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 (TSX/NYSE/PSE: MFC) has announced quarterly dividends on its non-cumulative preferred shares, payable on or after September 19, 2024, to shareholders of record as of August 21, 2024. The dividends range from $0.14675 to $0.396875 per share across various Class A and Class 1 share series. This declaration demonstrates Manulife's commitment to providing regular returns to its preferred shareholders and reflects the company's financial stability. The diverse range of preferred share classes offers investors different options for dividend income within Manulife's capital structure.
Manulife (TSX/NYSE/PSE: MFC, SEHK: 945) has declared a quarterly common shareholders' dividend of $0.40 per share, payable on September 19, 2024, to shareholders of record as of August 21, 2024. For the company's Canadian and U.S. Dividend Reinvestment and Share Purchase Plans, Manulife will purchase common shares on the open market for dividend reinvestment and optional cash purchases. The purchase price will be based on the average actual cost without discounts. This announcement demonstrates Manulife's commitment to providing regular returns to its shareholders and maintaining its dividend program.
Manulife Financial (MFC) reported positive second quarter 2024 results. Key metrics include:
- Core earnings of $1.7 billion, up 6%
- Net income attributed to shareholders of $1.0 billion
- Core EPS of $0.91, up 9%
- EPS of $0.52, up 1%
- Core ROE at 15.7%
- LICAT ratio of 139%
- APE sales up 17%
- New business value up 23%
Asia saw core earnings grow 40%, while Global Wealth and Asset Management showed a 23% increase in core earnings. Canada witnessed a 7% increase in core earnings, though the U.S. saw an 11% decline. Manulife also repurchased $1.1 billion worth of common shares and plans to buy back 90 million shares, representing a capital return of over $3 billion. Strategic growth initiatives included expanding partnerships, deploying AI tools, and enhancing customer service offerings.
Manulife Financial (TSX/NYSE/PSE: MFC, SEHK: 945) has announced the release of its second quarter 2024 financial results. The results will be made public after markets close on Wednesday, August 7, 2024, and will be available on the company's website. A live webcast and conference call are scheduled for Thursday, August 8, 2024, at 8:00 a.m. (ET), where Manulife's executive leadership team will discuss the results and answer analysts' questions.
Interested parties can access the conference call by dialing 1-800-806-5484 (North America toll-free) or 1-416-340-2217 (local and international) using the passcode 6941503#. The archived webcast and a replay of the call will be available until September 7, 2024.
Manulife Investment Management (Manulife IM) has announced the closing of approximately US$810 million in commitments for its Manulife Private Equity Partners II, L.P. (the Fund). This is the second private equity fund of funds raised by Manulife IM, aimed at providing investors with greater exposure to the growing private equity market. The Fund was seeded with a portfolio selected in partnership with AlpInvest, a subsidiary of Carlyle (NASDAQ: CG), and includes private equity fund interests and co-investments in North American buyout funds managed by over 30 leading private equity managers. The Fund is managed by Richard Tarr, Managing Director, Private Equity Funds at Manulife IM. Globally, Manulife IM's private equity and credit platform manages over US$25 billion in assets.
John Hancock, a unit of Manulife, announced its 2024 MLK Scholars Program, investing $1 million to provide summer jobs, financial education, and professional development for Boston youth. In its 17th year, the program has invested over $17 million and created opportunities for 6,000+ underrepresented students. In partnership with the City of Boston, the program will sponsor the employment of hundreds of teens at John Hancock’s offices and 25 local non-profits. Collaborating with the Boston Private Industry Council, John Hancock will host networking events for MLK Scholars and summer interns from other financial firms, featuring financial literacy and budgeting activities.
John Hancock, a subsidiary of Manulife (NYSE: MFC), has appointed Hector Martinez as the new Head of Insurance. Martinez previously led Equitable's individual life insurance business and held leadership roles at Crump Life Insurance Services. Brooks Tingle, John Hancock's president and CEO, highlighted Martinez's industry experience, innovative track record, and digital ambitions. Martinez will focus on strengthening distribution relationships, product development, and underwriting expertise, while also championing John Hancock's behavioral insurance leadership. He will join the U.S. and Global Leadership Teams at John Hancock and Manulife, respectively.
Manulife Investment Management (Manulife IM) has announced a strategic partnership with Foundry Commercial to acquire, develop, and lease industrial outdoor storage (IOS) sites in key infill industrial markets throughout the Southeast. The portfolio includes 10 sites in Atlanta, Nashville, Dallas-Fort Worth, and Jacksonville, with three sites already completed and the rest to be developed. This investment is part of Manulife IM's larger strategy to invest in industrial and residential adjacent sectors. The partnership with Foundry aims to deliver significant risk-adjusted returns for investors. Manulife IM has $19.2 billion in assets under management and offers a range of real estate investment strategies globally. Foundry Commercial, based in Orlando, has deployed over $4.4 billion across 30 million square feet of projects and manages $2.7 billion in assets.
Manulife Financial (MFC) is hosting an Investor Day event from June 25-27, 2024, in Hong Kong and Jakarta. The three-day event will feature senior management discussions on Manulife's strategic execution, transformation, and financial targets. Key highlights include an increase in the core Return on Equity (ROE) target to 18%+ by 2027 and a new target to generate over $22 billion in cumulative remittances by the end of 2027. The event includes various presentations, Q&A panels, and showcases of global and regional markets, particularly in Asia.
Manulife Financial (MFC) announced its intention to redeem its 3.049% Fixed/Floating Subordinated Debentures at par value. The total principal amount of these debentures is $750 million, and they are due on August 20, 2029. The redemption will occur on August 20, 2024, with MFC paying the principal along with any accrued and unpaid interest up to the redemption date. Interest on the debentures will cease to accrue after the redemption date. Formal notices will be sent to debenture holders in line with MFC's Trust Indenture provisions.
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