Saturday 13th August 2022

Form 40-F MANULIFE FINANCIAL CORP For: Dec 31

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BUSINESS OPERATIONS

Information about our business and operating segments, our strategy, products, and investment activities, is included in MFC’s 2021 MD&A, on pages 10 to 40.

DISTRIBUTION METHODS

The Company has a multi-channel distribution
network in all the segments in which it operates, with different emphasis depending on the product line and geography. Our four operating segments are: Asia, Canada, U.S., and Global Wealth and Asset Management.

Asia We have insurance operations in 11 markets across Asia. We are a leading provider of insurance products and insurance-based wealth accumulation
products, driven by a customer-centric strategy, leveraging the asset management expertise and products managed by our Global Wealth and Asset Management segment. Our portfolio includes a broad array of health, protection, savings, medical, term and
whole life products.

Our diversified multi-channel distribution network in Asia includes contracted agents, bank partnerships and independent agents, financial
advisors, and brokers. We have exclusive bancassurance partnerships, including a long-term, regional partnership with DBS Bank Ltd. in Singapore, Hong Kong, mainland China and Indonesia, and VietinBank in Vietnam, that give us access to over
30 million bank customers.

In Hong Kong and Macau, our insurance products are marketed and sold through the Company’s agency, bancassurance partnerships,
and independent broker channels. In Japan, product offerings are marketed through proprietary sales agents, independent agencies or managing general agents (“MGA”) and bancassurance partners. Corporate products are mainly sold through
MGAs. In Singapore, mainland China, Vietnam, Indonesia, the Philippines, Malaysia, Cambodia and Myanmar, products are primarily marketed and sold through exclusive agents, bank channels, including exclusive partnerships, brokerage, and independent
financial advisors.

In late 2021, we completed the acquisition of Aviva Vietnam Life Insurance Company Limited and commenced a
16-year bancassurance partnership with VietinBank, which together provides a full suite of insurance, wealth and retirement solutions to VietinBank customers.

Canada We are a leading financial services provider, offering insurance products, insurance-based wealth accumulation products and banking services, have
an in-force variable annuity business, and we leverage the asset management expertise and products managed by our Global Wealth and Asset Management segment.

We offer financial protection solutions to individuals, families, and business owners through a combination of competitive products, professional advice and quality
customer service. We provide life, health, disability and specialty products, such as mortgage creditor and travel insurance, through advisors, sponsor groups and associations, as well as direct-to-customer.

We provide group life, health and disability insurance solutions to Canadian sponsors (these include
traditional employers as well as other forms of groups such as government programs, unions, and associations) and these products are distributed through various distribution channels, including a national network of regional offices that provide
support to plan sponsors.

Manulife Bank offers flexible debt and cash flow management solutions as part of a customer’s overall financial plan. Products
include savings and chequing accounts, guaranteed interest certificates, lines of credit, investment loans, mortgages and other specialized lending programs, offered through financial advisors supported by a broad distribution network.

U.S. Our U.S. segment provides a range of life insurance products, insurance-based wealth accumulation products, and has an
in-force long-term care insurance business and an in-force annuity business.

 

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Read More:Form 40-F MANULIFE FINANCIAL CORP For: Dec 31