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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 its 2Q22 results with net income attributed to shareholders at $1.1 billion, down from $2.6 billion in 2Q21. Core earnings fell 9% to $1.6 billion on a constant exchange rate basis. The LICAT ratio remains strong at 137%. APE sales totaled $1.4 billion, down 1% year-over-year, while new business value decreased to $511 million, reflecting a 9% decline. Despite challenges, the company achieved net inflows of $1.7 billion in Global Wealth and Asset Management, significantly lower than the previous year. Share repurchase program continues with approximately 2% of common shares bought back.
On July 29, 2022, John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) announced a monthly distribution of $0.1380 per share to shareholders of record as of July 11, 2022. This distribution follows the Fund's managed distribution plan and is part of the July 2022 distribution period. The sources for this payout include 31% net investment income and 69% return of capital. Shareholders are informed that the Fund may have distributed more than its income and net realized gains, indicating that a portion of the distribution could be a return of capital.
The John Hancock Premium Dividend Fund (NYSE: PDT) declared a monthly distribution of $0.0975 per share, payable on July 29, 2022, to shareholders of record as of July 11, 2022. This distribution comes from various sources, including 46% net investment income and 54% return of capital. The fund's managed distribution plan ensures fixed monthly payments until further notice. Investors should note that the fund may have distributed more than its income and net capital gains, indicating a return of capital.
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.
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