Manulife announces intention to launch Normal Course Issuer Bid

Rhea-AI Summary

Manulife (TSX/NYSE: MFC) intends to launch a Normal Course Issuer Bid to purchase for cancellation up to 42 million common shares (~2.5% of shares outstanding), subject to Toronto Stock Exchange acceptance. OSFI has approved the NCIB; TSX acceptance and other regulatory approvals remain required.

As at Jan 31, 2026 Manulife had 1,676,743,043 common shares outstanding. The company may buy shares on TSX, NYSE, alternative trading systems, via private purchases under exemptions, or through derivative-based programs; all purchases will be cancelled.

Positive

• Authorized repurchase of 42 million shares (~2.5% outstanding)
• OSFI approval already secured for the NCIB
• Flexibility to use multiple purchase methods including market, private buys, and derivatives
• All repurchased shares will be cancelled, potentially increasing EPS

Negative

• NCIB purchases depend on regulatory approvals, including TSX acceptance
• Future repurchases contingent on earnings, cash needs, and LICAT capital requirements
• Private purchases may be at a discount but could signal limited market liquidity

Key Figures

NCIB authorization: 42 million shares NCIB size ratio: 2.5% Shares outstanding: 1,676,743,043 shares +5 more

8 metrics

NCIB authorization 42 million shares Maximum common shares for cancellation under new NCIB

NCIB size ratio 2.5% Portion of issued and outstanding common shares targeted

Shares outstanding 1,676,743,043 shares Common shares issued and outstanding as of Jan 31, 2026

Prior NCIB limit 51.5 million shares Maximum shares under 2025 NCIB

Prior NCIB purchases 51.5 million shares Shares purchased and cancelled from Feb 24, 2025 to Jan 22, 2026

VWAP prior NCIB $44.28 per share Volume weighted average purchase price under 2025 NCIB

NCIB duration up to one year Bid period after TSX acceptance of notice of intention

Buyback cap 42 million shares Total limit including derivative and private agreement purchases

Market Reality Check

Price: $37.89 Vol: Volume 1,339,859 is 26% b...

normal vol

$37.89 Last Close

Volume Volume 1,339,859 is 26% below the 20-day average of 1,799,082 ahead of the NCIB news. normal

Technical Price at 37.89 sits 2.1% below the 52-week high of 38.72 and above the 32.86 200-day MA.

Peers on Argus

MFC gained 0.68% pre-announcement with most life-insurance peers also positive (...

MFC gained 0.68% pre-announcement with most life-insurance peers also positive (PRU +1.87%, MET +1.21%, GL +1.00%, AFL +0.42%, UNM -0.49%), suggesting a mix of stock-specific and broader sector strength rather than a unified momentum move.

Historical Context

5 past events · Latest: Jan 29 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 29	AI tool launch	Positive	+2.2%	Launch of GenAI-based Quick Quote underwriting support tool.
Jan 21	Earnings date set	Neutral	+1.3%	Announcement of Q4 and full-year 2025 results release schedule.
Jan 13	ESG initiative	Positive	-0.9%	Launch of global Manulife Impact Forests restoration initiative.
Dec 22	AI partnership	Positive	+1.0%	Multi-year agreement to use Adaptive ML reinforcement-learning engine.
Dec 22	Mini-tender warning	Neutral	+1.0%	Cautionary notice about discounted mini-tender offer for shares.

Pattern Detected

Recent news, especially technology and strategic initiatives, has generally seen positive price alignment, with only one divergence on ESG-related news.

Recent Company History

Over the last few months, Manulife issued several strategic and informational updates. A GenAI underwriting tool launch on Jan 29, 2026 and an AI platform partnership on Dec 22, 2025 both coincided with positive moves. An ESG-focused forest restoration initiative on Jan 13, 2026 saw a modest negative reaction. An earnings-date announcement on Jan 21, 2026 and a mini-tender caution on Dec 22, 2025 were followed by gains. The current NCIB fits a pattern of capital and technology actions supporting shareholder-focused positioning.

Market Pulse Summary

This announcement outlined a new NCIB allowing Manulife to repurchase up to 42 million common shares...

Analysis

This announcement outlined a new NCIB allowing Manulife to repurchase up to 42 million common shares, about 2.5% of shares outstanding, following full utilization of a prior 51.5 million-share program at a VWAP of $44.28. With the stock near its 52-week high and above its 200-day MA, the move fits a pattern of capital and technology initiatives. Investors may monitor actual repurchase activity, earnings, and regulatory approvals to gauge the NCIB’s realized impact.

Key Terms

normal course issuer bid, issuer bid exemption orders, put options, forward purchase agreements

4 terms

normal course issuer bid financial

"it intends to launch a Normal Course Issuer Bid ("NCIB") permitting the purchase"

A Normal Course Issuer Bid is when a company buys back its own shares from the stock market over time. This usually shows that the company believes its stock is undervalued and wants to support its price, which can be important for investors to watch.

issuer bid exemption orders regulatory

"by way of private agreement pursuant to issuer bid exemption orders issued"

Orders used when a company buys back its own shares under a regulatory exemption that lets the company complete repurchases with fewer formal steps or disclosures than a full, regulated tender offer. Investors care because these buybacks reduce the number of shares available, can push the share price up, change ownership proportions and voting power, and signal management’s view of the company’s value — think of a shop quietly removing items from sale to boost scarcity and price.

put options financial

"including the writing of put options and forward purchase agreements, accelerated"

A put option is a financial contract that gives the holder the right to sell a specific asset at a predetermined price within a set period. Investors use put options to protect against potential declines in the value of an asset or to profit if they believe prices will fall, similar to reserving the option to sell an item at today’s price even if its market value drops later.

forward purchase agreements financial

"including the writing of put options and forward purchase agreements, accelerated"

A forward purchase agreement is a contract where a buyer promises to purchase securities or assets from a company at a set price and future date, often contingent on certain conditions being met. For investors, it matters because it provides assured future funding or supply—similar to booking a delivery in advance—which can stabilize a company’s plans but may also dilute existing shareholders or change expected returns once the agreed sale occurs.

AI-generated analysis. Not financial advice.

C$ unless otherwise stated                                                        TSX/NYSE/PSE: MFC     SEHK: 945

TORONTO, Feb. 11, 2026 /PRNewswire/ - Manulife Financial Corporation ("Manulife") announced today that, subject to the approval of the Toronto Stock Exchange ("TSX"), it intends to launch a Normal Course Issuer Bid ("NCIB") permitting the purchase for cancellation of up to 42 million of its common shares, representing approximately 2.5% of Manulife's issued and outstanding common shares. The Office of the Superintendent of Financial Institutions (Canada) has approved the NCIB. As at January 31, 2026, Manulife had 1,676,743,043 common shares issued and outstanding.

Having an NCIB in place will provide Manulife with the flexibility to purchase common shares as part of its capital management strategy which is designed to maintain healthy regulatory capital ratios while balancing the objective of generating shareholder value.

Purchases under the NCIB may be made through the facilities of the TSX, the New York Stock Exchange, and alternative trading systems in Canada and the United States at market prices prevailing at the time of purchase or such other price as may be permitted. Manulife will file a notice of intention to make an NCIB with the TSX.  The bid period will commence after the TSX has accepted the notice of intention and continue for up to one year. All common shares acquired by Manulife under the NCIB will be cancelled. Purchases will be subject to compliance with applicable Canadian securities laws and United States federal securities laws.

In addition, Manulife may undertake purchases of its common shares outside of Canada and the United States in compliance with applicable laws. Subject to regulatory approval, Manulife may also acquire common shares directly from other holders by way of private agreement pursuant to issuer bid exemption orders issued by applicable securities regulatory authorities. Any private purchase made under an exemption order issued by a securities regulatory authority will generally be at a discount to the prevailing market price. Manulife may also enter into derivative-based programs in support of its purchase activities, including the writing of put options and forward purchase agreements, accelerated share purchase transactions, other equity contracts or use other methods of acquiring shares, in each case subject to regulatory approval and on such terms and at such times as shall be permitted by applicable securities laws. The total number of common shares purchased under the NCIB and all other potential arrangements will not exceed 42 million common shares.

Subject to regulatory approval, Manulife intends from time to time to enter into pre-defined plans with a registered investment dealer to allow for the purchase of common shares at times when Manulife ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. Any such plans will be adopted in accordance with applicable Canadian securities laws and United States federal securities laws.

Manulife's most recent normal course issuer bid (the "2025 NCIB") commenced on February 24, 2025, for the purchase of up to 51.5 million common shares, and expires on February 23, 2026. Manulife completed the purchase of 51.5 million common shares for cancellation during the period from the commencement of its 2025 NCIB to January 22, 2026, at a volume weighted average purchase price per common share of $44.28. All purchases were made through the facilities of the TSX.

Caution regarding forward-looking statements

This document contains forward-looking statements within the meaning of the "safe harbour" provisions of Canadian provincial securities laws and the U.S. Private Securities Litigation Reform Act of 1995 with respect to possible future purchases by Manulife of its common shares. Although we believe that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual common share purchases to differ materially from expectations include but are not limited to the fact that the amount and timing of any future common share purchases will depend on the earnings, cash requirements and financial condition of Manulife, market conditions, capital requirements (including under LICAT capital standards), common share issuance requirements, applicable law and regulations (including Canadian and U.S. securities laws and Canadian insurance company regulations), and other factors deemed relevant by Manulife, and may be subject to regulatory approval or conditions.

Additional information about material risk factors that could cause actual results to differ materially from expectations may be found in our most recent annual and interim reports and elsewhere in our filings with Canadian and U.S. securities regulators.

The forward-looking statements in this document are, unless otherwise indicated, stated as of the date hereof. We do not undertake to update any forward-looking statements, except as required by law.

About Manulife

Manulife Financial Corporation is a leading international financial services provider, helping our customers make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States, providing financial advice and insurance for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2024, we had more than 37,000 employees, over 109,000 agents, and thousands of distribution partners, serving over 36 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and under '945' in Hong Kong.

Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.

Media Relations:
Fiona McLean
Manulife
437-441-7491
fiona_mclean@manulife.com

Investor Relations:
Derek Theobalds
Manulife
416-254-1774
derek_theobalds@manulife.com

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SOURCE Manulife Financial Corporation

FAQ

What size NCIB did Manulife (MFC) announce on February 11, 2026?

Manulife announced a planned NCIB to purchase up to 42 million common shares for cancellation. According to Manulife, this represents approximately 2.5% of its issued and outstanding common shares as of Jan 31, 2026.

Has Manulife (MFC) received regulatory approval to start the NCIB purchases?

OSFI has approved the NCIB, but TSX acceptance is still required before purchases begin. According to Manulife, purchases will commence only after the Toronto Stock Exchange accepts the notice of intention to make an NCIB.

How will Manulife (MFC) execute share repurchases under the NCIB?

Manulife may buy shares on TSX, NYSE, alternative trading systems, by private agreement under exemptions, or via derivative-based programs. According to Manulife, all purchases will comply with applicable Canadian and U.S. securities laws.

What was the outcome of Manulife's 2025 NCIB and at what price were shares bought?

Manulife completed purchases of 51.5 million shares for cancellation under its 2025 NCIB at a volume-weighted average price of $44.28 per share. According to Manulife, all 2025 NCIB purchases were made through the facilities of the TSX.

How might the new NCIB affect Manulife (MFC) shareholders and capital ratios?

The NCIB is intended to provide flexibility to manage capital while balancing shareholder value creation. According to Manulife, any repurchases will consider earnings, cash needs, LICAT capital standards, and other regulatory requirements before execution.