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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.
On February 1, 2022, Manulife announced the successful closure of the reinsurance transaction involving a significant portion of its legacy U.S. Variable Annuity block with Venerable Holdings, Inc. This strategic move, led by John Hancock Life Insurance, is designed to optimize Manulife's legacy portfolio, reduce risk, and enhance shareholder value. The transaction focuses on policies with Guaranteed Minimum Withdrawal Benefits riders and emphasizes a shift towards higher-potential business areas. John Hancock will continue to administer the policies for customer service continuity.
Manulife Financial Corporation announced plans to redeem all 19 million of its Non-cumulative Rate Reset Class 1 Shares Series 23 on March 19, 2022, for a total cash redemption of C$475 million. Shareholders will receive a final quarterly dividend of C$0.303125 per share on the same date. Following the redemption, shareholders will lose rights to dividends and other entitlements. This initiative is a strategic move to manage capital efficiently, reflecting Manulife's commitment to value for its shareholders.
Manulife Financial Corporation (MFC) announced plans to redeem all 10,000,000 Non-cumulative Rate Reset Class 1 Shares Series 7 on March 19, 2022, at a total cash price of C$250 million. The final quarterly dividend of C$0.2695 per share will also be paid on the same date to shareholders of record on February 23, 2022. Post-redemption, shareholders will no longer receive dividends or have any rights as holders, except for the redemption price.
On January 11, 2022, John Hancock Retirement released its eighth annual report highlighting the financial stress experienced by employees. Despite nearly 75% reporting financial stress, 66% of participants stated that access to financial wellness programs would increase their job retention. The report indicates a paradox; while employees feel financially confident, they also seek guidance for money management, with 89% emphasizing the importance of such programs. Key findings include that 71% have faced stress over the past year, and 68% are particularly concerned about healthcare costs in retirement.
John Hancock Investment Management launched the John Hancock Preferred Income ETF (ticker: JHPI) on December 15, 2021. This actively managed ETF aims to provide high current income by investing at least 80% of its net assets in preferred stocks and securities. The management team, led by Joseph H. Bozoyan and Bradley L. Lutz, oversees over $5 billion in income-generating strategies. The ETF responds to market demand for diversified income sources, offering potentially favorable yields with lower interest-rate sensitivity compared to traditional bonds.
Manulife Investment Management has announced the closing of its second infrastructure fund, Manulife Infrastructure Fund II, L.P. (MIF II), raising US$4.65 billion from 29 limited partners and its general account. This fund aims to invest in core and core-plus infrastructure assets, capitalizing on the firm's extensive experience in managing diverse portfolios. The successful fundraise exceeded the initial target and previous fund size, reflecting growing recognition of Manulife's private markets capabilities.
Manulife has appointed May Tan to its Board of Directors, effective December 1, 2021. Ms. Tan brings over 30 years of financial experience, having held senior roles at Standard Chartered Bank, including CEO of its Hong Kong division. Her expertise in corporate finance and capital markets in Asia is expected to support Manulife's growth strategies in the region. She will join the Management Resources & Compensation Committee and the Risk Committee.
AM Best has reaffirmed the Credit Ratings of
Manulife Investment Management released its third annual sustainable and responsible investing report, highlighting significant progress in ESG integration, active stewardship, and global collaboration on sustainability issues. The firm's sustainability team expanded from 16 to 25 professionals. Notably, it enhanced its proxy voting practices and was recognized in the 2020 PRI Leaders' Group for climate reporting. As of September 30, 2021, assets under management totaled CAD 1.1 trillion (USD 835 billion). The firm continues to focus on delivering positive environmental and societal impacts while meeting evolving client needs.
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