Manulife announces Normal Course Issuer Bid

Rhea-AI Summary

Manulife (TSX/NYSE: MFC) received TSX approval for a normal course issuer bid to buy up to 42 million common shares (about 2.5% of issued shares). The NCIB runs from Feb 24, 2026 to Feb 23, 2027, with daily purchases capped at 1,483,481 shares (25% of six‑month ADTV). All shares acquired will be cancelled and purchases remain subject to regulatory and capital requirements.

Positive

• Up to 42 million shares can be repurchased (≈2.5% outstanding)
• Purchases will be cancelled, reducing share count if executed
• Daily cap 1,483,481 shares (25% of six‑month ADTV of 5,933,925)

Negative

• Repurchases are subject to capital requirements and regulatory approval, which may limit activity
• Actual purchases depend on earnings, cash needs and market conditions, so execution is uncertain

News Market Reaction – MFC

-1.99%

1 alert

-1.99% News Effect

On the day this news was published, MFC declined 1.99%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

NCIB size: 42 million shares NCIB share percentage: 2.5% Shares outstanding: 1,676,751,543 shares +5 more

8 metrics

NCIB size 42 million shares Maximum common shares for cancellation under current NCIB

NCIB share percentage 2.5% Portion of issued and outstanding common shares covered by NCIB

Shares outstanding 1,676,751,543 shares Common shares issued and outstanding as of February 10, 2026

Daily NCIB limit 1,483,481 shares Maximum shares purchasable on TSX per trading day under NCIB

ADTV on TSX 5,933,925 shares Average daily trading volume for six months ended January 31, 2026

Daily limit percentage 25% Daily NCIB cap as percentage of TSX average daily volume

NCIB start date February 24, 2026 Earliest date purchases may commence on the TSX

NCIB expiry date February 23, 2027 Scheduled expiry date of the NCIB, absent earlier completion

Market Reality Check

Price: $36.68 Vol: Volume 642,851 is 0.27x t...

low vol

$36.68 Last Close

Volume Volume 642,851 is 0.27x the 20-day average of 2,358,400, indicating subdued trading ahead of the NCIB. low

Technical Shares at 36.98 are trading above the 200-day MA 33.04 and about 4.49% below the 52-week high of 38.72.

Peers on Argus

While MFC was down about 2.0%, key life insurance peers like MET, AFL, PRU, UNM ...

While MFC was down about 2.0%, key life insurance peers like MET, AFL, PRU, UNM and GL all showed modest gains between 0.1% and 0.71%, pointing to stock-specific pressure rather than a sector-wide move.

Historical Context

5 past events · Latest: Feb 11 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 11	Annual statements filed	Neutral	-5.5%	Filing of 2025 audited financials and MD&A with regulators.
Feb 11	Preferred dividends	Neutral	-5.5%	Declaration of quarterly dividends on multiple preferred share series.
Feb 11	Common dividend hike	Positive	-5.5%	10.2% increase to quarterly common dividend to $0.485 per share.
Feb 11	Full-year earnings	Positive	-5.5%	Record 2025 core earnings of $7.5B and capital return highlights.
Feb 11	NCIB intention	Positive	-5.5%	Plan to launch NCIB for up to 42M shares (~2.5% outstanding).

Pattern Detected

Recent positive capital return and earnings announcements on Feb 11 coincided with a roughly 5.49% share price decline, suggesting a pattern of negative reactions to otherwise constructive news.

Recent Company History

Over the past weeks, Manulife has focused on capital returns and disclosure. On Feb 11, 2026, it reported record 2025 core earnings of $7.5 billion, raised the common dividend by 10.2%, and outlined a new NCIB for 42 million shares (~2.5% of outstanding). The same day it filed audited 2025 statements and declared preferred dividends. Despite these shareholder-friendly updates, shares fell about 5.49%, providing context for today’s TSX-approved NCIB launch.

Market Pulse Summary

This announcement confirms TSX approval and detailed mechanics of Manulife’s NCIB to retire up to 42...

Analysis

This announcement confirms TSX approval and detailed mechanics of Manulife’s NCIB to retire up to 42 million common shares, about 2.5% of those outstanding, between February 24, 2026 and February 23, 2027. It follows record 2025 earnings and recent dividend increases, underscoring an ongoing capital return strategy. Investors may monitor actual repurchase volumes, use of derivative-based programs, and any further regulatory filings associated with the bid.

Key Terms

normal course issuer bid, automatic share purchase plan, issuer bid exemption orders, derivative-based programs, +3 more

7 terms

normal course issuer bid financial

"approval from the Toronto Stock Exchange ("TSX") for its previously announced normal course issuer bid ("NCIB")"

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.

automatic share purchase plan financial

"Manulife has entered into an automatic share purchase plan under which its designated broker will purchase"

An automatic share purchase plan is a pre-arranged agreement that allows investors to buy a set amount of a company's shares at regular intervals without needing to make individual decisions each time. It helps investors steadily build their holdings over time, much like setting a recurring deposit into a savings account, making investing more disciplined and less influenced by short-term market fluctuations.

issuer bid exemption orders regulatory

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

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.

derivative-based programs financial

"may also enter into derivative-based programs in support of its purchase activities"

Derivative-based programs are arrangements that use financial contracts whose value is tied to an underlying asset—such as stocks, bonds, or indexes—to achieve specific goals like hedging risk, raising cash, or creating synthetic ownership. For investors, these programs can change a company’s economic exposure, potential dilution of shares, or future cash needs in ways that are less visible than straightforward stock sales; think of them as insurance or rental agreements for financial exposure that alter risk and returns without always moving the underlying asset itself.

put options financial

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

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"

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.

accelerated share purchase transactions financial

"accelerated share purchase transactions, other equity contracts or use other methods of acquiring shares"

A company raises cash quickly by selling a bundle of its own shares to a financial partner up front, while the partner agrees to return some or all of those shares later after buying them back in the open market. Investors should care because this is a fast, often large-scale way for a company to reduce the number of shares outstanding or raise funds, which can change per-share earnings and stock supply—similar to getting a short-term loan secured by future stock purchases.

AI-generated analysis. Not financial advice.

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

TORONTO, Feb. 19, 2026 /PRNewswire/ - Manulife Financial Corporation ("Manulife") announced today that it has received approval from the Toronto Stock Exchange ("TSX") for its previously announced 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. As at February 10, 2026, Manulife had 1,676,751,543 common shares issued and outstanding. The Office of the Superintendent of Financial Institutions previously approved the NCIB.

Under the NCIB, Manulife may purchase up to 1,483,481 of its common shares on the TSX during any trading day, which represents 25% of the average daily trading volume of 5,933,925 common shares on the TSX for the six months ended January 31, 2026, subject to TSX rules permitting block purchases. Purchases under the NCIB may commence through the TSX on February 24, 2026 and continue until February 23, 2027, when the NCIB expires, or such earlier date as Manulife completes its purchases.

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. 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.

Manulife has entered into an automatic share purchase plan under which its designated broker will purchase Manulife's common shares pursuant to the NCIB. The actual number of common shares purchased under the automatic plan, the timing of such purchases and the price at which common shares are purchased will depend upon future market conditions. The automatic plan, which was pre-cleared by the TSX, provides for the potential purchase of common shares at any time, including when Manulife ordinarily would not be active in the market due to its own internal trading blackout periods, insider trading rules, or otherwise.

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, headquartered in Toronto, Canada. Anchored in our ambition to be the number one choice for customers, we operate as Manulife across Canada and Asia, and primarily as John Hancock in the United States, providing financial advice, insurance and health solutions for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment solutions, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2025, we had more than 37,000 employees, over 106,000 agents, and thousands of distribution partners, serving over 37 million customers with operations across 25 markets globally. We trade as 'MFC' on the Toronto, New York, and Philippine stock exchanges, and under '945' on the Hong Kong stock exchange. 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 19, 2026?

Manulife announced an NCIB to repurchase up to 42 million common shares (about 2.5% of shares outstanding). According to the company, the total will not exceed 42 million shares and purchases may be through various markets and programs.

When does Manulife's (MFC) NCIB begin and when does it expire?

The NCIB may commence on Feb 24, 2026 and continues until Feb 23, 2027. According to the company, purchases will stop earlier if Manulife completes the maximum buybacks before the expiry date.

How many Manulife (MFC) shares can be bought each trading day under the NCIB?

Manulife may purchase up to 1,483,481 shares per trading day, equal to 25% of six‑month ADTV. According to the company, this cap is based on an ADTV of 5,933,925 shares for the six months ended January 31, 2026.

Will Manulife (MFC) cancel shares repurchased under the NCIB?

Yes. All common shares acquired under the NCIB will be cancelled upon purchase. According to the company, cancellations will permanently reduce the issued share count if repurchases occur.

Can Manulife (MFC) repurchase shares outside public markets under the NCIB?

Manulife may buy shares outside Canada and the U.S. and acquire shares privately subject to exemptions and approvals. According to the company, private purchases will generally be at a discount to the prevailing market price.

Does Manulife (MFC) have an automatic plan to execute NCIB purchases?

Yes. Manulife entered an automatic share purchase plan allowing its broker to buy shares under pre‑cleared terms. According to the company, the plan can operate during blackout periods and depends on future market conditions.