Manulife Financial Corp. - MFC STOCK NEWS

Manulife announced the resignation of Rona Ambrose from its Board of Directors effective August 31, 2020. She leaves to pursue a full-time employment opportunity. The Chairman, John Cassaday, recognized her valuable contributions over the past three years. Manulife is a prominent international financial services group based in Toronto, with significant operations in Asia, Canada, and the United States. As of June 30, 2020, the company had over $1.2 trillion in assets under management and administration.

Manulife Financial Corporation (MFC) has priced an offering of U.S. $1.155 billion 3.050% senior notes due August 27, 2060. The offering is set to close around August 27, 2020, with proceeds allocated for general corporate purposes. The notes can be redeemed in whole starting August 27, 2025. They will be sold exclusively to professional institutional investors in Taiwan and will not be registered under U.S. securities laws.

On August 5, 2020, Manulife Financial Corporation announced quarterly dividends for its non-cumulative preferred shares, payable on or after September 19, 2020. Shareholders of record by August 17, 2020, will receive varying dividend amounts, including $0.29063 for Class A Shares Series 2 and $0.35 for Class 1 Shares Series 21. Manulife operates globally, managing over $1.2 trillion in assets and serving nearly 30 million customers.

Manulife Financial Corporation's Board of Directors has declared a quarterly dividend of $0.28 per share on common shares, payable on or after September 21, 2020. Shareholders on record by the close of business on August 17, 2020 will receive this dividend. The company will purchase common shares for its Dividend Reinvestment and Share Purchase Plans at market prices, without applicable discounts. As of June 30, 2020, Manulife had $1.2 trillion in assets under management and administration, serving nearly 30 million customers globally.

Manulife Financial Corporation reported its 2Q20 results with net income of $727 million, down from $1.475 billion in 2Q19. Core earnings increased by 5% year-over-year to $1.561 billion, while the core return on equity was 12.2%. New business value declined by 22% to $384 million. APE sales fell 15% to $1.176 billion. The company achieved a strong LICAT ratio of 155% and reported net inflows of $5.1 billion in Wealth and Asset Management. The expense efficiency ratio improved to 48.9%, reflecting a 3.6 percentage point decline from the previous year.

Manulife Investment Management released its Global Intelligence report, detailing economic recovery insights amid COVID-19's impact. The report discusses geopolitical factors across the U.S., Europe, and India, emphasizing macro trends such as the search for yield and ESG investments. It highlights potential growth opportunities in timberland assets and warns of bond market risks due to central bank interventions. The firm advocates for a long-term perspective and diversification in investment approaches to navigate ongoing volatility. As of March 31, 2020, Manulife managed CAD$832 billion in assets.

Manulife Financial Corporation will announce its second quarter 2020 financial results after market close on August 5, 2020. The company will host a live webcast conference call with analysts on August 6, 2020, at 8:00 a.m. ET. Leading the call will be Roy Gori, President and CEO, and Phil Witherington, CFO. Investors can dial in 15 minutes early using local and toll-free numbers. Archived webcasts and call replays will be available following the event. Manulife operates internationally across several regions, with significant assets under management.

John Hancock announced the pivot of its 13th annual MLK Scholars Program to a virtual format due to COVID-19, aiming to support Boston's youth amid soaring unemployment rates, which reached a record high of 31%. The $1.2 million initiative will provide over 600 job assignments, leadership forums, and financial literacy training. Despite the program's adaptation, John Hancock remains committed to fostering economic opportunities and inclusivity. The program will also employ 35 interns at John Hancock and offer expanded access to digital learning resources for all Boston students.

John Hancock has launched the JH eApp, an innovative electronic application platform designed to modernize the life insurance purchasing process. This platform streamlines submissions for applicants aged 18-79, drastically reducing processing times from weeks to mere minutes. Notably, it offers an instant underwriting decision through John Hancock ExpressTrack for eligible applicants. This initiative comes in response to increasing digital demands, particularly during the COVID-19 pandemic, and aims to enhance the sales experience for insurance agents and clients alike.