Manulife Finl - MFC STOCK NEWS

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.

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.