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.
John Hancock Investment Management has significantly expanded its model portfolio availability, now accessible to over 50,000 advisors across various platforms. This growth, more than doubling in the past year, includes participation from broker-dealers, asset management platforms, and marketplaces. The portfolios, designed by Manulife Investment Management, utilize an open-architecture approach, enhancing diversification and risk management. Recent additions include ETF-only models and new income models to meet current investor demands.
Manulife Financial Corporation announced its plan to redeem its $350 million 2.389% Fixed/Floating Subordinated Debentures on January 5, 2021, at par value. This redemption will include accrued and unpaid interest until the redemption date. The company will provide formal notice to the debenture holders according to its Amended and Restated Trust Indenture. Manulife serves nearly 30 million customers with over $1.3 trillion in assets under management as of September 30, 2020, operating under the trade symbol 'MFC'.
Manulife has announced enhanced family leave benefits for its employees in Canada, effective January 1, 2021. This includes 20 weeks of paid maternity leave and 12 weeks for parental and adoption leave. Additionally, the company offers up to $20,000 for adoption and surrogacy support and comprehensive coverage for transgender care. These initiatives aim to reflect the company's commitment to diversity and employee well-being. Manulife's benefits have evolved since 2017, including mental health support and new medical marijuana coverage in Canada.
Manulife has appointed Leagh Turner to its Board of Directors, effective November 10, 2020. Ms. Turner, currently the President and COO of Ceridian HCM Holding Inc., brings extensive experience in technology and organizational transformation. She is also recognized for her advocacy for women in leadership, having been named among Canada's Top 100 Most Powerful Women twice. Ms. Turner will serve on the Management Resources and Compensation Committee and the Risk Committee, contributing to Manulife's strategy as a digital customer leader.
Manulife Financial Corporation has declared quarterly dividends for various non-cumulative preferred shares, effective December 19, 2020. Shareholders on record by November 23, 2020, will receive the following payments:
- Class A Shares Series 2: $0.29063
- Class A Shares Series 3: $0.28125
- Class 1 Shares Series 3: $0.136125
- Class 1 Shares Series 4: $0.09767
- 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 21: $0.35
- Class 1 Shares Series 23: $0.303125
- Class 1 Shares Series 25: $0.29375
Manulife Financial Corporation announced a quarterly dividend of $0.28 per share on common shares. This dividend is payable on and after December 21, 2020, to shareholders of record as of the close of business on November 23, 2020. Additionally, Manulife will purchase common shares in connection with its Canadian and U.S. Dividend Reinvestment and Share Purchase Plans. The average purchase price will be based on actual costs without applicable discounts.
Manulife Financial Corporation reported a strong 3Q20, achieving a net income attributed to shareholders of $2.1 billion, significantly up from $723 million in 3Q19. Core earnings decreased by 6% to $1.5 billion, influenced by reduced investment income and lower new business volumes. Notably, new business value fell 14% to $460 million, with Asia experiencing a 16% decline. The company maintained a robust LICAT ratio of 155%. Despite challenges from COVID-19, Manulife's capital optimization and expense management strategies have shown positive results, reinforcing confidence in future growth.
Manulife Financial Corporation (MFC) will announce its Q3 2020 financial results on November 11, 2020, after market close. A conference call is scheduled for November 12, 2020, at 8:00 a.m. ET, featuring CEO Roy Gori and CFO Phil Witherington, followed by a Q&A session. Investors can access the call at 1-800-806-5484, and an archived webcast will be available afterward. As of June 30, 2020, Manulife reported $1.2 trillion in assets under management and over $30 billion in customer payments in the past year, demonstrating its significant presence in the financial services sector.
John Hancock has expanded its Apple Watch program for life insurance customers, now including Apple Watch Series 6 and Apple Watch SE. Customers in the Vitality PLUS program can acquire these devices for $25 plus tax by maintaining regular exercise. The initiative aims to motivate healthier lifestyles, especially beneficial for those with higher health risks. Studies indicate that Apple Watch users in the program experienced a 34% increase in physical activity. This development highlights the blend of life insurance and health technology, enhancing customer engagement and wellness.
On October 28, 2020, John Hancock Retirement released its seventh annual financial stress survey, highlighting significant increases in financial stress among U.S. and Canadian workers due to COVID-19. The survey revealed that those reporting high financial stress surged to 27%, up from 11% pre-pandemic. Despite this, interest in financial advice has grown, with 75% of respondents valuing employer-sponsored financial wellness programs. Notably, over a third of U.S. respondents rated their financial situation as fair or poor, while 90% deemed financial wellness programs vital from their employers.
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