Welcome to our dedicated page for Manulife Finl news (Ticker: MFC), a resource for investors and traders seeking the latest updates and insights on Manulife Finl 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 has received an unsolicited mini-tender offer from Obatan LLC to purchase up to 500,000 shares at USD$12.00 per share, representing a 34.04% discount compared to the closing price on July 14, 2022. Manulife does not endorse this offer and advises shareholders to carefully consider the current market price before making decisions. Mini-tender offers, which seek less than 5% of outstanding shares, often come at below-market prices, leading to potential investor confusion. Shareholders can withdraw their shares before December 31, 2022.
AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (ICR) of 'aa-' (Superior) for Manulife Financial Corporation (MFC) and its life/health subsidiaries. The ratings reflect a very strong balance sheet, strong operating performance, and effective enterprise risk management. MFC reported core earnings of $6.5 billion for 2021, with a 13% return on equity. However, concerns remain regarding MFC's legacy businesses and potential earnings volatility from its investment portfolio. The outlook is stable for all affirmed ratings.
On July 12, 2022, John Hancock Investment Management, part of Manulife Investment Management, announced the launch of the John Hancock Asset-Based Lending Fund, subadvised by Marathon Asset Management. This fund aims to provide high current income by investing at least 80% of its net assets in asset-based lending investments, including distressed loans. With nearly $23 billion in assets under management, Marathon brings extensive experience in credit investments. The fund targets investors seeking alternatives amidst inflation and market volatility.
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John Hancock Retirement and John Hancock Investment Management announced that 14 of their wholesalers were recognized in NAPA's 2022 Top DC Wholesalers list, the most from any firm for the fourth consecutive year. This selection is based on advisor votes among over 700 nominators. Gary Tankersley, head of sales, expressed gratitude for the recognition, while Todd Cassler, head of institutional distribution, praised the service provided to retirement advisors. As of March 31, 2022, John Hancock serviced over 54,000 retirement plans with more than $215 billion in AUMA.
AM Best has assigned a Long-Term Issue Credit Rating of bbb+ (Good) to Manulife Financial Corporation's CAD 1.0 billion, 7.117% subordinated notes, due June 19, 2082, reflecting stable outlook. Alongside this, the company will issue CAD 1.0 billion non-cumulative Class 1 shares, Series 29, with non-deferrable interest payments. The proceeds will support corporate purposes, including investments in subsidiaries. MFC’s leverage and interest coverage ratios are expected to stay within AM Best's rating guidelines.
Manulife has received notice of an unsolicited mini-tender offer from Obatan LLC, aiming to purchase 500,000 shares at USD$12.00 each, representing a 31.37% to 35.24% discount from recent market prices. Manulife warns that this offer is below the market value and is not endorsed by the company, which stresses that mini-tender offers can mislead investors. Shareholders are advised to evaluate offer documents and consult their advisors before making decisions. The offer is valid until July 14, 2022.
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Manulife Investment Management has appointed Aimee DeCamillo as the new global head of retirement, effective May 23, 2022. She will oversee the strategy and growth of the organization’s global retirement business, which manages over $330 billion in retirement assets for more than 8 million individuals. DeCamillo previously held leadership roles at Jackson Financial and T. Rowe Price. Her focus will be on adapting strategies to local markets while developing investment solutions. Paul Lorentz, CEO, expressed confidence in her ability to enhance customer offerings amidst economic challenges.
Manulife Financial Corporation reported a net income of $3.0 billion for Q1 2022, a significant increase from $800 million in Q1 2021. However, core earnings fell by 4% to $1.6 billion, and net new business value (NBV) decreased by 14%. The Company achieved 6.9 billion in net inflows in Global Wealth and Asset Management, significantly up from $1.4 billion in 2021. A capital release of $2.4 billion was noted post the variable annuity reinsurance transaction. Looking ahead, management remains optimistic about increased customer demand as markets stabilize.