate-related scenarios, including a 2 degree commitments
• Asset management: Deploy scenario analyses of how 1.5, 2, 3 and 4
or lower scenario
degree Celsius temperature increases may impact certain asset classes
Governance (e.g., real estate, timberland, agriculture), complemented by qualitative
assessments and the inclusion of carbon pricing into analytical models
Describe how risks and opportunities • Asset management: Incorporate ESG factors, including climate‑related • Asset ownership: Establishing near term emissions reductions targets to
Performance Data are factored into relevant products or risks, as described in dedicated Investment Management Climate Report; meet our commitment of net zero financed emissions by 2050; evaluate
investment strategies and describe related development of carbon investments and natural climate solutions, such as ESG risks in ratings process for credit analysis; preliminary modelling of
transition impact timberland and agricultural activities that prioritize carbon sequestration pricing mechanisms for carbon risk in bond purchases/sales
2021 highlights
We continue to engage with our regulators on climate-related scenario analysis in our General Account. Over the past two years, we participated in a Bank of Canada and Office of the Superintendent of Financial
Institutions (OSFI) pilot project using climate-change scenarios to better understand the risks to the financial system related to a transition to a low-carbon economy. Manulife is among other Canadian banks
and insurers participating in these activities. In addition, we included both pandemic and climate stress scenarios in our annual Financial Condition Testing (FCT) overseen by the Board and reported to OSFI.
As one of Canada’s largest financial services companies, we view it as our responsibility to be involved in such projects given our position in the Canadian market and climate-related commitments.
Abbreviations
and Acronyms 49
2021 ESG Report
Risk Management
Disclose how the organization identifies, assesses and manages climate-related risks
Introduction Describe the organization’s processes for • Identify climate-related risks using our Environmental Risk Policy, and • Health and life insurance: Developing a framework to assess the impact
identifying and assessing climate-related risks business-specific guidelines — continue to develop our risk management of climate-related risks on mortality and morbidity at a country level, giving
practices for assessing the relative significance, size and scope, and consideration to aspects such as specific weather events and the ability of
ESG at Manulife Describe the organization’s processes for materiality of the climate-related risks that we identify healthcare infrastructure to cope and adapt
managing climate‑related risks
• Asset ownership: Guided by ESG Guidelines for General Account assets, • We monitor and influence existing and emerging climate regulation
Describe risks arising from climate-related
Environment events factor into product development and
backing in-force liabilities and policy affecting our business through working groups in industry
associations, such as the Canadian Life and Health Insurance Association’s
• Asset management: Guided by ESG Engagement Policy — including direct
Climate Change pricing, including key tools/instruments Climate Change and Sustainability Working Group
engagement of some of the world’s largest emitters on climate‑related risks and
Our Operations opportunities relevant to our business, as well as through collaborative industry
program Climate Action 100+
Our Investments • Property and casualty retrocession: Perform short-term horizon
Our Products and Services assessments of climate-related risks during annual renewal that are based on
the reinsurance clients’ in-house and third-party catastrophe risk models
Describe how processes for identifying, • Continue to enhance the integration of climate-related risks into our • Incorporate climate-related risks into our risk taxonomy and risk
and Opportunities assessing, and managing climate-related risks enterprise risk management framework to ensure that they are managed in a appetite framework
Biodiversity are integrated into the organization’s overall manner consistent with our common approach to risk management
risk management
2021 highlights
Social
Supporting integration within our business segments in 2021, there was continued pursuit of improved resilience to and mitigation of specific climate risks.
• We launched a new property standard on physical climate risk and resilience for Real Estate investment properties. Manulife Investment Management’s real estate platform recognizes the physical
Governance risks climate change poses to our real estate assets, including but not limited to extreme storms, flooding, rising temperatures and water scarcity. As a long-term building owner and proactive manager, it is
important we address physical climate change risks through property resilience — features and practices that help prepare for and mitigate these risks. While many properties already use emergency management
plans for a variety of risks (e.g., physical security, medical, cybersecurity) they now need to also have emergency management plans to address climate related risks. These plans are expected to identify key steps
Performance Data property teams need to take to de-escalate an emergency, protect the safety of building occupants and prevent or minimize property damage.
• We expanded climate risk scenario analysis for timberland and agriculture assets. Following release of Manulife Investment Management Timberland and Agriculture’s inaugural climate disclosure at year-
end 2020, in 2021 we expanded our climate risk work to include scenario analysis across our entire portfolio, building on the initial scenario analyses in the 2020 report that were limited to California Agriculture
and New Zealand timberland. In support of long-term integration of climate risk across our properties, we conducted a series of seven workshops with our operations professionals to better understand physical
risks posed by climate change to the assets we manage: North America timberland, North America agriculture, Australia/Victoria timberland, Australia/Queensland timberland, Australia agriculture, New Zealand
timberland and South America timberland and agriculture.
• We initiated development of heat maps for physical climate risk adaptability and vulnerability in regions where we offer Life and Health Insurance. This included identification of the vulnerability of
countries to physical climate risk based on historic events and determination of the adaptability of countries based on government policies, health care infrastructure and emergency response systems, utilizing publicly
available data. This work will support a better understanding of the exposure of our health and life insurance product lines to climate-related risks and help us design better ways in which to support our clients.
• We enhanced incorporation of climate risk into underwriting. We enhanced underwriting practices in 2021 by integrating climate risk as a key factor into how we classify foreign countries and included climate
risk as part of how we establish risk parameters for our Geographic Concentration of Risk Policy. This was a company-wide initiative with increased climate-related impacts through a series of presentations and learning
sessions by risk committees and internal SMEs. We are also constantly exploring new ways in which we can further integrate climate risk into critical illness analysis.
Abbreviations
and Acronyms 50
2021 ESG Report
Metrics and targets
Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material
Introduction Disclose the metrics used by the company • Asset management and corporate activities: • Asset management: Additional metrics are identified, where appropriate,
to assess climate‑related risks and − Scope 1 and 2 operational emissions through ESG integration by investment teams including proprietary tools
opportunities in line with its strategy and for portfolio measurement — for example, the Paris Agreement aligned
ESG at Manulife risk management process • Asset ownership: Climate Action Fund incorporates implied temperature rise and green
− Scope 3 financed emissions (emissions from investments), multiple asset revenue exposure
classes per Partnership for Carbon Accounting Financials (PCAF), The
Environment Global GHG Accounting and Reporting Standard for the Financial Industry
Climate Change − Exposure to high carbon-assets

− Green investments
Our Operations
Disclose Scope 1, Scope 2, and if appropriate, Please refer to page 35 and our data sheet supplement – which includes
Our Investments Scope 3 GHG emissions and related risks disclosure of Scope 3 GHG financed emissions of our General Account, per
Our Products and Services PCAF requirements. Manulife Investment Management publishes relevant
metrics where available on product pages.
Describe the targets used by the company to In May 2021, Manulife released its Climate Action Plan. The plan outlines We continue to grow the General Account’s portfolio of green investments and
and Opportunities
manage climate‑related risks and opportunities our objectives across three pillars — our operations, our General Account developing investment products and solutions for climate change mitigation
Biodiversity and performance against targets investments, and the products and services we offer to clients. It includes our and resilience. We are taking a sector‑based approach to establish near term
commitment to net zero financed emissions by 2050, and a 35% reduction in emissions reduction targets of our financed emissions, focusing first on the
Scope 1 and 2 emissions by 2035. In 2021, we conducted carbon emission heavy emitting industries, such as power generation. We have committed to
Social estimations based on the PCAF standard for the private portfolio holdings and the SBTi, the global standard for setting carbon emission reduction targets
the public holdings without investees’ disclosure of carbon emissions. consistent with global decarbonization efforts.
Governance
Performance Data
Manulife Investment Management publishes disclosures aligned with the TCFD
recommendations which can be found on:
• Manulife Investment Management Climate-related financial disclosure report
• Manulife Investment Management Timberland and Agriculture 2020 Climate report
• Manulife Investment Management 2021 Stewardship Report
Abbreviations • Manulife Investment Management Climate Risk Report
and Acronyms 51
2021 ESG Report
Introduction
ESG at Manulife Biodiversity

Environment
Climate Change Preserving our natural Asset ownership For properties where we manage or are
considering implementing carbon projects,
Our Operations resources is critical to Biodiversity is one of the factors included in we prioritize the preservation and support of
the General Account’s assessment of overall
Our Investments the well-being of future biodiversity and other co-benefits through
environmental risks and opportunities the application of the Manulife Investment
Our Products and Services generations. Biodiversity as a component of the underwriting and Management Timberland and Agriculture
Climate-related Risks is at the heart of a healthy monitoring of our investment portfolio. Carbon Principles.
and Opportunities In 2022, with the incorporation of our
environment. At Manulife, company specific ESG impact scores, this
Biodiversity
we believe in safeguarding will be a factor included in the assessment of Asset management
a given issuer.
forests, wetlands and In the forests and farms Manulife Investment
Social Management manages, we operate in a
natural habitats where Our General Account invests $5.9 billion in
way that responsibly manages land and
sustainably managed forests and farmlands
biodiversity thrives. protects sensitive lands and biodiversity
Governance through Manulife Investment Management
through stewardship practices. This includes
Timberland and Agriculture. The acquisition
protection of watersheds, habitats, and
of 89,800 acres of impact first timberland
Performance Data investment in 2021, includes a diverse
critical wildlife, such as bees, squirrels and
salmon. Examples of our efforts to preserve
mix of naturally regenerated spruce-fir and
biodiversity in the past year include:
northern hardwood tree species. It has been
named “Blueback” for the highly sought-after • Restoring over 10 miles of aquatic habitat
subspecies of Arctic char native to the lakes and connectivity in Washington for
there. A portion of the lands will be used for endangered species such as Snake River
stewardship practices as a working forest. steelhead, Chinook salmon, Bull trout and
Additionally, the lands are subject to a Pacific lamprey by removing fish passage
working forest conservation easement. barriers, reconnecting floodplains, and
planting native shrubs.
Abbreviations
and Acronyms 52
2021 ESG Report
• Collaborating with the Oregon Department In our owned and operated real Biodiversity is an element of our overall
Introduction of Fish & Wildlife and Rocky Mountain estate, we seek opportunities to ESG integration framework and we are
Elk Foundation to move 4,600 acres of enhance biodiversity in the urban committed to the protection and restoration
critical big game habitat and recreational environment and are a partner to of biodiversity through our financing activities
ESG at Manulife land into public hands. The area, which is organizations such as: and investment. Manulife Investment
important winter range for the deer, elk Management was a member of the informal
• Microhabitat: Manulife Investment
Environment and moose of the Wallowa mountains, is working group for the Task Force on
Management buildings in Montreal are
now permanently conserved. Nature-related Financial Disclosures (TNFD),
Climate Change home to six urban roof top gardens which
working to develop the scope of that endeavor
• Strengthening the resilience of generate on average 1,800 pounds
Our Operations to deliver a risk management and disclosure
Australia’s koalas by working with leading of fresh produce per season for local
framework for organizations to report and
Our Investments conservation bodies and the Victorian and foodbanks in Canada.
act on evolving nature-related risk. We have
South Australian governments to secure
Our Products and Services • Alvéole: With 78 urban beehives on pledged our continued support by becoming
male koalas from a genetically robust
Climate-related Risks 51 Manulife properties, we shelter about part of the TNFD Forum, a multi-disciplinary
population found in the Strzelecki Ranges
and Opportunities 3,000,000 bees that produce over pool of supporters the TNFD can be used to
in South Gippsland Victoria, where our
900 kilograms of honey. Alvéole provides develop standards.
Biodiversity subsidiary HVP manages about 88,000
the hives, the bees and the beekeeping
hectares of plantation and native forests, Manulife Investment Management is a
expertise, while Manulife Investment
and transport them for a breeding program member of the Investment Leaders Group
Social at Koala Life at the Cleland Wildlife Park
Management offers a home base for these
critical pollinators. at the Cambridge Institute for Sustainability
outside Adelaide, SA. Leadership (CISL) and is represented
Governance • Working with high schools across the
• Wilder Climate Solutions: In 2021, on both their Senior Leaders Group
we partnered to collect seeds from the and their Working Group. A significant
United States to create on-farm habitats
American Elm growing at our Global focus of our work with the group involves
Performance Data for birds, who provide natural pest control.
Headquarters at 200 Bloor Street East, building subject-matter knowledge and
• Established pollinator hedgerows in our Toronto. The seeds have been steadily methodologies to assess nature-related
California orchards by planting native growing in a local greenhouse with the risks across portfolios. We support the
flowering perennials, which encourage hopes of helping to support the natural continued development of CISL’s Handbook
native pollinator foraging and bolsters the ecosystem and biodiversity within our for Nature-related Financial Risks, for
health of the bee population. community when we plant in 2022. example. This handbook extends the work
of the Dasgupta Report to identify various
nature and biodiversity risks with resultant
financial risks for issuers.
Abbreviations
and Acronyms 53
2021 ESG Report
Introduction
ESG at Manulife
In 2021, we took the following • We became signatories to the Finance
Biodiversity is an element
steps to enhance our approach: for Biodiversity Pledge. This included
• We worked to better inventory our
joining several working groups tasked
with developing appropriate metrics
of our overall ESG
Environment practices in real estate. Our real estate
Climate Change team conducted a global inventory of
and stewardship activities in support of integration framework
commitments to biodiversity and nature
biodiversity practices across our global
Our Operations portfolio. We also hosted a webinar with
by asset managers. By signing onto the and we are committed
pledge, we’ve committed to collaborate
Our Investments our key nature partner organizations,
including Alvéole and Microhabitat. These
and engage with companies on biodiversity to the protection and
Our Products and Services and assess our own biodiversity impact.
findings shed light on the impacts and
opportunities for the real estate industry
This will enable us to set targets and restoration of biodiversity
and Opportunities disclose appropriate reporting on
to support nature and biodiversity in the
built environment.
biodiversity aspects by 2024. through our financing
Biodiversity
activities and investments.
Social
Governance
Performance Data
Abbreviations
and Acronyms 54
2021 ESG Report
Introduction Community Investment

ESG at Manulife
Environmental
As part of our Impact Agenda, Our strategy prioritizes investments to Our Performance
organizations that:
Social we are dedicated to advancing It is important we understand the impact
of our initiatives, which makes it critical
Community Investment positive, measurable social and • Share a commitment to diversity,
equity and inclusion, particularly to efficiently measure and track our
Volunteering and Giving environmental change. through representative leadership and investments. We recently joined Business
Financial Inclusion targeted programming to historically for Societal Impact (B4SI) so that we can
Through our community investments, we
underserved communities improve the measurement of our inputs,
Diversity, Equity and Inclusion work with organizations to foster healthier,
outputs and impacts more purposefully.
more inclusive communities across our • Drive community-centred solutions,
Supplier Diversity B4SI is the global standard in measuring
three interconnected strategic focus areas working collaboratively across sectors, and managing corporate community
Talent Attraction and Retention to empower sustained health and well-being, aimed at innovative and scalable initiatives investment, and its framework is used by
Training and Development drive equitable economic opportunity and
• Demonstrate a holistic approach to the organizations around the world to effectively
accelerate a sustainable future.
Engagement and Recognition many aspects of well-being, including measure, report and communicate their
We focus on removing barriers and mental health, to improve and sustain social contributions and investments. By
Employee Benefits and Wellness
empowering people in the communities positive outcomes over the long-term joining B4SI we will be better positioned to
Occupational Health and Safety where Manulife operates. In addition report on our performance in future years.
• Utilize data to measure impact with key
Customer Experience to programmatic funding, we also fund
performance indicators and a commitment
research to support innovative, cutting-edge In 2021, our total corporate donations
Customer Well-being to reporting on progress
ideas, to understand, address and promote amounted to $21.7 million. In addition,
sustainable change. And with the ongoing Our approach to community investment employee donations totaled $3.7 million,
Governance challenges of COVID-19 and natural takes many forms, including direct funding and an additional $13.2 million was
disasters around the world happening with and employee giving and volunteering,
raised/contributed by external sources
more frequency, we remain committed to which leverage skills-based activities and
Performance Data helping communities respond effectively matching programs.
leveraging Manulife community
with resiliency and recovery resources. investment program assets.
Abbreviations
and Acronyms 55
2021 ESG Report
Sustained Health and Well-being

Introduction
ESG at Manulife As a natural extension Promoting Health in The findings show a low-income constituency
under considerable health stress, where the
of our life insurance Hong Kong main household money-earner is vulnerable
The Manulife Health Voucher Program was to chronic disease, in turn putting financial
Environmental offerings, we work to launched in March 2021 in partnership pressures on other family members, thereby
make healthier behaviour with the Christian Family Service Centre, as increasing the risk of perpetuating the cycle
Social the city’s first business-sponsored health of poverty. The alarming trend points to
Community Investment
choices easier and more voucher charity program. The Program continued pressure on public health services.
was designed to support up to 2,000
Volunteering and Giving accessible by encouraging low-income beneficiaries to identify health The tests also show that over half (57%)
of the beneficiaries were overweight
Financial Inclusion small, everyday actions issues and provide them with free healthcare
or obese, and men (71%) fared worse
services. Participants received free health
Diversity, Equity and Inclusion
to improve how well and screening and consultation services, as than women (54%). Unhealthy lifestyles
Supplier Diversity well as seven tailored healthcare service were prevalent among those diagnosed
long people live. options to choose from as a follow-up to the with three-hypers, with widespread
Talent Attraction and Retention drinking (77%) and smoking (66%),
screening, including a General Practitioner
Training and Development consultation, physiotherapy, body checks, combined with a lack of exercise (57%)
nutrition consultation, traditional Chinese and inadequate intake of fruits and
Engagement and Recognition
medicine, acupuncture and dental care. vegetables (58%). The Manulife Health
Employee Benefits and Wellness Voucher Program has shown that many
Occupational Health and Safety According to initial findings, more than half lack an understanding of the importance
of the main money-earners in low-income of preventive healthcare. Indeed, until they
Customer Experience households show at least one symptom joined the Program, most participants had
Customer Well-being of either hypertension, hyperglycemia or never previously undergone any kind of
hypercholesterolemia, all of which can lead medical screening.
to major chronic disease and complications
Governance such as coronary heart disease and stroke.
Performance Data
Abbreviations
and Acronyms 56
2021 ESG Report Sustained health and well-being (continued)
MOVE for GOOD Challenges Research and Innovation Running with Purpose thousand guaranteed Boston Marathon
Introduction entries directly to charitable organizations
“MOVE for GOOD” is one of Manulife Hong For over thirty years, Manulife has John Hancock’s longstanding partnership through a competitive application process.
Kong’s key initiatives, which motivates partnered with the Canadian Institute for with the Boston Athletic Association (B.A.A.), Charities then use these entries to recruit
ESG at Manulife ManulifeMOVE members to combine Advanced Research (CIFAR) to support as the Principal Sponsor of the Boston runners who commit to raising money
physical fitness with charitable giving for pioneering research to improve the health, Marathon®, promotes healthy living through for their organizations. In 2021, runners
the betterment of society. To incorporate an well-being and resilience of communities running. Long recognized as one of the utilizing John Hancock’s bibs raised
Environmental element of social impact into our behavioural across Canada and beyond. Manulife’s world’s most prestigious road racing events, $13.6 million — alongside participants in
insurance program, Manulife Hong Kong founding gift in 1987 funded the creation the Boston Marathon is the pinnacle racing the BAA’s Official Charity Program who raised
Social encouraged members to “MOVE for GOOD.” of CIFAR’s program in Population Health, event by virtue of its traditions, longevity another $20.9 million. The $34.5 million
Through three challenges in 2021, members which produced groundbreaking research and method of gaining entry into the race raised through the two programs brings
Community Investment walked over 1 billion steps which unlocked addressing how differences in social and via qualification. Since John Hancock first the combined total raised for charity
Volunteering and Giving 2,200 meals to celebrate Chinese New Year economic status can have a major impact on sponsored the Marathon in 1986, the field between the two programs to more than
for underserved populations; 1,000 mini people’s health. size has grown from 4,904 entrants to US$426 million since 1989.
Financial Inclusion
heaters donated to the elderly during the 30,000 runners, who hail from countries all
Diversity, Equity and Inclusion winter months in partnership with Tung More recently, through the Manulife CIFAR over the world.
Wah Group of Hospitals and 1,000 pairs of Population Health and Well-being Grant
Supplier Diversity
athletic shoes donated to youth to remove Program, our collaboration focused on Based on the extraordinary interest and
Talent Attraction and Retention the barrier to physical activity. COVID-19 and its impact to communities. demand for entries to run the Marathon,
Training and Development CIFAR program members drove important John Hancock has leveraged its sponsorship
research breakthroughs to better understand to drive meaningful social impact.
Engagement and Recognition the short- and long-term effects of the Alongside the Boston Athletic Association’s
Employee Benefits and Wellness COVID-19 pandemic. Six research projects Official Charity Program, John Hancock
were completed ranging from combating created its own Marathon Non-Profit
Occupational Health and Safety
social isolation in long term care homes Program, which annually donates over a
Customer Experience with robotic technologies, to promoting
Customer Well-being disease prevention, to an international
study quantifying the burden of cognitive
impairment from COVID-19. Together,
Governance Manulife and CIFAR remain committed to
exploring new approaches to create impact
and improve the health and well-being of
Performance Data Canadian families and communities.
Abbreviations
and Acronyms 57
2021 ESG Report Sustained health and well-being (continued)
Healthier, More Ride for Heart

Introduction
Equitable and Sustainable As a Top Supporter of the Heart and Stroke
Food Systems Foundation, Manulife Canada has helped
ESG at Manulife raise over $24 million since 2018 to
One of the organizations that has benefited support their critical mission that promotes
from John Hancock’s Marathon program health and saves lives. In 2021, Manulife
Environmental is the Tufts Friedman School of Nutrition was once again the proud title sponsor of
and Science. Through a longstanding Canada’s largest single-day charity cycling
partnership, Tufts has raised more than event, the Manulife Heart & Stroke Ride
Social US$6 million since 2003 via the Marathon for Heart, where more than 6,000 people
Community Investment to improve the nutritional health and across Canada raised over $1.6 million.
well-being of populations throughout the Team Manulife was well represented
Volunteering and Giving
world. In recent years, the Friedman School with colleagues raising over $100,000.
Financial Inclusion has provided guidance and expertise to help Participants connected digitally using the
Diversity, Equity and Inclusion ensure that John Hancock Vitality customers new Ride for Heart app which included
have access to cutting-edge, useful nutrition event day programming and fitness tracking
Supplier Diversity
information and evidence-based rewards capabilities. Leading up to the event, the
Talent Attraction and Retention and incentives to facilitate healthier food app helped participants reach their goals
choices. John Hancock is also a member of with fitness challenges and fundraising
Training and Development
the Friedman School’s Food and Nutrition tips. The app also allowed people to share
Engagement and Recognition Innovation Council, which fosters a their heart by tracking physical activity and
Employee Benefits and Wellness robust, science-driven ecosystem of food, using custom heart-shaped maps to show
agricultural and wellness innovation and progress on event day.
entrepreneurship for a healthier, equitable
Customer Experience and sustainable food system.
Customer Well-being
Governance
Performance Data
Abbreviations
and Acronyms 58
2021 ESG Report
Inclusive Economic Opportunity

Introduction
ESG at Manulife
Alongside our partners, Peso Smart MLK Scholars
we accelerate upward mobility Manulife’s Peso Smart was launched in 2017 Now entering its 15th year, each summer,
as a series of face-to-face weekend classes John Hancock sponsors the employment
Environmental and contribute to making
dedicated to teaching the value of saving and of more than 600 Boston teens at 50 local
financial solutions accessible investing to grade six elementary students. non-profit organizations through its
Social to everyone through financial Since the pandemic in 2020, Peso Smart MLK Scholars program — the largest,
has evolved to address the demands of most comprehensive corporate summer
Community Investment capability programs and remote learning. More than 200 students job program of its kind in the U.S. The
Volunteering and Giving targeted employment initiatives have graduated from the program since its initiative empowers teens with career
inception. Peso Smart x RecoveREADs, which readiness and financial literacy skills to
Financial Inclusion to drive financial security and started in 2020 in partnership with Corazon accelerate their growth as leaders in the
Diversity, Equity and Inclusion help people develop and sustain Sanchez Atayde Memorial Foundation office, the classroom, and the greater
Supplier Diversity money habits. (CSAMF), equips students with learning kits community. Since the program’s inception
that include an activity journal based on in 2008, John Hancock has invested
Talent Attraction and Retention Manulife’s Peso Smart modules, which teach over US $15 million to provide jobs and
Training and Development children the basics of saving, budgeting and professional development opportunities
investing. In addition, Manulife employees to over 6,000 youth. In addition to driving
will train volunteer teachers and parents access to inclusive economic opportunity
Employee Benefits and Wellness so they can guide the students’ learning for the youth participants, the program
Occupational Health and Safety progress even while at home. For school also benefits non-profit organizations that
year 2021 – 2022, 300 students from employ the Scholars by providing important
Customer Experience six public elementary schools across four staffing support to help organizations
Customer Well-being Philippine cities are getting a head start in deliver on their missions and drive
their financial literacy journey through Peso positive change in local neighbourhoods.
Smart. The program expands the successful In 2021, John Hancock funded 570 jobs at
Governance pilot that ran during the 2020 – 2021 school non-profits, hired 35 within the company,
year, at two public elementary schools in and brought back 7 MLK graduates as
Performance Data Pasig City, where 100 students participated. college interns.
Abbreviations
and Acronyms 59
2021 ESG Report Inclusive Economic Opportunity (continued)
Introduction
ESG at Manulife
National Urban League Life Lessons Changing Lives
The National Urban League is an historic civil In its third year, Manulife once again through Microloans
rights organization dedicated to economic offered the Life Lessons Scholarship In 2021, we launched a new partnership
Environmental empowerment, equality and social justice. Program in Canada for students who with Windmill Microlending, a registered
Founded in 1910 and headquartered have experienced the loss of a parent or charity empowering skilled Canadian
Social in New York City, the Urban League guardian with little to no life insurance. immigrants and refugees to achieve
collaborates at the national and local levels The Scholarship Program helps combat economic prosperity through microloans.
Community Investment with community leaders, policymakers the financial burden of paying for post- Windmill removes a key barrier to economic
Volunteering and Giving and corporate partners to enable African secondary education during an emotional opportunity to internationally trained
Americans and other historically underserved time and recognizes the perseverance professionals by offering affordable loans
Financial Inclusion
groups to secure economic self-resilience. that so many youth show in such adversity. of up to $15,000 to pay for Canadian
Diversity, Equity and Inclusion In 2021, John Hancock provided capacity The Manulife Life Lessons Scholarship licensing or training. Windmill’s loans enable
Supplier Diversity building support for several of National Program is committed to student success newcomers, who lack access to affordable
Urban League’s initiatives centred on driving and helps support students financially, credit, to gain the credentials they need to
Talent Attraction and Retention inclusive economic opportunity, including making the decision to attend and finish a resume their career. Our funding enabled
Training and Development their new Urban Empowerment Fund, a small college, university or trade school program Windmill to support twenty clients with
business lending subsidiary that has become a little easier. Manulife awards scholarships new microloans.
an accredited Community Development annually in the amount of $10,000 each to
Employee Benefits and Wellness Financial Institution (CDFI) recognized by the successful applicants.
Occupational Health and Safety U.S. Department of Treasury.
Customer Experience
Customer Well-being
Governance
Performance Data
Abbreviations
and Acronyms 60
2021 ESG Report
Sustainable Future
Introduction
ESG at Manulife
Alongside our partners, Promoting Environmental Forests for Life
we support the transition to Stewardship In partnership with the Haribon Foundation,
we are supporting the Forests for Life
Environmental a low carbon economy and In 2021, Manulife established a partnership
with Outward Bound International to Movement, an environmental movement to
protect and grow the value of support a new Global Environmental Project restore Philippine rainforests using native
Social nature-based solutions through to enhance responsible environmental tree species to ensure that ecological
benefits from forests are enjoyed by Filipinos
Community Investment initiatives that enhance access decision-making across its membership
for generations to come. Our partnership
at the individual, local and national levels.
Volunteering and Giving to and stewardship of the natural As part of its mission to provide people with is helping to plant 15,000 native trees
to improve soil nutrients, provide food
Financial Inclusion environment and improve the immersive time in nature, the Project will
and shelter to wildlife, and improve water
develop innovative methods and processes
Diversity, Equity and Inclusion livelihood and well-being of for training Outward Bound field staff while retention of forests.
Supplier Diversity local communities. helping to educate over 150,000 young
people who participate in their programs
Talent Attraction and Retention
each year in 35 countries on 6 continents.
Training and Development A core component of the Project includes the
Engagement and Recognition creation of a new “Tread Lightly” curriculum
to teach and encourage participants to
better understand, conserve and protect
Occupational Health and Safety the natural environment. Additionally,
the Project will focus on minimizing local
Customer Experience
environmental impacts in the areas in which
Customer Well-being Outward Bound Schools operate, including
through energy use, transportation, water
usage, and waste reduction.
Governance
Performance Data
Abbreviations
and Acronyms 61
2021 ESG Report Sustainable Future (continued)
Urban Farming Earth Hour in Malaysia

Introduction
The Urban Farming Institute of Boston (UFI) Manulife Malaysia once again joined forces
develops and promotes urban farming to with millions of people around the world to
ESG at Manulife engage individuals in growing food and celebrate Earth Hour, raising awareness of
building a healthy community. In 2021, the danger of a rapidly changing climate.
we deepened our support to increase the In addition to switching off the façade
Environmental organization’s capacity to bring people lighting at our premises, Menara Manulife,
healthy food, transform neglected land we also encouraged our employees to do
Social in neighbourhoods, and to contribute to the same whilst at home, providing them
economic and environmental resilience. with mitigation measures and advice to
Community Investment From its flagship headquarters at Fowler reduce their carbon footprint.
Volunteering and Giving Clark Epstein Farm in Mattapan, UFI manages
seven urban farms, which are now wellness
Financial Inclusion
hubs in Boston’s Roxbury, Dorchester and
Diversity, Equity and Inclusion Mattapan neighbourhoods. In 2021, UFI grew
Supplier Diversity more than 15,000 pounds of fresh food,
much of which was distributed for free or
Talent Attraction and Retention subsidized rates in the community.
Customer Experience
Customer Well-being
Governance
Performance Data
Abbreviations
and Acronyms 62
2021 ESG Report
Responding When our Communities

Introduction
Need us Most
ESG at Manulife
Environmental
Throughout 2021, we In Indonesia, Manulife partnered with the aiding underprivileged communities, to
crowdfunding platform, BenihBaik.com, collecting food and redirecting it to the
Social continued to witness to donate more than 500 oxygen cylinders needy. Despite huge disruptions due to the
Community Investment vulnerable communities to help support response measures amid Movement Control Order (MCO) imposed
the pandemic. The donated equipment was by the Government, which restricted social
Volunteering and Giving being left behind in the wake distributed to various health facilities in activities from taking place, the program still
Financial Inclusion of the COVID-19 pandemic. different locations throughout the country managed to facilitate positive social change
Diversity, Equity and Inclusion to support the health and well-being whereby more than 17,000 people were
Across our global operations, we worked of Indonesians. positively impacted by the various initiatives
Supplier Diversity to mitigate the challenges and provide that MY Community Grant empowered.
resources to those communities most Manulife Malaysia took a proactive
affected. Several key activities were: approach in response by developing a new In Hong Kong, some airlines had to lay off
Training and Development flagship program called MY Community employees as the travel industry suffered
Manulife donated $250,000 to Project Grant. The initiative invited organizations during the pandemic. Manulife was quick
Hope, to support their work in India, to apply for an in-kind grant worth up to to hire many of those employees because
Employee Benefits and Wellness Indonesia, Cambodia, Malaysia and the RM10,000, to support those who needed of their hospitality training and strong
Occupational Health and Safety Philippines. The contribution funded it most in a time of crisis. Spanning the customer service talents.
supplies for healthcare facilities including entirety of the year, the initiative saw
Customer Experience oxygen, ICU beds, PPE kits and other a total of 101 applications submitted
Customer Well-being critical medical supplies. from organizations across the nation,
with 10 beneficiaries being selected.
Governance The causes ranged from empowering
young children through education, and
Performance Data
Abbreviations
and Acronyms 63
2021 ESG Report

Introduction
ESG at Manulife
Across our global operations, Acts of Kindness
our employees contributed to In the spirit of making lives better during
the holiday season, Manulife gave each
Environmental their communities in meaningful
member of our global team the equivalent
ways throughout the year,
deepening our social impact,
of $50 in their local currency to create
an act of kindness in their communities.
Employees
Social
Community Investment and honing their skills and
First introduced in 2020, this year’s program
once again enabled colleagues around the
volunteered
Volunteering and Giving building their networks. world to pay it forward. The impact was far
reaching, with colleagues and their families
17,704 hours
Financial Inclusion Manulife continued to provide paid donating food, preparing warm meals,
Diversity, Equity and Inclusion time off for our global team to volunteer knitting beanies for maternity wards and
Supplier Diversity
at community organizations, and we
incentivized donations through a corporate
contributing clothing, toys or money to 8,510 hours
charities and causes of their choosing.
Talent Attraction and Retention matching gifts program in select markets.
Whether through offering their professional
during work hours
skills, or raising money for a cause,
9,194 hours
Engagement and Recognition colleagues were active in supporting local,
Employee Benefits and Wellness national and global organizations while living

our corporate values of doing the right thing
and sharing your humanity. outside of work
Customer Experience
Customer Well-being
Governance
Performance Data
Abbreviations
and Acronyms 64
2021 ESG Report
Remembering and CEO Action for Racial

Introduction
Honouring Our Equity Fellowship
Fallen Heroes The CEO Action for Racial Equity Fellowship
ESG at Manulife is a first-of-its-kind, business-led initiative
Once again, colleagues in Toronto and
Boston volunteered to honour Remembrance that mobilizes CEO Action for Diversity
Environmental Day in Canada and Memorial Day in the and Inclusion™ signatory organizations to
United States. address widening disparities and empower
local solutions to enhance access to
Social In Toronto, for the 7th consecutive year, opportunity and improve the well-being of
Community Investment more than 12,000 flags were planted on Black Americans. John Hancock President
the front lawn of Manulife headquarters at and CEO, Marianne Harrison, is a signatory
Volunteering and Giving 200 Bloor Street East in Toronto, Canada, to the CEO Action for Diversity and Inclusion,
Financial Inclusion honouring members of the Canadian or “CEO Action”, and serves on the Governing
Armed Forces who have fallen in service. Committee of the Racial Equity Fellowship.
Manulife continued its support for the Royal As part of our commitment, John Hancock
Supplier Diversity Canadian Legion by encouraging employees agreed to contribute a full-time fellow,
Talent Attraction and Retention to purchase a traditional or digital poppy Muhsinah Nuriddin, to participate in the
through the Legion’s website in lieu of poppy fellowship throughout 2021. John Hancock
Training and Development donation boxes usually available on-site. covered all compensation and benefits for
Engagement and Recognition Muhsinah’s fellowship, and her leadership
For the 12th consecutive year, John Hancock is helping drive progress toward racial
Employee Benefits and Wellness was the lead supporter of the Massachusetts equity and social justice. It’s one meaningful
Occupational Health and Safety Military Heroes Fund’s garden of flags example of how our employees are
on Boston Common to honour Memorial empowered to leverage their skills and
Customer Experience
Day. A team of John Hancock volunteers, capabilities to make a positive impact in
Customer Well-being including members of its military employee our communities while also bringing key
resource group, joined hundreds of learnings back to our organization.
other volunteers to plant 37,000 flags,
Governance
each representing a brave local service
member who made the ultimate sacrifice.
Performance Data The completed garden is a majestic tribute
and conveys a powerful message of support
to the families of these fallen heroes that
their loved ones will never be forgotten.
Abbreviations
and Acronyms 65
2021 ESG Report
Introduction
ESG at Manulife Financial Inclusion

Environmental
Access to financial products Enhancing Access to Investing in Vietnamese
Social and services, and improvements Products and Services young professionals
Community Investment in financial literacy, can have a Manulife serves more than 6 million Khởi Đầu Bảo Vệ (My Starter Protection)
customers within our emerging markets reflects Manulife Vietnam’s commitment to
Volunteering and Giving profound impact on people’s businesses in Cambodia, Indonesia, financial inclusion. Available only on Shopee,
Financial Inclusion lives and their ability to prepare India, Malaysia, Myanmar, the Philippines, the largest e-commerce platform in Vietnam,
Diversity, Equity and Inclusion for their future. Thailand and Vietnam. We provide access our first digital insurance product offers a
to finance to traditionally underserved hassle-free way for a younger segment of the
Supplier Diversity populations through an increasing number population to purchase life insurance.
When we use our expertise and resources
Talent Attraction and Retention to advance financial inclusion and literacy, of specialized products and services that
which empowers individuals, families and make our offerings more accessible.
whole communities, we lay the foundation
Caring for
Engagement and Recognition for economic prosperity that benefits us Vietnamese mothers
all. We promote financial inclusion through
Addressing critical illness
Employee Benefits and Wellness Manulife Vietnam entered a partnership
community investment programs, as in Hong Kong with Cộng Đồng Bầu, a leading online
well as a number of specialized products Manulife Hong Kong offers an affordable community for expectant and new mothers.
Customer Experience and services that make our offerings critical illness insurance product, With more than 1 million babies born each
Customer Well-being more accessible. ManuVital Care, that provides essential year in Vietnam, the partnership aims to
coverage against 112 critical illnesses at help empower these families with the right
a cost as low as HK$3.8 (CAD $0.4948) a financial knowledge and advice so they
Governance day. With its low and guaranteed premiums, can feel prepared and in control of their
this product makes health protection financial futures.
Performance Data accessible to more people and provides
flexibility for customers to convert to a more
comprehensive plan in the future.
Abbreviations
and Acronyms 66
2021 ESG Report
Making insurance Going all-in with Promoting

Introduction
more accessible in banking options Financial Capability
the Philippines Manulife Bank’s All-In Banking product: An understanding of basic financial concepts
ESG at Manulife This mobile-first banking solution includes a is critical to underfinanced and underserved
Manulife Philippines has lowered the
minimum premium for its one-year term daily banking account, a savings account and communities realizing their own financial
Environmental product from Php 12,000 to Php 10,000, travel insurance. All-In Banking is designed goals. Beyond financial knowledge, building
or as low as Php 28 per day. At Php 10,000 to help customers make the most of their confidence in financial skills empowers
premium, a 30-year-old can enjoy life money. It does this by waiving their account people to make choices that work for them.
Social insurance coverage worth almost Php 3.5 fee when they increase their savings by at Several community investment programs
Community Investment million. Customers can also renew this plan least $100 per month and by allowing them focus in this area including:
on an annual basis. Manulife Philippines has to automatically sweep extra money from
Volunteering and Giving their daily banking account into their savings • Developed by education specialists and
also lowered the minimum premium for its
account at the end of each day. Manulife volunteers in the Philippines,
Financial Inclusion five-year term product React5, which can
Peso Smart, referenced in more detail
Diversity, Equity and Inclusion now be obtained for as low as Php 23 per
earlier in the report, is a financial literacy
Supplier Diversity
day. React5 comes with an Accidental Death Creating Access to program that continues to expand to
Benefit to give Filipinos more coverage.
Talent Attraction and Retention Affordable Housing teach the basics of saving and investing
to a range of age groups in underserved
In the United States, John Hancock is
Training and Development Maximizing health options a founding general partner of The Life
communities. For older audiences, key
program components include what it
Engagement and Recognition in Vietnam Initiative (TLI), a US$100M community
means to be a financially healthy person;
Employee Benefits and Wellness Max – Sống Khỏe (Max – Health) investment fund created in 1999 by
setting SMART (Specific, Measurable,
provides affordable and easy-to-understand Massachusetts-based life insurance
Occupational Health and Safety Attainable, Relevant and Time-Based)
health insurance protection and companies. Over that time, TLI has
goals; understanding the importance of
Customer Experience invested more than US$500M over the
near-instant issuance. Available online life insurance protection for peace of mind
Customer Well-being via Manulife Vietnam’s eCommerce last 20 years in flexible, patient capital to
and to help grow your money; exploring
platform Manulife Shop, the first in market support housing and economic development
various investment options and value
solution is helping close the protection to benefit low-moderate income people
investing; deep-diving into unit investment
Governance gap and further change the relationship and communities. Key impacts include
trust funds (UITFs); and making investment
and perception that customers have with 18,348 units of housing and 1,323 service
journeys better so individuals and families
enriched housing units created; 1,897
Performance Data their insurers.
permanent jobs created or preserved, and
can achieve their financial aspirations.
10,944 construction jobs created; 1,953

childcare slots supported; and 178,000
increased health care visits annually.
Abbreviations
and Acronyms 67
2021 ESG Report
• Built on the inspirational values and More than three in four respondents • These programs had a sizeable impact
Introduction legacy of its namesake, Dr. Martin Luther agreed that the combination of receiving a in the community in the 2020-2021
King Jr. (MLK), John Hancock’s MLK regular paycheck and financial education school year:
Scholars program annually provides helped change the way they think and
ESG at Manulife access to economic opportunity and manage their money. In addition, 78% of
− 6,400 students at 38 schools
participated in the Lift Off to Higher
meaningful connections for hundreds participants also reported feeling better
Education program (previously known as
Environmental of Boston youth. A key element of the prepared to make financial decisions than
Jumpstart to Higher Education), which
program is that all youth have access to they did before the summer.
helps students in grades seven and eight
digital learning modules offered through
• Manulife’s $600,000 multi-year identify their interests, build financial
Social EVERFI, an international technology
commitment to the YMCAs in the Three literacy skills, and learn about different
Community Investment company driving social impact through
Rivers and Quebec regions is focused paths of education.
education. Our digital education program
Volunteering and Giving on empowering youth to acquire basic
includes 19 learning modules focused − 483 students and young alumni
financial literacy skills, confidence, and
Financial Inclusion on personal finance topics ranging from attended one of nine financial literacy
motivation to make the right decisions
financing higher education and savings, sessions for WLU students aimed at
Diversity, Equity and Inclusion when it comes to their future financial
to identity protection and taxes. The increasing their skills and confidence in
health. Virtual and in-person sessions
Supplier Diversity platform also provided mental wellness financial literacy concepts.
are woven into YMCA programs, to meet
Talent Attraction and Retention education to support participants beyond
learners where they are at. Manulife − 25 schools within the Lift Off to Higher
personal finance. This digital resource
Training and Development employees helped create the curriculum Education program received new
is now available not just to participants
and supporting materials that are being computers to help support equal access
Engagement and Recognition in the MLK Scholars program, but
used in the Three Rivers locations. We also to education.
for all youth participating in summer
Employee Benefits and Wellness continued our support of financial literacy
employment programs supported by the
Occupational Health and Safety programs facilitated by Wilfrid Laurier
Boston Private Industry Council and the
University (WLU) in Waterloo.
Customer Experience City of Boston. Along with the education,
young people were invited to complete a
Customer Well-being survey about their financial preparedness,
the value of employment and financial
Governance education, their plans for the future, and
their day-to-day satisfaction and stress.
Performance Data
Abbreviations
and Acronyms 68
2021 ESG Report

Introduction
A diverse, equitable and Our global Diversity, Equity and Inclusion Our global DEI strategy is spearheaded
ESG at Manulife (DEI) aspiration is to cultivate a diverse, by our Global Chief Diversity, Equity and
inclusive culture nurtures equitable and inclusive workplace in Inclusion Officer, the Global DEI team and
Environmental innovation and attracts and which all employees are inspired to bring our Global DEI Executive Council, who
their authentic and whole selves to work. collectively guide, support and facilitate its
retains the best talent, which Manulife is passionate about this initiative implementation. Chaired by our CEO, the
Social helps us deliver better customer as it enables employees to thrive personally Council is made up of executive leaders who
Community Investment solutions and a greater impact and professionally while also providing the are passionate about DEI and play a key role
best service to our customers, business for the areas of business they represent.
Volunteering and Giving on the world. partners and communities. Council members meet as a group quarterly
Financial Inclusion and act as advocates in their respective
divisions and functions on an ongoing basis.
Diversity, Equity and Inclusion Our DEI strategy focuses on
three pillars: We’ve also created multiple DEI Councils,
Supplier Diversity
• Talent – diversity at all levels in the including country-specific ones in Malaysia
Talent Attraction and Retention and Singapore, and discipline-specific
organization that is reflective of the
Training and Development communities we serve in teams such as Tech and Operations,
Legal, Compliance, Audit and Governance.
Engagement and Recognition • Culture – employees thrive because they These groups help us further our DEI agenda
Employee Benefits and Wellness belong and can bring their authentic selves progress within their respective areas.
to work
• Community – strong partnerships and
Customer Experience
DEI support in the external communities in
Customer Well-being which we live, work and serve
Governance
Performance Data
Abbreviations
and Acronyms 69
2021 ESG Report
Employee Resource Groups (ERGs) also To support our goal to achieve gender Employee Goal: Invest $3.5M to promote DEI
Introduction play an important role in implementing our balance, we continue to be a longstanding in our workplace by 2022
DEI strategy, providing valuable support member of the 30% Club, Growth Through Self Identification
and advice, creating community connection Diversity, Increasing Gender Balance and As we continue on our diversity, equity
$2M invested
ESG at Manulife within our global organization and raising have been working earnestly to support its and inclusion journey, we continuously
awareness of issues, challenges and goal for a minimum of 30% of Board seats seek to gain a clearer understanding of the
Goal: Achieve 30% women representation
Environmental initiatives. They provide insight to DEI issues and C-Suites to be held by women by 2022. dimensions of diversity that exist within our
at VP+ level by 2022
that are top of mind for employees, identify global team so we can better recruit new
opportunities where we can play a stronger Recognizing the need to do more, team members and foster an environment 31% achieved
Social role and hold us accountable to our DEI we introduced two leadership and where everyone can thrive. We made a
strategy and commitments. recruitment goals to increase BIPOC commitment to building a more diverse
representation across our North American workforce through focused recruitment Goal: Increase by 30% BIPOC talent
Volunteering and Giving In 2020, we announced that we would businesses, including John Hancock in the efforts and accelerated mid-career at director+ level by 2025
invest more than $3.5 million over the next U.S. and Manulife Investment Management, development. Having accurate information
Financial Inclusion
two years to promote DEI in the workplace as a key hiring KPI: on our workforce helps us make strategic 17% achieved
Diversity, Equity and Inclusion and our communities. Over $2 million has decisions about what is working well and
been allocated as of December 2021, • Increase BIPOC representation in
Supplier Diversity where we can make improvements aligned
to various diverse and underrepresented leadership roles by 30% by 2025. Goal: Achieve 25% BIPOC representation
Talent Attraction and Retention to these commitments. In 2020, we began
groups in supporting talent growth, hiring communicating to employees requesting in annual new grad hiring
• Annually hire at least 25% BIPOC talent
Training and Development and community support. We will continue to in our graduate program. that they review their personal information in 50% achieved
engage various underrepresented groups our human resources information platform,
around the world in 2022 to further advance and if they choose, confidentially input
Employee Benefits and Wellness DEI. The goals of these focused investments information with respect to how they identify,
Occupational Health and Safety are threefold: to increase the representation including race/ethnicity, gender, ability and
of all forms of diverse talent at all levels in sexual orientation. We refreshed the data
Customer Experience
the organization; to create greater inclusion collection campaign in 2022, calling it
Customer Well-being across the company through enhanced “Count Yourself In”, to continue encouraging
training; and to support organizations our employees to self identify. All collected
helping Black, Indigenous and People of information is stored, transferred, accessed,
Governance Colour (BIPOC) communities. protected, and used in a manner that is
consistent with applicable laws and internal
Performance Data policies. We believe this is a necessary
step to measure our progress and to hold
ourselves accountable.
Abbreviations
and Acronyms 70
2021 ESG Report
Talent
Introduction
We’re taking intentional steps to increase disabilities specifically with a 1% hiring All of our recruiters have completed in-
ESG at Manulife diversity at all levels of our organization target in 2022 for people with disabilities depth unconscious bias training, and we
and working hard to establish an inclusive, in all markets in Asia, and we are seeing have developed DEI interview guides for
future-focused culture that values continuous promising inroads being made through new hiring managers. We plan to revisit the
Environmental
learning and celebrates diversity, recognizes recruiting channels and tools, disability entire interview process in the coming
the value of every individual’s contributions sensitivity training roll-out to all internal year to promote consistency, eliminate
Social and supports the development and recruiters and local ERG activities to create inherent biases and make candidates feel
progression of all colleagues. By ensuring awareness and community engagement. more included.
our global team reflects the communities
Volunteering and Giving we serve, we better understand the needs of Our strategy includes building
Financial Inclusion our diverse global customers, allowing us to Hiring diverse talent representation of BIPOC professionals
deliver the products and services they need to Manulife’s talent acquisition and DEI through graduate programs, focused
Diversity, Equity and Inclusion leadership recruitment efforts and
make their decisions easier and lives better. teams work hand in hand to infuse DEI
Supplier Diversity into all aspects of our recruiting and hiring accelerated mid-career development:
The events of the past two years processes. Our current emphasis is on
Talent Attraction and Retention challenged us to think more broadly • Focused recruitment efforts from
delivering diverse candidate slates to hiring
Training and Development about systemic racism and inequities that diverse post-secondary schools across
managers. We do so by tapping into a wide
impacts underrepresented communities. North America
Engagement and Recognition variety of sources for recruiting, including
In North America, we committed to Historically Black Colleges and Universities • We’ve fostered partnerships with Career
Employee Benefits and Wellness increasing BIPOC representation in our (HBCUs) and professional organizations Edge and the Onyx Initiative in Canada and
Occupational Health and Safety ranks through accelerated mid-career in the U.S., as well as other organizations the MLK Scholars program in the U.S. to
development and through student and new that serve and engage talent from hire youth
Customer Experience
graduate programs. underserved communities.
Customer Well-being • Accelerated development program for
In Asia, we operate in 13 different markets We also pay attention to inclusive language high-potential mid-career BIPOC leaders
and each one on its own is driving it’s own in job postings and encourage candidates
Governance areas of focus, reflecting, reflecting its and employees to self-identify to support
• Diverse leadership hiring goals through
unique historical and cultural context. focused recruitment
our diversity goals and help inform
Despite the differences, our teams share
Performance Data our strategies.
a commitment to hiring more people with
Abbreviations
and Acronyms 71
2021 ESG Report
Culture
Introduction
ESG at Manulife
When people feel like they belong, they Building a sense In 2021, we held our first Global Afternoon Inclusive
bring their best selves to work, which in of Reflection and Learning, where our
turn manifests itself in our processes, of belonging entire global team participated in keynote language initiative
products and services. Creating safe spaces for people to share sessions, fireside chats and webinars Initiated as an internal grassroots effort, we
Environmental
their personal stories and have the hosted by Manulife leaders and ERGs. are analyzing, understanding and educating
For us, DEI is personal; it is not a tick-box necessary — but sometimes uncomfortable The event allowed us take stock of our our global team on the use of language and
Social exercise or bullet points on a slide. Rather, — conversations about race and lived DEI progress and devote time to gaining terminology in documents and policies, and
it is about people being their best and experiences are a big part of how we a greater appreciation of the many broadly across the organization. By creating
Community Investment authentic selves, sharing their humanity, are building a sense of community dimensions of diversity at Manulife. a cross-functional framework, we are
Volunteering and Giving contributing their talents and driving and belonging. confirming that all language used across
progress and change that helps each other Manulife is inclusive.
Financial Inclusion
and our business. At every level of our organization, employees Encouraging Learning
Diversity, Equity and Inclusion share their stories at ERG-organized fireside We rolled out Inclusive Leadership for
We are committed to building a culture chats and events, and on our internal DEI
Supplier Diversity all leaders globally, as well as All Against
where everyone thrives and is deeply microsite and Yammer network. In October Racism for North American leaders, to Not inclusive Inclusive
Talent Attraction and Retention aware of the role they can play in being 2021, our Chief Human Resources Officer help leaders drive change and create Illegal alien Undocumented
Training and Development an ally and support greater inclusion. and our Global Chief Diversity, Equity and a thoughtful, respectful and inclusive Sanity check Check/Double check
This commitment starts at the top with our Inclusion Officer hosted a virtual Ask Me
Engagement and Recognition workplace. Over 3,500 learners accessed
CEO, who leads our DEI Council and meets Anything session, at which the DEI leads Hi Guys! Hi Everyone/Hi Folks
the platforms globally, with over 340 leaders
Employee Benefits and Wellness quarterly with ERG leaders from different from each segment answered tough Master File Primary File
participating in the accompanying interactive
regions to listen, learn and provide support. questions about our DEI efforts. More than
Occupational Health and Safety sessions. These learning platforms provide Black list & White list Deny list & Allow list
All Manulife senior executives participate 4,300 employees from around the a unique learning experience that curates Pow Wow Meeting
Customer Experience actively in DEI training and events. world participated. content specific to each individual.
Customer Well-being I’m going crazy! I’m so overwhelmed
Learning about DEI includes — and goes Inclusion Starts with You is our Fall on deaf ears Ignored
well beyond — mandatory unconscious bias mandatory unconscious bias training
Governance training. Our regional DEI teams and ERGs program, intended to empower employees
organize speaker series, book clubs, panel to identify, question and openly discuss bias
discussions and webinars. We have also — and by doing so, genuinely share their
Performance Data developed anti-racism conversation guides humanity and live our values.
and allyship resource tools.
Abbreviations
and Acronyms 72
2021 ESG Report
Community
Introduction
ESG at Manulife
We partner with community and business Supporting
organizations to ensure that underserved
people have access to opportunities. Diverse Suppliers
Our community investments are tangible Manulife was awarded Best-of-the-Best
Environmental
proof of how we live our core values of Corporations for Inclusion by National
Do the right thing and Share our humanity. Business Inclusion Consortium in 2021. A diverse supplier is a
Social While we have worked with partners for years This recognition represents significant business that is at least
to empower underserved and marginalised progress over the last 18 months to
communities, we intend to put DEI at the build our supplier diversity program,
51% owned and operated
Volunteering and Giving heart of our global impact strategy going which included: by an individual or group
forward. The three pillars of the new strategy
Financial Inclusion
• Appointing a dedicated Supplier that is part of a traditionally
are: empowering sustained health and
Diversity, Equity and Inclusion wellness, driving inclusive opportunities and Diversity Professional and a Supplier underrepresented or
Diversity core team
Supplier Diversity celebrating a sustainable future. underserved community.
Talent Attraction and Retention We have featured some of the new
• Expanding what was originally Most of the diverse
a U.S.-based program into Canada
Training and Development partnerships developed in the past year. suppliers we work with are
However, there are many other partners • Strengthening our data and
with whom we have been developing analytics capabilities
certified by a third-party
Employee Benefits and Wellness relationships over years. These partnerships
• Partnering with organizations like
certifying organization.
Occupational Health and Safety have helped guide our strategy, reinforce the
transformative work we are looking to tackle supplier.io and nine supplier diversity
Customer Experience and contribute to driving DEI more broadly organizations, Canadian Aboriginal
Customer Well-being within the communities we serve. and Minority Supplier Council, which
among other things gives us access to
their diverse supplier databases
Governance
Performance Data
Abbreviations
and Acronyms 73
2021 ESG Report Community (continued)
Supporting youth in Putting DEI at the forefront Empowering women in 2022 diversity goals
Introduction
our communities of leaders’ agendas finance in Asia
• In 2021, we launched a Different diversity metrics are tracked In line with our strategic priority of
ESG at Manulife #DiversityChampion Summer Internship in different markets depending on the accelerating growth in our highest potential
Program in Hong Kong together with regional legislative requirements and businesses, we have increased the number
Herbert Smith Freehills and Hyatt Hotels frameworks. To strengthen leadership and of agents in our insurance agency force in 32% women
Environmental at VP+ level
Corporation. The first cross-industry business accountability for diversity, we Asia to more than 119,000.
partnership of its kind in Hong Kong, have introduced customized leader DEI
Social the program exposed six students to dashboards, which are reviewed quarterly by Of our total agency count, 71% are women.
different industries and career paths, while our CEO and ELT, and we have included DEI What’s more, 68% of top-performing agents
promoting DEI in the workplace. For one in all people leadership goals. All segments — members of the Million Dollar Round
Volunteering and Giving month, the students worked in a range of and functions also develop their own action Table — are women.
Financial Inclusion jobs at each of the participating companies. plans to improve diversity and inclusion
Diversity, Equity and Inclusion • In Canada, we created two community

based on their specific challenges.
Investing in networks and
Supplier Diversity partnerships to help increase BIPOC At the enterprise level, our risk appetite communities BIPOC hiring
representation in our new grad hiring: framework was updated in 2021 to for new grads
Talent Attraction and Retention We have 13 ERGs with 39 chapters and over
ICON Talent Partners is dedicated incorporate considerations for DEI. Not at 30%
13,000 members. Open to all employees,
Training and Development to educating, training, mentoring only have we adopted new internal policies ERGs support local employee engagement,
and exposing top diverse talent to and standards surrounding inclusive
Engagement and Recognition champion our larger DEI initiatives and
high-impact sectors, where they are often language (e.g., pronouns for the LGBTQ+2 provide opportunities for personal and
Employee Benefits and Wellness underrepresented; and ONYX Initiative community), but we achieved our 2021 professional development. These ERGs are
Occupational Health and Safety seeks to close the systemic gap in the target for gender diversity and North also supported through a network of local
recruiting and selection of Black university America BIPOC representation.
Customer Experience country and functional DEI Councils around
and college students and recent graduates
the world who develop functional specific
Customer Well-being for roles in corporate Canada.
strategies, policies and initiatives to further
• We also launched bursary programs for embed DEI across Manulife.
Governance Indigenous students at Wilfrid Laurier
University and Seneca College of Applied
Arts and Technology.
Performance Data
Abbreviations
and Acronyms 74
2021 ESG Report Community (continued)
Providing pathways for We rolled out disability sensitivity training Supporting the
Introduction to all recruitment teams in Asia to help
people with disabilities them identify talents from the disabled LGBTQ+ community
Throughout 2021, we worked closely with communities. In 2022, we are developing a We strongly believe that everyone must be
ESG at Manulife the Ability Employee Resource Group chapter more holistic training program for recruiters treated equal regardless of their sexual
across Manulife to develop programs to and hiring managers globally. We engaged orientation, and we have been supporting
Environmental support employees who identified themselves in active partnerships with organizations our colleagues and the LGBTQ+ community
as having a disability, encouraging the supporting Persons With Disabilities globally through various initiatives, including
hiring of disabled employees as well as (PWDs) such as Springboard Consulting, active participation and sponsorships of
Social working with grassroot NGOs. Manulife was SENsational Foundation, CareER Hong Kong, events like Toronto Pride, Pink Dot Hong
Community Investment also proud to host International Day for Philippines Autism Society and Leonard Kong and Hong Kong Pride Parade.
People with Disabilities event in December Cheshire Foundation who collectively
Volunteering and Giving 2021 with Haben Girma, the first deaf- support us through training, sourcing of In June 2021, we celebrated June Pride for
blind graduate from Harvard Law. These PWD candidates and access to resources for the first time globally with over 20 events
Financial Inclusion
programs provide a foundation for us to us in developing our own accessibility and and activities organized in the various
Diversity, Equity and Inclusion markets. We also launched a new PROUD
aspire towards a disability representation accountability guides.
Supplier Diversity goal of 1% across Asia in 2022 and include a ERG chapter in the Philippines, and added
disability self-disclosure option in our human a LGBTQ+ pillar within the Singapore DEI
resources information platform. Council. All our employees globally enjoy
Training and Development same sex benefits (where permitted by
Engagement and Recognition regulations) and we have also added gender
reaffirmation benefits in North America and
Employee Benefits and Wellness Hong Kong. In Hong Kong, Manulife has
Occupational Health and Safety been a proud sponsor for two consecutive
years of the industry acknowledged “LGBTQ+
Customer Experience
Mentoring Programme” organized by
Customer Well-being Community Business, and also as a long-
standing member of HK Interbank group for
LGBTQ+ communities and their allies.
Governance
Performance Data
For further details on our Diversity, Equity and Inclusion strategy and performance, please see
Abbreviations our Diversity, Equity and Inclusion page on Manulife.com.
and Acronyms 75
2021 ESG Report
Providing equal Paying for performance Percentage of pay received by women

Introduction as received by men
opportunities In order to attract, motivate and retain the
best and brightest employees, we invest in Level (or equivalent) 2021
Manulife is an equal opportunity employer.
ESG at Manulife We are committed to fair and unbiased our employees’ development and provide
recruitment, retention, and advancement them with the opportunity to receive superior Vice-President and Senior Officer 95%
practices and we administer all programs rewards when they exhibit superior levels
Environmental of performance. Our pay for performance
based on qualification and performance
philosophy ensures that pay is fairly
Assistant Vice-President 99%
and without discrimination on any
Social protected ground. differentiated based on individual levels of
contribution and fully considers both what Management and Professional 99%
In 2021, we continued on our mission was accomplished versus objectives, and how
Volunteering and Giving of removing barriers to equal access to the results were achieved in alignment with
employment by involving Human Resources our values. Individual Contributor 100%
Financial Inclusion
specialists throughout the entire hiring
Diversity, Equity and Inclusion process. When we receive a talent inquiry, a Because we are committed to pay equity, we
Human Resources representative consults take steps to identify and mitigate the risk
Supplier Diversity
the applicant and acts as the liaison between of unconscious bias in our pay practices and
Talent Attraction and Retention decisions. We monitor developments in this
the candidate and the position in which
Training and Development they are interested. Information received area and routinely review our compensation
regarding the accommodation needs of programs to maintain compliance with legal
Engagement and Recognition and regulatory requirements.
applicants is then addressed confidentially.
We also regularly perform comparative pay
Occupational Health and Safety analyses to ensure that pay for employees
Customer Experience with comparable job grades, geographies, job
families, performance levels and experience
Customer Well-being
is consistent. The results of our recent
analysis showed that, on average, at year-end
Governance 2021, the pay received by women globally
was greater than 99% of that received by
men, after accounting for factors such as
Performance Data role, performance, tenure and geography.
Abbreviations
and Acronyms 76
2021 ESG Report
Supplier Diversity
Introduction
ESG at Manulife
Ethical business practices and In the United States, we are a founding • Respect the dignity and human rights of Enhancing
member of the Pacesetters initiative, a all workers and make a commitment to
good governance are integral partnership established by the Greater fair employment and labour practices, supplier diversity
Environmental to our legacy and long-term Boston Chamber of Commerce in which including providing protection against As we continue to build a responsible
large and mid-sized companies and anchor workplace harassment, abuse, supply chain program, we plan to further
success. Achieving this requires institutions use their collective purchasing discrimination and violence. expand diversity programs to Canada,
Social a commitment to integrity and power to create opportunities at scale integrate supplier diversity into our Canadian
• Comply with all applicable anti-slavery
Community Investment consistently high standards for local businesses owned by members
and human trafficking laws, statutes,
procurement buying process, strengthen
of ethnic minorities. John Hancock has our data capabilities and introduce
Volunteering and Giving from all partners, including a dedicated supplier diversity web page
regulations and codes, and apply due
diversity-related key performance indicators.
diligence in their supply chain to ensure no
Financial Inclusion our vendors. to encourage diverse suppliers to pursue
slavery or human trafficking is involved.
We’re also planning internal and external
opportunities with us. campaigns to raise awareness of our supplier
Diversity, Equity and Inclusion We support businesses owned by women, • Provide healthy and safe workplaces diversity focus, including connecting with
Supplier Diversity racial and ethnic minorities, persons who for their employees and have practices diverse supplier communities.
identify as LGBTQ+, veterans, persons with
The vendors who provide Manulife
Talent Attraction and Retention with services or products are in place to minimize or eliminate
disabilities, and Indigenous Peoples as part any hazards.
Training and Development of our efforts to reflect the diversity of the
provided with and are expected to
communities in which we operate.
adhere to the requirements of our • Proactively minimize or mitigate the
Engagement and Recognition Vendor Code of Conduct: environmental impacts associated
Employee Benefits and Wellness • Uphold all applicable laws and with their business activities through
Occupational Health and Safety regulations at all times, including documented policies and procedures.
anti-money laundering, anti-trust and
Customer Experience
anti-corruption laws.
Customer Well-being
• Comply with all privacy and non-disclosure
agreements and ensure that all information
Governance and data provided by Manulife to a vendor
remain confidential and secure.
Performance Data
Abbreviations
and Acronyms 77
2021 ESG Report

Introduction
ESG at Manulife
To find the talent we need Attracting a diverse strong relationships with institutions of We have received awards
higher education. We are expanding use of and recognition in various
to deliver on our strategic talent pool artificial intelligence and machine learning markets including:
Environmental objectives, Manulife’s core We want to appeal to a diverse candidate to identify additional opportunities for
• Manila Business Processing Services has
pool to ensure our workforce reflects diverse candidates and opportunities to
approach to talent attraction is the diversity of the markets in which we automate assessments to minimize human
been recognized with the Best Virtual
Career Fair in the Global Business
Social focused on building enhanced operate. We are committed to increasing the bias in our selection processes.
Processing Outsourcing Talent Acquisition
Community Investment pipelines to entice top diversity of candidate slates by leveraging
Awards. This supports our ability to
partnerships with networking groups and
Volunteering and Giving candidates in the market. schools with highly diverse populations and Data-centred team meet candidates where they are and
adapt to their needs. Additionally, we
Financial Inclusion exploring market flexibility where our job We are putting data at the centre of
We are focused on delivering innovative ways were recognized as a top 200 MNC in
opportunities are located. everything we do including upgrading our
Diversity, Equity and Inclusion to engage candidates with a personalized Singapore and as one of Canada’s top
talent acquisition insights team. We are
experience. We strive to show candidates We are working to remove barriers to diverse 100 employers.
Supplier Diversity also building technology and tools to enable
that we are committed to help ensure they candidates by taking actions such as using our understanding of the market; identify • We were a finalist in the LinkedIn
Talent Attraction and Retention can bring their whole selves to work and to technology to remove gendered language the talent we need and how we can meet Talent Awards for being a Talent
Training and Development help them imagine what they can achieve as from our job postings and ensuring diversity our candidates’ needs and share Manulife’s Insights Pioneer. This supports our
a Manulife employee. among our recruiters and interviewers.
Engagement and Recognition digital journey. desire to understand the markets in
We’re working with our external partners which we operate and be able to attract a
Employee Benefits and Wellness to increase our diverse candidate reach diverse workforce.
Occupational Health and Safety by requiring formalized diverse candidate
slates. To build long-term sustainable talent
Customer Experience pipelines in the communities in which we Active reporting
Customer Well-being operate and build upon our position as an We regularly track our commitments through
employer of choice, we have developed a monthly reporting around enterprise key
recruitment team focused on establishing performance indicators including diverse
Governance candidate slates, BIPOC representation and
gender representation.
Performance Data
Abbreviations
and Acronyms 78
2021 ESG Report
Introduction Training and Development

ESG at Manulife
Environmental
Social
We are committed to creating a
workplace that offers unlimited
Whether it is working abroad, exploring
a new career direction, or simply $31.8 million
progressing in their chosen field, we help
invested in training
Community Investment opportunities for employees to our employees reach their full potential
through focused development programs and and development
Volunteering and Giving realize their career goals. online resources. We provide employees
Financial Inclusion Employees want to work for an organization with opportunities for learning and
Diversity, Equity and Inclusion they believe cares for them, values their
perspective and contributions, invests in
development at all stages of their career.
In addition to on-the-job training, mentoring,
19.8 average
Supplier Diversity
them and gives them flexibility to deliver
great work.
coaching, in-house programs and online
learning resources, Manulife often
hours spent in
subsidizes the cost of continuous learning training per employee
We want to create a more and examinations as employees pursue their
Engagement and Recognition learning and individual development plans.
human centred employee value
Employee Benefits and Wellness proposition focused on:
All 38,000 Manulife employees
$847.43
investment
Occupational Health and Safety • Deeper connections
Customer Experience • Autonomous and flexible work receive an afternoon dedicated
Customer Well-being
• Personal growth
to learning, every second Friday per employee in training
of the month. and development
• Employee well-being
Governance
• Shared purpose
Performance Data
Abbreviations
and Acronyms 79
2021 ESG Report
Enhancing the resilience Over the next five years, our focus • Functional skills – As our organization
Introduction areas for learning will be as follows: gains learning maturity, our ambition is
of our workforce that our functions will also have integrated
• Leadership skills – We remain
In recent years, we have acknowledged competency-based learning tracks
ESG at Manulife the wide-scale technological, political, and
committed to developing our leaders to
that include Leadership, NWOW and
lead in a new context, and we recognize
natural disruptions facing the financial functional skills.
the importance of building their leadership
Environmental services industry and the evolving needs
muscle. Our focus will be on creating • Learning technology ecosystem
of our workforce to ensure that Manulife
skills-based learning pathways and (LTE) – At the end of 2021, we invested
is ready for whatever today or tomorrow
solutions to develop people leaders at in a cutting-edge, AI-powered Learning
Social brings. As part of this effort, we revised our
all levels of the enterprise. Key aspects Experience Platform (LXP) called Pursuit.
Community Investment learning strategy in 2020.
will include coaching and development, The Pursuit LXP is supported by suitable
Volunteering and Giving Advancing learning by upskilling our communication, DEI, strategic thinking content providers a Learning Management
employees will be instrumental for and building global acumen. In 2021, System (LMS), and integrated with our HR
Financial Inclusion we developed a new learning curriculum
meeting external challenges and enabling employee system. This innovative user
Diversity, Equity and Inclusion high-performing teams. Through our evolved for our frontline managers which covers centric platform is designed to elevate
learning strategy, people will be able to foundational leadership skills and in 2022 our employees’ learning experience.
Supplier Diversity
own their careers, build future focused our focus will be to build a leadership Among other functionalities, the learning
Talent Attraction and Retention curriculum for our Directors and AVPs. technology systems currently host
skills and work to reach their full potential.
Training and Development The strategy includes internal programs that learning, suggest learning courses for
• New Ways of Working (NWOW) skills –
build employees’ skills, along with support employees to enable their development
Engagement and Recognition To be the most digital, customer-centric,
to help them with their educational plans, so plan, help us meet our compliance
competitive, and relevant company, we will
Employee Benefits and Wellness they can move ahead in their careers. requirements and generate data insights
need to help our employees understand
Occupational Health and Safety to measure organizational and individual
how to integrate NWOW skills and to
Our vision is to provide a high-quality competencies, learning effectiveness
Customer Experience upskill them to the appropriate role-based
learning experience that empowers our and return on investment. The LTE will
proficiency levels for specific skills, such
Customer Well-being employees to learn anytime, anywhere. be key to delivering an optimal employee
as Agile, Human-Centred Design (HCD),
Manulife focuses on offering learning learning experience.
Artificial Intelligence (AI) and Advanced
opportunities for employees that enable
Governance Analytics (AA).
them to work innovatively and collaboratively
— accelerating our ambition of being
the most digital, customer-centric global
Performance Data
company in our industry.
Abbreviations
and Acronyms 80
2021 ESG Report
Building our learning, identifying the blockers to obtaining In spring 2021 we introduced the
Introduction further value from continuous learning and Leadership DNA, which articulates what it
technical acumen skills acquisition. Engineering Productivity means to be a successful leader at Manulife.
As we transform our organization, we’re and qualification measures, when combined It was designed using an agile method —
ESG at Manulife focused on developing strong digital and with ‘effective leadership with data’ lead prototypes were created based on external
technical acumen, including our global to impactful career advancement, skill research and internal sources, and then
Environmental technology teams, which consist of about advancement conversations and actionable iterated with our business advisory group
5,500 people. plans between leaders and employees. which consisted of leaders across segments,
functions and geographies.
Social Since launching a global software We aim to have a higher degree of
engineering incubator program to upskill employee engagement, job satisfaction and The Leadership DNA enables us to drive
Manulife technologists on our new technical technology skills currency enabled through a global leadership culture via a common
Volunteering and Giving ecosystem, we’ve realized clear business our investment in internal and external understanding of core Manulife leadership
benefits, including faster decision-making real-time online learning tools that result in capabilities. With the leadership DNA we have
Financial Inclusion
through proof-of-concept exercises, reduced more realized value for our customers. set the context for leadership, as it helps us
Diversity, Equity and Inclusion time frames for issues resolution and identify and hire the right leaders, focus our
Supplier Diversity software selection, and lower employee internal selection and development efforts
onboarding costs. The hands-on, micro Developing the next to enable us to have stronger leaders at all
virtual instructor lead course cohort generation of leaders levels. It also provides clear expectations
Training and Development program runs concurrently across our global In addition to continuous learning for to both prospective hires and our internal
operations, with peer coaching to solve employees across the business, we continue team on our leadership requirements,
real business problems using core software to deliver leadership learning programs so transparency is demonstrated across
Employee Benefits and Wellness engineering skills. the entire organization. We believe it will
focused on building high-performing
Occupational Health and Safety teams. These multi-faceted learning and increase in the effectiveness of our leadership
Given the program’s success, we continued capabilities amongst our leaders, leading to
Customer Experience development programs are designed to
to offer mastery-level micro virtual course improved employee engagement, retention,
reflect real-life scenarios, prepare our top
Customer Well-being training in quality, performance, reliability, performance and decision making, which in
talent for more senior roles and strengthen
security and platform engineering skills. turn will impact the value to the business.
our leadership pipeline. Employees graduate
During a quantitative impact study, we
Governance introduced Engineering Productivity
from these experiences equipped with
The Leadership DNA is grounded in our
the tools and support they need to lead,
measures, to qualify and quantify impact values and for a leader to authentically live
motivate and deliver enhanced efficiency
of acquisition of new skills and continuous those values, they require critical capabilities.
Performance Data and productivity over time.
Abbreviations
and Acronyms 81
2021 ESG Report
These capabilities showcase what Energize, Connect and Excel form a holistic While the COVID-19 pandemic limited
Introduction great leadership looks like at all levels. view of our expectations for great leaders. in-person learning, employees were able to
Although we may be very diverse as leaders, They work together to ensure we are continue acquiring new skills and knowledge
there are capabilities that we share that energizing change, nurturing connection through various digital learning assets,
ESG at Manulife make us great leaders at Manulife. and belonging and excelling our business virtual classes, and bite-sized modules.
strategies. We have aligned the Leadership Uptake of the learning programs was high;
The three capabilities which make up our DNA into all aspects of HR; selecting for example, LinkedIn Learning experienced
Environmental Leadership DNA are Energize, Connect and and developing our leaders in a globally an activation rate of over 64% in only a
Excel; three simple words that will help our consistent way will enable us to be more 9-month period, with over 23,000 users
Social leaders increase their impact on the teams targeted in our selection, learning and who logged in and over 100,000 hours of
they lead. development efforts. learning. In addition to this, average learning
hours per employee increased from 9.33
Volunteering and Giving • Energize – Focuses on inspiring others
in 2020 to more than 19 hours in 2021.
Financial Inclusion
and leading change; setting strategies and Empowering colleagues There was also notable improvement in our
goals, leading others toward a stated vision.
Diversity, Equity and Inclusion This can be exemplified by going into new
with New Ways of Working engagement survey score related to learning
To be the most digital, customer centric, and development.
markets, product innovation, or improving
Supplier Diversity
processes to make us more customer competitive and relevant company in a
Talent Attraction and Retention centric. Leaders who can Energize help our constantly changing external landscape, we Documenting our progress
business become future-ready. have increased our focus on upskilling our
Training and Development We have a robust methodology in measuring
colleagues on specific future focused skills,
Engagement and Recognition • Connect – Is all about people. Leaders such as Agile, Human Centre Design, and Key Performance Indicators (KPI) and
who connect well establish relationships AI and Advanced Analytics. Growing these Return on Investment (ROI). We continuously
to build trust, share ideas and accomplish skills not only enhances our operational and evaluate and implement measures and
Occupational Health and Safety work. They create an environment where KPIs to assess effectiveness of learning and
cost efficiency but also positively impacts
Customer Experience everyone feels they belong. They also our Net Promoter System targets. By putting ROI. Tier one metrics will focus on usage
prioritize developing others and the customer at the centre of solutioning funnel metrics such as number of registered
Customer Well-being themselves as leaders. users, active users, courses started and
and product development, we aim to have
a higher degree of success delivering courses completed. Tier two will focus on
• Excel – Speaks to execution excellence
Governance world-class customer experiences. indirect metrics such as impact on business
and delivering sustainable results.
performance, customer satisfaction, cost
saving and employee engagement.
Performance Data
Abbreviations
and Acronyms 82
2021 ESG Report
Developing a continuous • Held a global afternoon of Diversity, • Developed blended learning modules.
Introduction Equity and Inclusion-based reflection For some of our classroom-based
learning culture and learning: On June 17, we dedicated leadership development programs, we
Manulife is constantly finding ways to an entire afternoon to immerse ourselves condensed and repurposed the content to
ESG at Manulife encourage learning for its team members. in the world of DEI through specially create blended learning which combined
In the spring of 2021, we launched a learning curated activities and learning resources self-paced learning tasks and virtual
Environmental content site, then significantly advanced the from across the world. The agenda training. Due to our strong investment
employee experience and capabilities with was developed with guidance from in our technology infrastructure before
the Pursuit LXP. This new digital learning international and local experts and took COVID-19, our web-based systems and
Social experience brings together all of our learning into account our diverse regional and other remote access technologies allowed
resources into a single, easy-to-use site. cultural DEI priorities. The event was our employees to work remotely with the
Pursuit reinforces the importance we place heavily supported by Employee Resource same access, tools and communications
Volunteering and Giving on own growth and energy to challenge Groups globally. This event was shared lines available to them in the office.
Financial Inclusion ourselves to learn new skills, seek to many times across social media. Through 2021, we offered live learning
understand different concepts, and grow through virtual platforms, classroom
Diversity, Equity and Inclusion • Launched Fuel up Fridays: To support
our capabilities. It fosters learning across learning (where possible) and bite sized
the well-being of our team members
Supplier Diversity content focus areas that are important to our eLearning through LinkedIn Learning
through both learning and rest, in
Talent Attraction and Retention organization, such as: new ways of working, and Pluralsight for a just-in-time learning
September, we introduced Fuel Up Fridays
customer centricity, data and analytics, experience anytime, anywhere.
Training and Development in 2021. Mornings focus on learning and
collaboration, communication and coaching.
building new skills and afternoons focus on
Engagement and Recognition We regularly arrange external guest speakers
resting and recharging in a way that was
and experts to attend our Guest Speaker
Employee Benefits and Wellness meaningful to each individual. This was
Series, available to all team members, to
in addition to five additional days of paid
Occupational Health and Safety drive DEI and well-being.
leave made available to all team members
Customer Experience in 2021. In 2022, we continued to offer
We also offer access to LinkedIn Learning,
Customer Well-being including thousands of relevant videos, Fuel Up Fridays – afternoons dedicated to
courses and book summaries in multiple learning every second Friday of the month.
languages. Many of the courses offer the
Governance additional benefit of continuing education
credits and certificates upon completion.
Performance Data
Abbreviations
and Acronyms 83
2021 ESG Report
Introduction
ESG at Manulife Engagement and Recognition

Environmental
Social Our ability to engage the to the COVID-19 pandemic. Survey findings Leading by example
and follow-up actions are communicated
Community Investment best, diverse talent is critical and addressed at the team level so that Research shows direct correlation to the
impact leaders have on individual and
Volunteering and Giving to retention. As individuals everyone is involved in building a more
engaging workplace. team engagement, as well as customer
Financial Inclusion are focused on working for retention. To build a high-performing team,
Diversity, Equity and Inclusion organizations that align with their In addition to formal surveys, we use online it is imperative for us to have leaders who
tools and technology to poll and survey know how to bring our values to life, build
Supplier Diversity values, we believe our culture employees informally throughout the year. strong teams and energize and engage
Talent Attraction and Retention gives us a competitive edge. One example is VOTE, which consists of a their teams to produce results. In recent
Training and Development group of employees who have volunteered years we have updated our company
their time to be a sounding board for ideas, values and we knew it was important to
Engagement and Recognition Listening to our provide timely feedback on key initiatives, update our view of what it means to be an
Employee Benefits and Wellness employees and help inform decision-making and effective and successful leader at Manulife.
Occupational Health and Safety product development across the global In 2021, we focused our attention on
We facilitate employee listening through a
enterprise. We track progress on action increasing the leadership muscle across the
Customer Experience variety of platforms and channels. There are
plans throughout the year and report organization by developing a new leadership
two formal employee surveys conducted
Customer Well-being to the Executive Leadership Team on a competency framework.
each year: a full survey in the fall which asks
37 questions directly related to employee quarterly basis.
Governance engagement, and a short, targeted pulse

survey in the spring. In 2021, we added
questions to gauge employee sentiment
Performance Data toward well-being and the ongoing response
Abbreviations
and Acronyms 84
2021 ESG Report
Recognizing achievements In 2021, over 629,000 recognition Employee engagement

Introduction messages were sent globally through
We utilize a global recognition platform Podium in line with our values, which scores (5-point scale)
called Podium, that enables employees equates to 17 messages per colleague.
ESG at Manulife at all levels to give and receive frequent, On June 18, 2021 we celebrated our 2021 4.34
in-the-moment recognition. The program second global Thank You Day, a paid day 86th percentile against Gallup’s financial
has six award levels, with corresponding off to recognize all employees for their
Environmental points towards merchandise and gifts cards,
and insurance company benchmark
hard work in a difficult year.

to recognize varying levels of contribution.
Social In 2021, we built upon our program by Knowing the toll the pandemic was 2020 4.27
launching services milestones in Podium to taking, and would continue to take on 80th percentile against Gallup’s financial
Community Investment celebrate anniversaries at 1-year, 5-year and our teammates globally, we announced and insurance company benchmark
Volunteering and Giving every 5-year increments. that for 2021 and 2022, each colleague
would be granted five additional personal
Financial Inclusion Podium complements Stars of Excellence, paid days to ensure our employees made 2019 4.04
Diversity, Equity and Inclusion our premier employee recognition program. time for well-being, rest, and relaxation. 48th percentile in Gallup’s financial and
Every year, we honour our top achievers Combined with our existing Podium and insurance company benchmark
Supplier Diversity
from around the world — employees Stars of Excellence programs, these
Talent Attraction and Retention whose contributions and dedicated efforts contributed to a notable increase
Training and Development efforts have kept us moving forward as we in engagement related to recognition in
work to exceed the expectations of our our fall employee engagement survey.
Engagement and Recognition customers, create a dynamic and inclusive
Employee Benefits and Wellness workplace, and generate value for our
shareholders. The 2019 and 2020 cohorts
of Stars were celebrated virtually in 2021
Customer Experience with a highly curated digital experience.
Customer Well-being 72 individuals and 6 teams were honoured
as Stars of Excellence.
Governance
Performance Data
Abbreviations
and Acronyms 85
2021 ESG Report

Introduction
ESG at Manulife
One of our most important Employee benefits Supporting Employees
priorities at Manulife is RealChoice is our North American and Hong with Cancer
Kong benefits and wellness program, which
Environmental supporting the health and In 2021, access to leading-edge cancer
covers a wide array of benefit plans with care and support was included for U.S.
well-being of each one of our options that employees can tailor to their employees through AccessHope and
Social 38,000 employees around individual needs. The program provides made available in the 2022 benefits year.
health, dental, vision, short-term disability,
Community Investment the globe. long-term disability, and life and accident
This includes genotype-based cancer
care, support and expertise in partnership
Volunteering and Giving insurance coverage, as well as wellness with leading cancer institutes to support
We strive to create a culture of well-being
options and employee and family assistance patients in collaboration with their treating
Financial Inclusion that supports the diverse nature of our
plans. Employees also participate in oncologists to diagnose and fine-tune cancer
workforce. Supporting our employees’
Diversity, Equity and Inclusion retirement savings plans.
health, safety, and well-being means: treatment plans for the best outcomes.
Supplier Diversity
Outside of North America, market practices
• Protecting the health, safety,
and well-being of our employees,
vary. Accordingly, our benefits programs in Providing Employees with
these countries also vary, but they are aligned
Training and Development including ensuring compliance with
as permitted globally and with local markets.
Extra Personal Days
Engagement and Recognition legislative requirements
They typically include life and accident, In 2021, and again in 2022, all Manulife
Employee Benefits and Wellness • Providing employees with flexibility health, dental, and disability insurance employees globally were given five
when it comes to their benefits and coverage, wellness programs and employee additional personal days to use during that
wellness choices and family assistance programs. We also calendar year in appreciation of all the hard
Customer Experience offer retirement and other savings programs. work they have done helping people make
• Supporting the evolving needs of
decisions easier and lives better. Manulife
Customer Well-being our employees
has also provided a “Thank You Day” off
for employees in mid-June for the past
Governance two years.
Performance Data
Abbreviations
and Acronyms 86
2021 ESG Report
Paid Time Off for Vaccine In 2021, we enhanced benefits for U.S. • Emergency childcare and eldercare
Introduction employees, reflecting an increased subsidies in Canada and the U.S.
Appointments focus on DEI mental health benefits for
• Ability to expense childcare through a
In 2021, we started providing up to underrepresented groups, including the
ESG at Manulife four hours of paid time off for COVID-19 LGBTQ+2 and BIPOC communities:
flexible wellness account via employee
vaccination appointments during business
benefits, up to the available maximum in “We know what it means for
• Included Health: Health navigation, Canada and the U.S.
Environmental hours, for a total of eight hours if the so many of our colleagues
vaccination requires two separate doses. advocacy and support for LGBTQ+2 and • In Hong Kong, our benefit plan covers
BIPOC colleagues and their families. It is to have a family and we are
gender affirmation procedures, which
Social the first comprehensive care navigation is a key step towards promoting our DEI proud to provide this valuable
Market Leading Mental platform for the LGBTQ+2 and BIPOC
Community Investment agenda as it is considered pioneer in the support to help them achieve
Health Support communities specializing in connecting local market
Volunteering and Giving individuals and their dependents with this important dream. We’re
Our benefits have continued to evolve and • The maternity and paternity leaves across
provider connections, benefits and
Financial Inclusion drive market change since 2017, when Manulife in Asia are at or above statutory
committed to making every
coverage support, navigation for trans
Diversity, Equity and Inclusion we introduced a $10,000 mental health
colleagues and more. requirements (in certain locations such day better for our customers
practitioner benefit for our Canadian as Cambodia, Hong Kong and Indonesia,
Supplier Diversity
employees and their dependents. We have • Hurdle: Mental health care from a and our colleagues, which
our provision is above the statutory and
Talent Attraction and Retention further removed financial barriers for provider who can culturally align with market practices) is why we continually look
employees in the U.S. to access mental individuals and better understand their
health support by covering out-of-pocket individual needs. • Given our focus on DEI in Asia’s benefit for opportunities to deliver
Engagement and Recognition costs for behavioural health and substance design we encourage the coverage of best-in-class programs
domestic partners as eligible dependents
Employee Benefits and Wellness addiction. We also expanded virtual mental
Family Friendly Benefits in medical and life benefits, where possible
that support health and
health services through MindBeacon in
Canada, and One Medical, Talkspace, and We have recently enhanced several benefits well-being, and in ways that
related to support for families of all kinds • In many of our corporate offices, we have
Customer Experience Sanvello Virtual Care in the U.S. In addition,
dedicated breastfeeding facilities work for them.”
online health care is accessible 24/7 through and family planning to include:
Customer Well-being
TELUS Health Virtual Care in Canada and Pam Kimmet
• $20,000 per year for adoption, fertility
UnitedHealthcare (UHC) and One Medical in Chief Human Resources Officer
medication and surrogacy support in
Governance the U.S. In Hong Kong, mental health benefits
Canada and the U.S.
covered under the employee plan have been
extended to dependents. • 20 weeks of paid maternity leave and
Performance Data
12 weeks of paid parental and adoption
leave in Canada and the U.S.
Abbreviations
and Acronyms 87
2021 ESG Report
Flexible work program All 38,000 employees globally will have Financial well-being Healthy workspaces
Introduction the flexibility to balance their time within
The remote work environment the pandemic a hybrid model that will see them work With an understanding that well-being In our office spaces, we continue to partner
presented taught us a lot about working remotely twice per week if they choose. is impacted by our finances, financial with our food service vendors to ensure
ESG at Manulife together as a global team. In 2021, we We have also developed a set of guidelines well-being has been incorporated into our our cafeterias provide healthy food options
reinvented how we work and collaborate for managing calendars that will help our holistic view. Working at Manulife brings and have enhanced our amenity spaces
through a new flexible work program. This employees make the most of each day. with it a unique advantage: access to supporting wellness at several locations
Environmental new approach guides how we manage industry-leading expertise and financial including Boston, Halifax and Waterloo.
The guidelines include:
schedules and connect with each other to products to help employees optimize their
boost our effectiveness. This human-centred own financial planning. From webinars and More directly related to the pandemic,
Social • All meetings should start at 15 minutes
we developed learning content to help
approach was developed with the following after the hour and run for no more than retirement planning, seminars to share
Community Investment in mind: purchasing plans, tax-free savings accounts employees adapt to new ways of working and
45 minutes unless they are special
Volunteering and Giving extended meetings, such as Town Halls and a range of other retirement programs, manage challenges while staying vigilant,
• Having the flexibility to balance business Manulife employees have access to quality positive and strong in 2021. We released
Financial Inclusion demands and personal needs in a • Any meeting lasting more than two a Return to Office playbook, website, and
advice, preferential rates and everything
Diversity, Equity and Inclusion personalized way is important to our hours should include a fifteen-minute they need to save for their future from the e-learning to help employees navigate new
employees’ overall well-being stretch break day they join us. health and safety protocols when we return
Supplier Diversity
to the office.
• Being able to collaborate and build trusted • Meetings within the same region (within
Talent Attraction and Retention A Financial Wellness Assessment tool
relationships with colleagues enables Asia, North America or Europe) should only
Training and Development gives participants a clear picture of their
everyone to do their best work be held during core hours. This is generally
overall financial situation and generates
Engagement and Recognition 9 a.m. – 5 p.m. local time for most teams
• Promoting a teamwork mentality that takes a personalized action plan to take control
but can vary for some groups
Employee Benefits and Wellness pride in being there for our customers and help improve their financial health.
when they are counting on us • Employees are empowered to be In addition, education sessions are run
flexible with their hours of work where regularly on financial literacy. These
Customer Experience possible when meetings run beyond core interactive, practical workshops review
Customer Well-being working hours ways to manage competing financial
priorities to help employees improve their
• Everyone is encouraged to block time
overall financial health. These sessions are
Governance during the workday each week to read,
hosted by a Manulife PlanRight Advisor
review, learn and think
for employees in Canada. In addition,
PlanRight financial well-being tips are
Performance Data featured in our monthly wellness newsletter
to help employees consume bite-sized
financial knowledge.
Abbreviations
and Acronyms 88
2021 ESG Report
Introduction
ESG at Manulife Occupational Health and Safety

Environmental
Social Manulife’s Global Health and All employees have a responsibility pertaining to health and safety. As well,
for fostering a healthy and safe as contractors, sub-contractors and
Community Investment Safety Program is designed to working environment: their workers will be expected to meet
Volunteering and Giving protect employees from injury • Senior management is responsible for
the Company’s Health and Safety
Program requirements
Financial Inclusion and occupational disease, enforcement of Manulife’s Global Health
and Safety Policy and for ensuring that Our workplace health and safety policies and
Diversity, Equity and Inclusion promote physical and mental
Health and Safety Committees are programs prioritize prevention, monitoring
Supplier Diversity wellness, prevent violence and established as required by law. All leaders of our health and safety procedures
Talent Attraction and Retention harassment in the workplace are held accountable for the safety of and training. To develop a culture where
employees under their supervision. employees value the health and safety of
Training and Development and to help ensure compliance This includes ensuring that equipment themselves and others, we provide employee
Engagement and Recognition with the occupational is safe and that employees work in education, including health and safety
Employee Benefits and Wellness compliance with established safe work training, first aid training for health and
health and safety legislative practices and procedures safety committee members and preventing
requirements that apply to us. discrimination, harassment and violence in
Customer Experience • Employees are expected to take ownership
the workplace training.
of their safety and are encouraged and
Customer Well-being empowered to report any concerns.
Every employee must take responsibility
Governance for personal protection by complying
with all Company operating procedures
Performance Data
Abbreviations
and Acronyms 89
2021 ESG Report
Introduction
ESG at Manulife
Our Global Health and Safety Policy outlines Commitment to health and safety is an Cases of severe injuries
our Internal Responsibility System (IRS). integral part of the operation of Manulife
The IRS recognizes that everyone in the and involves the co-operation and support of Year # of cases
organization has specific responsibilities for every individual within the Company.
Environmental 2021 0
Occupational Health and Safety integrated
into each individual’s job. The IRS, which We are focused on the well-being of our 2020 0
Social effectively reduces risk in the workplace, building occupants, particularly in light of
is designed to encourage employees, concerns around COVID-19. We continue 2019 0
Community Investment to work with our partners, including third
supervisors and senior management to raise A severe injury refers to a serious injury that places life in
Volunteering and Giving and resolve health and safety issues as part party landlords and property managers, to jeopardy, and involves an employee that is unconscious,
of their daily business duties, to refer items ensure building HVAC systems are aligned experienced a significant loss of blood, an acute fracture
Financial Inclusion or amputation of a limb, burns over major portions of the
to senior management if the department with ASHRAE guidance and indoor air quality body, loss of sight or other significant losses that require
Diversity, Equity and Inclusion manager/supervisor is unable to correct remains excellent. We have partnered immediate medical attention in a hospital setting. This also
includes serious violent crime (resulting in an injury, death
Supplier Diversity the issue and, to use the Joint Health and with industry leaders in cleaning to refine or a near miss), while at a company event or traveling on
Safety Committee, Health and Safety teams, cleaning standards and are preparing to company business.
Talent Attraction and Retention roll out these measures as we return to
and Employee Relations if the issue(s)
Training and Development remain unresolved. the office; individual location audits are
now required. Several of our corporate
buildings have achieved health and safety
Employee Benefits and Wellness certifications and Manulife Investment
Occupational Health and Safety Management achieved Fitwell Viral Response
certification at the entity level in 2021.
Customer Experience
Customer Well-being
Governance
Performance Data
Abbreviations
and Acronyms 90
2021 ESG Report
Customer Experience
Introduction
Delivering great customer We have introduced a number of new information and content presentment,
ESG at Manulife methodologies and practices that digital authentication and enhancing
experience starts with listening support continuous two-way dialogue with communications. We recently organized
Environmental closely to our customers, customers, generate rich insights and a centralized Voice of the Customer
enable us to act. Robust listening posts and analytics data hub and team. We brought
learning from their signals and action management processes help us zero together 26 million customer interactions
Social cues and responding quickly in on the customer experience, and ideally including all North America NPS surveys
Community Investment with action. convert customers into Manulife advocates. and call centre transcripts, which are
being thoroughly analyzed for insights to
Volunteering and Giving Through our Net Promoter System (NPS) power our action management system
system, enabled in all of our business (Inner and Outer Loops).
Financial Inclusion
Our Q4, FY21 rNPS result globally, we collect real-time feedback from
Diversity, Equity and Inclusion customers at all key moments of interaction. We have already made significant
was +21 — a 9-point This transactional feedback is delivered progress. Our Q4, FY21 rNPS result
Supplier Diversity
improvement from 2020 directly to the teams that are empowered was +21 — a 9-point improvement from
Talent Attraction and Retention to take steps to fix or change the customer 2020. We have implemented quarterly
Training and Development 2021 +21 experience. We are continually maturing surveys and reviews of relationship NPS
our NPS system, ensuring we have the (rNPS) scores, which are more holistic
best coverage across key touchpoints measures of our customers’ advocacy
Employee Benefits and Wellness 2020 +12 and the right people in place to act on towards Manulife.
Occupational Health and Safety real-time feedback. We remain committed
to delivering on our ambitious target These scores, in conjunction with the
Customer Experience of +31 points by the end of 2022 and interaction-based NPS and our other
Customer Well-being +37 points by 2025. listening-post data, are carefully reviewed
and then used to inform our investments
To accelerate rNPS we are focusing in improving the customer experience;
Governance resources and teams on initiatives for example, prompting us to modify a
aimed at key rNPS drivers including product or add a service.
driving adoption of digital channels,
Performance Data improving digital interface and navigation,
Abbreviations
and Acronyms 91
2021 ESG Report
Human-centred design Better banking • We enhanced the policy anniversary

Introduction experience. In Hong Kong, policy
When designing new products, services experiences anniversary is another key interaction
or customer experiences, we use a Manulife Bank makes it easy for customers moment for customers. Our team in
ESG at Manulife human-centric and agile approach, which to manage their day-to-day finances through Hong Kong reimagined the anniversary
incorporates customer feedback throughout mobile, online and telephone banking. statement through the lens of the customer.
the ideation, development and delivery Our Customer Service Centre is open 365 The new statement uses a straightforward
Environmental processes. This way, any time a new days a year, making it easy for customers to design, with streamlined messaging that
product or service goes to market, it will reach us when it’s convenient for them. specifically calls out the most important
Social have been tested, iterated, and validated customer actions. This redesign has led to a
by end users to ensure that it is the best 13% reduction in inquiries to the call centre
Community Investment possible response to their needs. We are In 2021, we took the following
and has contributed to a 26-point lift in
Volunteering and Giving in the process of scaling our agile and steps to enhance our approach:
transactional NPS.
human-centric ways of working across our • We incorporated AI driven analysis of
Financial Inclusion
delivery organizations. customer interactions. We have greatly
Diversity, Equity and Inclusion expanded our reach in monitoring customer
Through our NPS methodology, we have
Supplier Diversity experience by incorporating AI-driven
distilled what customers expect of a great
analysis of customer interactions with us,
Talent Attraction and Retention experience into six elements.
even when they have not completed an
Training and Development NPS survey. As of December 31, 2021
Customers expect us to:
Engagement and Recognition this is enabled for all North American call
• Take ownership of resolving their issues centre calls and will be further expanded
Employee Benefits and Wellness in 2022 and 2023 to include Asia calls,
• Be easy to do business with
Occupational Health and Safety chat transcripts, web/mobile clickstream
• Engage with empathy, understanding data, complaints and social media. The
Customer Experience
and professionalism expansion to include all calls will increase
Customer Well-being the volume of feedback from 500K NPS
• Be clear and transparent in all
surveys annually to over 11M calls annually
our communications
— a 22-fold increase. This will enable more
Governance
• Add value beyond their immediate need accurate insights to guide improvements to
our services and products.
• Enable our advisors to deliver high
Performance Data
quality experiences
Abbreviations
and Acronyms 92
2021 ESG Report
Introduction
ESG at Manulife Digital Transformation

Environmental
Social Over the past three years, we have We have made tremendous progress
made significant progress on our digital and there is still substantial value to
transformation, creating significant value realize. 73% of new business at Manulife
Volunteering and Giving for customers, shareholders and Manulife. is now submitted digitally, with 76%
Financial Inclusion Our customer and digital strategy provides auto-underwritten. This is quite an 73% new business
a laser-focused, disciplined framework to achievement when you consider it was a at Manulife is now
guide how we prioritize and sequence our completely paper-based process just over
Supplier Diversity investment choices to provide maximum two years ago.
submitted digitally
benefit through:
Training and Development • Using the Voice of the Customer to Improving productivity
ensure we solve the most pressing and quality
customer issues
Employee Benefits and Wellness Agile at Manulife is embedded in each of
• Creating market-leading, differentiated our businesses and is our primary way
Occupational Health and Safety customer experiences by doubling-down of working. In fact, we have more than
Customer Experience on the most critical interactions that will 5,000 agile practitioners across 500-plus
have the most impact for our brand squads globally, working cross-functionally,
Customer Well-being
leveraging their domain and customer
• Extending our relationships in the
knowledge. Our Agile capabilities allow us
Health and Wellness ecosystem to serve
Governance customers in new ways
to continuously iterate and prioritize the With 76%
highest value work resulting in accelerated
time to market and increased productivity
auto-underwritten
Performance Data and quality.
Abbreviations
and Acronyms 93
2021 ESG Report
Putting data science to Digital-first Empowering our agents

Introduction
work for our customers banking experiences Manulife Singapore offers the Digital Stars
Our Advanced Analytics practice is an Manulife Bank puts technology at the platform, which provides its agents with a
ESG at Manulife established, core competency at Manulife forefront of the customer experience by personalized and verified website where
where we use data and Artificial Intelligence leveraging online application systems for customers can contact them. The platform
in collaboration with our businesses and mortgage brokers, independent advisors has real-time chat functions and allows
Environmental customers to select the agents they want to
functions to improve customer interactions, and retail lending specialists. These systems
create operational improvements and allow our customers to get up and running work with, based on information the agents
Social reduce fraud. Our 160 highly skilled Data with many of Manulife Bank’s deposit and display on their website. The Digital Stars
Scientists are critical enablers to our digital loan products quickly and efficiently. We platform acts as a distribution hub as well as
Community Investment a digital business platform, which allows our
and customer transformation. They use also offer online applications for chequing
Volunteering and Giving the latest AI techniques, including Machine and savings accounts, making it easy for financial advisors to quickly and efficiently
Learning, Deep Learning, and Reinforcement customers to apply from the comfort of connect with clients and tend to their
Financial Inclusion
Learning to deliver incremental value over their homes. financial needs.
and above traditional statistical techniques.
Supplier Diversity Since 2018, Advanced Analytics has Manulife Bank’s Interactive Voice Response
enabled over $450 million of value from system features natural language
AI and an additional $300 million in recognition and voice biometrics in
Training and Development 2021 alone. both English and French, simplifying the
Engagement and Recognition customer experience by allowing them
to validate their identity using only their
Employee Benefits and Wellness voiceprint and navigate the IVR system
Occupational Health and Safety with spoken requests. Our online banking
app is supported by MAI, our AI chatbot
Customer Experience
that helps customers get quick answers
Customer Well-being to common questions. Customers using a
ManulifeMONEY+TM Visa* card can also add
their card to their mobile wallet and make
Governance payments using their mobile device.
Performance Data
Abbreviations
and Acronyms * Trademark of Visa Int. used under license. 94
2021 ESG Report
Partnering for digital For example, we are testing a Proof of • We introduced Manulife ID – a
Introduction Concept using smart health kiosks to single login ID and password. Now, our
innovation administer biometric tests, capturing more customers can access their Manulife
Manulife’s Global Innovation strategy has two than 21 health indicators with a personalized and Manulife Bank products with ease.
ESG at Manulife main areas of focus: health report including recommendations at Manulife ID also supports multi-factor
the end of the customer’s kiosk journey. The authentication, which brings a higher level
Environmental 1. Reimagine experiences where we aspire aim of the Proof of Concept is to enhance of security to online and mobile banking.
to build differentiated priority customer the company’s digital health and wellness With the introduction of Manulife ID,
experiences for market leadership offering, increase access to health screening, we also launched a completely updated
Social and evaluate potential to streamline version of our online banking site, which
Community Investment 2. New growth focused on identifying underwriting in Asia. offers a fresh look and easier navigation.
new revenue streams and extending
Volunteering and Giving We also partner with other leaders in • We’ve expedited the sales experience
customer relationships in the health and
Advanced Analytics like the Waterloo Artificial for U.S. Insurance customers.
Financial Inclusion wellness ecosystem
Intelligence Institute to access innovators in Customers place a high value on an
Diversity, Equity and Inclusion In 2021, we executed on two startup Artificial Intelligence and co-develop solutions expedited and seamless sales experience.
engagement programs facilitated by using the latest techniques. In U.S. Insurance, we’ve taken these
Supplier Diversity
partners — Manulife BOOST in partnership insights and re-imagined the experience
Talent Attraction and Retention with BRINC in Asia and MassChallenge by eliminating the health exam and
FinTech (MCFT) in North America that
In 2021, we took the following implementing auto-underwriting for
delivered a pipeline of 498 start-ups for
steps to enhance our digital qualifying policies, effectively reducing
our assessment, sourced in alignment with
transformation approach turn-around times by 80%.
Employee Benefits and Wellness specific business challenges themes. A few
across Manulife:
Occupational Health and Safety start-ups had advanced to working with us • We developed a fully digital product
on testing specific innovative technologies onboarding platform in Asia. We have
Customer Experience and products. enabled 80,000 of our agents through
Customer Well-being an end-to-end, fully digital onboarding
platform from discovery and illustration
to submission, underwriting and policy
Governance delivery, all supported by e-signature.
Performance Data
Abbreviations
and Acronyms 95
2021 ESG Report
Introduction Customer Complaint Resolution

ESG at Manulife
We are committed to providing high-quality 3. Ask for a review by our Customer Care Customer satisfaction and
Environmental service and products to assist customers team if the situation is not resolved to
complaint resolution23
in making better financial decisions. If satisfaction after step 2
customers have questions or concerns, 2021 2020 2019 2018
Social we see it as our responsibility to respond 4. Contact our Ombuds Office for a final
promptly, accurately and with the review if the situation remains unresolved Cases investigated by
Community Investment 289 307 292 319
Manulife’s Ombuds Office
utmost courtesy. Our websites outline after steps 1,2 and 3
complaint resolution processes in each
Cases investigated24
Financial Inclusion region. The Audit Committee annually 5. Pursue external recourse if they
by an independent
reviews the procedures for dealing with remain dissatisfied. The manulife.ca 78 76 65 28
Diversity, Equity and Inclusion complaint resolution
customer complaints. website provides contact details for body or regulator
Supplier Diversity industry Ombuds Services such as
For example, we have a five-step process the OmbudService for Life and Health Cases investigated
for our Canadian insurance products and Insurance (OLHI) and the Ombudsman for externally that resulted in a
Training and Development 0 0 0 0
services that invites customers to: Banking Services and Investment (OBSI). recommendation different
from Manulife’s position
Engagement and Recognition The manulife.ca website also provides
1. Let us know as most problems can be contact details for relevant federal and
Employee Benefits and Wellness 23 Canadian segment insurance products and services and Manulife Investment
resolved quickly and easily by speaking provincial regulatory agencies. Management guaranteed products.
Occupational Health and Safety with their advisor or with one of our 24 Represents cases externally investigated by (1) the OmbudService for Life and
Health Insurance; (2) Ombudsman for Banking Services and Investments; or
Customer Experience Customer Service Professionals. (3) the Autorité des marchés financiers.
Customer Well-being 2. Ask to speak with a Customer Service

Leader if the situation is not resolved to
Governance satisfaction after step 1
Performance Data
Abbreviations
and Acronyms 96
2021 ESG Report
Introduction
ESG at Manulife Customer Well-being

Environmental
Social Manulife is at the leading edge When customers live longer, healthier lives, The popularity of wearable devices enables
it is good for them and for their life insurers, a seamless digital experience used to
Community Investment of behavioural insurance, a while society benefits as a whole — it is a encourage customer engagement and
Volunteering and Giving shared value approach to life primary example of bringing the principles reward customers for participating in
of shared value to life. healthy activities, including exercise,
Financial Inclusion insurance that encourages nutrition, sleep, preventative screenings
Diversity, Equity and Inclusion customers to take small steps Whereas traditional insurance policies and mindfulness.
are priced based on a limited snapshot
Supplier Diversity every day towards living longer, of a customer’s data (e.g., age, smoking We offer five behavioural insurance products:
Talent Attraction and Retention healthier, better lives. status, gender, basic health indicators) Manulife Vitality and Manulife Vitality
Training and Development at the point of purchase, this new type of Group in Canada; John Hancock Vitality
insurance provides financial protection and and John Hancock Aspire in the U.S.; and
rewards customers with premium savings ManulifeMOVE, delivered through the MOVE
Employee Benefits and Wellness and other benefits when they make healthy app, in six markets across Asia (Cambodia,
Occupational Health and Safety lifestyle choices. mainland China, Hong Kong, the Philippines,
Singapore, and Vietnam).
Customer Experience
Customer Well-being
Governance
Performance Data
Abbreviations
and Acronyms 97
2021 ESG Report
More on ManulifeMOVE Research and Data Driven John Hancock Aspire™

Introduction
ManulifeMOVE integrates activity-tracking Our approach to behavioural insurance First launched in 2019 in collaboration with
and insurance solutions to motivate healthy product development is data driven. A 2018 Verily and Onduo, John Hancock Aspire™
ESG at Manulife habits among our customers. The flagship RAND Europe study of over 400,000 people is the first and only life insurance designed
program, delivered through the proprietary in the U.S., U.K. and South Africa — the specifically for people living with diabetes.
MOVE app, focuses on wellness. It provides world’s largest behaviour tech study based Approximately 20 million Americans are
Environmental access to an ecosystem of services that on verified data — concluded that those who living with either type 1 or type 2 diabetes,
support our customers to take the next wore an Apple Watch and participated in and half either don’t have life insurance or do
Social step in achieving better health. Designed to the Vitality Active Rewards benefit program not have enough life insurance.
reward every move, the program helps our averaged a 34 percent increase in sustained
Community Investment customers make healthier lifestyle choices physical activity compared to participants
Volunteering and Giving in both the immediate and longer term. without an Apple Watch. That is the
John Hancock Aspire™
Financial Inclusion
The benefits to our customers range from equivalent of 4.8 extra days of activity per is helping a historically
healthcare partnerships that offer useful month. And a 2021 study commissioned by underserved population secure
health insights to regular challenges that Vitality quantifies the widening gap between
Supplier Diversity incentivize health improvement through lifespan (life expectancy) and healthspan their financial futures, with the
wellness, entertainment and lifestyle (the number of years lived in good health) benefits of a comprehensive
rewards. With a strategic vision to become globally, reflecting a diminishing quality of
Training and Development the ultimate engagement tool for all, life in later years. Alongside this research, diabetes management program.
ManulifeMOVE was first released in the Vitality and RAND Europe have developed
Hong Kong market in 2015, specifically a pioneering algorithm that will allow
Employee Benefits and Wellness for policyholders. individuals, for the first time, to understand
Occupational Health and Safety how their lifestyle choices impact both their
length and quality of life, enabling them to
Customer Experience take actions that will maximize the number
Customer Well-being of years that they spend in good health in
the future.
Governance
Performance Data
Abbreviations
and Acronyms 98
2021 ESG Report
Introduction
Pandemic Response
Throughout the COVID-19 pandemic,
Ensuring the program remains technology
enabled and in an effort to offer access to Over 100,000
the latest wearables on the market, John
we have made several proactive Hancock and Manulife Insurance expanded
John Hancock Vitality
ESG at Manulife modifications to the John Hancock Vitality their Apple Watch program to offer the Apple Insurance customers in
program to best support our customers’
overall well-being, including:
Watch Series 7 to life insurance customers the U.S.
Environmental participating in the program.
• Doubling down on support for stress relief,
Social
including COVID-19-specific meditation
through our partnership with Headspace
Over the course of 12 months,
John Hancock Vitality customers Over 1.3M
• Offering at-home biometrics for those who
improved their health: Manulife Vitality
Volunteering and Giving weren’t comfortable visiting their doctor • 80% reported similar or better health customers across
in person year over year
Financial Inclusion
Insurance and Group
Diversity, Equity and Inclusion • Teaming up with the Tufts Friedman • 71% of members improved or maintained
School of Nutrition to host a webinar on a healthy weight
Benefits in Canada
Supplier Diversity
the importance of nutrition and diet for
Talent Attraction and Retention • 34% with high cholesterol reported
baseline health during the pandemic
Over 1.2M
bringing their measure in range
• Rewarding life insurance customers
Engagement and Recognition participating in the John Hancock Vitality
Program and Manulife Vitality Program ManulifeMOVE customers
(Group Benefits and Life) with 400 Vitality across Asia
Occupational Health and Safety Points for COVID-19 vaccinations
Customer Experience
Customer Well-being
Governance
Performance Data
Abbreviations
and Acronyms 99
2021 ESG Report
Introduction
ESG at Manulife
Governance Policies
and Practices
Environmental
Social
We believe that excellent corporate governance is critical
Governance
to our long-term success — for us, our shareholders and
Policies and Practices
our customers.
Risk Management
Ethics and Compliance Culture
Tax Transparency
Data Security and Privacy
Executive Compensation Practices
Responsible Marketing
Public Policy
Performance Data
Abbreviations
and Acronyms 100
2021 ESG Report
Our Board of Directors sets the tone at the • With respect to gender in particular, Board Diversity
Introduction top, promoting a strong culture of integrity the board strives to maintain parity
and ethical behaviour throughout our between men and women among the
entire organization. independent directors and has established
ESG at Manulife a specific objective that at least 40% of
Our Board of Directors is elected by the independent directors are women,
54% 23%
Manulife’s shareholders and is responsible recognizing that board composition may
Environmental for overseeing the business and affairs fluctuate from time to time during periods
of our company. Governance policies and of transition
Social practices are consistent with our values
and with the various rules and requirements • Increased commitment that women
applicable to our business. will represent no less than 40% of
Governance the independent directors (subject to 7 of the independent 23% of the independent
• Other than the CEO, all of our directors fluctuations during periods of transition)
are independent, and all members directors (54%) directors are racially/
Risk Management • 7 of the independent directors (54%)
of the Board’s standing committees
are women
are women ethnically diverse
Ethics and Compliance Culture are independent
• 3 of the independent directors (23%)
Tax Transparency • Directors reflect a mix of certain
are members of a racially/ethnically
competencies, experience and personal
Data Security and Privacy diverse group
qualities to ensure proper oversight and
Executive Compensation Practices effective decision-making; the Board • While independent directors meet
Responsible Marketing routinely reviews its size and makeup with regularly with senior management, they
the CGNC also hold sessions at Board and committee
Public Policy
meetings without management present to
• The Board has a long-standing diversity
facilitate open and candid discussion
policy that considers characteristics
Performance Data that contribute to board diversity, • The CGNC reviews the Board mandate
including gender, age, race, ethnicity, annually; the Board’s mandate, committee
culture, disability, sexual orientation and charters, and position descriptions for the
geographic representation, as well as any Board Chair, committee chairs, individual
other characteristics that may be identified directors and the CEO are available on
from time to time manulife.com
Abbreviations For additional information, refer to Manulife’s 2022 Management Information Circular.
and Acronyms 101
2021 ESG Report
Introduction
ESG at Manulife Risk Management

Environmental
Mitigating hazards and managing risk is Effective risk Responsible risk
critical to our day-to-day interactions with
Social our customers and business operations. management governance
Our Risk Management strategy scales up There is significant internal communication Our Board of Directors is responsible for risk
Governance to the executive level, with our Board of surrounding risk management. The ERM oversight. This oversight is effected primarily
Directors and Risk Committee overseeing framework is communicated through by the Risk Committee of the Board, while
Policies and Practices the management of our principal risks, and risk policies and standards, which the Executive Risk Committee directs
Risk Management our programs, policies and procedures to enable consistent design and execution our risk management efforts. Both the
manage those risks. of strategies across the organization. Board’s Risk Committee and Executive Risk
Management is responsible for managing Committee review quarterly risk reports
Tax Transparency Responsible risk-taking is all about striking risk within the company’s risk appetite — summarizing our overall risk profile and
the right balance between taking risk which defines the amount and types of exposures across our principal risks.
where it is necessary and safeguarding our risks we are willing to assume in pursuit
Executive Compensation Practices business and customers’ best interests. It is of our objectives — and has established Reporting to the Board’s Risk Committee
Responsible Marketing a calculative process that requires many risk management strategies and and Manulife’s CEO, our CRO leads the
team members from many departments. monitoring practices. Global Risk Management function, which
Public Policy Our approach to risk management is establishes and maintains our ERM
governed by our ERM framework, which framework and oversees the execution
Performance Data sets out a structured process for risk of individual risk management programs
management activities across the enterprise across the enterprise. Unlike other
to support our long-term revenue, earnings executives, our CRO’s compensation is
and capital growth strategy. structured to avoid incentives based on the
achievement of business results against
pre-established financial, operating and
strategic objectives.
Abbreviations
and Acronyms 102
2021 ESG Report
Financial strength ratings In 2021, we took the following This was a company-wide initiative
Introduction Rating agency Rating*
steps to enhance our ESG-related with increased climate-related impacts
risk management approach: through a series of presentations and
A.M. Best Company A+ learning sessions by risk committees and
ESG at Manulife DBRS Morningstar AA
• Improved integration of climate change
internal SMEs.
into ERM. During 2021, climate
Fitch Ratings Inc. AA- change was introduced as a strategic We have also identified four priority areas for
Environmental Moody’s Investors Service topic for Global Risk Management and strategy and operations to focus on:
A1
Inc. S&P Global Ratings leadership acknowledged the need
S&P Global Ratings AA- to increase awareness and expertise • Product risk — How do climate risks
Social
within the function to better support impact our product features, guarantees,
*As at Dec. 31, 2021– Financial strength ratings apply
to the main life operating companies of Manulife the management of climate-related reinsurance support, underwriting,
Governance Financial Corporation, including The Manufacturers
Life Insurance Company, John Hancock Life Insurance
risks across the organization. A working pricing/repricing and scenario analysis?
Company (U.S.A.), John Hancock Life and Health group was established to accelerate the
Policies and Practices • Operational risk — How do climate risks
Insurance Company and John Hancock Life Insurance effort in upskilling our staff, assess and
Risk Management Company of New York. DBRS does not rate the U.S. impact risk taxonomy, key controls and
insurance subsidiaries separately. adopt relevant industry practices and
scenario analysis?
Ethics and Compliance Culture emerging regulatory expectations and
enhance our existing ERM framework by • Market risk — How can climate risk be
Tax Transparency embedding climate risk considerations considered in economic capital modeling/
Data Security and Privacy into risk management activities across ORSA analysis with longer-term horizons?
the enterprise.
Executive Compensation Practices • Risk policies and standards — How
Responsible Marketing Additionally, we enhanced underwriting can our existing framework, expressed
practices by integrating climate risk as a key through risk policies and standards,
Public Policy factor into how we classify foreign countries include potential impacts from climate
and included climate risk as part of how we change-related risk drivers?
Performance Data establish risk parameters for our Geographic
Concentration of Risk Policy.
Abbreviations
and Acronyms 103
2021 ESG Report

Introduction
Manulife prides itself on honesty, integrity those outlined in the Policy Overview chart If employees feel that their questions or
ESG at Manulife and an uncompromising dedication to the on Manulife.com. In addition to providing concerns have not been appropriately
highest standards of business conduct. compulsory and supplemental training addressed, they can direct their complaint
We have a reputation within the industry that includes annual mandatory training to Manulife’s Global Compliance Chief or
Environmental
that speaks to our moral compass and on the Code, we run specialized employee Manulife’s General Counsel.
professionalism when it comes to our ethics communication campaigns to reinforce
Social and compliance culture. our well-established culture of compliance. The company absolutely prohibits retaliation
These campaigns cover topics such as fraud, of any kind for good faith reports of illegal or
Our Code of Business Conduct and cyber security, risk awareness, data privacy unethical behaviour.
Governance Ethics (the “Code”) affirms the company’s and security.
Policies and Practices commitment to ethical conduct and its
In 2021, we took the following
practice of complying with all applicable We foster an environment where employees
Risk Management steps to enhance our approach:
laws and avoiding potential or actual at any level may report any compliance
Ethics and Compliance Culture conflicts of interest. The Board of Directors, concerns to their managers, their segment • Strengthened our policies and
with the support of the Audit Committee, Chief Compliance Officer, a member of commitments. We regularly review select
Tax Transparency policies and commitments to ensure that
oversees compliance with the Code and the Law department, the Global Functions
Data Security and Privacy reviews and approves the Code on an Compliance team or a member of the Human the standards and expectations set reflect
annual basis. Resources department. the importance of topics such as human
rights in our business. This includes our
Responsible Marketing Our employees and all members of Unethical, unprofessional, illegal, fraudulent Human Rights Statement and updates to
Public Policy Manulife’s Board of Directors receive or other questionable behaviour, including our Vendor Code of Conduct.
training and must certify their compliance any concern with respect to auditing and
with the Code annually, be well-versed in accounting matters, may also be reported
Performance Data its provisions and conduct themselves through a confidential, toll-free Ethics
according to both the letter and the spirit Hotline or online at manulifeethics.com.
of those provisions. Employees are also The hotline is maintained by a well-known
required to comply with all relevant laws third-party service provider and allows
and regulations, as well as internal policies, for anonymous reporting if the person
standards and guidelines, which include so chooses.
Abbreviations
and Acronyms 104
2021 ESG Report
Tax Transparency
Introduction
ESG at Manulife
Our tax strategy Tax department participates in these The different types of investment income,
committees and Global Tax’s approval is which are key to supporting the insurance
is based on the required for transactions and structures with business risks we assume, are another • Global Tax Strategy
Environmental following principles: significant tax implications. factor that reduces the effective tax rate as
• Corporate Governance
• Complete honesty and integrity they are often taxed at much lower effective
Manulife has a global presence — operating rates than compared to regular business • Statement of Corporate
• Compliance with all applicable laws in numerous countries around the
Social and regulations, including transfer
income. Governments can make such tax Governance Practices
world, each with its own taxation system policy decisions for technical reasons, such • Management Information Circular
pricing guidelines and tax rates. Manulife complies with as avoiding double taxation on business
Governance • Contribution to shareholder value transfer pricing legislation and guidelines earnings, or to encourage certain types
• Board Diversity Policy
Policies and Practices • Customer-centric client service established by the countries in which we of investment. • Annual Report – Income Taxes
• Protection of the Manulife brand operate, along with OECD transfer pricing
Risk Management • Statistical Information Package
and reputation guidelines, to ensure that the “arm’s-length” In 2021, Manulife incurred $1.9 billion
Ethics and Compliance Culture principle is observed in pricing cross-border of taxes paid or payable to all levels of • Code of Business Conduct
• Operational efficiency and effectiveness and Ethics
transactions between Manulife entities. governments globally of which $794 million
Tax Transparency • Openness and co-operation with Also, in accordance with the OECD’s Base of taxes paid or payable in income taxes and • Vendor Code of Conduct
Data Security and Privacy tax authorities Erosion and Profit Shifting initiative (BEPS) capital taxes and $1.1 billion in other taxes.
Executive Compensation Practices Tax falls within the scope of the Chief to enhance tax transparency, Manulife
Financial Officer’s responsibilities. produces country-by-country reporting on
Responsible Marketing In 2021, we took the following
Ultimate responsibility is with our ELT and our global operations to facilitate the audit
steps to enhance our approach:
Public Policy Manulife’s Board of Directors. Operational work of tax authorities around the world.
• Revised and formalized our Tax
responsibility for tax strategy and risk
Since many of the countries, such as the Risk Management standard and
management resides with Global Tax.
Performance Data United States, have tax rates lower than Global Tax Strategy.
Manulife has established formal those of Canada, the company’s effective tax
committees to review and approve rate will typically be lower than the Canadian
significant transactions and structures. statutory rate of 26.5%. Additionally, the
Such committees are accountable to the variability of that rate from year to year is
ELT and/or Manulife’s Board of Directors as dependent on the level of our profitability on
is deemed appropriate. Manulife’s Global a country-by-country basis.
Abbreviations
and Acronyms 105
2021 ESG Report
Introduction
ESG at Manulife Data Security and Privacy

Environmental
Social Information risk is a top Over 3 million customers put a lot of

trust into Manulife to keep their money,
enterprise risk management information and data safe, and maintaining
Governance concern, similar to financial that trust is paramount. In addition to
Policies and Practices our customers, it is critical to keep our
or credit risk. We seek to colleagues’ information safe as well.
Risk Management
protect our data and that By having proficient cyber threat intelligence
of our customers. capabilities, Manulife can detect trends in
Tax Transparency threat activity and turn trend analysis into
As a result, this is a key area of focus at strategic and tactical actions to shield our
Data Security and Privacy business against potential losses.
meetings of the Board’s Risk Committee,
Executive Compensation Practices including engagement at least quarterly
Responsible Marketing with the Chief Information Risk Officer on
information risk strategies, goals and ad hoc
Public Policy topics, including industry trends.
Performance Data
Abbreviations
and Acronyms 106
2021 ESG Report
Information and cyber Our cyber security risk framework describes Threat intelligence and vulnerability
Introduction the following items: management. Manulife is constantly
security governance making investments and improvements to
Managing information and cyber risks is a • Manulife’s cyber security risk our company’s cybersecurity toolkit, and we
ESG at Manulife coordinated effort across the business. management practices stay informed on the latest potential threats.
• The governance structure in place By having proficient cyber threat intelligence Over 99% of eligible
Enterprise-wide information risk
Environmental management program. Overseen by our
to ensure cyber security risks are capabilities, we can detect trends and turn
analysis into strategic and tactical actions
employees completed
well-managed within the organization
Chief information Risk Officer, the program to shield our business against potential privacy and information
Social establishes the company’s information • The processes for identifying, measuring, losses. Automated vulnerability scanning
and cyber-security framework, including monitoring, responding, and reporting of Manulife’s networks and endpoints, security training
governance, policies, standards, and cyber security risks industry-leading vulnerability scanning
Governance appropriate controls to project information technology, application security vulnerability in 2021.
and computer systems. • The alignment of our cyber security risk
Policies and Practices assessments, and infrastructure analysis by
management practices with industry
in-house and external testers are in place
Risk Management These policies are modelled after the ISO standards and regulatory expectations
to protect our computing infrastructure.
Ethics and Compliance Culture 27001 standard, and use the National
These measures help create a secure, digital
Institute of Standards and Technology (NIST)
Tax Transparency experience for our colleagues and customers.
security framework and other industry
In addition to protection, detection and
Data Security and Privacy standards as key references. Dedicated staff
response mechanisms, the Company
develop and maintain our information risk
Executive Compensation Practices maintains cyber risk insurance.
policies and standards. They follow a robust
Responsible Marketing review and update process to ensure the Cyber incident exercises. These
Public Policy policies and standards remain current and exercises are conducted at the executive
respond to the latest technological changes. level, which help ensure we are ready in
The process considers and incorporates the event of an incident and encourage
Performance Data the needs and expectations of our consistent, repeatable processes that are
customers and other external stakeholders. well-understood prior to any incident.
The documents are held in an online
database with an alerting system to manage
review timeframes.
Abbreviations
and Acronyms 107
2021 ESG Report
Information risk management Cyber security month We have a global framework for managing
Introduction Manulife colleagues participate in mandatory Throughout October, Cyber Security
the Company’s privacy risk, which is
overseen by our Global Chief Privacy Officer,
annual security and privacy training to Month, the company published a series of
who is accountable to the Global Compliance
ESG at Manulife ensure our workforce is knowledgeable about articles that increased company-wide cyber
Chief. The framework is anchored by our
their responsibilities to protect company awareness, covering topics such as phishing
Global Privacy Risk Management Policy and
and customer information. They can access and social media safety, and held a global
Environmental designed to:
related policies, standards and procedures forum for all employees on cybersecurity.
at any time through a centralized website. • Help ensure compliance with legal and
Over 99% of eligible employees completed
Social Safeguarding our customers’ data regulatory requirements governing the
privacy and information security training in protection of personal information in all the
2021. Global communication campaigns As a provider of financial products and
jurisdictions in which Manulife operates,
Governance about protecting information are conducted services, we collect and use customers’
while also promoting consistency in
quarterly, highlighting information protection personal information through the normal
Policies and Practices personal information handling practices
topics and delivering simple, action-oriented course of our business. Our customers trust
throughout the Company.
Risk Management messages. Simulated phishing email that we will safeguard the privacy of the
messages educate employees on how to information in our care, and we take our • Maintain and foster customer and
recognize and address suspicious emails. responsibility to do so very seriously. employee trust.
Tax Transparency We conducted 336,129 simulations
• Minimize the occurrence and impact of
Data Security and Privacy in 2021 with Manulife employees and
privacy-related incidents.
contractors. Risk management behaviours
are formally included in the employee annual
Responsible Marketing performance review process. Employees
Public Policy can easily escalate any concerns about
information security through a variety
of means, including with simple and
Performance Data accessible tools.
Abbreviations
and Acronyms 108
2021 ESG Report
Our framework establishes Manulife’s Statement of Corporate Privacy Every business segment and corporate Details given to customers about
Introduction standards for: Principles sets out the principles that function appoints employees who are how we handle their personal
• Ensuring applicable privacy legislation
guide our approach to handling personal responsible for monitoring privacy information include:
information. In many countries in which compliance and helping to ensure personal
ESG at Manulife and regulations are understood and
we do business, our corporate privacy information is protected. These employees
• The nature of information captured,
requirements reflected in applicable why it is captured and how it is captured
policies are supplemented by more detailed stay abreast of global trends in information
business processes, controls
Environmental policies that reflect the requirements of protection, privacy legislation and emerging • How the collected information is used
and disclosures.
those countries and are posted on our technology to help ensure our programs stay
• Any options they may have for deciding
• Identifying and managing privacy related corporate website. These policies include, up to date. Privacy risks and related controls
Social how their personal information is
risks, including those that may be where applicable: clear terms regarding the are assessed regularly, through a process
collected, used, retained and processed
introduced by new or changed initiatives. collection, use, disclosure and retention of overseen by the Global Chief Privacy Officer.
personal information; third party handling of On a quarterly basis, we report on privacy to • How long the information is kept on
Governance • Collecting and handling personal
personal information; openness about policy senior management and Board of Directors. corporate files
Policies and Practices information, including limiting collection
changes; and contact information for raising
and ensuring it is carried out in fair and Instructions for employees about handling • Safeguards in place to protect
concerns about our privacy practices.
Risk Management legal ways. personal information are also included in the information
Ethics and Compliance Culture Our internal Global Privacy Risk the Code of Business Conduct and Ethics,
• Handling requests from individuals, • Involvement of service providers
Management Policy applies to all personal Global Privacy Risk Management Policy, and
Tax Transparency including privacy-related complaints,
information under Manulife’s control, Information Security Policy. • How to contact us if they have questions
concerns and consent withdrawals.
Data Security and Privacy including when it’s transferred to third or concerns
• Privacy incident management, including parties to be processed on our behalf. We Our audit services group is responsible for
root cause analysis and corrective actions. track privacy-related complaints, including independently reviewing the effectiveness of
Responsible Marketing our privacy framework through its risk-based
whether they are substantiated.
• Sharing personal information with third audit and review process.
Public Policy
parties. We include privacy and security As part of our enterprise-wide information
clauses in contracts with third parties protection program, privacy and information
Performance Data that handle personal information on our risk management teams work collaboratively
behalf, requiring them to comply with our to integrate the programs that are focused
internal framework. on protecting information within the Manulife
• Safeguarding personal information. environment. Protocols are in place to ensure
privacy concerns are quickly identified,
• Monitoring compliance with the framework investigated and addressed. We also engage
with external organizations to help ensure our
• Employee training
program reflects current best practices for
information protection.
Abbreviations
and Acronyms 109
2021 ESG Report
Introduction Executive Compensation Practices

ESG at Manulife
Environmental
We expect executives to make decisions Members of the executive team currently
that are in the long-term interest of the have performance goals linked to DEI, Compensation is aligned
Social company. Executive compensation is employee engagement and leadership with risk management
designed to contribute to our long-term accountability. Beginning in 2021, goals objectives
Governance sustainable growth by rewarding executives linked to Manulife’s Climate Action Plan were
align eholde
man n and
st
for strong performance in executing our also included.
Com
peer ked a re
gain
shar
Policies and Practices business strategy.
ce a
es
ed w
atio
pens ng-ter
pani
Risk Management
Pay for performance is at the core of our Additional information
i
pens
th
com
atio
Ethics and Compliance Culture approach to executive compensation.
l
r
hma
Detailed information on our executive
o
Pay for
r val
Com
perf
n is
Tax Transparency Compensation is tied to the achievement compensation approach is available in our
benc
of our short, medium and long-term goals, 2022 Management Information Circular.
Performance
ue
m
so that most of what our executives earn is
Executive Compensation Practices variable and not guaranteed. In practice,
this has meant that executives earn more Co
mp n is
when performance is strong and earn less
Public Policy bu alig ens atio ood es
when performance is not strong. The Board sin ne ati ens ith g ctic
also has the discretion to adjust incentive es d w on m p w ra
p
payouts to reflect business performance.
s s it is
tra h Co gned ce
Performance Data n
teg ali rna
y o ve
g
Abbreviations
and Acronyms 110
2021 ESG Report
Introduction
The goal of our marketing strategy is to meet committed to reflecting DEI throughout our to our internal assessments and provide
ESG at Manulife the needs of our customers while supporting advertising and marketing, ensuring that guidance on best market practices. As this
the needs of future generations. As a our materials fully represent our consumers, landscape is fluid and continues to develop,
Fortune 500 enterprise, we are conscious of employees and communities and are equally we review and seek to adapt our testing
Environmental
our influence on the world — and the great accessible to all. activities accordingly.
responsibility that comes along with that.
Social We are committed to building trust In 2021, Compliance reviewed ESG-related
Manulife has many practices and processes through responsible practices and through marketing materials in Manulife Investment
in place that align with the fair treatment of transparent communication — both directly Management and other disclosures,
Governance customers. These include strong protection to consumers and indirectly through other monitoring against portfolio guidelines and
Policies and Practices of private information, plain language key stakeholders and thought-leaders. mandates and reviewing the investment
communication with customers, responsive decision-making process for selected asset
Risk Management customer service and complaint handling classes to ensure alignment with disclosures.
Ethics and Compliance Culture processes. We ensure our products are Responsible marketing We also tested our Proxy Voting Policy
Tax Transparency
clearly explained and honestly marketed so of ESG investments against our practices and records to assess
our customers can make informed decisions Manulife Investment Management has a the reasonable design and compliance of our
Data Security and Privacy and choose products and services that are proxy voting program. As a result, we added
compliance program that employs a variety
Executive Compensation Practices most beneficial to them. of internal assessment and testing additional controls for broader proposal
techniques to ensure adherence to its reviews by analysts, amended the meeting
Responsible Marketing Manulife actively participates in industry procedures of our internal Proxy Voting
policies, procedures and corresponding
Public Policy dialogue with regulators and industry Working Group to ensure more efficient
requirements. Our team of Compliance
associations to provide feedback on and timely decision making, and conducted
professionals also provide advice and
potential regulations and learn more about training for analysts on reviewing and
Performance Data guidance to enhance our ESG-related
regulatory expectations. documenting proxy voting matters.
processes, to ensure adherence to the
We use advertising and marketing as a way different regulatory environments in
to engage with consumers on topics that which we operate. We also leverage the
matter to them. Advertising and marketing expertise of third party ESG consultants
help us to tell people about our latest to review our ESG policies and processes
solutions, products and services. We are to provide an additional objective lens
Abbreviations
and Acronyms 111
2021 ESG Report
Public Policy
Introduction
Policy dialogue and participation improves We recognize that we must take special care their collective voice heard in the political The following is a list of key organizations
ESG at Manulife our ability to understand and address critical to use our corporate positions responsibly process. Because corporations are or trade associations to which Manulife
issues, and to make strategic decisions when dealing with government agencies permitted to pay the administrative costs of belongs or has an affiliation that may engage
that benefit our stakeholders. Public policy and representatives. Unless it is a routine a PAC, every dollar contributed to JHPAC is in lobbying governments and to which we
Environmental
discussions can also be directly relevant regulatory or government interaction distributed to candidates for elected office. currently pay membership fees:
to the evolving legislative and regulatory (e.g., regular exam, regulatory filing, or An overview of the JHPAC is available on the
Social requirements under which Manulife and our response to a request for information), any Federal Election Committee website. John • American Council of Life Insurers
financial services products are governed. contact with a government official must Hancock does not operate or contribute to • Business Council of Canada
be approved by the business segment’s any “Super PACs” and does not operate any
Governance Chief Legal Officer and the Global Head, PACs at the state level. • Canadian Bankers Association
Direct engagement Regulatory and Public Affairs. Employees
• Canadian Chamber of Commerce
Certain employees engage with government must not engage in lobbying activities
Risk Management
or regulatory officials as part of their on behalf of the company unless specific Industry memberships • Canadian Life and Health
Ethics and Compliance Culture roles, and we are committed to high authorization is obtained. Certain organizations may have interactions Insurance Association
Tax Transparency ethical standards in these relationships. with government officials on matters of
• Global Business Alliance
We maintain policies, such as the Code interest to our industry and may promote
Data Security and Privacy of Business Conduct and Ethics, to Political contributions public policy objectives important to us, our • Investment Company Institute
Executive Compensation Practices keep the confidence of our customers, Our company’s general policy is that we stakeholders or the broader community.
investors and other stakeholders with will not make any political contributions. In Our membership in, or financial support • Institute of International Finance
respect to this engagement. For example, the U.S., federal law prohibits corporations of, these organizations does not imply that • The Business Council (U.S.)
Public Policy our policies stipulate that any lobbying from contributing to candidates; however, Manulife supports every position taken by
efforts on issues affecting our business it does allow corporations to establish these organizations or those of their other • Toronto Finance International
must be done in compliance with all local Political Action Committees (PACs), funded members. Where positions differ from
Performance Data
lobbying regulations, including Canada’s by voluntary contributions from eligible ours, we voice concerns as appropriate
Corruption of Foreign Public Officials employees. The John Hancock Political by engaging with these organizations
Act and Lobbying Act, and with all local Action Committee (JHPAC) is organized through boards, committees or publicly,
reporting requirements. by employees of John Hancock and its as necessary.
subsidiaries. It is a voluntary association
of individuals formed in order to make
Abbreviations
and Acronyms 112
2021 ESG Report
Detailed Performance Data Tables

Introduction
ESG at Manulife
Environmental Debt financing for business

Amount of debt financing authorized in 2021
Social
$0 – $25,000 – $100,000 – $250,000 – $500,000 – $1,000,000 – $5,000,000
C$ thousands $24,999 $99,999 $249,999 $499,999 $999,999 $4,999,999 and greater Grand total
Governance British Columbia 99 2,135 5,667 8,308 23,148 96,862 618,479 754,698
Alberta 34 515 1,189 4,475 5,826 32,226 846,228 890,493
Performance Data Saskatchewan – 258 444 1,727 – 1,368 – 3,797

Manitoba – 273 614 896 2,040 2,903 – 6,726
Ontario 164 3,091 9,149 19,978 35,991 73,437 1,465,714 1,607,524
Quebec 114 3,352 8,385 12,728 13,729 44,950 533,327 616,585
New Brunswick – 193 338 – – – 51,067 51,598
Nova Scotia 48 127 314 2,217 3,306 3,200 109,848 119,060
Prince Edward Island – 50 – — – 4,396 21,000 25,446
Newfounland – – – 670 519 3,898 5,000 10,087
Yukon – – – – – – – –
Nunawut – – – – – – – –
Northwest Territories – – – – – – – –
Total Canada 459 9,994 26,100 50,999 84,559 263,240 3,650,663 4,086,014
Total U.S – – – – – 15,858 3,418,799 3,434,656
Total Europe – – – – – – – –
Total Asia – – – – – – – –
Total 459 9,994 26,100 50,999 84,559 279,098 7,069,462 7,520,671
Abbreviations
and Acronyms 113
2021 ESG Report
Indicators 2021 2020 2019 Footnotes
Governance
Introduction Board membership Data as of February 28, 2022, February 28, 2021 and May 7, 2020.
Total board members (#) 15 14 13
ESG at Manulife Independent board members (#) 14 13 12

Women board members (#) 7 6 6
Racially/ethnically diverse members (#) 3 1 –
Environmental Average tenure of board directors (years) 7.75 8.4 8.3
Economic performance and impact
Assets Under Management and Administration (AUMA) (trillions) $1.4 $1.3 $1.2
Social Dividends paid (billions) $2.5 $2.3 $2.1 Includes common and preferred share dividends and other equity distributions.
Goods and services purchased from suppliers (billions) $2.4 $2.6 $3.3
Total income and capital taxes paid (billions) $0.8 $1.6 $1.1 Variation in taxes year over year is primarily due to changes in profitability on a country-by-country basis. Changes in local tax laws in the
countries and regions in which we operate are also a factor.
Governance Taxes paid in Canada (thousands) $303,142 $350,022 $662,385

Federal $212,563 $280,174 $432,645
Provincial and territorial $90,579 $66,032 $229,740
Performance Data Taxes paid in U.S. (thousands) $261,984 $994,694 $168,099
Taxes paid in Asia (thousands) $228,909 $248,156 $222,125
Hong Kong $46,615 $74,071 –
Japan $63,615 $73,908 –
Rest of Asia $118,678 $100,177 –
Other Taxes (thousands) $1,144,043 $992,648 $1,078,259 Other taxes include property taxes, business taxes, payroll taxes, premium taxes, investment income taxes, and commodity taxes.
Public policy
Amount spent on political donations (US$) 0 0 0
Customers
Total Manulife customers (millions) 33 30 30
Claims and other benefits paid to customers (billions) $32 $32 $30
Debt financing authorized (billions) $8 $8 $8
Customer experience
Global customer rNet Promoter Score (NPS) 21 12 8
Complaint resolution
Cases investigated by Manulife's Ombuds Office (#) 289 307 292 Canadian Segment insurance product and services and Manulife Investment Management Guaranteed products
Cases investigated by an independent complaint resolution body 78 76 65 Represents cases investigated by OmbudService for Life and Health Insurance, Ombudsman for Banking Services and Investments, or Autorité
des marchés financiers.
or regulator (#)
Cases investigated that resulted in a recommendation different from 0 0 0
Manulife's position (#)
Abbreviations
and Acronyms 114
2021 ESG Report
Customers (continued)
Introduction Data Security and Privacy
Number of substantiated privacy complaints from a regulatory body 0 0 0
Percentage of eligible employees who completed privacy and 99.4% 99.6% 99.6%
ESG at Manulife information security training
Number of phishing simulation tests conducted globally with Manulife 336,129 337,138 280,975
employees and contractors
Environmental
Manulife Sustainable/ESG Investing
Social Total Company Sustainable Investments $67.4 Sustainable investments include Green Investments (General Account and MIM managed third-party private investments) and Social investments
(General Account private investments), as determined by Manulife’s sustainable Bond Framework and the International Capital Market
(General Account and MIM-managed third party Association’s Green and Social Bond Principles (2017). Data excludes investments in public equity securities, with the exception of green bonds.
private investments) Data prior to FY21 excludes MIM managed third party investments.
Total Green Investments (billions) $64.5 $39.8 $27.6 Private debt and equity investments, public securities excluded with the exception of several green bond investments.
Governance Green buildings $26.2 $16.9 $10.2

2019 Figure: Manulife's reporting on green investments by category was refined in 2020 and breakdowns by category are comparable for prior years.
Direct equity investments and commercial mortgages, backed by green building certifications Leadership in Energy and Environmental Design (LEED),
Buildings Owners and Managers Association (BOMA Best), and Energy Star. Residential mortgages are not relevant to Manulife at this time and are
excluded.
Sustainably managed timberland $15.8 $4.0 $3.4 Private assets operated by Manulife subsidiary MIM Timberland and Agriculture and private placements certified to Forest Stewardship Council (FSC)
Performance Data and Programme for the Endorsement of Forest Certification (PEFC) standards.
Renewable energy $10.7 $9.8 $14.0 Private debt and equity financing of energy from renewable sources (solar, wind, geothermal, waste biomass, hydroenergy) and energy storage in
batteries (for MIM Private third-party investments only).
Sustainably managed agriculture $4.1 $1.3 $0 Private assets operated by Manulife subsidiary MIM Timberland and Agriculture and certified to the Leading Harvest Standard.
Energy efficiency $3.4 $3.9 – Private debt financing of energy efficiency upgrades at U.S. government sites.
Clean transportation $3.0 $2.7 – Private debt financing of electrified transport and mass public transit.
Sustainable water management $0.7 $0.6 – Private debt financing of water recycling and purification businesses.
Green Bond Investments $0.6 $0.7 – Public and private green bond investments in renewable energy, energy efficiency, clean transport, and sustainably-managed forests.
Total Social Investments (billions) $2.9 – –

Access to affordable healthcare $2.4 – – Free or substantially subsidized, and/or non-profit facilities that provide accessible and affordable healthcare regardless of ability to pay to
underserved populations, such as minorities, vulnerable youth, people living below the poverty line or households with income below 80% of the area
median income (AMI). Investments correspond to (i) GA private investments related to the construction of healthcare facilities in Canada, U.S., and the
U.K and (ii) GA private investments in non-profit Canadian hospitals and non-profit long-term-care facilities.
Access to affordable education $0.3 – – Free or substantially subsidized, and/or non-profit institutions that provide accessible and affordable education regardless of ability to pay to
underserved populations, such as minorities, vulnerable youth, people living below the poverty line or households with income below 80% of the area
median income (AMI). Investments correspond to GA private investments in non-profit school boards (K12 Education) in Canada and the U.S.
Access to affordable housing $0.2 – – Housing at or below 80 percent of average market rent or that meet national / regional affordable housing definitions. Investments correspond to GA
private equity investments in affordable multi-family real estate within the US in accordance with local/regional standards (pro-rate amount taken for
affordable portion).
Total outstanding Green Bond issuance (billions) $2.0 $1 $1 Data as at March 31, 2022
AUM in dedicated client products (billions) $21.9 – – Data as at December 31, 2021. Data includes public and private market products.
AUM in dedicated ESG products $20.1 – – Dedicated ESG products includes (1) broad ESG funds and (2) specific thematic strategies offered to Manulife clients. Excludes open-architecture,
non-proprietary dedicated ESG products owned by Manulife clients, given limited discretion over these products.
AUM in dedicated screening products $1.8 – – Dedicated screening includes (1) negative and (2) positive or best-in-class (and norms-based) screening strategies. Negative screening involves
exclusion of specific industry sectors or companies to avoid risk or better align with values. Positive screening targets companies or industries with
better ESG performance.
AUM with ESG integration (billions) $429.8 – – ESG integration is defined by Manulife Investment Management as consideration and analysis of ESG factors as part of investment decision-making to
help enhance risk-adjusted returns.
Manulife Investment Management Private Markets $74.7 – –

Manulife Investment Management Public Markets $355.1 – – Assessed based on Manulife Investment Management’s proprietary integration progression levels, which measure progress in ESG integration at the
investment team level. Data includes public equity and public fixed-income strategies.
Abbreviations
and Acronyms 115
2021 ESG Report
Environment
Introduction Energy use Manulife regularly reviews and enhances our protocols for accounting for energy use and GHG emissions across the business. Manulife has re-
baselined FY19 data onwards due to divestiture of wholly owned subsidiary NAL Resources in January 2021, which previously represented the
majority of our energy use and emissions. We have further refined our list of properties where operational control exists for Real Estate.
Total energy use (ekWh) 1,381,304,361 854,970,743 935,028,240

ESG at Manulife Corporate 4,083,391 2,575,440 1,037,598
Real Estate 650,198,066 695,444,355 734,401,500
Green power (%) 7% 7% 5%
Environmental Manulife Investment Management Timberland and Agriculture 727,022,904 156,950,948 199,589,142
Energy intensity
Real Estate (ekWh/sq. ft) 14.0 15.3 16.9
Social Manulife Investment Management Timberland and Agriculture
(ekWh/net acre)
155.5 – –
Greenhouse gas emissions Manulife regularly reviews and enhances our protocols for accounting for energy use and GHG emissions across the business on an ongoing
basis. In FY21, Manulife rebaselined FY19 and FY20 data due to (a) divestiture of wholly owned subsidiary NAL Resources in January 2021,
which previously represented the majority of our energy use and emissions (b) refinements our list of properties where operational control exists
Governance for Real Estate and Corporate properties.
Total Scope 1 emissions (tCO2e) 162,749 150,672 102,739

Corporate 167 – –
Performance Data Real Estate 35,475 37,285 38,054
Manulife Investment Management Timberland and Agriculture 127,107 113,387 64,685
Timberland 80,035 76,753 –
Agriculture 47,072 36,634 –
Total Scope 2 emissions (tCO2e), location-based 124,076 128,155 193,776
Corporate 1,376 1,557 702
Real Estate 104,778 116,421 151,945
Timberland – – –
Agriculture 17,922 10,177 –
Total Scope 2 emissions (tCO2e), market-based 109,442 113,249 183,611
Corporate 1,376 1,557 702
Real Estate 90,144 101,515 141,781
Timberland – – –
Agriculture 17,922 10,177 41,128
Scope 3 emissions (tCO2e) Manulife continues to evolve our Scope 3 emissions accounting methodologies and may have additional sources of Scope 3 emissions.
Manulife Investment Management Timber and Agriculture 391,014 359,186 424,658

Tenant leased properties 195,684 199,569 239,093 Emissions are attributed to Timberland and Agriculture properties leased to third-parties. Excludes properties leased to Manulife and Real Estate
properties leased to third-parties, as processes for data collection and management remain under development.
Contractor fuel use 195,330 159,617 185,565 Emissions are attributed to contractor equipment used on Manulife Timberland and Agriculture properties.
Corporate 10,171 16,240 39,442

Purchased goods and services 6,626 8,445 10,765
Paper 5,705 5,696 7,309
Data centres 921 2,749 3,456
Abbreviations Waste 1,560 1,751 3,018 Excludes waste and recycling managed directly by tenants and waste from Timber and Agriculture operations.
and Acronyms Business travel 1,985 6,044 25,660 116

2021 ESG Report
Environment (continued)
Introduction Greenhouse gas emissions (continued)
Emissions intensity (Scope 1 & 2)
Real Estate (kgCO2e/sq. ft) 3.1 3.4 4.4
ESG at Manulife Manulife Investment Management Timberland and Agriculture
Timberland (MtCO2e/net acre) 0.019 – –
Agriculture (MtCO2e/net acre) 0.17 – –
Environmental Removals from owned forests and farms (MtCO2e) -1.51 -1.38 – Annual CO2 removals include annual increase in carbon stock within standing forest inventory (biogenic growth), plus carbon store in wood
products harvested during that year. Due to year-on-year variation introduced by forest inventory estimation methodologies as well as harvesting
schedules, we report a five-year average of carbon removals. CO2 removals may fluctuate over time due to planting and harvesting cycles and the
use of a 5-year average moves. As demand for harvested wood products has strengthened relative to supply over the past half-decade in response
to housing shortages and pandemic-related needs, harvesting has increased to take advantage of stronger wood markets.
Social Portfolio carbon footprint
Estimated portfolio emissions (MT CO2e) – 38.3 – For the purpose of reporting, Manulife utilized a Trucost methodology for compilation of publicly available data and therefore, incorporates scope
1, 2, and Scope 3 - upstream emissions (where significant to the sector). Emissions are reported per the Partnership for Carbon Accounting
Financials (PCAF), utilizing the Global GHG Accouting and Reporting Standard for the Financial Industry. Data is as of Dec 31, 2020. Due to
Governance the nature of publicly available emissions disclosure across industries, data lags by one fiscal year. In FY20, Trucost moved to Enterprise Value
apportioning for all instruments in line with PCAF - prior year data utilized Market Capitalization, limiting data comparability.
Power generation & utilities – 22.5 – Manulife is undergoing a Science-based Target setting process, prioritizing target-setting in sectors with high decarbonization potential, including
power generation & utilities. Going forward, Manulife intends to disclose intensity metrics in line with SBTi target requirements.
Performance Data Energy, including oil & gas – 5.7 – Includes companies mainly involved in the production, transport or processing of raw materials whose principal end goal is energy generation,
that is coal, oil, gas, uranium, and biofuels.
Materials – 3.4 –
Industrials – 2.0 –
Consumer goods – 2.2 – Includes companies mainly involved in consumer staples and discretionary goods .
Healthcare – 0.2 –
Financials – 1.6 –
IT – 0.5 –
Communication services – 0.2 –
Real estate – 0.1 –
Estimated weighted average carbon intensity (WACI) (tCO2e/mCAD) – 677 – Indicates the carbon intensity of money invested, providing a measure of responsibility for emissions and contribution to climate change. Due to
market forces and changes in market capitalisation, year-on-year performance comparison may be challenging.
Listed equity – 255 216

Fixed income – 740 673
Total disclosed portfolio coverage (%) – 73.1% – While we have quantified emissions from 86% of our portfolio holdings, holdings where emissions are wholly estimated through average and/
or proxies are excluded from this disclosure (currently, ~27% of our listed equity and bonds portfolio). Manulife is undergoing a Science-based
Target setting process and actively enhancing our internal methodologies for data compilation and analysis, including refining decision-useful
intensity metrics for portfolio management. We look forward to improvements to our reporting to support further demonstratation of our progress
against Climate Action Plan commitments.
Waste Based on waste diversion reports and waste audits, covering 67% of Corporate and Real Estate properties. Excludes waste and recycling
managed directly by tenants and waste from Timber and Agriculture operations.
Waste recycled (tonnes) 4,036 5,757 7,839

Diversion rate (%) 47% 50% 51%
Abbreviations
and Acronyms 117
2021 ESG Report
Environment (continued)
Introduction Paper use
Paper consumption (tonnes) 2,224 2,242 2,898
Use of paper with recycled fibre content (%) 7% 10% 13%
ESG at Manulife Water use Based on utility bills for Real Estate properties where Manulife has full operational control. Excludes Timber and Agriculture.
Real estate water consumption (million m3) 2.36 2.14 2.50

Real estate water use intensity (m3/sq. ft) 0.05 0.04 0.05
Environmental Length of watercourses depending on our Timber and Agriculture 20,000 – –
practices for maintaining water quality (miles)
Biodiversity
Social Acres of forest and farmland managed by Manulife Investment
Management Timberland and Agriculture (millions)
6.32 5.81 5.88
Acres of land protected by Manulife Investment Management 0.479 0.472 0.471

Timberland and Agriculture Sensitive Lands Program (millions)
Governance Percentage of forest with a conservation designation (%) 25% – –
Percentage of farms that have regenerative practices (%) 61% – –
Percentage of area of total farms that have regenerative practices (%) 46% – –
Performance Data Trees planted by Manulife Investment Management Timberland and 1.25 1.19 1.16
Agriculture since 1985 (billions)
Green buildings
Real Estate certified under a sustainable building cerfication program 55 48 48
(million sq. ft)
Real Estate certified under a sustainable building cerfication program (%) 81.9% 81% 81%
Colleagues
Global Manulife employees (#) 38,137 39,322 – Includes regular, temporary, and contractor employees, and those on paid leave.
Regular 36,404 37,198 –

Temporary 220 269 –
Contractor 1,513 1,855 –
Age of Employees
<30 23% – –
30-50 62% – –
>50 16% – –
Employee costs —
Total employee costs (millions) $4,675 $4,401 — At GAAP rates. Includes global permanent staff. Figures include salaries, overtime, bonuses, employee benefits, options and share units.
Abbreviations
and Acronyms 118
2021 ESG Report
Colleagues (continued)
Introduction Retention, tenure and advancement
Turnover
Voluntary turnover rate (%) 12% 7% 11% Includes active regular employees and employees on paid leave. Excludes exits due to retirement and involuntary departures.
ESG at Manulife Involuntary turnover rate (%) 5% – –

Total turnover rate (voluntary and involuntary) (%) 17% – –
Men 20% – –
Environmental Women 15% – –
<30 22% – –
30-50 16% – –
Social >50 15% – –
Tenure
Average employee tenure (years) 7 7 7 Includes active regular employees and employees on paid leave.
Governance Advancement
Open positions filled by internal candidates (%) 39% 26% 26%
Open positions filled by internal candidates (#) 2,533 – –
Performance Data Employee engagement
Employee engagement score (on a five point scale) 4.34 4.27 4.04
Employees participating in engagement survey 95% 95% 91%
Employee training
Investment in training ($/employee) $847 – –
Investment in training (total spend) $31,759,058 – –
Time spent in training (# hours/employee) 19.8 9.33 –
Workforce diversity Data as of December 31, 2021. Includes active regular employees and employees on paid leave.
Gender breakdown
Man (%) 44% 45% 45%
Woman (%) 56% 55% 55%
Other (%) 0.1% 0% –
I do not wish to disclose (%) 0.2% 0% –
Asia Includes Cambodia, mainland China, Hong Kong, India, Indonesia, Japan, Macau, Malaysia, Myanmar, Philippines, Singapore, Taiwan and
Vietnam.
Man (%) 42% 43% 42%
Woman (%) 58% 57% 58%
Other (%) 0.05% – –
I do not wish to disclose (%) 0.06% – –
Women insurance agents (%) 71% 68% –
Women insurance agent top performers (%) 68% 70% –
Canada
Man (%) 42% 43% 43%
Woman (%) 58% 57% 57%
Other (%) 0.1% – –
Abbreviations
and Acronyms 119
2021 ESG Report
Introduction Workforce diversity (continued)
United States
Man (%) 55% 56% 56%
ESG at Manulife Woman (%) 45% 44% 44%
Other (%) 0% – –
Environmental Other regions Includes Australia, Caribbean, Europe, New Zealand and South America.
Man (%) 61% 63% 65%

Woman (%) 34% 35% 35%
Social Other (%) 0% – –
I do not wish to disclose (%) 4% 2% –
Diverse Sexual Orientations (% of total employees) 1% – – Includes lesbian, gay, bisexual or another diverse sexual orientation
Governance Canada 2% – –
U.S. 2% – –
Disability (% of total employees) 1% – –
Performance Data Canada 1% – –
U.S. 3% – –
Visible minorities and Indigenous peoples 19% 17% – Includes United States and Canada only.
(North America in aggregate) (%)
Canada 19% – –
Black 2% – –
Indigenous People 0.6% – –
Asian 9% – – Includes East Asian; Non-White West Asian, North African or Middle Eastern; South Asian and Southeast Asian
U.S. 21% – –
Black or African American 5% – –
American Indian or Alaska Native 0.2% – –
Hispanic or Latino 4% – –
Asian 11% – –
Diversity in leadership
Vice President and above (%)
Man (%) 68% 73% 77%
Woman (%) 31% 27% 23%
Other (%) 0% – –
I do not wish to disclose (%) 1% – –
Visible minorities and Indigenous peoples 11% 10% —
Canada 12% – –
Black 1% – –
Indigenous Peoples 0% – –
Non-white Latin American 0% – –
Abbreviations
and Acronyms 120
2021 ESG Report
Introduction Diversity in leadership (continued)
Vice President and above (%) (continued)
Visible minorities and Indigenous peoples
ESG at Manulife (North America in aggregate) (%) (continued)
U.S. 9% – –
Environmental American Indian or Alaska Native 0% – –
Asian 6% – –
Assistant Vice President (%) – –
Social Man (%) 62% – –
Woman (%) 38% – –
Other (%) 0% – –
Governance I do not wish to disclose (%) 1% – –
Visible minorities and Indigenous peoples 16% – –
Performance Data Canada 18% – –
Black 1% – –
Indigenous Peoples 1% – –
Non-white Latin American 0% – –
U.S. 14% – –
American Indian or Alaska Native 0% – –
Asian 10% – –
Manager, Director, and Assistant Vice President (%)
Man (%) 57% 57% 57%
Woman (%) 43% 43% 43%
Other (%) 0.1% – –
Visible minorities and Indigenous peoples 19% 17% –
(North America in aggregate)(%)
Canada 18% – –
Black 1.4% – –
Indigenous Peoples 0.5% – –
Non-white Latin American 0.4% – –
Asian 10.9% – – Includes East Asian; Non-White West Asian, North African or Middle Eastern; South Asian and Southeast Asian
U.S. 19.5% – –
Black or African American 2.9% – –
American Indian or Alaska Native 0.2% – –
Abbreviations Hispanic or Latino 3.1% – –
and Acronyms Asian 12.5% – – 121
2021 ESG Report
Introduction Diversity in hiring As of December 31, 2021.
BIPOC new grad hiring rate 50% – –

Canada 59% 38% –
ESG at Manulife U.S. 40% 34% –
Pay received by women as a percentage of men 99% 99% 98%
Vice-President and Senior Officer 95% – –
Environmental Assistant Vice-President 99% – –
Management & Professional 99% – –
Individual Contributor 100% – –
Social Absentee rate (North America) (%) 1% 1% 1% Absentee rates for North America cover 45% of employee population. Absences include sick days, family care time, critically ill child leave and
Canada family caregiver leave used; and exclude holidays, earned personal days, extra personal days and vacation days.
Severe Injuries (#) 0 0 0 A critical injury refers to a serious injury that places life in jeopardy, and involves an employee that is unconscious, experienced a significant loss
Governance
of blood, an acute fracture or amputation of a limb, burns over major portions of the body, loss of sight or other significant losses that require
immediate medical attention in a hospital setting. This also includes serious violent crime (resulting in an injury, death or a near miss) while at a
company event or traveling on company business.
Freedom of association
Percentage of employees represented by an independent trade union or 2% – –
Performance Data covered by collective bargaining agreements
Community Investments
Cash contributions (millions) $21.7 $21.0 $22.7 Comprises all voluntary cash contributions made by Manulife to charitable organizations/projects
Employee donations (millions) $3.7 $4.2 $4.4 Includes payroll giving and direct contributions by Manulife employees.
Management costs $1.9 – – 2021 is the first time we are reporting community investment management costs.
Volunteering Ongoing challenges and restrictions due to the COVID-19 pandemic contributed to a decrease in hours volunteered in 2021. This can be
attributed primarily to a decrease in in-person volunteer activities and agent volunteer initiatives.
Volunteer hours (#) 17,704 31,795 65,978

Employee volunteer hours 17,704 22,567 –
Volunteerism during work hours 8,510 9,854 –
Volunteerism outside of work hours 9,194 12,713 –
Abbreviations
and Acronyms 122
2021 ESG Report
Geographic breakdown 2021

Introduction
of employees, by Country/Terriority Total Regular Temporary Contractor
Australia 89 86 2 1
employment type
ESG at Manulife Barbados 18 18 – –
Includes active regular/temporary Belgium 30 30 – –
employees, contractors, and employees Bermuda 13 13 – –
Environmental on paid leave. As at December 31, 2021. Brazil 9 9 – –
Cambodia 678 659 – 19
Social Canada 11,977 11,263 2 712
Chile 32 32 – –
China 3,130 2,861 11 258
Governance Germany 1 1 – –
Hong Kong 2,516 2,351 45 120
Performance Data India 5 1 – 4

Indonesia 1,234 1,212 18 4
Ireland 9 9 – –
Japan 1,482 1,286 109 87
Macao 31 28 3 –
Malaysia 509 485 11 13
Mexico – – – –
Myanmar 103 100 – 3
New Zealand 101 93 – 8
Philippines 8,961 8,895 – 66
Singapore 828 762 3 63
Switzerland 3 3 – –
Taiwan 66 61 5 –
Thailand 1 – – 1
United Kingdom 70 69 – 1
United States of America 5,199 5,050 – 149
Vietnam 1,042 1,027 11 4
Total 38,137 36,404 220 1513
Abbreviations
and Acronyms 123
2021 ESG Report
Abbreviations and Acronyms
A4S Accounting4Sustainability ERGs Employee Resource Groups KPI Key Performance Indicator PWDs Persons With Disabilities
Introduction
AA Advanced Analytics ERM Enterprise Risk Management LDI Liability-driven investing RFP Requests for Proposals
ESG at Manulife AI Artificial Intelligence ESG Environmental, Social LiDAR Light detection and ranging rNPS Relationship Net Promoter Score
and Governance
AIFs Alternative Investment Funds LMS Learning Management System ROI Return on Investment
ESC Executive Sustainability Council
Environmental BAA Boston Athletic Association LTE Learning technology ecosystem SASB Sustainability Accounting
ETFs Exchange-traded funds Standards Board
BEPS Base Erosion and LXP Learning Experience Platform
Social Profit Shifting initiative FCT Financial Condition Testing
MCFT MassChallenge FinTech
SBTi Science Based Targets initiative
BIPOC Black, Indigenous and FLAG Forest, Land and Agriculture SDGs United Nations Sustainable
MCO Movement Control Order
People of Colour Development Goals
Governance FSC® Forest Stewardship Council®
MLK Dr. Martin Luther King Jr.
CCWG General Account Climate SFI® Sustainable Forestry Initiative®
GHG Greenhouse gas
Change Working Group NCS Natural climate solutions
Performance Data GICs Guaranteed interest certificates
SMAs Separately managed accounts
CDF Community Development NIST National Institute of Standard
TCFD Task Force on Climate-related
Financial Institution GPs General partners and Technology
Financial Disclosures
CEC Climate Engagement Canada GRESB Global Real Estate NGOs Non-governmental organizations
TLI The Life Initiative
Sustainability Benchmark
CEO Chief Executive Officer NPS Net Promoter Score
TNFD Task Force on Nature-related
GRI Global Reporting Initiative
CGNC Corporate Governance and NWOW New Ways of Working Financial Disclosures
Nominating Committee HBCUs Historically Black Colleges
OBSI Ombudsman for Banking Services TSVCM Taskforce for Scaling Voluntary
and Universities
CISL Cambridge Institute for and Investment Carbon Markets
Sustainability Leadership HCD Human-Centred Design
OCIO Outsourced chief UHC UnitedHealthcare
CIFAR Canadian Institute for Advanced I-CRT Intelligence-led Cyber Resilience investment officer
UNEP United Nations
Research Testing
OLHI OmbudService for Life and Environmental Program
CoE Centre of Expertise IRAs Individual Retirement Accounts Health Insurance
VOTE Voice of the Employee
CSAMF Corazon Sanchez Atayde IRS Internal Responsibility System OSFI Office of the Superintendent of
WEF World Economic Forum
Memorial Foundation Financial Institutions
JHPAC John Hancock Political
WLU Wilfrid Laurier University
CSO Chief Sustainability Officer Action Committee PACs Political Action Committees
DEI Diversity, Equity, and Inclusion JHSC Joint Health and PRI Principles for
Safety Committee Responsible Investing
Abbreviations
and Acronyms 124
2021 ESG Report
Introduction
ESG at Manulife
Environmental Ways to contact us:

Social manulife.com
Governance
johnhancock.com
manulifeIM.com
Performance Data
Manulife
Attention: Corporate Sustainability
200 Bloor Street East
Toronto, ON M4W 1E5
Canada
Abbreviations
and Acronyms Manulife Financial Corporation July 2022 MP2443993E 07/22 AODA

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Environmental,

Manulife Financial Corporation

Introduction 03 Environmental 29 Governance 100

ESG Integration in Engagement and Recognition 84 Caution Regarding Forward-looking

Partnerships and Engagements 27 Occupational Health and Safety 89

Introduction About Scope

31% an increase in representation of

Governance insurance platforms

82% of Manulife Investment

+21 pts of land protected

ESG at Manulife With our global headquarters in Toronto,

A Message from Roy Gori

Our Impact Agenda,

For more information on our Impact Agenda and implementation progress,

Introduction Materiality Assessment and Stakeholder Engagement

Performance Data • Online internal community forums

Stakeholder group Ways we engage Sustainability topics of interest to stakeholders

About this Report

Introduction ESG Governance

of corporate function and business unit

Climate Meets weekly

Environmental $3.4 $10.7, Renewable energy

Social $4.1 $26.2 $4.1, Sustainably-managed agriculture

$0.7, Sustainable management of water resources

$0.6, Green bonds

$2.9, Affordable healthcare, education, and housing

ESG Integration in Asset Management

Partnerships and Engagements

Management proposals Shareholder proposals on social issues

Shareholder rights 180 92% • We generally support creation/enhancement

ESG Integration in Asset Ownership

• The science behind climate change

• The road to net zero

• Green and ESG-linked bonds

In 2021, a comprehensive training program was

We continue to grow our portfolio of sustainable investments in our General Account

$44.9 General Account Green Investments (C$ billions)

$4.3, Sustainably-managed timberlands $0.7, Sustainable management

11% of our General General Account Social Investments (C$ billions)

Implementation of Building on best practices Green bond issuances

ESG at Manulife Partnerships and Engagements

Task Force on Principles for Responsible Business Ambition for 1.5

• We are working to reduce our absolute

12 Intensity-based target is for Scope 1 and 2 emissions under operational control.

Purchased goods Aspects considered through As a signatory to the Sustainable IT Pledge,

For additional information on responsible supply chain management,

ESG at Manulife Our Investments

Performance Data • We continue to work to grow our portfolio

Our investments Manulife’s portfolio emissions 2020 2019

Governance against Climate Action Plan commitments.

Our Products and Services

Real estate In 2021, we took the following

Social • We held training for property and

Infrastructure The investment team has and will continue

Private equity and credit In our questionnaire for fund investments,

Health and life insurance Our changing climate stands to impact

Climate-related Risks and Opportunities

Governance Describe board oversight of climate-related

Climate Change − Exposure to high carbon-assets

Acres of land protected by Manulife Investment Management 0.479 0.472 0.471