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.
John Hancock Retirement, part of Manulife Investment Management, has launched a new prospect finder tool aimed at financial professionals. This interactive tool enhances efficiency in managing leads by offering plan comparisons at various levels—industry, state, and national. It features smart filters, downloadable scouting reports, and insights into potential plan gaps. John Hancock currently services over 54,000 retirement plans with more than 3.1 million participants and over $215 billion in assets under management (AUMA) as of March 31, 2022.
Manulife has received an unsolicited mini-tender offer from Obatan LLC to purchase up to 500,000 shares at USD$12.00 per share, representing a 34.04% discount compared to the closing price on July 14, 2022. Manulife does not endorse this offer and advises shareholders to carefully consider the current market price before making decisions. Mini-tender offers, which seek less than 5% of outstanding shares, often come at below-market prices, leading to potential investor confusion. Shareholders can withdraw their shares before December 31, 2022.
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (ICR) of 'aa-' (Superior) for Manulife Financial Corporation (MFC) and its life/health subsidiaries. The ratings reflect a very strong balance sheet, strong operating performance, and effective enterprise risk management. MFC reported core earnings of $6.5 billion for 2021, with a 13% return on equity. However, concerns remain regarding MFC's legacy businesses and potential earnings volatility from its investment portfolio. The outlook is stable for all affirmed ratings.
On July 12, 2022, John Hancock Investment Management, part of Manulife Investment Management, announced the launch of the John Hancock Asset-Based Lending Fund, subadvised by Marathon Asset Management. This fund aims to provide high current income by investing at least 80% of its net assets in asset-based lending investments, including distressed loans. With nearly $23 billion in assets under management, Marathon brings extensive experience in credit investments. The fund targets investors seeking alternatives amidst inflation and market volatility.
John Hancock Retirement and John Hancock Investment Management announced that 14 of their wholesalers were recognized in NAPA's 2022 Top DC Wholesalers list, the most from any firm for the fourth consecutive year. This selection is based on advisor votes among over 700 nominators. Gary Tankersley, head of sales, expressed gratitude for the recognition, while Todd Cassler, head of institutional distribution, praised the service provided to retirement advisors. As of March 31, 2022, John Hancock serviced over 54,000 retirement plans with more than $215 billion in AUMA.
AM Best has assigned a Long-Term Issue Credit Rating of bbb+ (Good) to Manulife Financial Corporation's CAD 1.0 billion, 7.117% subordinated notes, due June 19, 2082, reflecting stable outlook. Alongside this, the company will issue CAD 1.0 billion non-cumulative Class 1 shares, Series 29, with non-deferrable interest payments. The proceeds will support corporate purposes, including investments in subsidiaries. MFC’s leverage and interest coverage ratios are expected to stay within AM Best's rating guidelines.
Manulife has received notice of an unsolicited mini-tender offer from Obatan LLC, aiming to purchase 500,000 shares at USD$12.00 each, representing a 31.37% to 35.24% discount from recent market prices. Manulife warns that this offer is below the market value and is not endorsed by the company, which stresses that mini-tender offers can mislead investors. Shareholders are advised to evaluate offer documents and consult their advisors before making decisions. The offer is valid until July 14, 2022.
Manulife Investment Management has appointed Aimee DeCamillo as the new global head of retirement, effective May 23, 2022. She will oversee the strategy and growth of the organization’s global retirement business, which manages over $330 billion in retirement assets for more than 8 million individuals. DeCamillo previously held leadership roles at Jackson Financial and T. Rowe Price. Her focus will be on adapting strategies to local markets while developing investment solutions. Paul Lorentz, CEO, expressed confidence in her ability to enhance customer offerings amidst economic challenges.
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