Manulife Finl Stock Price, News & Analysis

Manulife Financial Corporation (MFC) announced dividends for its non-cumulative preferred shares, to be paid on or after March 19, 2022. Shareholders on record as of February 23, 2022 will receive varying amounts per share across different classes. For instance, Class A Shares Series 2 will pay $0.29063 per share, while Class 1 Shares Series 23 will pay $0.303125 per share. This announcement reflects Manulife's commitment to returning value to shareholders amidst its operational success in key markets.

On February 9, 2022, Manulife's Board of Directors announced a quarterly dividend of $0.33 per share on common shares, payable March 21, 2022, to shareholders of record as of February 23, 2022. This decision reflects the company’s commitment to returning value to its shareholders. Additionally, through its Canadian and U.S. Dividend Reinvestment and Share Purchase Plans, Manulife will buy common shares on the open market based on the average actual cost. Manulife operates globally, providing financial services and has paid CAD$31.8 billion to customers in the past year.

Manulife Financial Corporation reported significant growth in its financial performance for 2021. Net income attributed to shareholders reached $7.1 billion, up $1.2 billion from the previous year, while core earnings also increased by 26% on a constant exchange rate basis. The company demonstrated a strong LICAT ratio of 142% and recorded net inflows of $27.9 billion in Global Wealth and Asset Management. With a 18% increase in quarterly dividends and a share buyback initiative, Manulife aims to enhance shareholder value while expanding its business in Asia.

On February 7, 2022, John Hancock announced a partnership with Wholesome Wave to improve food accessibility for underserved communities. Through its Vitality program, John Hancock will match customer savings on nutritious foods with donations, up to $200,000, to Wholesome Wave for 2022. This initiative targets nutrition insecurity, which contributes to serious health issues in the U.S. The program aims to support diet-related disease prevention and foster health equity.

Manulife has alerted shareholders about an unsolicited mini-tender offer from Obatan LLC to purchase up to 500,000 common shares at USD$14.40 each. This price reflects a 27.22% and 27.27% discount compared to the closing prices on January 24, 2022, and a 31.40% and 31.46% discount from February 2, 2022. Manulife does not endorse this offer, stressing that mini-tender offers may not reflect market prices adequately. Shareholders are advised to consult their investment advisors regarding this offer.

Manulife Financial Corporation has received approval from the Toronto Stock Exchange for a normal course issuer bid allowing the purchase of up to 97 million of its common shares, representing about 5% of its total shares. This program, effective from February 3, 2022, to February 2, 2023, aims to manage capital while enhancing shareholder value and addressing impacts from a recent reinsurance transaction. Manulife may conduct purchases via various trading platforms and has put in place an automatic share repurchase plan. Shares repurchased will be canceled.

On Feb 1, 2022, Venerable Holdings announced the successful close of a reinsurance transaction with Manulife Financial Corporation (MFC), covering approximately US$22 billion of variable annuity business. This deal, involving contracts primarily from John Hancock, boosts Venerable's assets under management to around $94 billion. Venerable's Chairman, David Marcinek, highlighted their proficiency in managing variable annuity liabilities and their focus on growth opportunities. The reinsured contracts include guaranteed minimum withdrawal benefits (GMWB) from policies issued between 2003 and 2012, with John Hancock retaining administration.

On February 1, 2022, Manulife announced the successful closure of the reinsurance transaction involving a significant portion of its legacy U.S. Variable Annuity block with Venerable Holdings, Inc. This strategic move, led by John Hancock Life Insurance, is designed to optimize Manulife's legacy portfolio, reduce risk, and enhance shareholder value. The transaction focuses on policies with Guaranteed Minimum Withdrawal Benefits riders and emphasizes a shift towards higher-potential business areas. John Hancock will continue to administer the policies for customer service continuity.

Manulife Financial Corporation announced plans to redeem all 19 million of its Non-cumulative Rate Reset Class 1 Shares Series 23 on March 19, 2022, for a total cash redemption of C$475 million. Shareholders will receive a final quarterly dividend of C$0.303125 per share on the same date. Following the redemption, shareholders will lose rights to dividends and other entitlements. This initiative is a strategic move to manage capital efficiently, reflecting Manulife's commitment to value for its shareholders.