This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 2026
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			3/31/26
Manulife Financial Corp					TSX:	MFC	NYSE	MFC	https://www.manulife.com/			Fiscal Yr:	Dec 31
Year	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26	12/31/27	12/31/28		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split Date
Split																					split
Assets under Mge $B											$1,206.7	$1,385.4
Assets under Admin $B											$182.0	$222.6
Assets under Management and Admin$B	$598.9	$691.1	$935.2	$977.1	$1,040.0	$1,083.5	$1,188.9	$1,297.4	$1,425.8	$1,314.6	$1,388.8	$1,608.0	$1,704.4	$1,704.4	<-12 mths			82.26%	<-Total Growth	10	Assets under Management	$B
Increase	12.59%	15.39%	35.31%	4.48%	6.44%	4.18%	9.73%	9.13%	9.90%	-7.80%	5.64%	15.78%	6.00%	0.00%	<-12 mths			6.19%	<-IRR #YR->	10	Assets under Management	82.26%
5 year Running Average	$509	$559	$651	$747	$848	$945	$1,045	$1,117	$1,207	$1,262	$1,323	$1,407	$1,488	$1,544	<-12 mths			5.61%	<-IRR #YR->	5	Assets under Management	31.37%
Increase	8.27%	9.88%	16.45%	14.66%	13.61%	11.42%	10.53%	6.93%	8.03%	4.55%	4.84%	6.33%	5.79%	3.74%	<-12 mths			8.61%	<-IRR #YR->	10	5 yr Running Average	128.49%
AUM per Share $B	32.41	37.08	47.42	49.47	52.47	54.97	61.00	66.88	73.38	70.49	76.90	93.00	101.64	101.64	<-12 mths			5.90%	<-IRR #YR->	5	5 yr Running Average	33.20%
Increase	11.38%	14.40%	27.90%	4.32%	6.07%	4.76%	10.97%	9.63%	9.73%	-3.94%	9.10%	20.94%	9.29%	0.00%	<-12 mths			7.92%	<-IRR #YR->	10	AUM pe Share $B	-64.82%
5 year Running Average	$28	$31	$35	$39	$44	$48	$53	$57	$62	$65	$70	$76	$83	$89	<-12 mths			8.73%	<-IRR #YR->	5	AUM pe Share $B	-16.54%
P/AUM Med	0.54	0.57	0.46	0.39	0.45	0.42	0.38	0.30	0.34	0.35	0.35	0.40	0.44	0.48	<-12 mths			9.11%	<-IRR #YR->	10	5 yr Running Average	-66.72%
P/AUM Close	0.65	0.60	0.44	0.48	0.50	0.35	0.43	0.34	0.34	0.34	0.38	0.47	0.49	0.46	<-12 mths			7.84%	<-IRR #YR->	5	5 yr Running Average	-3.60%
Gen. Fund, Segregated, MF etc					P/S Med	20 yr	0.44	15 yr	0.42	10 yr	0.38	5 yr	0.35		19.73%	Diff M/C
			-$935	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,704
								-$1,297	$0	$0	$0	$0	$1,704
			-$651	$0	$0	$0	$0	$0	$0	$0	$0	$0	$1,488
								-$1,117	$0	$0	$0	$0	$1,488
			-$47	$0	$0	$0	$0	$0	$0	$0	$0	$0	$102
								-$67	$0	$0	$0	$0	$102
			-$35	$0	$0	$0	$0	$0	$0	$0	$0	$0	$83
								-$57	$0	$0	$0	$0	$83
												$42,459	<-12 mths	-12.88%
Net Premiums (Insurance Revenue)	$17,510	$17,883	$15,929	$27,632	$28,210	$24,012	$35,578	$32,917	$39,065	$37,853	$23,972	$26,592	$28,888					81.35%	<-Total Growth	10	Net Premiums
Increase	63.13%	2.13%	-10.93%	73.47%	2.09%	-14.88%	48.17%	-7.48%	18.68%	-3.10%	-36.67%	10.93%	8.63%								Increase
Investment Income											$18,021	$19,111	$23,947
Increase												6.05%	25.30%
Total Other Income											$6,746	$7,588	$8,129									annual statement
Increse												12.48%	7.13%
Comments	$18,672
Revenue*	$36,289	$54,522	$34,430	$53,337	$58,323	$38,972	$79,570	$78,908	$61,821	$17,147	$48,739	$53,291	$60,964	$56,641	$52,185	$62,434		77.07%	<-Total Growth	10	Revenue
Increase	24.46%	50.24%	-36.85%	54.91%	9.35%	-33.18%	104.17%	-0.83%	-21.65%	-72.26%	184.24%	9.34%	14.40%	-7.09%	-7.87%	19.64%		5.88%	<-IRR #YR->	10	Revenue	77.07%
5 year Running Average	$38,834	$41,717	$41,076	$41,547	$47,380	$47,917	$52,926	$61,822	$63,519	$55,284	$57,237	$51,981	$48,392	$47,356	$54,364	$57,103		-5.03%	<-IRR #YR->	5	Revenue	-22.74%
Revenue per Share	$19.64	$29.25	$17.46	$27.01	$29.43	$19.77	$40.83	$40.67	$31.82	$9.19	$26.99	$30.82	$36.35	$33.78	$31.12	$37.23		1.65%	<-IRR #YR->	10	5 yr Running Average	17.81%
Increase	23.11%	48.95%	-40.31%	54.68%	8.96%	-32.81%	106.48%	-0.37%	-21.78%	-71.10%	193.53%	14.21%	17.95%	-7.09%	-7.87%	19.64%		-4.78%	<-IRR #YR->	5	5 yr Running Average	-21.72%
5 year Running Average	$21.58	$22.86	$22.12	$21.86	$24.56	$24.58	$26.90	$31.54	$32.50	$28.46	$29.90	$27.90	$27.03	$27.43	$31.81	$33.86		7.61%	<-IRR #YR->	10	Revenue per Share	108.21%
P/S (Price/Sales) Med	0.88	0.72	1.26	0.72	0.80	1.16	0.56	0.50	0.79	2.67	0.98	1.21	1.22	1.45	0.01	0.00		-2.22%	<-IRR #YR->	5	Revenue per Share	-10.62%
P/S (Price/Sales) Close	1.07	0.76	1.19	0.89	0.89	0.98	0.65	0.56	0.78	2.63	1.08	1.43	1.37	1.38	1.50	1.47		2.03%	<-IRR #YR->	10	5 yr Running Average	22.21%
*Total Revenue in M CDN $					P/S Med	20 yr	0.84	15 yr	0.80	10 yr	0.89	5 yr	1.21		55.06%	Diff M/C		-3.04%	<-IRR #YR->	5	5 yr Running Average	-14.29%
			-$34,430	$0	$0	$0	$0	$0	$0	$0	$0	$0	$60,964
								-$78,908	$0	$0	$0	$0	$60,964
			-$41,076	$0	$0	$0	$0	$0	$0	$0	$0	$0	$48,392
								-$61,822	$0	$0	$0	$0	$48,392
			-$17.46	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$36.35
								-$40.67	$0.00	$0.00	$0.00	$0.00	$36.35
			-$22.12	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$27.03
								-$31.54	$0.00	$0.00	$0.00	$0.00	$27.03
														$4.33	<-12 mths	2.85%
Core Earnings (CER) CDN$	$2,617	$2,888	$3,428	$4,201	$4,565	$5,610	$6,004	$5,516	$6,536	$6,182	$6,684	$7,226	$7,521					119.40%	<-Total Growth	10	AEPS
Return on Equity ROE	10.13%	9.41%	8.91%	10.98%	12.19%	13.31%	13.25%	11.32%	12.56%	12.54%	16.57%	16.31%	17.31%					12.91%	<-Median->	10	Return on Equity ROE
5Yr Median	9.68%	9.68%	9.53%	9.53%	10.13%	10.98%	12.19%	12.19%	12.56%	12.56%	12.56%	12.56%	16.31%					12.38%	<-Median->	10	5Yr Median
Basic Calc	$1.43	$1.56	$1.75	$2.13	$2.31	$2.86	$3.07	$2.84	$3.37	$3.24	$3.64	$4.06	$4.42					152.77%	<-Total Growth	10	AEPS
AEPS* Dilued	$1.34	$1.48	$1.73	$1.96	$2.22	$2.74	$2.97	$2.75	$3.25	$3.10	$3.47	$3.87	$4.21	$4.57	$4.99	$5.51		142.80%	<-Total Growth	10	AEPS
Increase	19.64%	10.45%	17.16%	13.04%	13.27%	23.42%	8.39%	-7.41%	18.18%	-4.62%	11.94%	11.53%	8.79%	8.55%	9.19%	10.42%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$1.22	$1.35	$1.36	$1.53	$1.75	$2.03	$2.32	$2.53	$2.79	$2.96	$3.11	$3.29	$3.58	$3.84	$4.22	$4.63		9.28%	<-IRR #YR->	10	AEPS	142.80%
AEPS Yield	6.40%	6.67%	8.36%	8.20%	8.47%	14.15%	11.27%	12.14%	13.06%	12.84%	11.85%	8.76%	8.45%	9.78%	10.68%	10.07%		8.89%	<-IRR #YR->	5	AEPS	53.09%
Payout Ratio	38.81%	38.51%	39.22%	37.76%	36.94%	33.21%	33.67%	40.73%	36.00%	42.58%	42.07%	41.34%	41.81%	42.45%	38.88%	35.21%		10.14%	<-IRR #YR->	10	5 yr Running Average	162.70%
5 year Running Average	51.38%	40.06%	41.72%	40.14%	38.25%	37.13%	36.16%	36.46%	36.11%	37.24%	39.01%	40.55%	40.76%	42.05%	41.31%	39.94%		7.21%	<-IRR #YR->	5	5 yr Running Average	41.61%
Price/AEPS Median	12.95	14.33	12.66	9.91	10.62	8.34	7.71	7.40	7.78	7.93	7.65	9.63	10.52	10.74	0.03	0.00		8.14	<-Median->	10	Price/AEPS Median
Price/AEPS High	15.69	15.49	13.84	12.76	11.02	9.93	8.88	10.08	8.45	9.00	8.44	11.95	11.96	11.48	0.00	0.00		10.01	<-Median->	10	Price/AEPS High
Price/AEPS Low	10.20	13.16	11.47	7.06	10.22	6.75	6.54	4.72	7.11	6.86	6.86	7.32	9.07	10.01	0.00	0.00		6.96	<-Median->	10	Price/AEPS Low
Price/AEPS Close	15.62	14.99	11.96	12.20	11.81	7.07	8.88	8.24	7.66	7.79	8.44	11.41	11.84	10.23	9.36	9.93		8.66	<-Median->	10	Price/AEPS Close
Trailing P/AEPS Close	18.69	16.55	14.01	13.79	13.38	8.73	9.62	7.63	9.05	7.43	9.45	12.73	12.88	11.10	10.23	10.96		9.53	<-Median->	10	Trailing P/AEPS Close
Median Values	Historical	in order	9.91	11.95	7.32	11.41	P/CF	5 Yrs	in order	7.93	9.00	7.11	8.44		28.99%	Diff M/C					DPR 75% to 95% best
* Adjusted Earnings per Share
			-$1.73	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.21
								-$2.75	$0.00	$0.00	$0.00	$0.00	$4.21
			-$1.36	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.58
								-$2.53	$0.00	$0.00	$0.00	$0.00	$3.58
													$2.91	<-12 mths	2.46%
Difference Basic and Diluted	0.61%	1.10%	0.94%	0.70%	0.00%	0.43%	0.00%	0.34%	0.28%	0.00%	0.38%	0.35%	0.32%					0.00	<-Median->	10	Difference Basic and Diluted
EPS Basic	$1.63	$1.82	$1.06	$1.42	$0.98	$2.34	$2.77	$2.94	$3.55	$3.68	$2.62	$2.85	$3.08					190.57%	<-Total Growth	10	EPS Basic
Net Income
Ave # 1999
Net Inc/# shares
Pre-split '06
EPS Diluted*	$1.62	$1.80	$1.05	$1.41	$0.98	$2.33	$2.77	$2.93	$3.54	$3.68	$2.61	$2.84	$3.07	$4.44	$4.99	$5.02		192.38%	<-Total Growth	10	EPS Diluted
Increase	84.09%	11.11%	-41.67%	34.29%	-30.50%	137.76%	18.88%	5.78%	20.82%	3.95%	-29.08%	8.81%	8.10%	44.53%	12.42%	0.64%		10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	7.7%	8.1%	5.1%	5.9%	3.7%	12.0%	10.5%	12.9%	14.2%	15.2%	8.9%	6.4%	6.2%	9.5%	10.7%	9.2%		11.33%	<-IRR #YR->	10	Earnings per Share	192.38%
5 year Running Average	$0.61	$0.81	$1.07	$1.35	$1.37	$1.51	$1.71	$2.08	$2.51	$3.05	$3.11	$3.12	$3.15	$3.33	$3.59	$4.07		0.94%	<-IRR #YR->	5	Earnings per Share	4.78%
10 year Running Average	$1.25	$1.25	$1.15	$1.04	$0.86	$1.06	$1.26	$1.58	$1.93	$2.21	$2.31	$2.41	$2.62	$2.92	$3.32	$3.59		11.35%	<-IRR #YR->	10	5 yr Running Average	193.11%
* Diluted ESP per share									E/P	10 Yrs	9.71%	5Yrs	8.91%					8.60%	<-IRR #YR->	5	5 yr Running Average	51.06%
			-$1.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.07
								-$2.93	$0.00	$0.00	$0.00	$0.00	$3.07
			-$1.07	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.15
								-$2.08	$0.00	$0.00	$0.00	$0.00	$3.15
Dividend*														$1.93	$2.01	$1.82			Estimates		Dividend*
Increase														9.43%	4.47%	-9.54%			Estimates		Increase
Payout Ratio EPS														43.41%	40.34%	36.25%			Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Pre-split '06
Dividend*	$0.52	$0.57	$0.68	$0.74	$0.82	$0.91	$1.00	$1.12	$1.17	$1.32	$1.46	$1.60	$1.76	$1.94	$1.94	$1.94		158.82%	<-Total Growth	10	Dividends
Increase	0.00%	9.62%	19.30%	8.82%	10.81%	10.98%	9.89%	12.00%	4.46%	12.82%	10.61%	9.59%	10.00%	10.23%	0.00%	0.00%		21	2	26	Years of data, Count P, N	80.77%
Average Increases 5 Year Running	-11.07%	-4.74%	5.78%	7.55%	9.71%	11.90%	11.96%	10.50%	9.63%	10.03%	9.96%	9.90%	9.50%	10.65%	8.08%	5.96%		9.93%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.57	$0.53	$0.56	$0.61	$0.67	$0.74	$0.83	$0.92	$1.00	$1.10	$1.21	$1.33	$1.46	$1.62	$1.74	$1.84		160.14%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	3.00%	2.69%	3.10%	3.81%	3.48%	3.98%	4.37%	5.51%	4.63%	5.37%	5.50%	4.29%	3.98%	3.95%				4.33%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	2.47%	2.49%	2.83%	2.96%	3.35%	3.34%	3.79%	4.04%	4.26%	4.73%	4.99%	3.46%	3.49%	3.70%				3.64%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	3.80%	2.93%	3.42%	5.35%	3.61%	4.92%	5.15%	8.64%	5.06%	6.21%	6.14%	5.65%	4.61%	4.24%				5.25%	<-Median->	10	Yield on Low Price	AEPS
Yield on Close Price	2.48%	2.57%	3.28%	3.09%	3.13%	4.70%	3.79%	4.94%	4.70%	5.47%	4.99%	3.62%	3.53%	4.15%	4.15%	3.55%		4.25%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	32.10%	31.67%	64.76%	52.48%	83.67%	39.06%	36.10%	38.23%	33.05%	35.87%	55.94%	56.34%	57.33%	43.72%	38.89%	38.65%		45.77%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	93.16%	65.43%	52.33%	44.82%	48.54%	49.14%	48.59%	44.05%	40.00%	36.20%	39.09%	42.76%	46.44%	48.57%	48.48%	45.10%		44.44%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	9.90%	9.83%	12.98%	8.58%	9.14%	9.36%	9.49%	10.84%	9.82%	13.88%	12.91%	10.44%	9.19%	10.13%	#VALUE!	#DIV/0!		9.65%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	9.59%	9.20%	10.21%	9.78%	9.83%	9.70%	9.63%	9.52%	9.75%	10.61%	11.32%	11.42%	10.88%	10.86%	#VALUE!	#DIV/0!		9.80%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	8.42%	9.57%	9.73%	7.73%	10.32%	9.65%	-13.48%	-13.72%	18.44%	29.56%	157.32%	76.78%	-131.30%	-144.72%	#DIV/0!	#DIV/0!		9.99%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	9.07%	8.62%	8.86%	8.58%	9.09%	9.33%	15.66%	40.41%	61.71%	118.53%	-157.77%	117.90%	58.56%	168.44%	#DIV/0!	#DIV/0!		28.03%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	4.33%	4.25%	5 Yr Med	5 Yr Cl	4.63%	4.70%	5 Yr Med	Payout	55.94%	10.44%	29.56%					9.46%	<-IRR #YR->	5	Dividends	57.14%
* Dividends per share	10 Yr Med	and Cur.	-4.10%	-2.22%	5 Yr Med	and Cur.	-10.26%	-11.72%	Last Div Inc --->		$0.440	$0.485	10.23%					9.98%	<-IRR #YR->	10	Dividends	158.82%
Dividends Growth 15																		8.47%	<-IRR #YR->	15	Dividends	238.46%
Dividends Growth 20																		5.71%	<-IRR #YR->	20	Dividends	203.45%
Dividends Growth 25																		8.88%	<-IRR #YR->	25	Dividends
Dividends Growth 30																		8.72%	<-IRR #YR->	26	Dividends
Dividends Growth 5								-$1.12	$0.00	$0.00	$0.00	$0.00	$1.76								Dividends Growth 5
Dividends Growth 10			-$0.68	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.76								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.76								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.76								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.76								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.76								Dividends Growth 30
Historical Dividends	Historical	High Div	6.66%	Low Div	1.30%	10 Yr High	8.39%	10 Yr Low	3.00%	Med Div	3.39%	Close Div	3.13%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-37.67%		219.35%	Exp.	-50.52%		38.38%	Cheap	22.46%	Cheap	32.75%								High/Ave/Median
Future Dividend Yield					Div Yd	6.52%	earning in	5	Years	at IRR of	9.46%	Div Inc.	57.14%								Future Dividend Yield
Future Dividend Yield					Div Yd	10.25%	earning in	10	Years	at IRR of	9.46%	Div Inc.	146.94%								Future Dividend Yield
Future Dividend Yield					Div Yd	16.11%	earning in	15	Years	at IRR of	9.46%	Div Inc.	288.05%								Future Dividend Yield
Future Dividend Paid					Div Paid	$3.05	earning in	5	Years	at IRR of	9.46%	Div Inc.	57.14%								Future Dividend Paid
Future Dividend Paid					Div Paid	$4.79	earning in	10	Years	at IRR of	9.46%	Div Inc.	146.94%								Future Dividend Paid
Future Dividend Paid					Div Paid	$7.53	earning in	15	Years	at IRR of	9.46%	Div Inc.	288.05%								Future Dividend Paid
Dividend Covering Cost					Total Div	$11.72	over	5	Years	at IRR of	9.46%	Div Cov.	25.07%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$27.08	over	10	Years	at IRR of	9.46%	Div Cov.	57.95%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$51.23	over	15	Years	at IRR of	9.46%	Div Cov.	109.62%								Dividend Covering Cost
I am earning GC					Div Gr	223.33%	5/1/05	# yrs ->	20	2005	$28.63	Cap Gain	63.22%								I am earning GC
I am earning Div					org yield	2.10%	12/31/14	Trading	Div G Yrly	12.90%	Div start	$0.60	-2.10%	6.78%							I am earning Div
I am earning GC					Div Gr	177.14%	8/3/06	# yrs ->	19	2006	$36.13	Cap Gain	29.34%								I am earning GC
I am earning Div					org yield	1.94%	12/31/14	Pension	Div G Yrly	12.88%	Div start	$0.70	-1.94%	5.37%							I am earning Div
I am earning GC					Div Gr	177.14%	7/10/06	# yrs ->	19	2006	$35.99	Cap Gain	29.84%								I am earning GC
I am earning Div					org yield	1.94%	12/31/14	RRSP	Div G Yrly	12.77%	Div start	$0.70	-1.94%	5.39%							I am earning Div
Yield if held 5 yrs	1.77%	3.21%	4.19%	5.03%	6.78%	5.24%	4.72%	5.10%	6.02%	5.60%	6.39%	6.99%	8.65%	7.67%	7.89%	7.31%		5.81%	<-Median->	10	Paid Median Price
Yield if held 10 yrs	2.68%	2.26%	2.21%	2.00%	2.00%	3.09%	5.64%	6.90%	7.96%	10.92%	8.41%	7.55%	8.02%	9.99%	8.23%	8.49%		7.22%	<-Median->	10	Paid Median Price
Yield if held 15 yrs		6.44%	4.27%	3.49%	4.40%	4.69%	3.96%	3.64%	3.17%	3.21%	4.96%	9.02%	10.84%	13.19%	16.05%	11.18%		4.18%	<-Median->	10	Paid Median Price
Yield if held 20 yrs							11.30%	7.04%	5.52%	7.09%	7.53%	6.34%	5.72%	5.25%	4.72%	6.59%		7.04%	<-Median->	7	Paid Median Price
Yield if held 25 yrs															10.42%	10.00%		#NUM!	<-Median->	0	Paid Median Price
Cost covered if held 5 years	9.71%	14.93%	17.31%	20.61%	27.54%	21.44%	19.57%	20.92%	25.84%	23.41%	26.55%	29.13%	35.94%	31.95%	35.40%	34.60%		24.63%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	33.58%	26.22%	21.81%	18.21%	16.24%	22.34%	38.32%	45.58%	54.74%	73.20%	56.43%	51.03%	54.23%	67.44%	60.31%	66.71%		48.30%	<-Median->	10	Paid Median Price
Cost covered if held 15 years		93.45%	54.93%	43.56%	52.26%	52.76%	42.67%	36.72%	31.79%	29.68%	42.94%	75.91%	90.61%	109.69%	145.16%	109.34%		43.25%	<-Median->	10	Paid Median Price
Cost covered if held 20 years							140.34%	83.77%	67.26%	81.91%	84.05%	69.11%	60.46%	53.65%	50.87%	74.10%		81.91%	<-Median->	7	Paid Median Price
Cost covered if held 25 years															128.64%	131.37%		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$78,908	$61,821	$17,147	$48,739	$53,291	$60,964	$0	<-12 mths	-100.00%		-22.74%	<-Total Growth	5	Revenue Growth	-22.74%
AEPS Growth								$2.75	$3.25	$3.10	$3.47	$3.87	$4.21	$4.33	<-12 mths	2.85%		53.09%	<-Total Growth	5	AEPS Growth	53.09%
Net Income Growth								$5,700	$6,890	$7,034	$4,800	$5,074	$5,251					-7.88%	<-Total Growth	5	Net Income Growth	-7.88%
Cash Flow Growth								$20,048	$23,155	$17,735	$20,423	$26,494	$32,105					60.14%	<-Total Growth	5	Cash Flow Growth	60.14%
Dividend Growth								$1.12	$1.17	$1.32	$1.46	$1.60	$1.76	$1.94	<-12 mths	10.23%		57.14%	<-Total Growth	5	Dividend Growth	57.14%
Stock Price Growth								$22.65	$24.88	$24.15	$29.28	$44.16	$49.84	$46.73	<-12 mths	-6.24%		120.04%	<-Total Growth	5	Stock Price Growth	120.04%
Revenue Growth			$34,430	$53,337	$58,323	$38,972	$79,570	$78,908	$61,821	$17,147	$48,739	$53,291	$60,964	$56,641	<-this year	-7.09%		77.07%	<-Total Growth	10	Revenue Growth	77.07%
AEPS Growth			$1.73	$1.96	$2.22	$2.74	$2.97	$2.75	$3.25	$3.10	$3.47	$3.87	$4.21	$4.57	<-this year	8.55%		142.80%	<-Total Growth	10	AEPS Growth	142.80%
Net Income Growth			$2,075	$2,796	$1,945	$4,632	$5,430	$5,700	$6,890	$7,034	$4,800	$5,074	$5,251	$7,213	<-this year	37.36%		153.06%	<-Total Growth	10	Net Income Growth	153.06%
Cash Flow Growth			$10,334	$17,036	$17,791	$19,168	$20,542	$20,048	$23,155	$17,735	$20,423	$26,494	$32,105	$32,105	<-this year	0.00%		210.67%	<-Total Growth	10	Cash Flow Growth	210.67%
Dividend Growth			$0.68	$0.74	$0.82	$0.91	$1.00	$1.12	$1.17	$1.32	$1.46	$1.60	$1.76	$1.93	<-this year	9.43%		158.82%	<-Total Growth	10	Dividend Growth	158.82%
Stock Price Growth			$20.74	$23.91	$26.22	$19.37	$26.36	$22.65	$24.88	$24.15	$29.28	$44.16	$49.84	$46.73	<-this year	-6.24%		140.31%	<-Total Growth	10	Stock Price Growth	140.31%
Dividends on Shares	$30.68	$33.63	$40.12	$43.66	$48.38	$53.69	$59.00	$66.08	$69.03	$77.88	$86.14	$94.40	$103.84	$114.46	$114.46	$114.46		$867.89	No of Years	15	Total Dividends	31-Dec-10
Paid	$1,234.87	$1,308.62	$1,223.66	$1,410.69	$1,546.98	$1,142.83	$1,555.24	$1,336.35	$1,467.92	$1,424.85	$1,727.52	$2,605.44	$2,940.56	$2,757.07	$2,757.07	$3,227.89		$2,940.56	No of Years	15	Worth	$17.15
Total																		$3,808.45			Total
Dividends on Shares				$36.26	$40.18	$44.59	$49.00	$54.88	$57.33	$64.68	$71.54	$78.40	$86.24	$95.06	$95.06	$95.06		$583.10	No of Years	10	Total Dividends	31-Dec-15
Paid			$1,016.26	$1,171.59	$1,284.78	$949.13	$1,291.64	$1,109.85	$1,219.12	$1,183.35	$1,434.72	$2,163.84	$2,442.16	$2,289.77	$2,289.77	$2,680.79		$2,442.16	No of Years	10	Worth	$20.74
Total																		$3,025.26			Total
Dividends on Shares									$52.65	$59.40	$65.70	$72.00	$79.20	$87.30	$87.30	$87.30		$328.95	No of Years	5	Total Dividends	31-Dec-20
Paid								$1,019.25	$1,119.60	$1,086.75	$1,317.60	$1,987.20	$2,242.80	$2,102.85	$2,102.85	$2,461.95		$2,242.80	No of Years	5	Worth	$22.65
Total																		$2,571.75			Total
Graham Price AEPS	$20.53	$23.41	$27.59	$29.23	$30.72	$36.31	$39.42	$39.42	$44.25	$42.93	$41.77	$47.24	$49.55	$51.62	$53.94	$56.68		79.61%	<-Total Growth	10	Graham Price AEPS
Price/GP Ratio Med	0.85	0.91	0.80	0.66	0.77	0.63	0.58	0.52	0.57	0.57	0.64	0.79	0.89	0.95				0.63	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.02	0.98	0.87	0.86	0.80	0.75	0.67	0.70	0.62	0.65	0.70	0.98	1.02	1.02				0.73	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.67	0.83	0.72	0.47	0.74	0.51	0.49	0.33	0.52	0.50	0.57	0.60	0.77	0.89				0.52	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.02	0.95	0.75	0.82	0.85	0.53	0.67	0.57	0.56	0.56	0.70	0.93	1.01	0.91	0.87	0.97		0.68	<-Median->	10	Price/GP Ratio
Prem/Disc Close	1.96%	-5.27%	-24.82%	-18.19%	-14.64%	-46.65%	-33.13%	-42.54%	-43.77%	-43.75%	-29.89%	-6.52%	0.59%	-9.48%	-13.37%	-3.48%		-31.51%	<-Median->	10	Graham Price
Graham Price EPS	$22.57	$25.82	$21.47	$24.79	$20.41	$33.48	$38.07	$40.69	$46.18	$46.78	$36.22	$40.47	$42.31	$50.87	$53.93	$54.10		97.09%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	0.77	0.82	1.02	0.78	1.16	0.68	0.60	0.50	0.55	0.53	0.73	0.92	1.05	0.97				0.71	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.93	0.89	1.12	1.01	1.20	0.81	0.69	0.68	0.59	0.60	0.81	1.14	1.19	1.03				0.81	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.61	0.75	0.93	0.56	1.11	0.55	0.51	0.32	0.50	0.45	0.66	0.70	0.90	0.90				0.56	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.93	0.86	0.97	0.96	1.28	0.58	0.69	0.56	0.54	0.52	0.81	1.09	1.18	0.98	0.87	0.86		0.75	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-7.27%	-14.10%	-3.39%	-3.55%	28.48%	-42.14%	-30.75%	-44.33%	-46.13%	-48.37%	-19.16%	9.12%	17.80%	-2.02%	-13.35%	-13.63%		-24.96%	<-Median->	10	Graham Price
Pre-split '06
Price Close	$20.93	$22.18	$20.74	$23.91	$26.22	$19.37	$26.36	$22.65	$24.88	$24.15	$29.28	$44.16	$49.84	$46.73	$46.73	$54.71		140.31%	<-Total Growth	10	Stock Price
Increase	54.92%	5.97%	-6.49%	15.28%	9.66%	-26.13%	36.09%	-14.07%	9.85%	-2.93%	21.24%	50.82%	12.86%	-6.24%	0.00%	17.08%		12.26	<-Median->	10	CAPE (10 Yr P/E)
P/E	12.92	12.32	19.75	16.96	26.76	8.31	9.52	7.73	7.03	6.56	11.22	15.55	16.23	10.53	9.37	10.90		17.09%	<-IRR #YR->	5	Stock Price	120.04%
Trailing P/E	23.78	13.69	11.52	22.77	18.60	19.77	11.31	8.18	8.49	6.82	7.96	16.92	17.55	15.22	10.53	10.97		9.16%	<-IRR #YR->	10	Stock Price	140.31%
CAPE (10 Yr P/E)	19.51	19.08	19.55	20.13	22.67	18.25	15.98	13.09	11.43	10.47	10.38	10.84	11.12	10.75	10.07	10.30		21.78%	<-IRR #YR->	5	Price & Dividend	157.26%
Median 10, 5 Yrs		D.  per yr	3.72%	4.70%	% Tot Ret	28.87%	21.56%	T P/E	14.12	8.49	P/E:	10.37	11.22					12.88%	<-IRR #YR->	10	Price & Dividend	200.96%
Price 15		D.  per yr	3.18%		% Tot Ret	30.12%						CAPE Diff	-14.11%					7.37%	<-IRR #YR->	15	Stock Price	190.61%
Price  20		D.  per yr	2.18%		% Tot Ret	53.24%												1.91%	<-IRR #YR->	20	Stock Price	46.01%
Price  25		D.  per yr	2.24%		% Tot Ret	42.26%												3.06%	<-IRR #YR->	25	Stock Price
Price  30		D.  per yr	3.56%		% Tot Ret	34.67%												6.70%	<-IRR #YR->	26	Stock Price
Price & Dividend 15																		10.55%	<-IRR #YR->	15	Price & Dividend	279.42%
Price & Dividend 20																		4.09%	<-IRR #YR->	20	Price & Dividend	57.93%
Price & Dividend 25																		5.30%	<-IRR #YR->	25	Price & Dividend
Price & Dividend 30																		10.26%	<-IRR #YR->	26	Price & Dividend
Price  5								-$22.65	$0.00	$0.00	$0.00	$0.00	$49.84								Price  5
Price 10			-$20.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$49.84								Price 10
Price & Dividend 5								-$22.65	$1.17	$1.32	$1.46	$1.60	$51.60								Price & Dividend 5
Price & Dividend 10			-$20.74	$0.74	$0.82	$0.91	$1.00	$1.12	$1.17	$1.32	$1.46	$1.60	$51.60								Price & Dividend 10
Price 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$49.84								Price 15
Price  20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$49.84								Price  20
Price  25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$49.84								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$49.84								Price  30
Price & Dividend 15	$0.52	$0.57	$0.68	$0.74	$0.82	$0.91	$1.00	$1.12	$1.17	$1.32	$1.46	$1.60	$51.60								Price & Dividend 15
Price & Dividend 20	$0.52	$0.57	$0.68	$0.74	$0.82	$0.91	$1.00	$1.12	$1.17	$1.32	$1.46	$1.60	$51.60								Price & Dividend 20
Price & Dividend 25	$0.52	$0.57	$0.68	$0.74	$0.82	$0.91	$1.00	$1.12	$1.17	$1.32	$1.46	$1.60	$51.60								Price & Dividend 25
Price & Dividend 30	$0.52	$0.57	$0.68	$0.74	$0.82	$0.91	$1.00	$1.12	$1.17	$1.32	$1.46	$1.60	$51.60								Price & Dividend 30
Price Median H/L	$17.35	$21.21	$21.95	$19.43	$23.58	$22.86	$22.90	$20.34	$25.29	$24.58	$26.54	$37.29	$44.27	$49.10	17.08%			101.73%	<-Total Growth	10	Stock Price
Increase	43.51%	22.22%	3.49%	-11.48%	21.39%	-3.05%	0.17%	-11.18%	24.34%	-2.83%	7.98%	40.51%	18.73%	10.90%	4.15%			7.27%	<-IRR #YR->	10	Stock Price	101.73%
P/E	10.71	11.78	20.90	13.78	24.06	9.81	8.27	6.94	7.14	6.68	10.17	13.13	14.42	11.06	21.23%			16.83%	<-IRR #YR->	5	Stock Price	117.65%
Trailing P/E	19.72	13.09	12.19	18.50	16.72	23.33	9.83	7.34	8.63	6.94	7.21	14.29	15.59	15.99				11.06%	<-IRR #YR->	10	Price & Dividend	159.06%
P/E on Running 5 yr Average	28.26	26.18	20.43	14.37	17.19	15.10	13.41	9.76	10.08	8.06	8.54	11.95	14.06	14.75				22.08%	<-IRR #YR->	5	Price & Dividend	159.10%
P/E on Running 10 yr Average	13.85	16.94	19.03	18.62	27.32	21.48	18.19	12.88	13.10	11.11	11.49	15.45	16.92	16.82				13.74	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.79%	5.25%	% Tot Ret	34%	23.79%	T P/E	12.06	8.63	P/E:	9.99	10.17						Count	27	Years of data
			-$21.95	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$44.27
								-$20.34	$0.00	$0.00	$0.00	$0.00	$44.27
			-$21.95	$0.74	$0.82	$0.91	$1.00	$1.12	$1.17	$1.32	$1.46	$1.60	$46.03
								-$20.34	$1.17	$1.32	$1.46	$1.60	$46.03
High Months	Dec	Dec	Jun	Dec	Nov	Jan	Nov	Jan	Apr	Feb	Dec	Nov	Dec	Feb
Pre-split '06
Price High	$21.03	$22.93	$24.00	$25.01	$24.47	$27.22	$26.38	$27.71	$27.47	$27.89	$29.28	$46.23	$50.36	$52.46				109.83%	<-Total Growth	10	Stock Price
Increase	50.64%	9.03%	4.67%	4.21%	-2.16%	11.24%	-3.09%	5.04%	-0.87%	1.53%	4.98%	57.89%	8.93%	4.17%				7.69%	<-IRR #YR->	10	Stock Price	109.83%
P/E	12.98	12.74	22.86	17.74	24.97	11.68	9.52	9.46	7.76	7.58	11.22	16.28	16.40	11.82				12.69%	<-IRR #YR->	5	Stock Price	81.74%
Trailing P/E	23.90	14.15	13.33	23.82	17.35	27.78	11.32	10.00	9.38	7.88	7.96	17.71	17.73	17.09				15.86	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	14.34	9.38	P/E:	11.45	11.22					22.22	P/E Ratio		Historical High
			-$24.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$50.36
								-$27.71	$0.00	$0.00	$0.00	$0.00	$50.36
Low Months	Jan	Oct	Jan	Feb	Apr	Dec	Jan	Mar	Jan	Oct	Oct	Jan	Apr	Mar
Pre-split '06
Price Low	$13.67	$19.48	$19.89	$13.84	$22.69	$18.50	$19.42	$12.97	$23.11	$21.26	$23.79	$28.34	$38.18	$45.73				91.96%	<-Total Growth	10	Stock Price
Increase	33.76%	42.50%	2.10%	-30.42%	63.95%	-18.47%	4.97%	-33.21%	78.18%	-8.01%	11.90%	19.13%	34.72%	19.77%				6.74%	<-IRR #YR->	10	Stock Price	91.96%
P/E	8.44	10.82	18.94	9.82	23.15	7.94	7.01	4.43	6.53	5.78	9.11	9.98	12.44	10.31				24.10%	<-IRR #YR->	5	Stock Price	194.37%
Trailing P/E	15.53	12.02	11.05	13.18	16.09	18.88	8.33	4.68	7.89	6.01	6.46	10.86	13.44	14.90				10.82	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	9.60	7.89	P/E:	8.53	9.11					6.95	P/E Ratio		Historical Low
			-$19.89	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$38.18
								-$12.97	$0.00	$0.00	$0.00	$0.00	$38.18
Free Cash Flow Mkt Sc								$8,945	$12,330	$27,917	$25,942	$4,763
Change									37.84%	126.42%	-7.07%	-81.64%
Free Cash Flow WSJ	$10,000	$10,806	$10,334	$17,036	$17,791	$19,188	$20,542	$20,048	$23,155	$17,735	$20,423	$26,494	$32,105					210.67%	<-Total Growth	10	Free Cash Flow	WSJ
Change	-9.09%	8.06%	-4.37%	64.85%	4.43%	7.85%	7.06%	-2.40%	15.50%	-23.41%	15.16%	29.73%	21.18%					11.50%	<-Median->	10	Free Cash Flow MS	60.14%
Free Cash Flow MS old			$10,334	$17,036	$17,791	$19,188	$20,542	$20,050	$23,160	$17,735	$20,000
Change			#DIV/0!	64.85%	4.43%	7.85%	7.06%	-2.40%	15.51%	-23.42%	12.77%
Free Cash Flow MS	$10,000	$10,806	$4,100	$880	-$4,450	$15,670	-$14,460	-$15,840	$12,330	$53,150	$1,680	$3,600	-$2,250	$7,796				-154.88%	<-Total Growth	10	Free Cash Flow	MS,
Change	-9.09%	8.06%	-62.06%	-78.54%	-605.68%	452.13%	-192.28%	-9.54%	177.84%	331.06%	-96.84%	114.29%	-162.50%	446.49%				-32.32%	<-IRR #YR->	5	Free Cash Flow MS	85.80%
FCF/CF from Op Ratio	1.03	1.00	0.40	0.05	-0.25	0.82	-0.70	-0.79	0.53	3.00	0.08	0.14	-0.07	0.24				#NUM!	<-IRR #YR->	10	Free Cash Flow MS	-154.88%
Dividends paid	$761	$910	$1,427	$1,593	$1,780	$1,788	$1,398	$1,398	$1,398	$1,398	$1,398	$1,398	$1,398	$1,398				-2.03%	<-Total Growth	10	Dividends paid
Percentage paid	7.61%	8.42%	34.80%	181.02%	-40.00%	11.41%	0.00%	0.00%	11.34%	2.63%	83.21%	38.83%	0.00%	17.93%				6.98%	<-Median->	10	Percentage paid
5 Year Coverage					30.33%	27.76%	458.97%	-43.72%	-114.99%	14.51%	18.96%	12.73%	10.20%	10.93%				14.51%	<-Median->	9	5 Year Coverage
Dividend Coverage Ratio	13.14	11.87	2.87	0.55	-2.50	8.76	-10.34	-11.33	8.82	38.02	1.20	2.58	-1.61	5.58				0.88	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage							0.22	-2.29	-0.87	6.89	5.27	7.86	9.80	9.15				5.27	<-Median->	7	5 Year of Coverage
								$15,840	$0	$0	$0	$0	-$2,250
			-$4,100	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$2,250
Market Cap	$38,679	$41,344	$40,899	$47,222	$51,968	$38,178	$51,376	$43,941	$48,342	$45,040	$52,880	$76,353	$83,582	$78,366	$78,366	$91,749		104.36%	<-Total Growth	10	Market Cap
presplit '06
Diluted # of Shares in Million	1,862	1,881	1,977	1,977	1,986	1,988	1,962	1,943	1,946	1,913	1,838	1,785	1,708	1,708				-13.61%	<-Total Growth	10	Diluted
Change	-1.38%	1.02%	5.10%	0.00%	0.46%	0.10%	-1.31%	-0.97%	0.15%	-1.70%	-3.92%	-2.88%	-4.31%	0.00%				-1.14%	<-Median->	10	Change
Difference Diluted/Basic	-1.4%	-1.3%	-0.8%	-0.2%	-0.4%	-1.3%	-0.2%	-0.1%	-0.2%	-0.2%	-0.2%	-0.3%	-0.3%	-0.3%				-0.21%	<-Median->	10	Difference Diluted/Basic
presplit '06
Average # of Shares in Million	1,836	1,857	1,962	1,973	1,978	1,963	1,958	1,941	1,942	1,910	1,834	1,779	1,703	1,703				-13.20%	<-Total Growth	10	Average
Change	1.32%	1.14%	5.65%	0.56%	0.25%	-0.76%	-0.25%	-0.87%	0.05%	-1.65%	-3.98%	-3.00%	-4.27%	0.00%				-0.81%	<-Median->	10	Change
Difference Basic/Outstanding	0.7%	0.4%	0.5%	0.1%	0.2%	0.4%	-0.5%	-0.1%	0.1%	-2.4%	-1.5%	-2.8%	-1.5%	-1.5%				-0.26%	<-Median->	10	Difference Basic/Outstanding
Comments
presplit '06
# of Share in Millions	1,848	1,864	1,972	1,975	1,982	1,971	1,949	1,940	1,943	1,865	1,806	1,729	1,677	1,677	1,677	1,677		-1.61%	<-IRR #YR->	10	Shares	-14.96%
Change	1.09%	0.87%	5.79%	0.15%	0.35%	-0.55%	-1.12%	-0.46%	0.15%	-4.01%	-3.16%	-4.26%	-3.01%	0.00%	0.00%	0.00%		-2.87%	<-IRR #YR->	5	Shares	-13.56%
CF fr Op $M	$9,708	$10,806	$10,334	$17,036	$17,791	$19,168	$20,542	$20,048	$23,155	$17,735	$20,423	$26,494	$32,105	$32,105	<-12 mths			210.67%	<-Total Growth	10	Cash Flow
Increase	-12.38%	11.31%	-4.37%	64.85%	4.43%	7.74%	7.17%	-2.40%	15.50%	-23.41%	15.16%	29.73%	21.18%	0.00%	<-12 mths			SO DRIP	S. Iss; Buy Backs
5 year Running Average	$10,741	$10,498	$10,252	$11,793	$13,135	$15,027	$16,974	$18,917	$20,141	$20,130	$20,381	$21,571	$23,982	$25,772	<-12 mths			133.92%	<-Total Growth	10	CF 5 Yr Running
CFPS	$5.25	$5.80	$5.24	$8.63	$8.98	$9.73	$10.54	$10.33	$11.92	$9.51	$11.31	$15.32	$19.14	$19.14	<-12 mths			265.32%	<-Total Growth	10	Cash Flow per Share
Increase	-13.33%	10.35%	-9.61%	64.60%	4.06%	8.34%	8.38%	-1.95%	15.32%	-20.20%	18.92%	35.50%	24.94%	0.00%	<-12 mths			12.00%	<-IRR #YR->	10	Cash Flow	210.67%
5 year Running Average	$5.97	$5.76	$5.51	$6.20	$6.78	$7.67	$8.62	$9.64	$10.30	$10.41	$10.72	$11.68	$13.44	$14.89	<-12 mths			9.88%	<-IRR #YR->	5	Cash Flow	60.14%
P/CF on Med Price	3.30	3.66	4.19	2.25	2.63	2.35	2.17	1.97	2.12	2.58	2.35	2.43	2.31	2.56	<-12 mths			13.83%	<-IRR #YR->	10	Cash Flow per Share	265.32%
P/CF on Closing Price	3.98	3.83	3.96	2.77	2.92	1.99	2.50	2.19	2.09	2.54	2.59	2.88	2.60	2.44	<-12 mths			13.12%	<-IRR #YR->	5	Cash Flow per Share	85.26%
															4.79%	Diff M/C		9.33%	<-IRR #YR->	10	CFPS 5 yr Running	144.07%
Excl.Working Capital CF	$1,700	$298	$3,441	$1,862	-$2,047	-$577	-$35,005	-$35,889	-$10,827	-$9,406	-$18,747	-$22,891	-$34,353	-$34,353	<-12 mths			6.87%	<-IRR #YR->	5	CFPS 5 yr Running	39.42%
CF fr Op $M WC	$11,408	$11,104	$13,775	$18,898	$15,744	$18,591	-$14,463	-$15,841	$12,328	$8,329	$1,676	$3,603	-$2,248	-$2,248				-116.32%	<-Total Growth	10	Cash Flow less WC
Increase	-5.65%	-2.66%	24.05%	37.19%	-16.69%	18.08%	-177.80%	-9.53%	177.82%	-32.44%	-79.88%	114.98%	-162.39%	0.00%				#NUM!	<-IRR #YR->	10	Cash Flow less WC	-116.32%
5 year Running Average	$11,372	$11,215	$11,835	$13,455	$14,186	$15,622	$10,509	$4,586	$3,272	$1,789	-$1,594	$2,019	$4,738	$1,822				-32.33%	<-IRR #YR->	5	Cash Flow less WC	85.81%
CFPS Excl. WC	$6.17	$5.96	$6.99	$9.57	$7.94	$9.43	-$7.42	-$8.17	$6.34	$4.47	$0.93	$2.08	-$1.34	-$1.34				-8.75%	<-IRR #YR->	10	CF less WC 5 Yr Run	-59.97%
Increase	-6.67%	-3.50%	17.26%	36.98%	-16.98%	18.74%	-178.67%	-10.04%	177.70%	-29.61%	-79.22%	124.55%	-164.33%	0.00%				0.65%	<-IRR #YR->	5	CF less WC 5 Yr Run	3.31%
5 year Running Average	$6.31	$6.15	$6.34	$7.06	$7.33	$7.98	$5.30	$2.27	$1.63	$0.93	-$0.77	$1.13	$2.50	$0.96				#NUM!	<-IRR #YR->	10	CFPS - Less WC	-119.19%
P/CF on Med Price	2.81	3.56	3.14	2.03	2.97	2.42	-3.09	-2.49	3.99	5.50	28.59	17.89	-33.03	-36.62				-30.33%	<-IRR #YR->	5	CFPS - Less WC	83.58%
P/CF on Closing Price	3.39	3.72	2.97	2.50	3.30	2.05	-3.55	-2.77	3.92	5.41	31.55	21.19	-37.18	-34.86				-8.91%	<-IRR #YR->	10	CFPS 5 yr Running	-60.65%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	2.33	5 yr	2.35	P/CF Med	10 yr	2.70	5 yr	5.50		-1393.03%			1.91%	<-IRR #YR->	5	CFPS 5 yr Running	9.90%
Chges in Operating Receiveables and payables and changes in reinsurance assets
			-1,972.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1,677.0								Shares
								-1,940.0	0.0	0.0	0.0	0.0	1,677.0								Shares
			-$10,334	$0	$0	$0	$0	$0	$0	$0	$0	$0	$32,105								Cash Flow
								-$20,048	$0	$0	$0	$0	$32,105								Cash Flow
			-$5.24	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$19.14								Cash Flow per Share
								-$10.33	$0.00	$0.00	$0.00	$0.00	$19.14								Cash Flow per Share
			-$5.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.44								CFPS 5 yr Running
								-$9.64	$0.00	$0.00	$0.00	$0.00	$13.44								CFPS 5 yr Running
			-$13,775	$0	$0	$0	$0	$0	$0	$0	$0	$0	-$2,248								Cash Flow less WC
								$15,841	$0	$0	$0	$0	-$2,248								Cash Flow less WC
			-$11,835	$0	$0	$0	$0	$0	$0	$0	$0	$0	$4,738								CF less WC 5 Yr Run
								-$4,586	$0	$0	$0	$0	$4,738								CF less WC 5 Yr Run
			-$6.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$1.34								CFPS - Less WC
								$8.17	$0.00	$0.00	$0.00	$0.00	-$1.34								CFPS - Less WC
			-$6.34	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.50								CFPS 5 yr Running
								-$2.27	$0.00	$0.00	$0.00	$0.00	$2.50								CFPS 5 yr Running
Decrease in reinsurance assets	$1,526	$506	$1,391	-$842	$2,269	$893	-$557	-$2,374	$754	$159	$2,204
Cash decrease due to Closed Block reinsurance transaction (note 3)			-$2,023	$0	$0
Cash Decrease due to US Variable Annuity										-$1,377
Changes in policy related and operating receivables and payables	-$3,226	-$804	-$2,809	-$1,020	-$222	-$316	$1,665	$1,103	-$690	-$2,204											TD in 2021 changed their
																					mind (again) on WC
Sum	-$1,700	-$298	-$3,441	-$1,862	$2,047	$577	$1,108	-$1,271	$64	-$3,422											This is the values they give now
Google -->TD		-$298	-$3,441	-$1,862	$2,047	$577	$1,108	-$1,271	$64	-$3,422
Difference		$0	$0	$0	$0	$0	$0	$0	$0	$0
Inc in Insurance Liab	-$10,130	$24,185	$7,452	$18,014	$20,023	$2,907	$33,727	$36,982	$10,719	-$33,413	$10,697	$9,435	$18,087
Inc in Invest Contract Liab	$162	$65	$203	$0	$173	$35	$170	$178	$44	$41	$435	$504	$551
Decrease in reinsurance assets	$1,526	$506	$1,391	-$842	$2,269	$893	-$557	-$2,374	$754	$159	$974	-$613	-$1,226
Gain on Variable Annuity										-$1,070
Net Realized and Unreal losses& impair on assets										$47,270
Cash Decrese variable Annuity										-$1,377
Cash decrease			-$2,023
Changes in policy related and operating receivables and payables	-$3,236	-$804	-$2,809	-$1,020	-$222	-$316	$1,665	$1,103	-$690	-$2,204	$6,641	$13,565	$16,941
Sum	-$11,678	$23,952	$4,214	$16,152	$22,243	$3,519	$35,005	$35,889	$10,827	$9,406	$18,747	$22,891	$34,353
TD	-$11,883	$23,952	$4,214	$16,152	$22,243	$3,519	$35,005	$35,889	$10,827	$9,706	$18,747	$22,891	$34,353								Older values given by TD
Difference	$205	$0	$0	$0	$0	$0	$0	$0	$0	-$300	$0	$0	$0
TD in 2023						$3,519		$35,889	$10,827	$9,706	$18,747
OPM	26.75%	19.82%	30.01%	31.94%	30.50%	49.18%	25.82%	25.41%	37.45%	103.43%	41.90%	49.72%	52.66%	56.68%				64.88%	<-Total Growth	10	OPM
Increase	-29.60%	-25.91%	51.44%	6.42%	-4.50%	61.24%	-47.51%	-1.59%	47.42%	176.14%	-59.49%	18.65%	5.93%	7.63%				should be zero, it is a check on calculations
Diff from Median	-32.6%	-50.1%	-24.4%	-19.5%	-23.1%	24.0%	-34.9%	-36.0%	-5.6%	160.7%	5.6%	25.3%	32.7%	42.9%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	39.68%	5 Yrs	49.72%					Should increase or be stable.
Adjusted (Core) EBITDA										$1,773	$1,771	$2,173	$2,571						<-Total Growth	3	Adjusted (Core) EBITDA	Only in 2023 report
Change											-0.11%	22.70%	18.32%					18.32%	<-Median->	3	Change	Makt Sc
Margin										10.34%	3.63%	4.08%	4.22%					4.15%	<-Median->	4	Margin	No past values
														$7,077	<-12 mths	-0.24%
EBT									$8,125	$8,747	$6,452	$7,090	$7,094	$9,266	$10,391	$11,361			<-Total Growth	4	EBT
Change										7.66%	-26.24%	9.89%	0.06%	30.62%	12.14%	9.34%		3.86%	<-Median->	4	Change
Margin										51.01%	13.24%	13.30%	11.64%	16.36%	19.91%	18.20%		13.27%	<-Median->	4	Margin
Covering Assets	$232,709	$269,310	$309,267	$321,869	$334,222	$353,664	$378,527	$410,977	$427,098	$414,001	$417,210	$442,497	$459,928	$459,928	<-12 mths			42.89%	<-Total Growth	10	Covering Assets
Change	1.21%	15.73%	14.84%	4.07%	3.84%	5.82%	7.03%	8.57%	3.92%	-3.07%	0.78%	6.06%	3.94%	0.00%				4.01%	<-Median->	10	Change
Debt/Covering Assets	1.05	1.07	1.13	0.99	0.97	0.99	0.99	1.00	0.97	1.07	0.97	0.98	0.09	0.09				0.99	<-Median->	10	Debt/Covering Assets
Deposits/Total Debt Ratio	0.51	0.53	0.53	0.47	0.47	0.50	0.50	0.50	0.48	0.56	0.49	0.47	0.04	0.04				0.49	<-Median->	10	Deposits/Total Debt Ratio	Type
Long Term Debt	$244,724	$288,948	$349,456	$318,699	$325,862	$351,603	$375,753	$409,731	$416,112	$444,000	$404,259	$434,631	$42,529	$42,529	<-12 mths			-86.66%	<-Total Growth	10	Long Term Debt	Lg Term R A
Change	-2.88%	18.07%	20.94%	-8.80%	2.25%	7.90%	6.87%	9.04%	1.56%	6.70%	-8.95%	7.51%	-90.22%	0.00%				4.47%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	6.33	6.99	8.54	6.75	6.27	9.21	7.31	9.32	8.61	9.86	7.64	5.69	0.51	0.54				7.48	<-Median->	10	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio	201.66	37.16	43.53	42.51	45.01	44.12	44.42	41.48	43.75	42.04	42.55	36.49	35.34	35.34				42.53	<-Median->	10	Assets/Current Liab Ratio	Liquidity
Current Liabilities/Asset Ratio	0.00	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.03	0.03	0.03				0.02	<-Median->	10	Current Liab/Asset Ratio	Liq. + CF
Debt to Cash Flow (Years)	25.21	26.74	33.82	18.71	18.32	18.34	18.29	20.44	17.97	25.04	19.79	16.40	1.32	1.32				18.33	<-Median->	10	Debt to Cash Flow (Years)	Debt Ratio
																						Leverage Rep
Intangibles	$2,188	$2,280	$3,699	$4,223	$4,127	$4,233	$4,232	$4,215	$4,264	$4,505	$4,264	$6,275	$5,447	$5,447				28.98%	<-Total Growth	10	Intangibles	Leverage
Goodwill	$3,110	$3,181	$5,685	$5,884	$5,713	$5,864	$5,743	$5,714	$5,651	$6,014	$5,651	$4,777	$6,877	$6,877				16.88%	<-Total Growth	10	Goodwill	D/E Ratio
Total	$5,298	$5,461	$9,384	$10,107	$9,840	$10,097	$9,975	$9,929	$9,915	$10,519	$9,915	$11,052	$12,324	$12,324	<-12 mths			21.94%	<-Total Growth	10	Total
Change	3.62%	3.08%	71.84%	7.70%	-2.64%	2.61%	-1.21%	-0.46%	-0.14%	6.09%	-5.74%	11.47%	11.51%	0.00%							Change
Intangible/Market Cap Ratio	0.14	0.13	0.23	0.21	0.19	0.26	0.19	0.23	0.21	0.23	0.19	0.14	0.15	0.16				0.20	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$16,177	$23,819	$21,038	$18,256	$19,295	$20,011	$24,101	$30,134	$26,529	$23,414	$23,016	$28,485	$28,485	$28,485	<-12 mths			Liq ratio of 1.5 and up, best			Assets
Current Liability	$2,547	$15,593	$16,187	$16,955	$16,207	$17,004	$18,216	$21,221	$20,974	$20,195	$20,576	$26,826	$29,016	$29,016	<-12 mths			1.17	<-Median->	10	Liabilities
Liquidity	6.35	1.53	1.30	1.08	1.19	1.18	1.32	1.42	1.26	1.16	1.12	1.06	0.98	0.98				1.12	<-Median->	5	Ratio
Liq. with CF aft div	9.79	2.15	1.86	2.00	2.19	2.20	2.34	2.26	2.26	1.92	1.98	1.95	1.99	1.98
Liq. CF re  Inv+Div	1.90	1.71	1.00	0.85	1.09	1.04	1.33	1.36	1.04	1.00	1.19	1.15	1.00	1.98
From Google Finance and G&M site
Assets	$513,628	$579,480	$704,643	$720,681	$729,533	$750,271	$809,130	$880,349	$917,643	$848,941	$875,574	$978,818	$1,025,433	$1,025,433	<-12 mths			Debt Ratio of 1.5 and up, best			Assets
Liability	$484,595	$545,480	$662,705	$677,858	$687,370	$703,120	$759,024	$827,343	$858,774	$792,562	$826,847	$925,858	$972,945	$972,945	<-12 mths			1.06	<-Median->	10	Liabilities
Debt Ratio	1.06	1.06	1.06	1.06	1.06	1.07	1.07	1.06	1.07	1.07	1.06	1.06	1.05	1.05				1.06	<-Median->	5	Ratio
Liab. For Preferred etc	$4,385	$4,526																Included in above Liabilities
Estimates BVPS														$28.66	$31.25	$40.96			Estimates		Estimates BVPS
Estimate Book Value														$48,062.8	$52,406.3	$68,689.9			Estimates		Estimate Book Value
P/B Ratio (Close)														1.63	1.50	1.34			Estimates		P/B Ratio (Close)
Difference from 10 year median															57.38%	Diff M/C			Estimates		Difference from 10 yr med.
Total Equity	$29,033	$34,000	$41,938	$42,823	$42,163	$47,151	$50,106	$53,006	$58,869	$56,379	$48,727	$52,960	$52,488	$52,488				25.16%	<-Total Growth	10	Book Value
NCI	$376	$464	$592	$743	$929	$1,093	$1,211	$1,455	$1,694	$1,664	$1,461	$1,421	$1,531	$1,531				158.61%	<-Total Growth	10	Non Cont. Int.
Equity	$28,657	$33,536	$41,346	$42,080	$41,234	$46,058	$48,895	$51,551	$57,175	$54,715	$47,266	$51,539	$50,957	$50,957				23.25%	<-Total Growth	10	Equity
Preferred Shares	$2,693	$2,693	$2,693	$3,577	$3,577	$3,822	$3,822	$3,622	$6,381	$6,660	$6,660	$6,660	$6,660	$6,660				147.31%	<-Total Growth	10	Preferred Shares
Participating. Policyholders	$134	$156	$187	$248	$221	$94	-$243	-$784	-$1,233	-$1,233	$257	$567	$836	$836				347.06%	<-Total Growth	10	Participating. Policyholders
Book Value	$25,830	$30,687	$38,466	$38,255	$37,436	$42,142	$45,316	$48,713	$52,027	$49,288	$40,349	$44,312	$43,461	$43,461	$43,461	$43,461		12.99%	<-Total Growth	10	Book Value
Book Value per Share	$13.98	$16.46	$19.51	$19.37	$18.89	$21.38	$23.25	$25.11	$26.78	$26.43	$22.34	$25.63	$25.92	$25.92	$25.92	$25.92		32.86%	<-Total Growth	10	Book Value per Share
Change	11.32%	17.78%	18.48%	-0.70%	-2.49%	13.20%	8.75%	7.99%	6.64%	-1.30%	-15.46%	14.71%	1.12%	0.00%	0.00%	0.00%		45.26%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.24	1.29	1.13	1.00	1.25	1.07	0.98	0.81	0.94	0.93	1.19	1.45	1.71	1.89	0.01	0.00		1.24	P/B Ratio		Historical Median
P/B Ratio (Close)	1.50	1.35	1.06	1.23	1.39	0.91	1.13	0.90	0.93	0.91	1.31	1.72	1.92	1.80	1.80	2.11		2.88%	<-IRR #YR->	10	Book Value per Share	32.86%
Change	39.17%	-10.03%	-21.08%	16.10%	12.46%	-34.74%	25.14%	-20.44%	3.01%	-1.65%	43.42%	31.48%	11.61%	-6.24%	0.00%	17.08%		0.63%	<-IRR #YR->	5	Book Value per Share	3.21%
Financial Leverage Reported						28.60%	25.10%	26.60%	27.70%	25.80%	24.30%	23.70%	23.90%	23.90%
Leverage (A/BK)	17.69	17.04	16.80	16.83	17.30	15.91	16.15	16.61	15.59	15.06	17.97	18.48	19.54	19.54				16.72	<-Median->	10	A/BV
Debt/Equity Ratio	16.69	16.04	15.80	15.83	16.30	14.91	15.15	15.61	14.59	14.06	16.97	17.48	18.54	18.54				15.72	<-Median->	10	Debt/Eq Ratio
Median									P/BV	10 yr Med	1.04	5 yr Med	1.19		74.05%	Diff M/C
			-$19.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$25.92
								-$25.11	$0.00	$0.00	$0.00	$0.00	$25.92
Comprehensive Income	$4,395	$5,717	$7,115	$1,486	$1,009	$7,010	$5,740	$5,460	$5,765	$1,972	$5,005	$10,551	$5,447					-23%	<-Total Growth	10	Comprehensive Income
NCI	$47	$74	$67	$141	$192	$212	$237	$254	$252	-$4	$18	$4	$134								NCI
Particpating	-$12	$22	$31	$61	-$27	-$127	-$334	-$541	-$449	-$113	$334	$310	$269								Particpating
Shareholders	$4,360	$5,621	$7,017	$1,284	$844	$6,925	$5,837	$5,747	$5,962	$2,089	$4,653	$10,237	$5,044					-28%	<-Total Growth	10	Comprehensive Income
Increase	243.04%	28.92%	24.84%	-81.70%	-34.27%	720.50%	-15.71%	-1.54%	3.74%	-64.96%	122.74%	120.01%	-50.73%					3.74%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$805	$2,043	$3,736	$3,911	$3,825	$4,338	$4,381	$4,127	$5,063	$5,312	$4,858	$5,738	$5,597					-3.25%	<-IRR #YR->	10	Comprehensive Income	-28%
ROE	16.9%	18.3%	18.2%	3.4%	2.3%	16.4%	12.9%	11.8%	11.5%	4.2%	11.5%	23.1%	11.6%					-2.58%	<-IRR #YR->	5	Comprehensive Income	-12.23%
5Yr Median	1.8%	5.5%	16.9%	16.9%	16.9%	16.4%	12.9%	11.8%	11.8%	11.8%	11.5%	11.5%	11.5%					4.12%	<-IRR #YR->	10	5 Yr Running Average	27.74%
% Difference from NI	45.4%	66.5%	238.2%	-54.1%	-56.6%	49.5%	7.5%	0.8%	-13.5%	-70.3%	-3.1%	101.8%	-3.9%					6.28%	<-IRR #YR->	5	5 Yr Running Average	35.61%
Median Values										Diff	5, 10 yr	-3.5%	-3.9%					11.5%	<-Median->	5	Return on Equity
			-$7,017	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,044
								-$5,747	$0	$0	$0	$0	$5,044
			-$3,736.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$5,597.0
								-$4,127.4	$0.0	$0.0	$0.0	$0.0	$5,597.0
Current Liability Coverage Ratio	3.81	0.69	0.64	1.00	1.10	1.13	1.13	0.94	1.10	0.88	0.99	0.99	1.11	1.11							CFO / Current Liabilities
5 year Median	1.46	1.46	1.42	1.00	1.00	1.00	1.10	1.10	1.10	1.10	0.99	0.99	0.99	0.99				105.1%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	0.02	0.02	0.01	0.02	0.02	0.03	0.03	0.02	0.03	0.02	0.02	0.03	0.03	0.03							CFO / Total Assets
5 year Median	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.02	0.03	0.03	0.02	0.02	0.03	0.03				2.5%	<-Median->	10	Return on Assets
Return on Assets ROA	0.58%	0.58%	0.29%	0.39%	0.27%	0.62%	0.67%	0.65%	0.75%	0.83%	0.55%	0.52%	0.51%	0.70%				Net	Income/Assets		Return on Assets
5Yr Median	0.33%	0.33%	0.33%	0.39%	0.39%	0.39%	0.39%	0.62%	0.65%	0.67%	0.67%	0.65%	0.55%	0.55%				0.6%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	11.61%	11.00%	5.39%	7.31%	5.20%	10.99%	11.98%	11.70%	13.24%	14.27%	11.90%	11.45%	12.08%	16.60%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	4.88%	7.08%	7.08%	7.31%	7.31%	7.31%	7.31%	10.99%	11.70%	11.98%	11.98%	11.90%	12.08%	12.08%				11.8%	<-Median->	10	Return on Equity
														$6,591	<-12 mths	25.52%
Net Income	$3,166	$3,593	$2,290	$3,133	$2,262	$4,887	$5,502	$5,576	$6,912	$7,182	$5,607	$5,878	$6,060					164.63%	<-Total Growth	10	Net Income
NCI	$48	$71	$69	$143	$194	$214	$233	$250	$255	-$1	$144	$247	$278								NCI
Participating	-$12	$21	$30	$61	-$36	-$127	-$333	-$545	-$448	-$111	$360	$246	$210					600.00%	<-Total Growth	10	Participating
Preferred	$131	$126	$116	$133	$159	$168	$172	$171	$215	$260	$303	$311	$321					176.72%	<-Total Growth	10	Preferred
Shareholders	$2,999	$3,375	$2,075	$2,796	$1,945	$4,632	$5,430	$5,700	$6,890	$7,034	$4,800	$5,074	$5,251	$7,213	$7,986	$8,763		153.06%	<-Total Growth	10	Shareholders
Increase	84.67%	12.54%	-38.52%	34.75%	-30.44%	138.15%	17.23%	4.97%	20.88%	2.09%	-31.76%	5.71%	3.49%	37.36%	10.72%	9.73%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$1,107	$1,514	$2,023	$2,574	$2,638	$2,965	$3,376	$4,101	$4,919	$5,937	$5,971	$5,900	$5,810	$5,874	$6,065	$6,857		9.73%	<-IRR #YR->	10	Net Income	153.06%
Operating Cash Flow	$9,708	$10,806	$10,334	$17,036	$17,791	$19,168	$20,542	$20,048	$23,155	$17,735	$20,423	$26,494	$32,105					-1.63%	<-IRR #YR->	5	Net Income	-7.88%
Investment Cash Flow	-$10,547	-$4,066	-$13,865	-$22,739	-$16,287	-$19,002	-$13,830	-$14,148	-$24,442	-$18,610	-$13,720	-$18,459	-$28,365					11.12%	<-IRR #YR->	10	5 Yr Running Average	187.13%
Total Accruals	$3,838	-$3,365	$5,606	$8,499	$441	$4,466	-$1,282	-$200	$8,177	$7,909	-$1,903	-$2,961	$1,511					7.22%	<-IRR #YR->	5	5 Yr Running Average	41.68%
Total Assets	$513,628	$579,480	$704,643	$720,681	$729,533	$750,271	$809,130	$880,349	$917,643	$848,941	$875,574	$978,818	$1,025,433						Balance Sheet		Assets
Accruals Ratio	0.75%	-0.58%	0.80%	1.18%	0.06%	0.60%	-0.16%	-0.02%	0.89%	0.93%	-0.22%	-0.30%	0.15%					0.15%	<-Median->	5	Ratio
EPS/CF Ratio	0.26	0.30	0.15	0.15	0.12	0.25	-0.37	-0.36	0.56	0.82	2.81	1.36	-2.29					0.20	<-Median->	10	EPS/CF Ratio
			-$2,075	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,251
								-$5,700	$0	$0	$0	$0	$5,251
			-$2,023	$0	$0	$0	$0	$0	$0	$0	$0	$0	$5,810
								-$4,101	$0	$0	$0	$0	$5,810
Change in Close	54.92%	5.97%	-6.49%	15.28%	9.66%	-26.13%	36.09%	-14.07%	9.85%	-2.93%	21.24%	50.82%	12.86%	-6.24%	0.00%	17.08%			Count	28	Years of data
up/down																			Count	0	0.00%
Meet Prediction?																		% right	Count	0	#DIV/0!
Financial Cash Flow	$493	$21	-$2,006	$3,286	$14	-$724	-$2,080	$663	-$2,047	-$3,005	-$5,042	-$4,174	-$2,049						C F Statement		Financial CF
Total Accruals	$3,345	-$3,386	$7,612	$5,213	$427	$5,190	$798	-$863	$10,224	$10,914	$3,139	$1,213	$3,560								Accruals
Accruals Ratio	0.65%	-0.58%	1.08%	0.72%	0.06%	0.69%	0.10%	-0.10%	1.11%	1.29%	0.36%	0.12%	0.35%					0.36%	<-Median->	5	Ratio
Cash	$12,886	$20,437	$17,002	$14,238	$15,098	$15,382	$19,548	$25,583	$21,930	$18,635	$19,884	$24,942	$25,817	$25,817	<-12 mths						Cash
Cash per Share	$6.97	$10.96	$8.62	$7.21	$7.62	$7.80	$10.03	$13.19	$11.29	$9.99	$11.01	$14.43	$15.39	$15.39				$11.29	<-Median->	5	Cash per Share
Percentage of Stock Price	33.32%	49.43%	41.57%	30.15%	29.05%	40.29%	38.05%	58.22%	45.36%	41.37%	37.60%	32.67%	30.89%	32.94%				37.60%	<-Median->	5	% of Stock Price
Article on this stock dated in February 15, 2017.
http://www.dividendearner.com/dividend-stock-tse-mfc/
Notes:
March 3, 2026.  Last estimates were for 2025, 2026, 2027 of $75418M, $78084M, $80983M Rvenue, $4.18, $4.60, $4.98 AEPS, $4.14, $4.62 2025/6 EPS,
$1.77, $1.90 2025/6 Dividends, $7796 2025 FCF, $27.40, $29.70 2025/6 BVPS, $6896M, $7598M, $7856M Net Income.
March 22, 2025.  Last estimates were for 2024, 2025, 2026 of $42480M, $53061M, $58612M Revenue, $3.70, $4.03, $4.47 AEPS, $3.53, $3.94, $3.44 EPS,
$1.58, $1.64, $1.70 dividends, $7853M, $7796M 2024/5 FCF, $4.61 2025 CFPS, $6856M, $7265M ?? EBITDA, $24.80, $26.90 2024/5 BVPS, $6421M, $6956M, $6114M Net Income.
February 17, 2024.  Last estiamtes were for 2023, 2024 and 2025 of $56067M, $57799M and $78872M for Revenue, $3.28, $3.60 and $4.16 for AEPS,
$3.30, $3.39 and $3.13 for EPS, $1.48, $1.51 and $1.38 for Dividends, $4.21 and $4.61 2023/4 for CFPS, $25.40, $26.40 and $32.40 for BVPS, $6059M, $6323M and $6008M for Net Income.
February 18, 2023.  Last estimates were for 2022, 2023 and 2024 of $76125M, $58804M and $66063M for Revneue, $3.94, $3.69 and $2.54 for EPS,
$1.33, $1.42 and $1.49 for Dividends, $29.20, $31.00 and $33.00 for BVPS, and $4787M, $6818M and $4157M for Net Income.
February 13, 2022.  Last estimates were for 2021, 2022 and 2023 of $63709M, $67241M and $63958M for Revenue, $3.04, $3.34 and $3.13 for EPS,
$1.13, $1.18 and $1.27 for Dividends, $5851M, $6481M and $6145M for Net Income.
February 13, 2021.  Last estmates were for 2020, 2021 and 2022 of $53240M, $59821M and $55674M for Revenue, $3.13, $3.40 and $3.82 for EPS,
$1.10, $1.20 and $1.26 for Dividends, $3.07 for CFPS for 2020 and $6108M, $6580M and $7163M for Net Income.
February 14, 2020.  Last estimats  were for 2019, 2020 and 2021 of $49199M, $47303M and 48057M for Revenue, $2.62, $3.09 and $3.38 for EPS,
$1.00, $1.11 and $0.81 for Divdends, $3.07 for CFPS for 2019 and $5451M, $6092M and $6878M for Net Income.
February 10, 2019.  Last estimates were for 208, 2019 and 2020 of $56801M, $54127M and $68633M for Revenue, $2.62, $2.81 and $2.98 for EPS,
$3.02, $3.07 for CFPS for 2018 and 2019, $5076M, $5551M and $5893M for Net Income.
February 10, 2018.  Last estimates were for 2017, 2018 and 2019 of $60090M, $63242M and $67827M for Revenue, $2.10, $2.37 and $2.48 for EPS,
$5.96, $7.33 for CFPS for 2017 and 2018 and $4151M, $4692M and $5183M for Net Incone.
February 18, 2017.  Last estimates were for 2016, 2017 and 2018 of $48097M, $53541M and $57568M for Revenue, $1.84, $2.11 and $2.37 for EPS,
$1.47 and $1.84 for CFPS for 2016 and 2017, $3556, $4142 and $4690 for Net Income.
April 4, 2015.  Last estimates were for 2015, 2016 and 2017 of $46915M, $49796M, and $54656M for Revenue, $1.80, $2.05 and $2.30 for EPS, $1.47 and $1.48 for CFPS for 2015 and 2016
and $3591M, $4116M and $4636M for Net Income.
April 12, 2015.  Last estimates were for 2014, 2015 and 2016 of $38453M, $40822M and $38979M for Revenue, $1.66, $1.89 and $2.12 for EPS and $3045M, $3540 and $3882M for Net Income
April 19, 2014.  Last estimates were for 2013, 2014 and 2015 of $39176M, $41180M and $39730M for Revenue, $1.29, $1.44 and $1.74 for EPS.
Apri 21, 2013.  Last Estimates were for  2012 and 2013 of $39684 and $41197 for Revenue, $0.88 and f$1.24 (and $1.41) for EPS.
April 3, 2013.  Last estimates were for 2012 and 2013 of $39684M and $41197M for earnings $1.28 and $1.48 (and $1.68) for EPS. Bought some more stock for RRSP.
Mar 25, 2012.  Last estimates were for 2011 and 2012 at $44151M and $47647M for revenue, $1.58 and $1.72 for EPS.
May 15, 2011.  Last I looked I got estimates for 2010 and 2011 of $-1.26 and $1.74 for earnings.  Company did better in earnings than expected, but 2011 estimates were still lowered.
I have redone the Asset/Liability section and cash flow sections.  I was trying to be consistent in what figures I used.  I notice that G&M was not consistent in some of their accounting, so I reviewed
all past financial statements to be consistent.  For the first quarter of 2011, only partial financials were issued.
Apr 11, 2010.  When I last looked at this stock, I got 2009 and 2010 earnings of $1.01 and $2.16.
Nov 22, 2009, when I reviewed this stock in Aug I got earnings for 2009 and 2010 of $1.25 and $2.50.  Both these earnings estimates have been down graded.  More stock has been issued lately
and this is probably the cause.
Aug 7, 2009.  When I last reviewed this stock in April 2009, I got earnings of $1.90 and $2.80 for 2009 and 2010.
Aug 6, 2009.  This company has announced a 50% cut in dividends.  This will affect the last two dividends for this year. Stock price in April was $19.22.  It has gone down 14% today, but this puts it at
$22.60, and still higher than April 2009.  Many feel that the company has done the responsible thing to conserve cash.
April 2009 AP 2008. When I last looked at this stock in May 2008, I got estimates for earnings of $3.08.  The Earnings came in at $.32.  If earnings were better, the growth would be ok, not great.
AP 2007.  I hav e done well, but not excellent on this stock at 11% IRR overall. I see no negatives.
AR 2006.  TD still has a buy rating on this stock.  It has done well for me.  Revenue and EPS up nicely.  I see no problems.  It is a keeper.
AR 2005. Bought in 2005, made 32% IRR.  Not bad!  TD still has a buy rating on it.
AR 2004.  I have bought this stock.  2005.  Looks like it might be good.  Anayst like it.
Demutualized Sep 23, 1999 (Changed close of 1999 and 2002 because of MFC's site's closing prices.)
Sector:
Insurance, Financial Services
What should this stock accomplish?
This company has a very high level of earnings volatility because Manulife invests a huge base of assets on a very long-term basis.
While this long-term orientation is very beneficial for optimizing returns, their investments are marked to market on a quarterly basis which can create serious swings in the businesses’ net income.
This company should return good dividend and capital growth in the longer term.
Would I buy this company and Why.
I still have hope this will turn out to be a good dividend growth stock.
Why I am folloing this stock.
This company was demutualized in 1999 and it turned into a dividend growth stock.
I bought this company for the first time in 2005.  Analysts liked it and it was a dividend growth stock.
Why I bought this stock.
In May 2005, I was look for good companies to buy at a reasonable price.  This stock met my criteria.
I bought some more stock in October 2005.   I had some more money to spend and wanted to buy stock of dividend paying company I owned, for which I did not own too much.
In April 2009, I was looking for something else to buy and Manulife was at a good price.
In April 2013, I need to buy higher dividend stocks for my RRIF account.  There was some money after RRSP sales, so I bought more MFC.
Dividends
Dividends are paid quarterly in Cycle 3, which is March, June, September and December.  Dividends are paid near the end of the month. Diviends are declared in one month and paid in the next month.
For example, the dividend declared on February 6, 2013 was for shareholders of record of February 20, 2013 and was payable on March 19, 2013.
How they make their money
Manulife Financial is one of the Big Three Canadian life insurers.  The firm provides life insurance, annuities, asset management, and wealth management
products to individuals and group customers in Canada, the United States, and Asia.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2018	Feb 15	2019	Feb 15	2020	Feb 13	2021	Feb 13	2022	Feb 18	2023	Feb 17	2024	Mar 22	2025			Mar 6	2026
Witherington, Philip	0.00%	0.000	0.00%	0.000	0.00%	0.008	0.00%	0.015	0.00%	0.041	0.00%	0.027	0.00%	0.179	0.01%			0.223	0.01%		Was CFO, now President &	24.65%
CEO - Shares - Amount	$0.00		$0.000		$0.000		$0.206		$0.353		$1.205		$1.179		$8.912				$10.416		CEO, Manulife Asia.
Options - percentage	0.01%	0.273	0.01%	0.441	0.02%	0.764	0.04%	0.847	0.05%	1.082	0.06%	0.497	0.03%	0.167	0.01%			0.124	0.01%		CEO 2026	-25.96%
Options - amount	$2.88		$7.190		$9.989		$18.996		$20.464		$31.682		$21.953		$8.346				$5.794
Simpson, Colin														0.006	0.00%			0.013	0.00%			113.93%
CFO - Shares - Amount															$0.303				$0.607
Options - percentage														0.064	0.00%			0.116	0.01%			80.44%
Options - amount															$3.205				$5.422
Gori. Roy (Rocco)	0.00%	0.185	0.01%	0.214	0.01%	0.310	0.02%	0.326	0.02%	0.400	0.02%	0.487	0.03%	0.593	0.04%							-100.00%
CFO - Shares - Amount	$1.18		$4.875		$4.847		$7.720		$7.874		$11.703		$21.526		$29.550
Options - percentage	0.08%	1.782	0.09%	2.432	0.13%	3.428	0.18%	3.696	0.20%	3.878	0.21%	3.643	0.21%	2.881	0.17%							-100.00%
Options - amount	$29.28		$46.966		$55.079		$85.295		$89.254		$113.557		$160.870		$143.604
Finch, Steve								0.009	0.00%	0.018	0.00%	0.028	0.00%	0.034	0.00%			0.044	0.00%			28.31%
Officer - Shares - Amount									$0.222		$0.523		$1.221		$1.690				$2.034
Options - percentage								0.729	0.04%	0.707	0.04%	0.609	0.04%	0.406	0.02%			0.310	0.02%			-23.51%
Options - amount									$17.593		$20.698		$26.898		$20.230				$14.508
Hirji, Rahim												0.023	0.00%	0.024	0.00%			0.032	0.00%			32.52%
Officer - Shares - Amount													$1.008		$1.191				$1.480
Options - percentage												0.453	0.03%	0.411	0.02%			0.281	0.02%			-31.46%
Options - amount													$19.989		$20.470				$13.154
Caron, Joseph Peter	0.00%	0.009	0.00%	0.009	0.00%	0.009	0.00%	0.009	0.00%	0.009	0.00%										Last report Jan 2023	#DIV/0!
Director - Shares - Amount	$0.17		$0.233		$0.200		$0.220		$0.213		$0.259										Ceased insider May 2023
Options - percentage	0.00%	0.047	0.00%	0.057	0.00%	0.066	0.00%	0.074	0.00%	0.084	0.00%											#DIV/0!
Options - amount	$0.79		$1.243		$1.287		$1.633		$1.794		$2.469
Arnaboldi, Nicole										0.007	0.00%	0.007	0.00%	0.007	0.00%			0.007	0.00%			0.00%
Director - Shares - Amount											$0.190		$0.287		$0.324				$0.304
Options - percentage										0.031	0.00%	0.047	0.00%	0.054	0.00%			0.060	0.00%			11.42%
Options - amount											$0.912		$2.075		$2.678				$2.797
Dabarno, Susan Fay										0.045	0.00%	0.045	0.00%	0.045	0.00%						Ceased insider May 2025	-100.00%
Director - Shares - Amount											$1.325		$1.998		$2.255
Options - percentage										0.034	0.00%	0.043	0.00%	0.049	0.00%							-100.00%
Options - amount											$0.994		$1.884		$2.453
Manning, Anna														0.008	0.00%			0.005	0.00%			-33.90%
Director - Shares - Amount															$0.385				$0.238
Options - percentage														0.003	0.00%			0.010	0.00%			239.01%
Options - amount															$0.153				$0.485
Montalbano, John																		0.002	0.00%			#DIV/0!
Director - Shares - Amount																			$0.093
Options - percentage																		0.003	0.00%			#DIV/0!
Options - amount																			$0.154
Bainbridge, Guy Lawrence Tarn														0.000	0.00%			0.000	0.00%
Director - Shares - Amount															$0.000				$0.000			#DIV/0!
Options - percentage														0.038	0.00%			0.038	0.00%
Options - amount															$1.904				$1.785			#DIV/0!
Lindsay, Donald Richard								0.020	0.00%	0.020	0.00%	0.120	0.01%	0.120	0.01%			0.120	0.01%		Chair 2023	0.00%
Chairman - Shares - Amt									$0.483		$0.586		$5.299		$5.981				$5.608
Options - percentage								0.096	0.01%	0.109	0.01%	0.137	0.01%	0.158	0.01%			0.178	0.01%			12.40%
Options - amount									$2.320		$3.182		$6.036		$7.889				$8.314
Cassaday, John M.		0.022	0.00%	0.022	0.00%	0.022	0.00%	0.022	0.00%	0.022	0.00%										Last report Jan 2023
Chairman - Shares - Amt			$0.575		$0.495		$0.543		$0.527		$0.639
Options - percentage		0.175	0.01%	0.194	0.01%	0.221	0.01%	0.242	0.01%	0.267	0.01%
Options - amount			$4.616		$4.383		$5.487		$5.833		$7.807
Increase in O/S Shares	0.35%	3.000	0.15%	5.000	0.26%	1.000	0.05%	3.000	0.15%	1.000	0.05%	0.004	0.00%	0.006	0.00%			0.002	0.00%		Average	80.20%
due to SO	$183.54		$58.110		$131.800		$22.650		$74.640		$24.150		$0.117		$0.265				$0.100
Book Value	$124.000		$58.000		$104.000		$36.000		$51.000		$23.000		$0.094		$0.143				$0.073
Insider Buying	-$0.253		-$1.532		$0.000		-$0.142		$0.000		-$1.273		-$2.961		$0.000				$0.000
Insider Selling	$18.892		$3.217		$11.578		$3.717		$15.836		$13.882		$4.776		$43.686				$32.703
Net Insider Selling	$18.639		$1.685		$11.578		$3.575		$15.836		$12.609		$1.815		$43.686				$32.703
% of Market Cap	0.04%		0.00%		0.03%		0.01%		0.04%		0.02%		0.00%		0.05%				0.04%
Directors		14		15		14		13		13		12		15				13
Women	38%	5	36%	6	40%	6	43%	6	46%	7	54%	7	58%	7	47%			6	46%
Minorities	6%	1	7%	1	7%	1	7%	2	15%	2	15%	3	25%	2	13%			2	15%
Institutions/Holdings	55.81%	762	57.34%	20	40.96%			20	42.75%	20	42.18%	20	36.49%	20	36.96%			20	38.97%
Total Shares Held	0.00%	1,122.751	57.61%	801.757	41.33%			830.506	42.74%	786.566	43.55%	659.100	38.12%	636.892	37.98%			653.432	38.96%
Increase/Decrease	-100.00%	12.205	1.10%	24.331	3.13%			15.152	1.86%	1.617	0.21%	6.537	1.00%	7.118	1.13%			-119.877	-15.50%
Starting No. of Shares		1,110.546		777.426	Top 20 MS			815.354	Top 20 MS	784.949	Top 20 MS	652.564	Top 20 MS	629.775	Top 20 MS			773.309	Top 20 MS
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