Manulife Finl Stock Price, News & Analysis

Manulife has issued a warning to investors regarding an unsolicited mini-tender offer from New York Stock and Bond to purchase up to 50,000 Manulife common shares (less than 0.003% of outstanding shares) at USD$12.50 per share. The company emphasizes that this offer represents a significant discount of approximately 61% below current market prices on both TSX and NYSE.

The company highlights that mini-tender offers, which target less than 5% of outstanding shares, often bypass standard securities regulations disclosure requirements. Both the Canadian Securities Administrators and SEC have expressed concerns about such offers, particularly regarding investors potentially accepting without understanding the price disparity with market values.

Manulife Financial announced that holders of Series 17 Preferred Shares cannot convert to Series 18 Preferred Shares due to insufficient conversion elections. Only 6,650 shares were elected for conversion, below the required minimum of one million shares.

After December 19, 2024, Series 17 Preferred Share holders will receive fixed rate non-cumulative preferential cash dividends quarterly, subject to Board declaration. The dividend rate for December 20, 2024 to December 19, 2029 will be 5.54200% per annum or $0.346375 per share per quarter, based on the five-year Government of Canada bond yield plus 2.36%.

Manulife may redeem the Series 17 Preferred Shares, wholly or partially, on December 19, 2029 and every five years thereafter, subject to conditions.

Manulife has announced that President and CEO Roy Gori will participate in a fireside chat with TD Securities Analyst Mario Mendonca. The event is scheduled for Tuesday, December 10, 2024, beginning at 3:00 p.m. ET.

The discussion will be accessible through a live stream on Manulife's Investor Relations website, with a replay option available for three months following the event. This engagement represents an opportunity for investors and stakeholders to gain insights into Manulife's strategy and operations directly from its top executive.

Manulife Financial (MFC) has announced plans to issue $1 billion in subordinated debentures due December 6, 2034. The debentures will carry a fixed interest rate of 4.064% until December 6, 2029, after which the rate will shift to 1.25% over Daily Compounded CORRA.

The offering is being managed by a syndicate co-led by RBC Capital Markets, CIBC Capital Markets, and Scotiabank, with an expected closing date of December 6, 2024. Subject to regulatory approval, MFC may redeem the debentures wholly or partially after December 6, 2029 at par value plus accrued interest. The company plans to use the proceeds for general corporate purposes, including subsidiary investments and potential future securities redemptions.

John Hancock has announced the addition of Apple Watch Series 10 to its Vitality Program for eligible life insurance customers. Vitality PLUS members can earn the new Apple Watch models for as little as $25 plus tax by maintaining regular physical activity. The program includes options for Apple Watch Series 10, Apple Watch SE, or Apple Watch Ultra 2 with an upgrade fee. Analysis shows Apple Watch users are 7 times more engaged in the program, earning significantly more points compared to non-users. Members can reduce monthly payments to $0 through regular activity over two years, while earning points that lead to additional rewards and insurance premium discounts.

John Hancock has announced the addition of Apple Watch Series 10 to its Vitality Program, offering eligible life insurance customers the opportunity to earn the latest Apple Watch models for as little as $25 plus tax through regular physical activity. Vitality PLUS members can choose from Apple Watch Series 10, Apple Watch SE, or Apple Watch Ultra 2 (with an upgrade fee).

The program has shown significant success, with Apple Watch users earning approximately 7 times more points compared to non-Apple Watch users in their current program year. Members can reduce their monthly payments to as low as $0 through regular activity, while earning Vitality Points that lead to additional rewards, including life insurance premium savings.

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.

Manulife has announced a $5.4 billion reinsurance agreement with RGA, including $2.4 billion of long-term care (LTC) reserves. The transaction will reduce LTC reserves by 6% and morbidity sensitivity by 7%. Combined with a previous transaction, this will result in an 18% cumulative reduction in LTC reserves. The deal, priced at close to 1.0x book value, is expected to release $0.8 billion of capital which will be returned to shareholders through buybacks. The transaction includes a 75% quota share on both ceded blocks and is expected to close in early 2025. It will result in an annual reduction of $70 million in core earnings and $50 million in net income.

Manulife Financial (MFC) announced that President and CEO Roy Gori will retire effective May 8, 2025. The Board has appointed Phil Witherington, current CEO of Manulife Asia, as his successor. Witherington will join the Board of Directors upon succession, while Gori will serve as an Advisor through August 31, 2025.

Witherington, who has been part of Manulife's Executive Leadership Team since 2017, previously served as Chief Financial Officer for five years before his current role. He brings over 25 years of experience in insurance and financial services globally, having held positions at HSBC and AIA before joining Manulife in 2014.