Manulife Financial, Sun Life Financial and Great‑West Lifeco all posted growth in core or underlying earnings for 2025, supported by fee income from asset management, group benefits and international operations, even where reported net income was affected by market‑related items and assumption changes. Their core returns on equity typically remained in the mid‑teens or higher, above Empire Life’s 11.5% common shareholders’ ROE, reflecting greater diversification and scale in fee‑based and non‑Canadian businesses.
