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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 has declared a C$0.33 per share dividend for common shareholders, effective December 20, 2021, representing an 18% increase. This announcement follows the lifting of restrictions by the Office of the Superintendent of Financial Institutions (OSFI) on dividend increases. Additionally, Manulife plans to initiate a Normal Course Issuer Bid to repurchase up to 39 million common shares, approximately 2% of its outstanding shares, to enhance shareholder value while maintaining regulatory capital ratios.
Manulife Financial Corporation plans to redeem all 8,000,000 outstanding Non-cumulative Rate Reset Class 1 Shares Series 5 on December 19, 2021, at a price of C$25.00 each, totaling C$200 million. Shareholders will receive a final quarterly dividend of C$0.243188 per share, paid on or after the redemption date for those on record by December 1, 2021. After redemption, shareholders will lose entitlement to dividends. This strategic move reflects Manulife's ongoing financial management.
On November 3, 2021, Manulife Financial Corporation announced quarterly dividends for its preferred shares. The dividends, payable on or after December 19, 2021, include:
- Class A Shares Series 2 - $0.29063
- Class A Shares Series 3 - $0.28125
- Class 1 Shares Series 3 - $0.14675
- Class 1 Shares Series 4 - $0.09954
- Class 1 Shares Series 5 - $0.243188
- Class 1 Shares Series 7 - $0.2695
- Class 1 Shares Series 9 - $0.271938
- Class 1 Shares Series 11 - $0.295688
- Class 1 Shares Series 13 - $0.275875
- Class 1 Shares Series 15 - $0.236625
- Class 1 Shares Series 17 - $0.2375
- Class 1 Shares Series 19 - $0.229688
- Class 1 Shares Series 23 - $0.303125
- Class 1 Shares Series 25 - $0.29375
Manulife Financial Corporation has declared a quarterly dividend of $0.28 per share on its common shares. This dividend is payable from December 20, 2021, to shareholders recorded by close of business on December 1, 2021. The company will facilitate the purchase of common shares under its Canadian and U.S. Dividend Reinvestment and Share Purchase Plans at market prices. As of September 30, 2021, Manulife reported CAD$1.4 trillion in assets under management and administration.
Manulife Financial Corporation reported its third quarter 2021 results, showing a net income of $1.6 billion, down $476 million from Q3 2020. Despite this decline, core earnings increased 10% year-over-year to $1.5 billion, driven by higher net fee income and new business gains. New business value was $539 million, up 22%, while annualized premium equivalent sales rose 5% to $1.4 billion. Global Wealth and Asset Management net inflows reached $9.8 billion, a significant improvement from last year's outflows.
On October 29, 2021, John Hancock Premium Dividend Fund (NYSE: PDT) announced a monthly distribution of $0.0975 per share, payable to all shareholders on record as of October 12, 2021. This distribution is part of the Fund's managed distribution plan, which aims to provide consistent monthly payments. The distribution sources include 60% from net investment income and a return of capital, indicating that part of the distribution may be a return of the shareholders' investments. The total cumulative distributions for the fiscal year have reached $1.1688 per share.
The John Hancock Tax-Advantaged Dividend Income Fund (NYSE: HTD) has announced a monthly distribution of $0.1380 per share, payable on October 29, 2021. Shareholders of record as of October 12, 2021 will receive this distribution, part of a managed distribution plan. The distribution sources include 53% from net investment income, 10% from net realized long-term capital gains, and 37% as return of capital. For fiscal year-to-date, total cumulative distributions amount to $1.6557 per share, with a current distribution rate of 6.85%.
Manulife Financial Corporation (MFC) is set to release its third quarter 2021 financial results after market close on November 3, 2021. The results will be available on their investor relations website. A live webcast and conference call with key executives, including CEO Roy Gori and CFO Phil Witherington, is scheduled for November 4, 2021 at 8:00 a.m. (ET). Interested parties can access the call via phone, and a replay will be available until February 4, 2022. Manulife operates globally with CAD$1.3 trillion in assets under management.
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