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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 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.
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.
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