Manulife Financial (TSX:MFC) remains among the top insurance stocks in North America and is really the big Canadian player in this space many investors consider for its status as a top dividend stock. Indeed, with a current dividend yield of 3.6% and a history of dividend increases over time, this stock is one to consider for its dividend for sure.

However, the company has also seen its gross premiums increase at a rate of approximately 5% per year, leading to very consistent cash flow growth the company is able to pass onto investors in the form of share buybacks and dividend increases over time. The company's stable business model has also made this company a top-value holding for many investors looking for slow and steady growth over the long term.

With that said, let's dive into why I think Manulife remains a top buying opportunity in 2025, particularly if we see any dips forthcoming.

Strong fundamentals

One of the key reasons I tend to keep coming back to Manulife as a top option to consider is the company's core insurance business and underlying model, which, as mentioned, has delivered incredibly consistent cash flow growth over the long term.

However, I think Manulife's status as not only a top player in the insurance field but a growing player in the wealth management industry is often overlooked. The company's diversified cash flows from each line of business provide stability in various markets. When capital markets and investing activity pick up, the company's wealth management business may outperform. However, when things slow down, the company's core insurance business can pick up the slack.

This level of diversification provides investors with stability and growth, particularly given Manulife's increased penetration into emerging markets. The growth these markets should provide over the long term will help the company continue to provide the kind of growth investors are looking for.

Strong financials

This diversified underlying business has provided very strong recent results, which are the basis for the stock's recent rise (see the company's stock chart above).

In the company's third quarter, Manulife reported adjusted profits of $1.83 billion, which were 8.2% higher than the same quarter the year prior. Net retail inflows increased from just $0.2 billion a year ago to $3.9 billion this past quarter, driven by record sales in Asia and other growth markets.

So long as the company's underlying trends continue, Manulife looks like a top insurance stock that's worth owning in 2025 and beyond. This is a stock I view as a long-term buy-and-hold opportunity, and I would be looking to add on any dips over the coming year.