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Manulife Financial Corporation (NYSE: MFC, TSX: MFC) is a Canadian multinational insurance company and financial services provider headquartered in Toronto, Ontario. Known for its extensive global presence, Manulife operates across Canada and Asia under the Manulife brand, and in the United States primarily through John Hancock Financial.
Manulife offers a variety of products including life insurance, annuities, and asset management solutions for both individuals and group customers. The company boasts an investment management unit that contributes approximately 20% of its earnings, managing around CAD 1.05 trillion in assets as of the end of 2023. The U.S. segment, operating as John Hancock, focuses on insurance products for estate, business, and income protection, contributing about 27% of Manulife's earnings. The Asian segment provides insurance and wealth accumulation products in over 11 countries, contributing around 30% to the company's earnings, while the Canadian segment contributes approximately 23%.
Manulife has recently achieved significant milestones, including closing a major reinsurance transaction with Global Atlantic, marking the largest long-term care (LTC) reinsurance deal in history. This transaction has unlocked capital which will be returned to shareholders via share buybacks. Additionally, the company has entered into a landmark Universal Life reinsurance agreement with RGA Life Reinsurance Company of Canada, releasing CAD 5.8 billion in reserves.
In 2024, Manulife has expanded its digital initiatives, enhancing customer experience through innovative tools like M-Pro in Vietnam and JHINI in the U.S. The company has also formed significant partnerships, including a fund-raising collaboration with the Indonesian Investment Authority and a multi-year research collaboration with MIT AgeLab focused on longevity innovation.
Manulife's commitment to sustainability is evident through its investment management arm, which oversees 5.4 million acres of timberland and 400,000 acres of farmland, all managed under rigorous sustainability standards.
As of the end of 2023, Manulife employed over 38,000 people and had more than 98,000 agents, serving over 35 million customers worldwide. The company trades on the Toronto, New York, and Philippine stock exchanges under the symbol 'MFC' and on the Hong Kong Stock Exchange under '945'. For more information, visit manulife.com.
Manulife (TSX/NYSE/PSE: MFC) has announced two strategic appointments to its Board of Directors, effective February 28, 2025. Nancy Carroll, a former partner at McCarthy Tétrault LLP with over 40 years of insurance and financial services legal expertise, and John Montalbano, a former CEO of RBC Global Asset Management and current Principal of Tower Beach Capital , will join the board.
Carroll brings extensive experience in regulatory, M&A, compliance, and governance matters in the insurance sector. She will serve on the Audit Committee and Corporate Governance and Nominating Committee. Montalbano, with his wealth and asset management background, will join the Management Resources and Compensation Committee and Risk Committee.
Manulife Financial (TSX/NYSE/PSE: MFC, SEHK: 945) has announced the filing of its 2024 audited annual financial statements and related Management Discussion and Analysis (MD&A) for the year ended December 31, 2024. The documents have been filed with both the Canadian Securities Administrators and the U.S. Securities and Exchange Commission on Form 40-F.
The financial information is accessible on Manulife's website in the investors section. Shareholders can request physical copies of these documents at no cost through the company's website.
Manulife Financial (TSX/NYSE/PSE: MFC) has announced its quarterly preferred share dividends for multiple share classes. The dividends will be paid on or after March 19, 2025 to shareholders of record as of March 5, 2025.
The dividend payments vary by share class, ranging from $0.14675 to $0.396875 per share. The announcement covers eleven different preferred share series, including Class A Shares Series 2 and 3, and Class 1 Shares Series 3, 4, 9, 11, 13, 15, 17, 19, and 25.
Manulife (MFC) has announced a significant increase in its quarterly dividend for common shareholders. The Board of Directors approved a 10.0% increase, raising the dividend by 4 cents to $0.44 per share. The dividend will be payable on March 19, 2025, to shareholders of record as of March 5, 2025.
Regarding the company's Canadian and U.S. Dividend Reinvestment and Share Purchase Plans, Manulife will purchase common shares on the open market for dividend reinvestment and optional cash purchases. The purchase price will be based on the average actual cost without any applicable discounts.
Manulife Financial (MFC) has announced a new Normal Course Issuer Bid (NCIB) program to repurchase and cancel up to 51.5 million common shares, representing approximately 3% of its issued and outstanding shares. The program will run from February 24, 2025, to February 23, 2026.
The company can purchase up to 1,420,093 shares daily on the TSX, representing 25% of the average daily trading volume. Purchases will be made through TSX, NYSE, and alternative trading systems at prevailing market prices. Under its previous 2024 NCIB program, Manulife has already repurchased 88,466,133 shares at an average price of $39.11 per share.
The NCIB provides Manulife flexibility in its capital management strategy, balancing regulatory capital ratios with shareholder value generation. The company may also undertake repurchases outside North America and enter into derivative-based programs, subject to regulatory approval.
Manulife Financial (MFC) reported strong full year and fourth quarter results for 2024, with record core earnings of $7.2 billion, up 8% from 2023, and $1.9 billion in Q4, up 6% year-over-year. Net income attributed to shareholders reached $5.4 billion in 2024, a $0.3 billion increase from 2023.
The company achieved significant growth across key metrics, including core EPS of $3.87 (up 11%) and core ROE of 16.4%. Insurance new business results showed remarkable growth with 30%+ increases in APE sales, new business CSM, and NBV. Global WAM generated $13.3 billion in net inflows.
Notable developments include a 10% increase in quarterly dividend per common share and the announcement of a new NCIB program to repurchase up to 3% of outstanding common shares. The company also completed significant reinsurance transactions, including two LTC blocks, demonstrating progress in portfolio transformation.
Manulife Financial (MFC) has announced dividend rates for its Non-cumulative Rate Reset Class 1 Shares Series 19 and Non-cumulative Floating Rate Class 1 Shares Series 20. For Series 19 Preferred Shares outstanding after March 19, 2025, holders will receive fixed rate non-cumulative preferential cash dividends quarterly at 5.16900% per annum ($0.323063 per share per quarter) for the period from March 20, 2025, to March 19, 2030.
For Series 20 Preferred Shares, holders will receive floating rate dividends quarterly. The initial rate for March 20, 2025, to June 19, 2025, will be 1.29430% (5.13500% annualized) or $0.323575 per share. The Toronto Stock Exchange has conditionally approved listing Series 20 Preferred Shares under symbol MFC.PR.S. Beneficial owners of Series 19 shares can exercise conversion rights through their broker by March 4, 2025, 5:00 p.m. Toronto time.
Manulife Financial (MFC) has announced it will not exercise its right to redeem its 10,000,000 Non-cumulative Rate Reset Class 1 Shares Series 19 on March 19, 2025. Instead, shareholders have the option to convert their Series 19 Preferred Shares to Series 20 Preferred Shares on a one-for-one basis.
Key conversion conditions include automatic conversion if less than 1,000,000 Series 19 Preferred Shares would remain outstanding, or no conversion if less than 1,000,000 Series 20 Preferred Shares would result. The Toronto Stock Exchange has conditionally approved listing of Series 20 Preferred Shares under the symbol 'MFC.PR.S'.
Dividend rates for both series will be announced on February 18, 2025. Shareholders wishing to convert must instruct their broker before 5:00 p.m. (Toronto time) on March 4, 2025.
Manulife Financial (TSX/NYSE/PSE: MFC) has announced it will release its fourth quarter and full year 2024 financial results after market close on Wednesday, February 19, 2025. The company will host a live webcast and conference call on Thursday, February 20, 2025, at 8:00 a.m. ET, where executive leadership will discuss results and conduct a Q&A session with analysts.
The conference call can be accessed via 1-800-806-5484 or 1-416-340-2217 (Passcode: 8414068#). The archived webcast will be available on Manulife's investor website, and a replay will be accessible until March 22, 2025, by calling 1-800-408-3053 or 1-905-694-9451 (Passcode: 7315507#).
Manulife Investment Management has announced the final close of its Manulife Forest Climate Fund with $480.1 million in commitments from U.S. investors, corporates, and global institutional investors. The fund aims to promote climate change mitigation through sustainably managed forests, prioritizing carbon sequestration over timber production.
The fund has already acquired over 150,000 acres and is approaching 50% deployment, with three key acquisitions: Eagle Cap in Oregon/Washington, Siscowet in Michigan, and Oak Bluff across Mississippi, Louisiana, and Arkansas. The fund targets sequestering over 6 million tons of carbon dioxide over its term, offering investors high-quality carbon credits with annual optionality for in-kind distributions or offset sales.
As the world's leading timberland investment manager with over five million acres under management, Manulife IM continues to expand its $100 billion diversified private markets platform, focusing on natural climate solutions to drive impact and results for clients.
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