Welcome to our dedicated page for Manulife Financial news (Ticker: MFC), a resource for investors and traders seeking the latest updates and insights on Manulife Financial stock.
Manulife Financial Corporation reports developments across its international insurance, financial advice, health solutions, and wealth and asset management businesses. The company operates as Manulife in Canada and Asia and primarily as John Hancock in the United States, with news commonly covering insurance distribution, retirement services, investment solutions, customer health and longevity initiatives, and community programs.
Recurring updates also include quarterly and annual results, dividend announcements, annual meeting materials, management information circulars, shareholder voting matters, executive conference participation, and capital actions involving common and preferred shares. News from John Hancock adds detail on U.S. insurance sales, executive benefits, the John Hancock Vitality program, and longevity-focused research and planning tools.
Manulife Investment Management has announced the acquisition of Alliance Gateway 11, a 788,160 square foot industrial warehouse in Fort Worth, Texas. The property is fully leased to a prominent tenant operating an e-commerce fulfillment center. Strategically located on a 38.2-acre site, it benefits from proximity to over 1.67 million residents and key transport facilities. This acquisition aligns with Manulife's strategy to enhance its industrial portfolio, which has seen growth in the Dallas-Fort Worth area, now the fourth largest metropolitan area in the U.S., with significant industrial market expansion.
Manulife Investment Management has released its latest Global Intelligence report, titled Historic Headwinds, which examines significant investment challenges in 2022, including Russia's invasion of Ukraine and rising inflation. Key topics analyzed include food security, political instability, and the impact of these events on sovereign bond markets. The report emphasizes the role of governments and asset managers in addressing issues such as gender pension income gaps in Asia. CEO Paul Lorentz noted the importance of building resilient portfolios amidst these historical challenges.
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.