Manulife Finl - MFC STOCK NEWS

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.

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.