Appendix A Manulife Financial Ratios

2012 2013 2014 2015 2016

Insurance Receivables 124,630,552 147,637,928 140,881,137 159,921,315 176,525,273
Total Assets 47,035,346,892 60,617,325,588 73,557,534,042 77,516,943,047 87,306,084,863
Total Liabilities 33,195,662,001 45,050,789,212 55,070,785,013 61,883,896,688 69,702,191,229
Capital Stock 930,000,000 930,000,000 930,000,000 930,000,000 930,000,000
Total Equity 13,839,684,891 15,566,536,376 18,486,749,029 15,633,046,359 17,603,893,634
Net Insurance Premiums Earned 7,746,293,787 15,572,400,888 14,136,305,023 13,909,736,870 16,595,978,968
Operating profit before tax but after 930,696,756 2,453,279,676 1,548,468,351 4,367,210,842 2,521,512,885
interest
Interest expense 966,257 918,716 831,776 733,726 589,002
Net profit 529,479,949 2,039,502,432 1,073,975,581 3,895,232,066 2,027,308,829

Activity Ratios
Receivables turnover 62.15 114.39 97.99 92.48 98.65
Asset Turnover 0.16 0.29 0.21 0.18 0.20

Solvency Ratios
Debt-to-assets ratio 70.58% 74.32% 74.87% 79.83% 79.84%
Debt-to-capital ratio 97.27% 97.98% 98.34% 98.52% 98.68%
Debt-to-equity ratio 2.399 2.894 2.979 3.959 3.959
Interest-coverage ratio 964.198 2,671.335 1,862.641 5,953.100 4,281.992

Profitability Ratio
Operating profit margin 12.03% 15.76% 10.96% 31.40% 15.20%
Net profit margin 6.84% 13.10% 7.60% 28.00% 12.22%
Return on Assets 1.13% 3.79% 1.60% 5.16% 2.46%
Return on Equity 3.83% 13.87% 6.31% 22.83% 12.20%
Appendix B Philippine American Life
2012 2013 2014 2015 2016
Insurance Receivables 1,018,274,000 926,332,000 883,891,000 763,353,000 791,918,000
Total Assets 192,628,030,000 209,080,967,000 229,765,604,000 236,385,041,000 245,900,571,000
Total Liabilities 124,800,920,000 132,611,706,000 141,553,316,000 147,730,621,000 154,827,648,000
Capital Stock 2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000 2,000,000,000
Total Equity 67,827,110,000 76,469,261,000 88,212,288,000 88,654,420,000 91,072,923,000
Net Insurance Premiums Earned 15,290,653,000 20,022,637,000 18,135,489,000 20,878,538,000 18,642,153,000
Operating profit before tax but 4,817,885,000 8,602,355,000 6,771,683,000 8,998,584,000 7,684,734,000
after interest
Interest expense 508,573,000 457,830,000 422,596,000 174,156,000 362,266,000
Net profit 3,244,227,000 6,984,686,000 5,155,691,000 7,399,019,000 6,095,315,000

Activity Ratios
Receivables turnover 15.02 20.59 20.04 25.35 23.97
Asset Turnover 0.08 0.10 0.08 0.09 0.08

Solvency Ratios
Debt-to-assets ratio 64.79% 63.43% 61.61% 62.50% 62.96%
Debt-to-capital ratio 98.42% 98.51% 98.61% 98.66% 98.72%
Debt-to-equity ratio 1.840 1.734 1.605 1.666 1.700
Interest-coverage ratio 10.473 19.789 17.024 52.670 22.213

Profitability Ratio
Operating profit margin 34.83% 45.25% 39.67% 43.93% 43.17%
Net profit margin 21.22% 34.88% 28.43% 35.44% 32.70%
Return on Assets 1.68% 3.48% 2.35% 3.17% 2.53%
Return on Equity 4.78% 9.68% 6.26% 8.37% 6.78%