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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 November 15, 2021, Venerable Holdings announced a reinsurance agreement with Manulife Financial Corporation (NYSE: MFC) to reinsure approximately US$22 billion of variable annuity business from John Hancock. The agreement primarily involves contracts with guaranteed minimum withdrawal benefits (GMWB) issued between 2003 and 2012. This transaction is expected to increase Venerable's assets under risk management from US$71 billion to US$94 billion on a pro forma basis as of March 31, 2021, and is projected to close in Q1 2022, pending customary conditions.
Manulife announced an agreement with Venerable Holdings to reinsure over 75% of its U.S. Variable Annuity block, unlocking C$2.0 billion in capital and realizing a one-time after-tax gain of C$750 million. The transaction will decrease annual earnings by approximately C$200 million in 2022 but is anticipated to enhance shareholder value through a significant share buyback. This move reduces equity sensitivities by more than 75% and aims for core EPS growth of 10% to 12% in the medium term. The deal is set to close in Q1 2022.
On November 15, 2021, John Hancock announced an expansion of its Vitality Program with the introduction of the Apple Watch Series 7 for life insurance customers. Vitality PLUS members can obtain the watch for as low as $25 plus tax by engaging in regular exercise. The Apple Watch promotes health management by tracking fitness metrics and encouraging wellness activities. A survey indicated that 85% of users feel motivated to exercise using the watch, enhancing customer engagement with the program. John Hancock aims to support healthier living through technology and incentives.
Manulife Investment Management has unified its private markets business under a single global brand, concluding a multi-year strategy. The firm now manages US$835 billion in assets, with US$58 billion in private equity and credit, and real assets, enhancing its sustainability focus through ESG integration. Hancock Natural Resource Group is rebranded as Manulife Investment Management Timberland and Agriculture Inc. This rebranding aims to drive future growth, leveraging diverse capabilities in timberland and agriculture across multiple geographies.
Manulife Financial Corporation (MFC) has completed a successful offering of $1.2 billion principal amount of 4.10% Limited Recourse Capital Notes Series 2. The offering included the issuance of 1,200,000 Non-Cumulative Fixed Rate Reset Class 1 Shares Series 28. The Notes are backed by assets in the Limited Recourse Trust, limiting recourse for noteholders in case of non-payment. The offering was facilitated by RBC Capital Markets, Scotiabank, and TD Securities and is not registered for sale in the U.S. This financial maneuver aims to support MFC's capital structure.
John Hancock Investment Management has launched share classes A, C, I & R6 of the John Hancock Mid Cap Growth Fund following the successful merger with the John Hancock Mid Cap Stock Fund on October 15, 2021. This fund aims for long-term growth by investing at least 80% of its net assets in equity securities of mid-sized companies. Managed by Wellington Investment Management, the merger is expected to reduce expenses and enhance asset growth opportunities for shareholders.
Manulife has been notified of an unsolicited mini-tender offer from Obatan LLC to buy up to 500,000 shares, equating to about 0.026% of its common shares, at USD$15.60 per share. This price represents a discount of up to 21.80% compared to recent closing prices. Manulife advises shareholders to be cautious, highlighting the risks associated with mini-tender offers, which are often made below market value. It encourages shareholders to review the offer documents carefully and seek advice from their investment advisors before making decisions.
Manulife Financial Corporation (MFC) plans to issue $1.2 billion in 4.10% Limited Recourse Capital Notes Series 2, with a maturity date of March 19, 2082. The interest will be paid semi-annually until March 19, 2027, after which it will reset every five years based on the 5-year Government of Canada Yield plus 2.704%. MFC will also issue 1,200,000 Non-Cumulative Fixed Rate Reset Class 1 Shares Series 28 as part of this offering. The proceeds will be used for general corporate purposes.
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