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 has amended its normal course issuer bid (NCIB) to repurchase up to an additional 40 million of its common shares, now totaling 90 million shares. This decision aims to maintain healthy regulatory capital ratios, generate shareholder value, and mitigate the impact on diluted Earnings Per Share and core Earnings Per Share from reinsurance transactions. The NCIB will be in effect until February 22, 2025, allowing repurchases through various trading platforms. Manulife may also engage in private agreements, derivative-based programs, and other methods to acquire shares within regulatory limits. The company's current NCIB has already repurchased over 12 million common shares.
Manulife Investment Management has announced the second close of its Manulife Forest Climate Fund LP, securing $334.5 million in commitments towards its $500 million target. The fund aims to mitigate climate change through investment in sustainably managed forests prioritizing carbon sequestration. It offers investors the opportunity to own a diversified portfolio of forestland assets focused on carbon value. The fund plans to create durable carbon credits, establish new forests, and generate competitive financial returns while promoting biodiversity and ecosystem resiliency. Manulife Investment Management has seen significant interest in the fund strategy from various investors, including corporate investors. The fund's capital deployment is already underway, and the company looks forward to building a strong portfolio of sustainable assets emphasizing carbon value.
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