1. Our Vision Our Values
To be the most professional P rofessionalism
financial services organization
R eal Value to our Customers
in the world, providing strong,
Manulife Financial Corporation
reliable, trustworthy and I ntegrity
2012 Annual Report
forward-thinking solutions
D emonstrated Financial Strength
Annual Meeting May 2nd, 2013 for our clients’ most significant
MANULIFE FINANCIAL CORPORATION 2012 Annual Report
financial decisions. E mployer of Choice
Growth Strategy
Develop our Asian opportunity to the fullest.
Grow our wealth and asset management businesses
in the U.S., Canada and Asia.
Continue to build our balanced Canadian franchise.
Continue to grow higher-ROE, lower risk U.S. businesses.
Growth Enterprise Priorities
Become a global leader in retirement solutions and maintain
with Discipline a leadership position in our protection businesses.
Significantly extend our customer reach by growing and
diversifying our distribution channels.
Build meaningful competitive advantage by leveraging our
global scale, our global capabilities, and our local market
focus to achieve operational excellence.
Leverage technology to enable competitive differentiation
in attracting, servicing and retaining customers.
Attain leading brand rankings across protection and wealth
in key markets.
Build and leverage our status as an employer of choice
to attract and retain industry leading talent.
Maintain capital above our targets and manage risks within
our appetite at all times.
Table of Contents
2 Chair of the Board’s Message
4 CEO’s Message to Shareholders
9 Management’s Discussion and Analysis
81 Consolidated Financial Statements
89 Notes to Consolidated Financial Statements
172 Board of Directors
173 Company Officers
175 Glossary of Terms
IR3823E
MANULIFE_AR2012_COVER_Mar13.indd 1 13-03-13 4:13 PM

2. Our Vision Our Values
To be the most professional P rofessionalism
financial services organization
R eal Value to our Customers
in the world, providing strong,
Manulife Financial Corporation
reliable, trustworthy and I ntegrity
2012 Annual Report
forward-thinking solutions
D emonstrated Financial Strength
Annual Meeting May 2nd, 2013 for our clients’ most significant
MANULIFE FINANCIAL CORPORATION 2012 Annual Report
financial decisions. E mployer of Choice
Growth Strategy
Develop our Asian opportunity to the fullest.
Grow our wealth and asset management businesses
in the U.S., Canada and Asia.
Continue to build our balanced Canadian franchise.
Continue to grow higher-ROE, lower risk U.S. businesses.
Growth Enterprise Priorities
Become a global leader in retirement solutions and maintain
with Discipline a leadership position in our protection businesses.
Significantly extend our customer reach by growing and
diversifying our distribution channels.
Build meaningful competitive advantage by leveraging our
global scale, our global capabilities, and our local market
focus to achieve operational excellence.
Leverage technology to enable competitive differentiation
in attracting, servicing and retaining customers.
Attain leading brand rankings across protection and wealth
in key markets.
Build and leverage our status as an employer of choice
to attract and retain industry leading talent.
Maintain capital above our targets and manage risks within
our appetite at all times.
Table of Contents
2 Chair of the Board’s Message
4 CEO’s Message to Shareholders
9 Management’s Discussion and Analysis
81 Consolidated Financial Statements
89 Notes to Consolidated Financial Statements
172 Board of Directors
173 Company Officers
175 Glossary of Terms
IR3823E
MANULIFE_AR2012_COVER_Mar13.indd 1 13-03-13 4:13 PM

3. Manulife Financial
An International, Diversified Business In Asia In Canada In The United States Asset Management
As the asset management arm of the Company, Manulife Asset Management
offers a comprehensive array of investment products and solutions to meet
the needs of affiliated and non-affiliated fund companies, pension plans,
2012 CORE EARNINGS1,2
33% 29% 38%
foundations, endowments and financial institutions. We empower our
ASIA 33% CANADA 29% investment professionals to deliver superior long-term performance based
U.S. 38% on proprietary fundamental research in a deeply resourced, team-based,
$963 million $835 million $1, 085 million highly disciplined and service-oriented operation. Manulife Asset Manage-
C$2,883 million
ment has developed significantly since 2001, emerging as a Top 40 global
(excludes Corporate and Other (loss of $696 million)) asset manager7 and rising.
Investment Capabilities
Manulife Financial is a leading Canada-based financial services group with Manulife Financial has operated in Asia since 1897, beginning in Hong Kong. Serving one in five Canadians, we are a leading financial services organiza- Our U.S. Insurance operation operates under the John Hancock brand Manulife Asset Management has more than 325 Investment Professionals
principal operations in Asia, Canada and the United States. Clients look to Today, as a pan-Asian financial services company, we have insurance and asset tion offering a diverse range of protection, estate planning, investment and and provides life and long-term care insurance products and services with offices in 17 countries and territories addressing the needs of our
Manulife for strong, reliable, trustworthy and forward-thinking solutions for management operations in 11 countries and territories, including Hong Kong, banking solutions through a diversified multi-channel distribution network. to select markets. John Hancock in the U.S. also offers a broad range of clients around the world. We are on the ground in all the countries in which
their most significant financial decisions. the Philippines, Singapore, Indonesia, Taiwan, China, Japan, Vietnam, Malaysia, personal and family oriented wealth management products and services we operate, extracting value through our local knowledge and sharing
Thailand, and Cambodia. In 2012, we expanded into the 11th territory and became We provide retail solutions to individuals and business owners, sold mainly focused on individuals and business markets, as well as institutional ori- information throughout our global network. Our high-performing
Manulife Financial has a significant global presence operating in the world’s the first wholly-owned foreign life insurer to commence operations in Cambo- through independent advisors. Group life, health, disability and retire- ented products for employee benefit plan funding solutions. investment teams provide our clients with a full spectrum of products and
largest economies, with internationally recognized brands which have stood dia. We offer a diverse portfolio of protection, savings and wealth management ment solutions are marketed to Canadian employers through consultants, solutions organized into three major asset class groupings:
for financial strength and integrity for more than a century. products and services to meet the needs of individuals and corporate customers. brokers and independent advisors. We also provide international employee We distribute our products through a multi-channel network, including
We distribute our products through a multi-channel platform across the benefits management to multinational corporations. Life, health and specialty brokerage general agents, producer groups, banks, wirehouses and Public Markets
With market-leading positions in Asia, Canada and the United States, we region, including more than fifty-three thousand tied agents, bank partners, products, such as travel insurance, are also offered through alternative broker dealers as well as John Hancock Financial Network (“JHFN”), a
leverage a diverse business platform that offers a range of financial products Equity
independent agents, and financial advisors. distribution channels. national network of independent career agencies across the U.S.
in both developed and developing markets around the world. Fixed Income
Products and Services Products and Services Products and Services
Our international network of employees, agents and distribution partners Individual life insurance Individual life insurance Real Assets
offers financial protection and wealth management products and services Individual life insurance
Living benefits insurance Long-term care Hancock Timber
to millions of clients. We also provide asset management services to Group life and health
Hospital coverage Mutual funds Mutual funds Hancock Agricultural
institutional customers.
Mutual funds Private wealth management 529 College Savings plans Hancock Renewable Energy
2nd largest North American Insurer3 Variable & fixed annuities Variable & fixed annuities 401(k) Retirement Savings plans Manulife Real Estate
11th largest Global Insurer3 Group retirement Guaranteed interest contracts
High interest savings accounts Manulife started U.S. operations in 1903 Asset Allocation Solutions
Operating in 3 Key Geographies Operating in 11 countries and territories John Hancock was founded in 1862, and merged with Manulife in 2004
Founded in 1887 Mortgages & investment loans Strategic & Tactical
Expanded into Cambodia, during 2012 Group life, health, disability & retirement
Started Asia Operations in 1897 Sales Rank Data4 Multi-asset Funds
Travel insurance #1 Small Case (<$10M) 401(k) plans Customized Solutions
Sales Rank Data4 Creditor insurance #5 Individual Life Insurance
International employee benefits management #6 Retail Long-Term Care Insurance
#2 Hong Kong Pension
#2 China Insurance Founded in 1887 #7 Structured Settlements Assets Under Management
#3 Vietnam Insurance #9 Mutual Funds6 We manage a wide range of assets diversified by geography, product and
#5 Philippines Insurance Sales Rank Data4 asset class.
#8 Singapore Insurance #1 Defined Contribution Group Pensions
C$ millions, unless stated and per share data 2012 2011 % change 5 #8 Hong Kong Insurance #1 Group Benefits
#9 Indonesia Insurance #2 Individual Segregated Funds
Funds under Management1 (billion) $531.9 $499.7 9% #2 Individual Life and Living Benefits
Total C$238 billion
Insurance Sales1 $3,349 $2,507 33%
CANADA 16%
Wealth Management Sales1 $35,940 $34,299 4% U.S. 62%
ASIA 21%
Core Earnings1 $2,187 $2,169 1% C$ millions, unless stated 2012 2011 % change5 C$ millions, unless stated 2012 2011 % change5 C$ millions, unless stated 2012 2011 % change5
EUROPE AND OTHER 1%
Common Shareholders’ net income $1,624 $44 – Funds under Management (billion)
1
$77.7 $71.4 16% Funds under Management (billion)
1
$133.2 $122.1 9% Funds under Management (billion)
1
$292.6 $279.6 7%
Basic Earnings per common share 1
$0.90 $0.02 – Insurance Sales 1
$1,440 $1,230 16% Insurance Sales 1
$1,310 $658 99% Insurance Sales 1
$599 $619 (4%)
Return on Common Shareholders’ Equity 7.1% 0.2% – Wealth Management Sales1 $5,690 $4,131 36% Wealth Management Sales1 $10,057 $10,784 (7%) Wealth Management Sales1 $20,193 $19,384 3%
Book Value per Common Share 1
$12.56 $12.44 1% Core Earnings 1
$963 $938 3% Core Earnings
1
$835 $849 (2%) Core Earnings
1
$1,085 $1,005 8%
1 Non-GAAP measure. The Chair of the Board’s Message and the Message to Shareholders from the CEO also include non-GAAP measures. See “Performance and Non-GAAP Measures” on page 75. 2 For more
information on core earnings, see page 11. 3 Market Capitalization as of December 31, 2012. 4 Sales rank from most recently available data. See “Manulife Financial – Financial Strength Fact Sheet” and “John
Hancock Fact Sheet” for further disclosures, both available at manulife.com. 5 Percent change for Funds Under Management and sales of insurance and wealth management are presented on a constant currency
basis. 6 Net sales market rank per Strategic Insight. 7 Source: Pensions and Investments’ “Top Money Managers” survey, based on worldwide institutional assets at December 31, 2011. 2012 ANNUAL REPORT 1
MANULIFE_AR2012_COVER_Mar13.indd 2 13-03-13 4:13 PM

4. Manulife Financial
An International, Diversified Business In Asia In Canada In The United States Asset Management
As the asset management arm of the Company, Manulife Asset Management
offers a comprehensive array of investment products and solutions to meet
the needs of affiliated and non-affiliated fund companies, pension plans,
2012 CORE EARNINGS1,2
33% 29% 38%
foundations, endowments and financial institutions. We empower our
ASIA 33% CANADA 29% investment professionals to deliver superior long-term performance based
U.S. 38% on proprietary fundamental research in a deeply resourced, team-based,
$963 million $835 million $1, 085 million highly disciplined and service-oriented operation. Manulife Asset Manage-
C$2,883 million
ment has developed significantly since 2001, emerging as a Top 40 global
(excludes Corporate and Other (loss of $696 million)) asset manager7 and rising.
Investment Capabilities
Manulife Financial is a leading Canada-based financial services group with Manulife Financial has operated in Asia since 1897, beginning in Hong Kong. Serving one in five Canadians, we are a leading financial services organiza- Our U.S. Insurance operation operates under the John Hancock brand Manulife Asset Management has more than 325 Investment Professionals
principal operations in Asia, Canada and the United States. Clients look to Today, as a pan-Asian financial services company, we have insurance and asset tion offering a diverse range of protection, estate planning, investment and and provides life and long-term care insurance products and services with offices in 17 countries and territories addressing the needs of our
Manulife for strong, reliable, trustworthy and forward-thinking solutions for management operations in 11 countries and territories, including Hong Kong, banking solutions through a diversified multi-channel distribution network. to select markets. John Hancock in the U.S. also offers a broad range of clients around the world. We are on the ground in all the countries in which
their most significant financial decisions. the Philippines, Singapore, Indonesia, Taiwan, China, Japan, Vietnam, Malaysia, personal and family oriented wealth management products and services we operate, extracting value through our local knowledge and sharing
Thailand, and Cambodia. In 2012, we expanded into the 11th territory and became We provide retail solutions to individuals and business owners, sold mainly focused on individuals and business markets, as well as institutional ori- information throughout our global network. Our high-performing
Manulife Financial has a significant global presence operating in the world’s the first wholly-owned foreign life insurer to commence operations in Cambo- through independent advisors. Group life, health, disability and retire- ented products for employee benefit plan funding solutions. investment teams provide our clients with a full spectrum of products and
largest economies, with internationally recognized brands which have stood dia. We offer a diverse portfolio of protection, savings and wealth management ment solutions are marketed to Canadian employers through consultants, solutions organized into three major asset class groupings:
for financial strength and integrity for more than a century. products and services to meet the needs of individuals and corporate customers. brokers and independent advisors. We also provide international employee We distribute our products through a multi-channel network, including
We distribute our products through a multi-channel platform across the benefits management to multinational corporations. Life, health and specialty brokerage general agents, producer groups, banks, wirehouses and Public Markets
With market-leading positions in Asia, Canada and the United States, we region, including more than fifty-three thousand tied agents, bank partners, products, such as travel insurance, are also offered through alternative broker dealers as well as John Hancock Financial Network (“JHFN”), a
leverage a diverse business platform that offers a range of financial products Equity
independent agents, and financial advisors. distribution channels. national network of independent career agencies across the U.S.
in both developed and developing markets around the world. Fixed Income
Products and Services Products and Services Products and Services
Our international network of employees, agents and distribution partners Individual life insurance Individual life insurance Real Assets
offers financial protection and wealth management products and services Individual life insurance
Living benefits insurance Long-term care Hancock Timber
to millions of clients. We also provide asset management services to Group life and health
Hospital coverage Mutual funds Mutual funds Hancock Agricultural
institutional customers.
Mutual funds Private wealth management 529 College Savings plans Hancock Renewable Energy
2nd largest North American Insurer3 Variable & fixed annuities Variable & fixed annuities 401(k) Retirement Savings plans Manulife Real Estate
11th largest Global Insurer3 Group retirement Guaranteed interest contracts
High interest savings accounts Manulife started U.S. operations in 1903 Asset Allocation Solutions
Operating in 3 Key Geographies Operating in 11 countries and territories John Hancock was founded in 1862, and merged with Manulife in 2004
Founded in 1887 Mortgages & investment loans Strategic & Tactical
Expanded into Cambodia, during 2012 Group life, health, disability & retirement
Started Asia Operations in 1897 Sales Rank Data4 Multi-asset Funds
Travel insurance #1 Small Case (<$10M) 401(k) plans Customized Solutions
Sales Rank Data4 Creditor insurance #5 Individual Life Insurance
International employee benefits management #6 Retail Long-Term Care Insurance
#2 Hong Kong Pension
#2 China Insurance Founded in 1887 #7 Structured Settlements Assets Under Management
#3 Vietnam Insurance #9 Mutual Funds6 We manage a wide range of assets diversified by geography, product and
#5 Philippines Insurance Sales Rank Data4 asset class.
#8 Singapore Insurance #1 Defined Contribution Group Pensions
C$ millions, unless stated and per share data 2012 2011 % change 5 #8 Hong Kong Insurance #1 Group Benefits
#9 Indonesia Insurance #2 Individual Segregated Funds
Funds under Management1 (billion) $531.9 $499.7 9% #2 Individual Life and Living Benefits
Total C$238 billion
Insurance Sales1 $3,349 $2,507 33%
CANADA 16%
Wealth Management Sales1 $35,940 $34,299 4% U.S. 62%
ASIA 21%
Core Earnings1 $2,187 $2,169 1% C$ millions, unless stated 2012 2011 % change5 C$ millions, unless stated 2012 2011 % change5 C$ millions, unless stated 2012 2011 % change5
EUROPE AND OTHER 1%
Common Shareholders’ net income $1,624 $44 – Funds under Management (billion)
1
$77.7 $71.4 16% Funds under Management (billion)
1
$133.2 $122.1 9% Funds under Management (billion)
1
$292.6 $279.6 7%
Basic Earnings per common share 1
$0.90 $0.02 – Insurance Sales 1
$1,440 $1,230 16% Insurance Sales 1
$1,310 $658 99% Insurance Sales 1
$599 $619 (4%)
Return on Common Shareholders’ Equity 7.1% 0.2% – Wealth Management Sales1 $5,690 $4,131 36% Wealth Management Sales1 $10,057 $10,784 (7%) Wealth Management Sales1 $20,193 $19,384 3%
Book Value per Common Share 1
$12.56 $12.44 1% Core Earnings 1
$963 $938 3% Core Earnings
1
$835 $849 (2%) Core Earnings
1
$1,085 $1,005 8%
1 Non-GAAP measure. The Chair of the Board’s Message and the Message to Shareholders from the CEO also include non-GAAP measures. See “Performance and Non-GAAP Measures” on page 75. 2 For more
information on core earnings, see page 11. 3 Market Capitalization as of December 31, 2012. 4 Sales rank from most recently available data. See “Manulife Financial – Financial Strength Fact Sheet” and “John
Hancock Fact Sheet” for further disclosures, both available at manulife.com. 5 Percent change for Funds Under Management and sales of insurance and wealth management are presented on a constant currency
basis. 6 Net sales market rank per Strategic Insight. 7 Source: Pensions and Investments’ “Top Money Managers” survey, based on worldwide institutional assets at December 31, 2011. 2012 ANNUAL REPORT 1
MANULIFE_AR2012_COVER_Mar13.indd 2 13-03-13 4:13 PM