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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 Investment Management announced the appointment of Bryony Deuchars as a senior investment analyst and Talib Saifee as a portfolio manager within its emerging markets equity strategies. Effective August 16, 2021, Deuchars brings over 20 years of experience, enhancing the firm's capabilities in this sector. Saifee's promotion takes effect on September 1, 2021. These moves are part of Manulife's strategy to meet growing client demand in emerging markets, where it currently manages over $90 billion in assets. The firm emphasizes its commitment to integrating ESG principles into its investment processes.
Manulife warns shareholders against an unsolicited mini-tender offer by Obatan LLC to purchase up to 500,000 common shares at USD$12.00 each, a 37.30% discount to recent closing prices. The company emphasizes that it is not affiliated with Obatan and does not endorse the offer. Manulife advises shareholders to compare the offer price with current market prices and to consult with investment advisors. The mini-tender offer is under scrutiny due to concerns about investors potentially accepting below-market valuations.
Manulife Investment Management has acquired 89,800 acres of timberland in Maine to enhance its climate action strategy. This impact-first investment, aimed primarily at carbon sequestration, is expected to aid the firm's net zero commitments. The timberlands are projected to store carbon while also offering opportunities for sustainable practices and recreation. This acquisition reinforces Manulife's commitment to integrating natural climate solutions into its investment portfolio.
Manulife's Board of Directors has announced quarterly dividends for non-cumulative preferred shares, payable on or after September 19, 2021. Shareholders of record as of August 17, 2021 will receive varying dividends based on share class, including:
- Class A Shares Series 2 - $0.29063 per share
- Class A Shares Series 3 - $0.28125 per share
- Class 1 Shares Series 3 - $0.14675 per share
- Class 1 Shares Series 4 - $0.095908 per share
Manulife Financial Corporation announced a quarterly dividend of $0.28 per share on August 4, 2021. This dividend is payable on or after September 20, 2021, to shareholders of record by the close of business on August 17, 2021. The company also stated it would reinvest dividends and stock purchases through their Canadian and U.S. Dividend Reinvestment and Share Purchase Plans, with shares purchased at market prices without discounts. As of June 30, 2021, Manulife managed C$1.3 trillion in assets.
Manulife Financial Corporation reported strong second-quarter 2021 results, with net income attributed to shareholders reaching $2.6 billion, up $1.9 billion from a year earlier. Core earnings rose 18% to $1.7 billion, resulting in a core ROE of 13.9%. New business value (NBV) increased 57% to $550 million, driven by robust growth across all segments. APE sales also rose 30% to $1.4 billion. The LICAT ratio stood strong at 137%, and the company achieved an expense efficiency ratio of 46.8%, below its 50% target.
Manulife Investment Management has acquired the Joliet Logistics Center, a premier one million square foot logistics facility in Joliet, Illinois, located near Chicago. This state-of-the-art property, leased long-term to a major automobile manufacturer, enhances Manulife's portfolio in the Chicago region, known for its advantageous transportation infrastructure. The facility spans 60 acres and boasts modern features such as 36-foot clear heights and 226 dock doors. As of March 31, 2021, Manulife manages CAD $764.1 billion (USD $607.6 billion) in assets, underscoring its robust investment capabilities.
John Hancock Investment Management has launched the John Hancock Global Environmental Opportunities Fund, subadvised by Pictet Asset Management. This fund aims for capital appreciation by investing in companies that operate within the Planetary Boundaries framework, focusing on environmental sustainability. The fund targets sectors such as renewable energy, waste management, and pollution control, with Pictet bringing over 25 years of thematic investment expertise. The fund is timely as investors increasingly seek opportunities in environmentally conscious businesses.
Manulife Financial Corporation (MFC) is set to release its second quarter 2021 financial results after market close on August 4, 2021. A live webcast and conference call with executives will occur on August 5, 2021, at 8:00 a.m. (ET), discussing the results and followed by a Q&A session with analysts. Interested parties can access the conference via a toll-free number or through a dedicated link. Manulife serves over 30 million customers and manages approximately CAD$1.3 trillion in assets.
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