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 reported a net income of $3.0 billion for Q1 2022, a significant increase from $800 million in Q1 2021. However, core earnings fell by 4% to $1.6 billion, and net new business value (NBV) decreased by 14%. The Company achieved 6.9 billion in net inflows in Global Wealth and Asset Management, significantly up from $1.4 billion in 2021. A capital release of $2.4 billion was noted post the variable annuity reinsurance transaction. Looking ahead, management remains optimistic about increased customer demand as markets stabilize.
On April 28, 2022, Manulife Investment Management published its second annual stewardship report, highlighting its commitment to effective asset stewardship across public and private markets. The report outlines responsibilities for asset managers in addressing environmental, social, and governance (ESG) risks while promoting sustainability. It emphasizes the importance of international collaboration and regional sensitivity in stewardship practices. Noteworthy achievements include partnerships in climate initiatives and over 1,300 engagements with issuers to foster sustainable outcomes.
Manulife Investment Management has introduced new guidelines for managing carbon credits in timberland and agriculture projects. The firm aims to generate high-quality carbon credits driven by increasing corporate net-zero commitments, with demand expected to rise significantly by 2050. The guidelines emphasize principles like additionality and permanence, requiring carbon credits to genuinely reduce emissions. The firm oversees approximately 6 million acres of timberland and 400,000 acres of farmland, with total assets under management of US$59.2 billion. These initiatives aim to enhance investor confidence in natural climate solutions.
Manulife Financial Corporation has released its Management Information Circular and 2021 Annual Report to shareholders, accessible online. The annual meeting is scheduled for May 12, 2022, at 11:00 a.m. EST, and attendees can participate virtually via live webcast. Shareholders are encouraged to vote their shares in advance to ensure representation. The company reported CAD$31.8 billion in customer payments over the past year and operates primarily in Canada, Asia, and the U.S. under the 'John Hancock' brand.
Manulife hosted Nobel Laureate Malala Yousafzai at its annual event, Accelerate 2022, to promote the importance of lifelong learning and empowerment. Yousafzai emphasized how education can enact meaningful change and praised Manulife for fostering a culture of continuous education among its 38,000 employees. CEO Roy Gori acknowledged the inspirational nature of Malala's advocacy for women's education, aligning it with Manulife's mission. The company, trading as MFC, highlights its commitment to making decisions easier and lives better globally.
Manulife Investment Management released its Global Intelligence report for H1 2022, highlighting challenges and opportunities amidst current market volatility due to the Russia-Ukraine conflict, rising inflation, and supply chain issues. The report emphasizes the importance of active management in navigating these dynamics, addressing the impact of inflation on retirement portfolios, and reviewing U.S. labor market trends. It offers insights on agricultural infrastructure innovations and the necessity for banks to meet net-zero commitments, outlining specific strategies for investors in a changing economic landscape.
Manulife Investment Management has appointed Marc Feliciano as the new global head of real estate for private markets. Reporting to Christoph Schumacher, he will oversee the real estate business, including portfolio management and sustainability integration. Feliciano joins from DWS with nearly 30 years of experience in real estate investment management. The company boasts a total of US$59.2 billion in assets under management across private markets.
His appointment is expected to enhance the firm’s capabilities and growth in the real estate sector.
Manulife announced the appointment of Vanessa Kanu to its Board of Directors, effective February 28, 2022. With over 20 years of experience, Kanu currently serves as global CFO at TELUS International. She brings extensive expertise in finance, including accounting, treasury, and reporting. Kanu is also a Chartered Accountant in Canada and a Certified Public Accountant in the U.S., enhancing her qualifications. Her role includes membership in the Audit Committee and the Corporate Governance and Nominating Committee. The board anticipates her leadership will support Manulife’s strategic oversight.
Manulife Investment Management announced key promotions within its fixed-income investment teams to strengthen its global organization. Daniel S. Janis III will retire on March 15, 2023, while Christopher M. Chapman has been promoted to co-head of the global multi-sector team. Other notable changes include Bradley L. Lutz's appointment as a portfolio manager and the formation of a new global credit team led by Caryn E. Rothman. These developments aim to enhance service quality and maintain investment strategies.
Manulife Financial Corporation has filed its 2021 audited annual financial statements for the year ending December 31, 2021, with securities regulators. These documents are accessible through the company's website, providing shareholders with vital financial information. Manulife is a prominent provider of financial services, operating under the Manulife brand in Canada, Asia, and Europe, and as John Hancock in the United States. Last year, the company made CAD$31.8 billion in payments to customers, showcasing its commitment to delivering value.
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