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.
On December 5, 2022, John Hancock Investment Management announced enhancements to the John Hancock Freedom 529 education savings plan. A new Stable Value Portfolio was added to the investment options, aimed at maintaining principal stability and maximizing income. The plan also saw fee reductions, effective October 15, 2022, which lowered total annual asset-based fees by converting several funds to lower-cost share classes, averaging a 12% reduction. The Freedom 529 plan helps families save for education, managing around $5 billion in assets.
Manulife Investment Management has launched the Manulife Forest Climate Fund, a closed-end fund aimed at promoting climate change mitigation through sustainably managed forests. The fund seeks to raise US$500 million in committed capital and will focus on acquiring forests with strong carbon potential. It plans to deliver carbon credits to investors while ensuring compliance with sustainability regulations, including the EU's Article 9. This initiative highlights Manulife's commitment to environmental stewardship and aims to align with the growing demand for sustainable investing.
Manulife Financial Corporation has appointed Don Lindsay as Vice Chair of the Board of Directors, effective immediately. Lindsay, who brings extensive leadership experience from his tenure at Teck Resources Limited and CIBC World Markets, will succeed John Cassaday as Chair upon Cassaday's retirement on February 15, 2023. The change aims to enhance board leadership as Manulife continues its mission of improving customer experiences.
John Hancock Investment Management announced enhancements to its municipal fund suite, effective October 1, 2022. These changes include management fee reductions and expense cap adjustments for the John Hancock Municipal Opportunities Fund, California Municipal Bond Fund, and High Yield Municipal Bond Fund, resulting in lower expense ratios for shareholders. Additionally, the eligibility for Class A shares was lowered from $1 million to $250,000, increasing access for investors. The launch of the John Hancock Short Duration Municipal Opportunities Fund also aims for tax-exempt total returns while preserving capital.
Manulife Investment Management has announced the acquisition of Alliance Gateway 11, a 788,160 square foot industrial warehouse in Fort Worth, Texas. The property is fully leased to a prominent tenant operating an e-commerce fulfillment center. Strategically located on a 38.2-acre site, it benefits from proximity to over 1.67 million residents and key transport facilities. This acquisition aligns with Manulife's strategy to enhance its industrial portfolio, which has seen growth in the Dallas-Fort Worth area, now the fourth largest metropolitan area in the U.S., with significant industrial market expansion.
Manulife Investment Management has released its latest Global Intelligence report, titled Historic Headwinds, which examines significant investment challenges in 2022, including Russia's invasion of Ukraine and rising inflation. Key topics analyzed include food security, political instability, and the impact of these events on sovereign bond markets. The report emphasizes the role of governments and asset managers in addressing issues such as gender pension income gaps in Asia. CEO Paul Lorentz noted the importance of building resilient portfolios amidst these historical challenges.
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