Manulife is a Canadian multinational financial services company that sells life insurance and wealth management products across Asia, Canada, and the United States, operating under the Manulife brand in most markets and as John Hancock in the U.S. Manulife's two core businesses are life insurance and Wealth and Asset Management (Global WAM). On the insurance side, Manulife sells individual life, health, long-term care, annuities, and group benefits to consumers and employers. Manulife collects premiums and invests them in a large general fund portfolio, and earns profits over the life of each policy as the expected margin is amortized into earnings. Asia is the highest-growth insurance segment, driven by a large protection gap, aging populations, and a growing middle class; distribution is primarily through agents and bancassurance partnerships. In Canada and the U.S., Manulife sells through agents, brokers, and directly to employers for group benefits. Global WAM manages retirement plans, retail investment funds, and institutional asset mandates across North America and Asia, and earns fee income based on assets under management and administration (AUMA), which totals roughly $1.1 trillion in third-party assets. Global WAM also runs a differentiated alternatives platform covering timber, farmland, infrastructure, and private credit. Manulife's growth strategy centers on expanding Asia insurance distribution and scaling Global WAM, including through acquisitions in private credit. Manulife has also actively de-risked its U.S. segment by reinsuring large blocks of long-term care and variable annuity liabilities.