Manulife Finl Stock Price, News & Analysis

On October 14, 2022, Manulife Investment Management announced the acquisition of over 1,400 acres of agricultural land in Fresno County, California. The properties include a 500-acre orchard of almonds, pistachios, and citrus, and a 900-acre pistachio orchard. These acquisitions enhance their existing management of 22,500 acres of orchards in California, capitalizing on economies of scale. The company aims to provide economic returns while supporting rural communities and sustainable practices.

Manulife (NYSE: MFC) has pledged $1 million to support World Central Kitchen (WCK) in global disaster response and food security initiatives. This commitment is part of Manulife's Impact Agenda, which focuses on health, economic opportunity, and sustainability. WCK has been active in areas affected by recent hurricanes, providing meals to impacted communities. Tom Crohan emphasized the importance of this investment for both immediate recovery and long-term community resilience.

Venerable Holdings has completed a significant reinsurance transaction with Manulife Financial Corporation (MFC), covering a block of variable annuity business from its subsidiary John Hancock. This 80% quota share reinsurance involves approximately $1.6 billion in account value as of August 31, 2022, primarily including policies with guaranteed minimum withdrawal benefit riders. Venerable's Chairman, David Marcinek, indicated that the deal reflects the strength of both organizations amid uncertain market conditions.

John Hancock Investment Management has appointed four new trustees to the John Hancock Group of Funds Board, enhancing its strategic approach to fund management. Notable appointments include Noni L. Ellison, Dean Garfield, Patricia Lizarraga, and Paul Lorentz, each bringing significant expertise in finance, governance, and regulatory affairs. The board now comprises 12 independent trustees, focused on evolving the investment landscape and addressing future challenges. The appointments aim to 'future proof' the board, ensuring strong governance and strategic oversight in a competitive environment.

John Hancock announced it will offer the Galleri multi-cancer early detection test to a pilot group of existing customers via the John Hancock Vitality Program. This collaboration with Munich Re Life US marks the first time a life insurer has made such technology accessible. The Galleri test can identify signals from over 50 types of cancer, supporting early diagnosis and better health outcomes. Participation in this pilot will help assess customer uptake and experience, while ensuring individual results remain confidential and do not affect insurance coverage.

On August 10, 2022, Manulife Financial Corporation announced quarterly dividends for its non-cumulative preferred shares. The dividends are payable on or after September 19, 2022, to shareholders of record as of August 23, 2022. Key dividend amounts include Class A Shares Series 2 at $0.29063, Class A Shares Series 3 at $0.28125, and several Class 1 Shares ranging from $0.14675 to $0.295688. This announcement reflects the company's ongoing commitment to provide returns to its investors.

On August 10, 2022, Manulife's Board of Directors announced a quarterly dividend of $0.33 per share on common shares, payable from September 19, 2022, to shareholders on record by August 23, 2022. The company will also purchase common shares on the market as part of its Canadian and U.S. Dividend Reinvestment and Share Purchase Plans, with the purchase price based on average costs. Manulife operates globally, providing financial services to over 33 million customers, with a workforce exceeding 38,000 employees.

Manulife Financial Corporation reported its 2Q22 results with net income attributed to shareholders at $1.1 billion, down from $2.6 billion in 2Q21. Core earnings fell 9% to $1.6 billion on a constant exchange rate basis. The LICAT ratio remains strong at 137%. APE sales totaled $1.4 billion, down 1% year-over-year, while new business value decreased to $511 million, reflecting a 9% decline. Despite challenges, the company achieved net inflows of $1.7 billion in Global Wealth and Asset Management, significantly lower than the previous year. Share repurchase program continues with approximately 2% of common shares bought back.

The John Hancock Premium Dividend Fund (NYSE: PDT) declared a monthly distribution of $0.0975 per share, payable on July 29, 2022, to shareholders of record as of July 11, 2022. This distribution comes from various sources, including 46% net investment income and 54% return of capital. The fund's managed distribution plan ensures fixed monthly payments until further notice. Investors should note that the fund may have distributed more than its income and net capital gains, indicating a return of capital.