Welcome to our dedicated page for Manulife Financial news (Ticker: MFC), a resource for investors and traders seeking the latest updates and insights on Manulife Financial stock.
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 (MFC) announced dividend rates for its Series 3 and Series 4 Preferred Shares. For Series 3, starting June 20, 2021, the fixed rate is set at 2.34800% per annum, translating to $0.146750 per share quarterly. The Series 4 shares will have a floating rate of 0.38363% for the quarter ending September 19, 2021, equating to $0.095908 per share. Shareholders can convert their shares before June 4, 2021. The dividends, subject to approval, reflect Manulife's ongoing commitment to shareholder returns.
Manulife Investment Management has appointed Christoph Schumacher as the global head of real assets, private markets, effective immediately. This newly established position aims to drive the firm's private real assets strategy and oversee investment solutions globally. Schumacher will manage $42.9 billion in assets under management, uniting real asset capabilities across various sectors. The move reflects the growing demand for real asset investments and is expected to enhance Manulife's offerings in alternative asset classes.
Manulife Financial Corporation (MFC) announced the successful election of its director nominees at the Annual Meeting held on May 6, 2021. Key results include Nicole S. Arnaboldi receiving 99.67% of votes, while the lowest approval was for Joseph P. Caron at 98.97%. The detailed voting results demonstrate a strong endorsement from shareholders, reflecting confidence in the board's leadership. Final voting results will soon be available on the company's website and with securities regulators.
Manulife has committed to achieving net zero emissions by 2050, alongside a 35% reduction in scope 1 and 2 emissions by 2035. The initiative involves leveraging its substantial resources, including over C$1 trillion in assets and a large workforce, to support climate solutions. Key areas of focus include emission reductions in operations, sustainable investments, and the development of climate-smart products. Manulife is also aligning executive performance goals with climate action, emphasizing sustainable growth and resilience in its offerings.
Manulife is donating $250,000 (CAD) to Project HOPE to provide essential medical supplies in Asia, particularly in India, amidst a resurgence of COVID-19. This contribution aims to support healthcare facilities by supplying oxygen, ICU beds, and PPE kits. Additionally, Manulife is activating an employee matching program to encourage further contributions from its global team. Over the past year, the company has donated nearly $5 million for various COVID-19 relief efforts, focusing on food security, mental health support, and healthcare worker well-being.
Manulife has announced it received two unsolicited mini-tender offers from Obatan LLC to purchase its common shares. The U.S. Offer aims to buy 500,000 shares at USD$13.00 each, representing a discount of approximately 39.88% from recent closing prices. The Canadian Offer seeks 100,000 shares at C$16.50, with a similar discount of 39.05%. Manulife advises shareholders to carefully consider these offers as they are below market prices and to consult their investment advisors. Manulife is not affiliated with Obatan and does not endorse these offers.
Manulife Financial Corporation (MFC) announced plans to redeem its outstanding U.S. $1 billion principal amount of 4.70% senior notes due June 23, 2046, on June 23, 2021. This redemption will occur at par, including any accrued interest up to the redemption date. Interest on the notes will cease to accrue on the redemption date. Manulife Financial, headquartered in Toronto, operates globally, offering financial services, insurance, and asset management, with over 30 million customers and $1.3 trillion in assets under management as of December 31, 2020.
Manulife Financial Corporation (MFC) announced it will not redeem its 6,335,831 Series 3 Preferred Shares or 1,664,169 Series 4 Preferred Shares on June 19, 2021. This allows holders to convert Series 3 shares to Series 4 shares and vice versa until June 4, 2021. If less than 1,000,000 shares of either series remain post-conversion, the remaining shares will automatically convert to the other series. Dividend rates for both series will be announced on May 21, 2021.
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