11:39 AM EST, 11/13/2025 (MT Newswires) -- Manulife Financial ( MFC ) third-quarter core EPS of $1.16 beat RBC estimate and consensus of $1.04.

The stronger-than-expected results were driven by earnings on insurance contracts that were $122 million above RBC estimate, and stronger than expected Global Wealth and Asset Management (GWAM) results.

The lifeco also benefited from a tax recovery related to the acquisition of Comvest (perhaps sized around $49 million).

"We view this quarter's results as positive. Core EPS was above our estimate and consensus primarily driven by broad-based strength across the segments and strong earnings on insurance contracts versus our estimates reflecting YoY business growth. The strategy refresh is also complete and some investments in India and Indonesia seem to make sense on the surface," analyst Darko Mihelic writes.

Maintain Outperform, $49 price target.

Price: 48.64, Change: +0.40, Percent Change: +0.83