200 Bloor Street East
Toronto, Ontario
M4W 1E5

Tel: 416-926-3000
Fax: N/A
Email: N/A



Canada and Corporate

  • Gender Equality Index from Bloomberg
  • North America Index from Dow Jones Sustainability
  • Canada’s Best Diversity Employers from Canada’s Top 100
  • Canada’s Top Employers for Young People from Canada’s Top 100
  • Parity Certification (Silver) from Women in Governance
  • One of the Most Trusted Life Insurance Providers from BrandSpark International

United States

  • Corporate Equality Index by Human Rights Campaign
  • A Top Charitable Contributor from Boston Business Journal
  • America’s Best Employers by State Ranking from Forbes
  • One of the Best Life Insurance Companies by the U.S. News & World Report’s 360 Reviews
  • Model Insurer Award from Celent
  • Corporate Partner of the Year from Boston Debate Leagues
  • Top 100 Women-Led Businesses in Massachusetts by Commonwealth Institute
  • One of Largest Employers in Massachusetts from Boston Business Journal




Sarah Chapman


Canada and Corporate

  • Candidate Experience Award from Talent Board
  • Data Impact Award from Cloudera
  • Golden Wheel from Ride for Heart
  • 100K Platinum Club Award from Ride for Heart

United States

  • Gold Award for the Most Innovative Product Feature from the Best in Biz Awards
  • Model Insurer Award from Celent
  • Multiple Sales and Customer Service Awards from Stevie Awards


  • Best CSR Practice Award and Best Employer Brand Award from the Philippines Best Employer Awards in Manila
  • CSR Initiative of the year from Insurance Asia Awards in the Philippines
  • Excellent Customer Service Award from the National Business Daily in China
  • Outstanding Equal Opportunity Employers Award from the Hong Kong Insurance Awards
  • Silver in CSR Excellence at the Marketing Excellence Awards in Singapore
  • Three Awards at 2019 International Customer Relationship Excellence Summit in Cambodia
  • Top Community Care Company in Asia from the Asia Corporate Excellence and Sustainability Awards



Report created by Kavita Kripalani


SECTIONS :  Sustainability    Evaluation  •  Progress  •  Watch  •  Overview

Company Activity

Manulife is a financial services company, which engages in the provision of financial protection and wealth management products and services. It operates through the following business segments: Asia, Canada, U.S., Global Wealth & Asset Management and Corporate & Other. 

  • The Asia segment provides insurance products and insurance-based wealth accumulation products in Asia. 
  • The Canada segment provides insurance products, insurance-based wealth accumulation products and banking services in Canada. 
  • The U.S. segment provides life insurance products, insurance-based wealth accumulation products, digital advice solutions and administering in-force long-term care insurance and annuity businesses in the U.S. 
  • The Global Wealth & Asset Management segment provides fee-based wealth solutions to retail, retirement and institutional customers. 
  • The Corporate & Other segment comprises investment performance on assets backing capital, net of amounts allocated to operating segments, financing costs, costs incurred by the corporate office related to shareholder activities, Property & Casualty Reinsurance business and run-off reinsurance business lines. 

The company was founded on April 26, 1999 and is headquartered in Toronto, Canada.

Company Sustainability Activity

Manulife’s sustainability strategy supports their mission of making decisions easier and lives better. Building on their history as a trusted insurer, long-term investor and good corporate citizen, their strategy incorporates input from external and internal stakeholders, their learnings from ongoing engagement with external sustainability associations, and their experience over the years in this space.  Their Sustainability strategy lies on the following pillars:

  • Environment: Reduce the impact of their operations on the physical environment and invest in supporting the transition to a lower-carbon economy.
  • People: Invest in the health and wellbeing of their employees and continue building a diverse and inclusive workplace.
  • Customers and Shareholders: Manage their ESG risks and opportunities to benefit their customers, shareholders and employees, and operate in an ethical manner.
  • Communities: Create measurable social impact by investing in the health and wellbeing of their communities


  • 50% of their Board committees were chaired by women1
  • Scope 1 & 2 GHG emissions were 1.0 million MtCO2 and they had carbon removals of 3.1 million MtCO2
  • 12% reduction in total paper use
  • 91% participation in their engagement survey
  • Donated and raised over $46 million in support of community initiatives
  • Released a Climate Change Statement outlining approach to climate change
  • As supporters of TCFD they included climate-related disclosures in their 2019 Management’s Discussion and Analysis


  • Bring their farmland up to the same standard as their forests, with 100% certified as sustainable.
  • Manulife has signed a global pledge with Vitality to help make 100 million people 20% more active by 2025.
  • In 2019, they achieved an rNPS score of 8, a 7-point improvement from the 2017 baseline and a decline of 1 point from the 9-point improvement in 2018. their 2019 scores remain competitive with global benchmarks. they are committed to delivering on their ambitious target of a 30-point improvement across the company by 2022.
  • As part of a three-year commitment to BMC which began in 2018, they are a founding sponsor of the hospital’s newest endeavor, called Vision 2030, which aims to make Boston the healthiest urban population in the world by 2030.



Customer Centricity

  • 30 million customers served worldwide
  • $29.7 billion in payments to their customers

Sustainable and Responsible Investing

  • Engaged with 724 companies in 2019
  • With two issuances to date, their total outstanding green bond issuance amount is now over $1 billion


Environmental Performance

  • Over 80% of their global real estate portfolio has been certified to a green building standard
  • Invested $1.2 billion in renewable energy and energy efficiency projects in 2019


Diversity and Inclusion

  • 55% of their global employee workforce are women
  • 91% participation in their engagement survey
  • 8 Employee Resource Groups with 28 chapters and more than 9,800 members
  • $1 million+ in savings realized by reskilling their developers instead of recruiting engineers from the external market


Regional Initiatives

  • $46 million+ donated and raised in support of community initiatives
  • ≈ 66,000 hours volunteered by their employees and agents

Examples of their investing in the lower-carbon economy

  • Investing over $13.6B in renewable energy and energy efficiency projects since 2002
  • Achieving sustainable certification for 80% of their 58.4 million square feet of owned real estate
  • First life insurer to issue an SGD $500 MM green bond that is estimated to annually avoid over 100 tons of GHG emissions for every SGD $1 million invested
  • Sustainably managing over $14B in forest and farmland property that offer natural solutions to climate change
  • by sequestering carbon in trees and soil
  • Continuing to meet internal targets in their NAL Resources business to reduce its GHG emissions intensity by 50%

Examples of their climate change engagement and advocacy

  • Manulife Investment Management is a founding member of the Climate Action 100+, a five-year initiative that encourages reduction of GHG emissions by the world’s biggest polluters and now includes more than 370 asset managers from around the globe representing US$35 trillion in investor capital
  • MFC is a supporter of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD),
  • Manulife Investment Management participated in a United Nations Environment Programme Finance Initiative (UNEP FI) pilot project on implementing the TCFD recommendations for investors
  • Partnership with the University of Waterloo is exploring the impacts of climate change and severe weather on mental health
  • Partnership with Hancock Natural Resources Group (HNRG) supports the Joint Program on the Science and Policy of Global
  • Change at the Massachusetts Institute of Technology (MIT) which focuses on climate change and its impacts using state-of-the-art economic and earth system models

Climate Change Disclosure, Metrics and Targets

  • MFC tracks and reports on their key ESG performance metrics and targets in their annual Sustainability Report. This includes data related to GHG emissions, energy use, green buildings, water consumption, waste management, products and services that support the lower carbon transition, and ESG risk management. MFC has been reporting multi-year data on absolute and intensity-based GHG emissions (Scopes 1, 2 and 3) calculated according to the GHG Protocol. 
  • Manulife has publicly reported their operational emissions since 2005 and have been participating in the CDP since 2010. MFC has received third-party verification of their emissions performance since 2017. As part of the enterprise-wide design of their sustainability strategy, they are in the process of assessing appropriate climate-related commitments and targets.


United Nations Sustainable Development Goals

United Nations SDGs Compliance


  • Manulife has signed a global pledge with Vitality to help make 100 million people 20% more active by 2025. As part of this, they offer wellness-based programs that bring together behavioural science and consumer technology to incentivize and reward their customers for making healthier choices every day. Manulife offers similar products around the world.
  • In Canada, they introduced the Group Insurance Manulife Vitality program, designed to encourage their group benefit participants to make healthy choices using proven behavioural science.
  • In the U.S., they became the first company to offer life insurance designed specifically for individuals living with diabetes with the launch of John Hancock Aspire. 
  • In Asia, their ManulifeMOVE program is available in China, Hong Kong, Philippines, Singapore and Vietnam. As of January 2020, they had over 600,000 policyholders enrolled in the MOVE program across Asia.
  • Manulife is committed to ethical business practices and good governance, both of which are integral to how they want to do business and to their long-term success. Achieving this requires a commitment to integrity and consistently high standards from all partners, including their vendors. 
  • Accordingly, the vendors who provide Manulife with services or products are expected to adhere to the requirements of their Vendor Code of Conduct: comply fully with all applicable laws and regulations at all times, including anti-money laundering, antitrust, and anti-corruption laws; comply with all privacy and non-disclosure agreements and ensure that all information and data provided by Manulife to a vendor remain confidential and secure; respect the dignity and human rights of all workers, and make a commitment to fair employment and lab their practices, including providing protection against workplace harassment, abuse, discrimination, and violence; comply with all applicable anti-slavery and human trafficking laws, statutes, regulations, and codes, and apply due diligence in their supply chain to ensure no slavery or human trafficking is involved; provide healthy and safe workplaces for their employees and have practices in place to minimize or eliminate any hazards; and proactively minimize or mitigate the environmental impacts associated with their business activities through documented policies and procedures


  • The Board has a long-standing diversity policy that covers age, gender, ethnicity, disability, sexual orientation, and geographic representation


In 2019, Manulife released a Climate Change Statement outlining their approach to climate change. Their approach to climate change focuses on:

  • Managing climate risk in their investments and capitalizing on opportunities
  • Reducing greenhouse gas (GHG) emissions from their operations
  • Supporting the growth and evolution of the renewable energy and efficiency sectors
  • Embedding sustainability in their real estate activities
  • Managing forestry and agriculture sectors sustainably


Green bonds

  • Manulife invests in renewable energy, energy-efficient buildings, sustainably managed forestry, and other long-duration assets that provide a good economic fit for their long-dated insurance liabilities and support the transition to the lower carbon economy.

Green Bond Issuance

  • In 2017, they became the first global life insurer to issue a green bond. With two issuances to date, their total outstanding green bond issuance size is now over $1 billion. their Green Bond Framework is aligned with the International Capital Market, Association’s Green Bond Principles 2017 and overseen by the Manulife Green Bond Council, which is made up of members of senior management of Manulife, including their Chief Financial Officer, their Chief Investment Officer and their Group Treasurer. The Framework directs the use of proceeds towards renewable energy, energy efficiency, sustainably managed forests, and other investments that advance ecosystem improvements.

Green Bond Investment

  • In addition to being the first global life insurance company to issue a green bond, Manulife also purchases green bonds for its general account. As at December 31, 2019, the market value of the green bonds purchased was $529 million.

SDG 10

Supplier diversity

  • They support businesses owned by women, members of minorities, and persons who identify as LGBTQ in order to reflect the diversity of the communities in which they operate. Manulife is a member of the Financial Services Roundtable for Supplier Diversity, a non-profit organization comprised of regional, national, and global financial services companies with formal supplier diversity initiatives. 
  • In the United States, they are a founding member of the Pacesetters initiative, a partnership established by the Greater Boston Chamber of Commerce in which large and mid-sized companies and anchor institutions use their collective purchasing power to create opportunities at scale for local businesses owned by members of ethnic minorities.

SDG 13

General Account

  • Manulife’s General Account consists of their company’s own assets, which support their policyholder liabilities. Key activities related to their General Account include renewable energy investments and commitments under the Equator Principles.
  • In 2019 they adopted ESG investment guidelines for their investment professionals on integrating ESG considerations into investment decisions and ownership practices specific to their General Account assets globally.

Equator Principles

  • The Equator Principles (EPs) are a set of voluntary guidelines that help financial institutions identify and manage environmental and social risks in project finance transactions. The principles apply to new project financings in any sector or country with total capital costs exceeding US $10 million, or project-related corporate loans of at least US $100 million


Manulife has achieved many reputable certificates, awards, and listings with regard to sustainability and CSR, giving them credibility as a company that takes sustainability seriously.

They produce a solid report with targets and goals for reducing their CO2 emissions, energy consumption, renewable energy, human rights, and raw material consumption in alignment with the UN Sustainable Development Goals. 

The company partakes in the issuance and purchase of green bonds, and also invests in renewable energy, energy-efficient buildings, sustainably managed forestry, and other long-duration assets.

Sustainability plays a key role in their business model, and the sheer size of their financial influence allows them to create a significant impact. However, they still have room to improve.

This company has been rated a B. 

Analyst Outlook: Neutral

The company should align themselves with additional SDGs as much as possible so that they continue their progress toward sustainability. They should also strive to set specific targets and KPIs which will enhance their progress as well as public perception.

Key Points

  • The company achieved a CDP rating of “B” in 2019 and “B-” in 2020
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