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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 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.
Manulife Financial Corporation (MFC) announced dividends for its non-cumulative preferred shares, to be paid on or after March 19, 2022. Shareholders on record as of February 23, 2022 will receive varying amounts per share across different classes. For instance, Class A Shares Series 2 will pay $0.29063 per share, while Class 1 Shares Series 23 will pay $0.303125 per share. This announcement reflects Manulife's commitment to returning value to shareholders amidst its operational success in key markets.
On February 9, 2022, Manulife's Board of Directors announced a quarterly dividend of $0.33 per share on common shares, payable March 21, 2022, to shareholders of record as of February 23, 2022. This decision reflects the company’s commitment to returning value to its shareholders. Additionally, through its Canadian and U.S. Dividend Reinvestment and Share Purchase Plans, Manulife will buy common shares on the open market based on the average actual cost. Manulife operates globally, providing financial services and has paid CAD$31.8 billion to customers in the past year.
Manulife Financial Corporation reported significant growth in its financial performance for 2021. Net income attributed to shareholders reached $7.1 billion, up $1.2 billion from the previous year, while core earnings also increased by 26% on a constant exchange rate basis. The company demonstrated a strong LICAT ratio of 142% and recorded net inflows of $27.9 billion in Global Wealth and Asset Management. With a 18% increase in quarterly dividends and a share buyback initiative, Manulife aims to enhance shareholder value while expanding its business in Asia.
On February 7, 2022, John Hancock announced a partnership with Wholesome Wave to improve food accessibility for underserved communities. Through its Vitality program, John Hancock will match customer savings on nutritious foods with donations, up to $200,000, to Wholesome Wave for 2022. This initiative targets nutrition insecurity, which contributes to serious health issues in the U.S. The program aims to support diet-related disease prevention and foster health equity.
Manulife has alerted shareholders about an unsolicited mini-tender offer from Obatan LLC to purchase up to 500,000 common shares at USD$14.40 each. This price reflects a 27.22% and 27.27% discount compared to the closing prices on January 24, 2022, and a 31.40% and 31.46% discount from February 2, 2022. Manulife does not endorse this offer, stressing that mini-tender offers may not reflect market prices adequately. Shareholders are advised to consult their investment advisors regarding this offer.
Manulife Financial Corporation has received approval from the Toronto Stock Exchange for a normal course issuer bid allowing the purchase of up to 97 million of its common shares, representing about 5% of its total shares. This program, effective from February 3, 2022, to February 2, 2023, aims to manage capital while enhancing shareholder value and addressing impacts from a recent reinsurance transaction. Manulife may conduct purchases via various trading platforms and has put in place an automatic share repurchase plan. Shares repurchased will be canceled.
On Feb 1, 2022, Venerable Holdings announced the successful close of a reinsurance transaction with Manulife Financial Corporation (MFC), covering approximately US$22 billion of variable annuity business. This deal, involving contracts primarily from John Hancock, boosts Venerable's assets under management to around $94 billion. Venerable's Chairman, David Marcinek, highlighted their proficiency in managing variable annuity liabilities and their focus on growth opportunities. The reinsured contracts include guaranteed minimum withdrawal benefits (GMWB) from policies issued between 2003 and 2012, with John Hancock retaining administration.
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