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 Corporation is set to release its Q1 2023 financial results on May 10, 2023, after market closure. The results will be available on their investor relations website. A live webcast and conference call will follow on May 11, 2023, at 8:00 a.m. ET, featuring insights from the executive leadership team.
This announcement marks the first quarterly report under IFRS 17 and IFRS 9 accounting standards, effective January 1, 2023, and the call duration has been extended to two hours to accommodate discussions on these changes. Investors can access the replay until August 5, 2023.
Manulife Financial Corporation (MFC) announced it will not redeem its 10,000,000 Non-cumulative Rate Reset Class 1 Shares Series 25 on June 19, 2023. Instead, Series 25 shareholders can convert their shares into Non-cumulative Floating Rate Class 1 Shares Series 26 on the same date. If fewer than 1,000,000 Series 25 shares remain after June 5, 2023, all will convert automatically to Series 26 shares. The dividend rates for both share series will be determined and announced on May 23, 2023. Series 26 shares, once converted, will be listed on the Toronto Stock Exchange (TSX) under the symbol MFC.PR.S. Additionally, the Series 25 and Series 26 shares will not be registered under U.S. securities laws, limiting their sale to U.S. persons.
Manulife Financial Corporation (MFC) announced an updated Statistical Information Package (SIP) template in preparation for its Q1 2023 financial results set for May 10, 2023. This update incorporates changes due to the implementation of IFRS 17 and IFRS 9 standards, effective January 1, 2023. The new SIP template is designed to enhance the clarity and comprehensibility of financial data presentation. A summary of the changes is also available to assist users in understanding these updates. Interested parties can access the SIP and the summary through Manulife’s investor relations website.
On April 18, 2023, John Hancock Retirement, part of Manulife Investment Management, released its annual stress, finances, and well-being report, highlighting significant financial concerns among employees. The report indicates that 38% of employees expect to retire later than planned, an increase from 24% last year. Economic worries are prevalent, with 70% of respondents deeply concerned about inflation and economic conditions. Over half of the participants (58%) are worried about their personal finances, with 42% rating their financial situation as fair or poor. Despite these challenges, 71% plan to grow or maintain their savings. Notably, employee financial stress costs employers nearly $2,000 per employee in lost productivity. The survey underlines the importance of financial wellness programs, with 82% of employees believing such programs could reduce their stress.
Manulife Financial Corporation (MFC) announced its plan to redeem all outstanding C$600 million 3.317% Fixed/Floating Subordinated Debentures on May 9, 2023, at par. This redemption will include accrued and unpaid interest up to the redemption date. The formal notice will be provided to debenture holders as per MFC's Trust Indenture. Following the redemption, interest on the Debentures will cease. MFC, headquartered in Toronto, operates in financial services, offering advice and insurance under the Manulife and John Hancock brands worldwide, serving over 34 million customers.
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