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 filed its 2022 audited annual financial statements on February 15, 2023. This filing, which includes the Management Discussion and Analysis (MD&A), is available to regulators and shareholders via the company's website. The financial report provides insights into the company’s performance over the year ending December 31, 2022. Manulife operates extensively in financial advice and insurance across Canada, Asia, and Europe, also using the John Hancock brand in the United States. The company has over 40,000 employees and caters to more than 34 million customers globally.
Manulife Financial Corporation reported a net income of $7.3 billion for 2022, a slight increase from 2021, while core earnings decreased by 7% to $6.2 billion. In the fourth quarter, net income was $1.9 billion, down $0.2 billion year-over-year. Annualized Premium Equivalent (APE) sales fell 7% to $5.7 billion for the year, with a significant drop of 12% in Q4. Despite these declines, Manulife achieved a LICAT ratio of 131% and announced an 11% dividend increase. The company made strides in capital management, reinsured over 80% of its U.S. variable annuity block, and emphasized digital growth strategies.
On February 15, 2023, Manulife Financial Corporation announced its intention to launch a Normal Course Issuer Bid (NCIB) to buy back up to 55.7 million common shares, approximately 3% of its outstanding shares, pending TSX approval. This initiative aims to enhance shareholder value while maintaining healthy regulatory capital ratios. The NCIB will allow purchases at market prices, and shares bought back will be cancelled. This follows Manulife's previous NCIB, which ended on February 2, 2023, during which it repurchased 85.8 million shares at an average price of $23.99.
On February 15, 2023, Manulife Financial Corporation's Board of Directors announced the quarterly dividends for its non-cumulative preferred shares. These dividends, amounting to C$0.29063 for Class A Shares Series 2 and C$0.28125 for Class A Shares Series 3, will be payable on or after March 19, 2023, to shareholders on record as of February 28, 2023. Other noteworthy dividends include C$0.14675 for Class 1 Shares Series 3 and C$0.34089 for Series 4. This announcement reflects Manulife’s ongoing commitment to returning value to shareholders. The company operates across Canada, Asia, and Europe, with a significant presence in the U.S. through John Hancock.
Manulife Financial Corporation announced an 11% increase in its quarterly dividend to $0.365 per share. This increase amounts to an additional 3.5 cents per share and is payable on March 20, 2023, to shareholders who are on record by February 28, 2023. Additionally, the company will repurchase common shares for its Dividend Reinvestment and Share Purchase Plan at market prices. This decision reflects Manulife's commitment to returning value to its shareholders while supporting its financial strategies.
Manulife Financial Corporation is set to release its fourth quarter and year-end 2022 financial results on February 15, 2023. The results will be accessible on their investor relations website. A live webcast and conference call with the executive team, including Roy Gori and Phil Witherington, will occur on February 16, 2023, at 8:00 a.m. (ET), providing insights into the financial performance and a Q&A session. The archived webcast will be available shortly after the call. Manulife is a leading international financial services provider, operating under the symbol MFC on various stock exchanges.
Manulife Financial Corporation announced it will not redeem its 8,000,000 Non-cumulative Rate Reset Class 1 Shares Series 11 on March 19, 2023. Shareholders may convert their Series 11 Preferred Shares to Series 12 Preferred Shares on that date. The conversion is subject to conditions, including the minimum number of shares outstanding. The dividend rates for Series 11 and Series 12 Shares will be declared on February 21, 2023. Furthermore, the Series 12 Shares are conditionally approved for listing on the TSX under symbol MFC.PR.S, subject to meeting TSX requirements. Both share classes are not registered in the U.S., hence not available for sale there.
John Hancock Investment Management has launched the John Hancock International High Dividend ETF (JHID), aiming for high current income and long-term capital growth. The ETF targets at least 80% of its net assets in dividend-paying large- and mid-cap equities from non-U.S. developed markets. This expansion brings John Hancock's ETF offerings to ten funds. Notably, $45 billion flowed into dividend-focused ETFs in 2022, indicating strong market interest. The investment strategy entails risks, including potential losses and market volatility.
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