Welcome to our dedicated page for Manulife Financial news (Ticker: MFC), a resource for investors and traders seeking the latest updates and insights on Manulife Financial stock.
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 Financial has announced dividend rates for its Non-cumulative Rate Reset Class 1 Shares Series 17 and Series 18. For Series 17 shares outstanding after December 19, 2024, holders will receive fixed rate dividends of 5.542% annually or $0.346375 per share quarterly. For Series 18 shares, holders will receive floating rate dividends, with the initial rate set at 5.841% annually or $0.360063 per share for the period from December 20, 2024, to March 19, 2025. Shareholders can convert Series 17 shares to Series 18 shares by December 4, 2024. The TSX has conditionally approved listing Series 18 shares under symbol MFC.PR.S.
Manulife has announced a $5.4 billion reinsurance agreement with RGA, including $2.4 billion of long-term care (LTC) reserves. The transaction will reduce LTC reserves by 6% and morbidity sensitivity by 7%. Combined with a previous transaction, this will result in an 18% cumulative reduction in LTC reserves. The deal, priced at close to 1.0x book value, is expected to release $0.8 billion of capital which will be returned to shareholders through buybacks. The transaction includes a 75% quota share on both ceded blocks and is expected to close in early 2025. It will result in an annual reduction of $70 million in core earnings and $50 million in net income.
Manulife Financial (MFC) announced that President and CEO Roy Gori will retire effective May 8, 2025. The Board has appointed Phil Witherington, current CEO of Manulife Asia, as his successor. Witherington will join the Board of Directors upon succession, while Gori will serve as an Advisor through August 31, 2025.
Witherington, who has been part of Manulife's Executive Leadership Team since 2017, previously served as Chief Financial Officer for five years before his current role. He brings over 25 years of experience in insurance and financial services globally, having held positions at HSBC and AIA before joining Manulife in 2014.
Manulife Investment Management has announced organizational changes to enhance its equity operations by aligning Asia and Emerging Markets teams. Charlie Dutton has been appointed as Chief Investment Officer, Global Emerging Market Equities, overseeing US$25 billion in AUM across Asia and emerging markets equity strategies. The firm manages one of the largest equity teams in Asia, with over 90 investment professionals across 10 markets. The restructuring aims to improve research sharing and investment decision-making by leveraging local resources and insights. Additionally, Kathryn Langridge will retire in October 2025, while Ronald Chan is departing from his role as CIO, Asia ex-Japan Equity.
Manulife Financial (TSX/NYSE/PSE: MFC) has announced quarterly preferred share dividends for multiple share classes, payable on December 19, 2024, to shareholders of record as of November 20, 2024. The dividends range from $0.14675 to $0.396875 per share across 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 quarterly dividend of $0.40 per share for common shareholders. The dividend will be payable on December 19, 2024, to shareholders of record as of November 20, 2024. For participants in the Canadian and U.S. Dividend Reinvestment and Share Purchase Plans, common shares will be purchased on the open market at average cost pricing, with no applicable discounts.
Manulife Financial (MFC) reported strong Q3 2024 results with record core earnings of $1.8 billion, up 4% from Q3 2023. Key highlights include: core EPS of $1.00 (up 7%), net income of $1.8 billion (up $0.8 billion), and a LICAT ratio of 137%. The company saw significant growth with APE sales up 40%, new business CSM up 47%, and NBV up 39%. Global Wealth and Asset Management achieved net inflows of $5.2 billion, compared to net outflows of $0.8 billion in Q3 2023. The company maintained strong financial metrics with a core ROE of 16.6% and has returned over $2 billion to shareholders through share buybacks since the start of 2024.
Manulife Financial announced it will not redeem its 14,000,000 Non-cumulative Rate Reset Class 1 Shares Series 17 on December 19, 2024. Shareholders have the option to convert their Series 17 Preferred Shares to Series 18 Preferred Shares on a one-for-one basis. If less than 1,000,000 shares of either series would be outstanding after December 4, 2024, automatic conversion conditions apply. The dividend rates for both series will be announced on November 20, 2024. The Toronto Stock Exchange has conditionally approved listing of Series 18 Preferred Shares under the symbol 'MFC.PR.S'.
Manulife Financial has announced it will release its third quarter 2024 financial results after markets close on Wednesday, November 6, 2024. The company will host a live webcast and conference call on Thursday, November 7, 2024, at 8:00 a.m. (ET), where executive leadership will discuss results and conduct a Q&A session with analysts. The webcast will be archived and available for replay, along with a conference call replay option available until December 7, 2024.
Manulife and the World Economic Forum have announced the winners of the 'Prospering in Longevity Challenge' through UpLink, the Forum's open innovation platform. Ten global start-ups were selected for their innovative approaches to preventative health care and financial wellness for longer lives. Each winner will receive C$50,000 in prize money and access to UpLink's Innovation Ecosystem.
The challenge aims to address the longevity crisis, as the global population over 65 is expected to double to 1.6 billion by 2050. Manulife's partnership with the World Economic Forum and UpLink focuses on finding accessible solutions to help people live longer, healthier, and better lives.
This challenge is the first of three innovation challenges designed to shape the future of the longevity economy. The next two challenges will be held in 2025 and 2026 with new thematic focus areas.
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