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 announced plans to redeem all 17 million of its Non-cumulative Rate Reset Class 1 Shares Series 21 for cash on June 19, 2021. The redemption price will be C$25.00 per share, totaling C$425 million. A final quarterly dividend of C$0.35 per Series 21 Preferred Share will also be paid on the same date to shareholders of record by May 18, 2021. After the redemption, holders will lose their rights to dividends.
Manulife Investment Management released its inaugural stewardship report, highlighting its commitment to stewardship codes aligned with the UK stewardship principles. The firm aims to enhance asset management integrity through sustainability-focused corporate engagement. Over the last five years, it has increased discussions on sustainability with issuers and is a founding member of Climate Action 100+, representing over US$54 trillion in assets. The report emphasizes the importance of addressing systemic risks like climate change to enhance client value and manage portfolios effectively.
On April 16, 2021, Manulife Investment Management appointed Alex Catterick as Senior Managing Director for its high-net-worth strategy in Private Markets. This new role focuses on developing products for high-net-worth investors, aiming to broaden the company’s distribution. Manulife manages over $100 billion in assets under management, with significant commitments in private equity and infrastructure. Catterick's expertise, gained from his tenure at HSBC, is expected to enhance product innovation for high-net-worth investors traditionally limited to institutional offerings.
On April 15, 2021, John Hancock Retirement announced the expansion of its Personalized Retirement Advice program to include all defined contribution plans, particularly targeting over 45,000 401(k) plans. This initiative aims to provide personalized advice and investment management to participants, integrating tools for income projections and asset allocation. The decision is backed by findings that 87% of workers feel more prepared for retirement when their savings are professionally managed. As of December 31, 2020, John Hancock serviced over 51,000 retirement plans with assets exceeding $205 billion.
Manulife Financial Corporation will host a virtual Investor Day on June 29, 2021, featuring presentations from CEO Roy Gori and senior leadership. The event will focus on strategic growth in Asia and Global Wealth & Asset Management, along with advancements in its digital strategy. The webcast, starting at 8:00 a.m. EDT, will include live Q&A sessions for investors and analysts. Manulife operates under 'MFC' on multiple stock exchanges, managing over $1.3 trillion in assets and serving over 30 million customers worldwide.
Manulife Investment Management announces the hiring of Pranay Sonalkar as an associate portfolio manager, expanding its Core and Core Plus Fixed-Income strategies team. He joins seasoned managers Howard Greene and Jeffrey Given. The firm cites a strong global team with 145 investment professionals and over US$52 billion in assets managed as of December 31, 2020. The strategies boast impressive ratings from Morningstar, with several funds achieving top 15% rankings in their categories. This addition aims to bolster growth and performance, underscoring Manulife's commitment to integrating ESG analysis across its offerings.
Manulife Financial Corporation (MFC) plans to redeem C$500 million of its 3.85% Subordinated Notes on May 25, 2021. This redemption will occur at par value, and interest on the Notes will cease on the redemption date. The Notes are due on May 25, 2026, and the formal notice will be provided to the holders as per MFC's Trust Indenture. This strategic move reflects MFC's ongoing financial management and commitment to its stakeholders.
On April 5, 2021, John Hancock launched a new protection variable universal life insurance product, Protection VUL, aimed at providing a guaranteed death benefit up to age 100. This policy features flexible investment options and attractive living benefits. Notably, it allows users to access the John Hancock Vitality Program, promoting healthier lifestyles with potential premium savings of up to 25%. As a complement to existing protection products, Protection VUL targets insurance clients aged 35 and older, offering a blend of security and growth potential in financial planning.
John Hancock Investment Management has announced the launch of its first fixed-income ETF, the John Hancock Corporate Bond ETF (ticker: JHCB), which aims for high current income through investments in corporate bonds. Managed by Manulife Investment Management, the ETF requires a minimum of 80% of net assets in corporate bonds. Furthermore, two additional ETFs are in the pipeline: John Hancock Mortgage Backed Securities ETF and John Hancock Ultra Short Income ETF, both targeting steady income levels. This brings the total number of ETFs offered by John Hancock Investment Management to 16, managing assets over $4.5 billion.
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