Manulife Financial Corp. - MFC STOCK NEWS

John Hancock Retirement has appointed Wayne Park as the new CEO of its U.S. retirement plan and recordkeeping business, effective immediately. He brings extensive experience from previous roles at American Century Services, T. Rowe Price, and Vanguard. Park succeeds Sue Reibel, who retired after nearly 30 years at the company. John Hancock, part of Manulife Investment Management, manages over $332 billion in retirement assets across 260,000 plans, supporting more than 8.7 million participants. Park aims to enhance the company’s commitment to delivering effective retirement solutions, reflecting leadership and operational expertise.

Manulife Financial Corporation has released its Management Information Circular and 2022 Annual Report, available to shareholders online. The annual meeting is scheduled for May 11, 2023, at 11:00 a.m. EST, accessible in person and via live webcast. Shareholders are encouraged to vote their shares and submit proxies ahead of time to ensure representation. The documents can be accessed on the company’s official website, with additional options for obtaining paper copies. Manulife, operating globally as a leading financial services provider, continues to support over 34 million customers through its various offerings.

On March 10, 2023, Manulife Financial Corporation (MFC) completed its offering of $1.2 billion in principal amount of 5.409% fixed/floating subordinated debentures due March 10, 2033. These Debentures were issued under a prospectus supplement dated March 7, 2023, and were offered through a syndicate of dealers led by RBC Capital Markets, Scotiabank, and TD Securities. Notably, the Debentures are not registered in the United States and cannot be offered to U.S. persons without proper registration or exemptions. Manulife continues to strengthen its capital position through these financial instruments.

On March 7, 2023, Manulife Financial Corporation (MFC) announced its intention to issue $1.2 billion in 5.409% fixed/floating subordinated debentures due March 10, 2033. The debentures will have a fixed interest rate until March 10, 2028, after which the rate will adjust to 1.85% over Daily Compounded CORRA. The offering, led by RBC Capital Markets, Scotiabank, and TD Securities, is expected to close on March 10, 2023. Proceeds will be used for general corporate purposes, including potential redemptions of existing securities. The debentures will not be registered in the United States under the Securities Act.

On March 7, 2023, Manulife Financial Corporation announced that holders of its Series 11 Preferred Shares had less than 1 million shares eligible for conversion to Series 12 Preferred Shares, thus no conversions will occur. Only 117,415 Series 11 shares were elected for conversion by the deadline of March 6, 2023. After March 19, 2023, Series 11 shareholders will receive fixed quarterly dividends of $0.384938 per share, based on a 6.15900% annual rate for the next five years. Manulife may redeem these shares on March 19, 2028, or every five years thereafter. The Series 11 shares are not registered in the U.S., restricting their sale in that market.

Marianne Harrison is retiring after 20 years at Manulife and five as President and CEO of John Hancock, effective April 1, 2023. Brooks Tingle, currently President and CEO of John Hancock Insurance, will succeed her. Throughout her tenure, Harrison has significantly influenced the company, especially during the COVID-19 pandemic. Tingle is recognized for his leadership in behavioral insurance and aims to further enhance John Hancock's market position. Both leaders affirm a commitment to the company's mission and the transition is expected to be seamless, ensuring continued focus on customer and shareholder value.

John Hancock, a division of Manulife (NYSE: MFC), has expanded access to GRAIL's Galleri multi-cancer early detection test for eligible customers in its Vitality PLUS program. Following a successful pilot program in September 2022, this initiative aims to enhance preventative care, allowing customers aged 50 and over to benefit from early cancer detection, which is critical given that cancer is the second leading cause of death in the U.S. with an estimated 610,000 deaths in 2023. The Galleri test detects shared cancer signals across more than 50 cancer types through a blood draw, focusing on increasing awareness and access to innovative screening technologies.

Manulife Financial Corporation (MFC) announced the dividend rates for its Series 11 and Series 12 Preferred Shares as of February 21, 2023. For the Series 11 Preferred Shares, the fixed quarterly cash dividend will be C$0.384938, equating to an annual rate of 6.15900%, effective from March 20, 2023, to March 19, 2028. For the Series 12 Preferred Shares, the floating quarterly cash dividend will be C$0.452438, or 1.80975% for the initial three-month period from March 20 to June 19, 2023. Shareholders must notify their brokers by March 6, 2023, to convert their Series 11 shares to Series 12. The Series 12 shares will be listed under the symbol MFC.PR.S.

Manulife Financial Corporation (MFC) has received TSX approval for a normal course issuer bid (NCIB) allowing the purchase of up to 55.7 million common shares, about 3% of its outstanding shares as of February 13, 2023. Purchases can start on February 23, 2023, and will enhance capital management while aiming to boost shareholder value. The NCIB will allow repurchases on the TSX, NYSE, and other systems at market prices, potentially at discounts in private agreements. Manulife has established an automatic share repurchase plan, ensuring share buybacks even during blackout periods.