Manulife Financial Corporation announces Dividend Rates on Non-cumulative Rate Reset Class 1 Shares Series 17 and Non-cumulative Floating Rate Class 1 Shares Series 18

Rhea-AI Summary

Manulife Financial has announced dividend rates for its Non-cumulative Rate Reset Class 1 Shares Series 17 and Series 18. For Series 17 shares outstanding after December 19, 2024, holders will receive fixed rate dividends of 5.542% annually or $0.346375 per share quarterly. For Series 18 shares, holders will receive floating rate dividends, with the initial rate set at 5.841% annually or $0.360063 per share for the period from December 20, 2024, to March 19, 2025. Shareholders can convert Series 17 shares to Series 18 shares by December 4, 2024. The TSX has conditionally approved listing Series 18 shares under symbol MFC.PR.S.

Positive

• Fixed dividend rate of 5.542% annually for Series 17 shares
• Floating rate dividend of 5.841% annually for Series 18 shares
• TSX conditional approval for Series 18 shares listing

Negative

• None.

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

TORONTO, Nov. 20, 2024 /PRNewswire/ - Manulife Financial Corporation ("Manulife") today announced the applicable dividend rates for its Non-cumulative Rate Reset Class 1 Shares Series 17 (the "Series 17 Preferred Shares") (TSX: MFC.PR.M) and Non-cumulative Floating Rate Class 1 Shares Series 18 (the "Series 18 Preferred Shares").

With respect to any Series 17 Preferred Shares that remain outstanding after December 19, 2024, holders thereof will be entitled to receive fixed rate non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors of Manulife and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the five-year period commencing on December 20, 2024, and ending on December 19, 2029, will be 5.54200% per annum or $0.346375 per share per quarter, being equal to the sum of the five-year Government of Canada bond yield as at November 20, 2024, plus 2.36%, as determined in accordance with the terms of the Series 17 Preferred Shares.

With respect to any Series 18 Preferred Shares that may be issued in connection with the conversion of the Series 17 Preferred Shares into the Series 18 Preferred Shares, holders thereof will be entitled to receive floating rate non-cumulative preferential cash dividends on a quarterly basis, calculated on the basis of the actual number of days elapsed in each quarterly floating rate period divided by 365, as and when declared by the Board of Directors of Manulife and subject to the provisions of the Insurance Companies Act (Canada). The dividend rate for the three-month period commencing on December 20, 2024, and ending on March 19, 2025, will be 1.44025% (5.84100% on an annualized basis) or $0.360063 per share, being equal to the sum of the three-month Government of Canada Treasury bill yield as at November 20, 2024, plus 2.36%, as determined in accordance with the terms of the Series 18 Preferred Shares.

Beneficial owners of Series 17 Preferred Shares who wish to exercise their right of conversion should instruct their broker or other nominee to exercise such right before 5:00 p.m. (Toronto time) on December 4, 2024. Conversion inquiries should be directed to Manulife's Registrar and Transfer Agent, TSX Trust Company, at 1‑800‑783‑9495.

The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the Series 18 Preferred Shares effective upon conversion. Listing of the Series 18 Preferred Shares is subject to Manulife fulfilling all the listing requirements of the TSX and, upon approval, the Series 18 Preferred Shares will be listed on the TSX under the trading symbol "MFC.PR.S".

The Series 17 Preferred Shares and the Series 18 Preferred Shares have not been and will not be registered in the United States under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly in the United States or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S under the Securities Act) absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or a solicitation to buy securities in the United States and any public offering of the securities in the United States must be made by means of a prospectus.

About Manulife

Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our Global Wealth and Asset Management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2023, we had more than 38,000 employees, over 98,000 agents, and thousands of distribution partners, serving over 35 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. 

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SOURCE Manulife Financial Corporation

FAQ

What is the dividend rate for Manulife Series 17 preferred shares (MFC.PR.M) from December 2024?

The dividend rate for Series 17 preferred shares will be 5.542% annually or $0.346375 per share quarterly from December 20, 2024, to December 19, 2029.

What is the initial dividend rate for Manulife Series 18 preferred shares (MFC.PR.S)?

The initial dividend rate for Series 18 preferred shares will be 5.841% annually or $0.360063 per share for the period from December 20, 2024, to March 19, 2025.

When is the deadline to convert Manulife Series 17 shares to Series 18 shares?

The deadline to convert Series 17 shares to Series 18 shares is December 4, 2024, at 5:00 p.m. Toronto time.