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 and the World Economic Forum (WEF) have launched the 'Prospering in Longevity Challenge' on UpLink, WEF's open innovation platform. This challenge is the first of three under a multi-year partnership aimed at fostering innovation in longevity. Startups offering solutions in preventative healthcare and financial well-being can apply from now until July 22, 2024. The challenge targets solutions to improve financial resilience, health span, and inclusivity for an aging population. By 2050, the global population over 65 years is expected to double, necessitating urgent action in areas like financial literacy, healthy aging, and social connection.
Manulife Financial (MFC) announced the pricing of a S$500 million offer for 4.275% subordinated notes due June 19, 2034. This issuance qualifies as Tier 2 capital and will initially bear a fixed interest rate of 4.275%, shifting to 1.201% over the five-year SORA OIS rate from June 19, 2029. The notes can be redeemed on or after June 19, 2029 with the approval of the Superintendent of Financial Institutions (Canada). The Singapore Exchange has given in-principle approval for the listing of the notes. DBS Bank and Standard Chartered Bank (Singapore) are joint lead managers, while ANZ and HSBC Singapore Branch are co-managers. The offering closes on June 19, 2024.
Manulife Financial announced the results of the conversion privilege for its 8,000,000 Non-cumulative Rate Reset Class 1 Shares Series 15 (Series 15 Preferred Shares) into Non-cumulative Floating Rate Class 1 Shares Series 16 (Series 16 Preferred Shares). Only 7,209 Series 15 Preferred Shares elected for conversion, falling short of the required one million shares. Consequently, holders of Series 15 Preferred Shares will continue to receive fixed-rate, non-cumulative preferential cash dividends of 5.77500% annually, or $0.360938 per share per quarter, starting June 20, 2024, until June 19, 2029. Manulife retains the option to redeem these shares on June 19, 2029, and every five years thereafter. The Series 15 Preferred Shares are not registered under U.S. securities laws and cannot be offered or sold in the U.S. without proper registration or exemption.
Manulife Financial announced new dividend rates for its Series 15 and Series 16 Preferred Shares. The Series 15 Preferred Shares will have a fixed rate of 5.77500% per annum for five years starting June 20, 2024, equivalent to $0.360938 per share quarterly. The Series 16 Preferred Shares, which may be issued upon conversion of Series 15 shares, will have a floating rate of 7.03200% annually for the three-month period starting June 20, 2024, equivalent to $0.443113 per share quarterly. Conversion requests must be made by June 4, 2024. The Series 16 shares are conditionally approved for listing on the TSX under the symbol MFC.PR.S.
John Hancock and its parent company Manulife (NYSE: MFC) announced a five-year, multimillion-dollar research collaboration with MIT AgeLab to advance longevity innovation and research. This partnership aims to develop actionable insights for businesses, policymakers, and individuals, focusing on improving the quality of life for aging populations. The initiative will create a longevity preparedness index, measuring Americans' readiness for longer, healthier lives, with plans to expand to Canada. Additional workshops and industry consortium participation will further explore critical aspects of longevity.
Manulife Financial announced the election of 13 nominees as directors at the Annual Meeting of Shareholders. The detailed voting results showed overwhelming support for the nominees, with high percentages of votes in favor of each candidate. Anna Manning, a nominee for director, deferred her appointment due to personal circumstances but is expected to join the board in the next quarter.
Manulife's Board of Directors declared quarterly dividends for non-cumulative preferred shares of Manulife Financial The dividends will be payable to shareholders on or after June 19, 2024. The announcement includes the dividend amounts for various series of Class A and Class 1 Shares.
Manulife's Board of Directors declared a quarterly common shareholders' dividend of $0.40 per share on the common shares of Manulife, payable on and after June 19, 2024. The company will purchase common shares on the open market in connection with the reinvestment of dividends and optional cash purchases under its Canadian and U.S. Dividend Reinvestment and Share Purchase Plans.
Manulife Financial reported its first quarter 2024 results, showcasing strong core ROE and topline growth. The company closed the largest LTC reinsurance transaction in the industry. Key highlights include core earnings of $1.8 billion, up 16% from 1Q23, EPS of $0.45, down 38% from 1Q23, and APE sales up 21%.
Front Street Re, an international Insurtech and reinsurance company, appointed Edison Fong as Chief Executive Officer. Fong brings actuarial experience and financial acumen to drive innovation and efficiency. Lexasure Financial Group is committed to Front Street Re's growth, focusing on global partnerships and tailored products.
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