Manulife Finl Stock Price, News & Analysis

Manulife and the World Economic Forum (WEF) have launched the 'Prospering in Longevity Challenge' on UpLink, WEF's open innovation platform. This challenge is the first of three under a multi-year partnership aimed at fostering innovation in longevity. Startups offering solutions in preventative healthcare and financial well-being can apply from now until July 22, 2024. The challenge targets solutions to improve financial resilience, health span, and inclusivity for an aging population. By 2050, the global population over 65 years is expected to double, necessitating urgent action in areas like financial literacy, healthy aging, and social connection.

Manulife Financial (MFC) announced the pricing of a S$500 million offer for 4.275% subordinated notes due June 19, 2034. This issuance qualifies as Tier 2 capital and will initially bear a fixed interest rate of 4.275%, shifting to 1.201% over the five-year SORA OIS rate from June 19, 2029. The notes can be redeemed on or after June 19, 2029 with the approval of the Superintendent of Financial Institutions (Canada). The Singapore Exchange has given in-principle approval for the listing of the notes. DBS Bank and Standard Chartered Bank (Singapore) are joint lead managers, while ANZ and HSBC Singapore Branch are co-managers. The offering closes on June 19, 2024.

Manulife Financial announced the results of the conversion privilege for its 8,000,000 Non-cumulative Rate Reset Class 1 Shares Series 15 (Series 15 Preferred Shares) into Non-cumulative Floating Rate Class 1 Shares Series 16 (Series 16 Preferred Shares). Only 7,209 Series 15 Preferred Shares elected for conversion, falling short of the required one million shares. Consequently, holders of Series 15 Preferred Shares will continue to receive fixed-rate, non-cumulative preferential cash dividends of 5.77500% annually, or $0.360938 per share per quarter, starting June 20, 2024, until June 19, 2029. Manulife retains the option to redeem these shares on June 19, 2029, and every five years thereafter. The Series 15 Preferred Shares are not registered under U.S. securities laws and cannot be offered or sold in the U.S. without proper registration or exemption.

Manulife Financial announced new dividend rates for its Series 15 and Series 16 Preferred Shares. The Series 15 Preferred Shares will have a fixed rate of 5.77500% per annum for five years starting June 20, 2024, equivalent to $0.360938 per share quarterly. The Series 16 Preferred Shares, which may be issued upon conversion of Series 15 shares, will have a floating rate of 7.03200% annually for the three-month period starting June 20, 2024, equivalent to $0.443113 per share quarterly. Conversion requests must be made by June 4, 2024. The Series 16 shares are conditionally approved for listing on the TSX under the symbol MFC.PR.S.

John Hancock and its parent company Manulife (NYSE: MFC) announced a five-year, multimillion-dollar research collaboration with MIT AgeLab to advance longevity innovation and research. This partnership aims to develop actionable insights for businesses, policymakers, and individuals, focusing on improving the quality of life for aging populations. The initiative will create a longevity preparedness index, measuring Americans' readiness for longer, healthier lives, with plans to expand to Canada. Additional workshops and industry consortium participation will further explore critical aspects of longevity.

Manulife Financial announced the election of 13 nominees as directors at the Annual Meeting of Shareholders. The detailed voting results showed overwhelming support for the nominees, with high percentages of votes in favor of each candidate. Anna Manning, a nominee for director, deferred her appointment due to personal circumstances but is expected to join the board in the next quarter.

Manulife's Board of Directors declared quarterly dividends for non-cumulative preferred shares of Manulife Financial The dividends will be payable to shareholders on or after June 19, 2024. The announcement includes the dividend amounts for various series of Class A and Class 1 Shares.

Manulife's Board of Directors declared a quarterly common shareholders' dividend of $0.40 per share on the common shares of Manulife, payable on and after June 19, 2024. The company will purchase common shares on the open market in connection with the reinvestment of dividends and optional cash purchases under its Canadian and U.S. Dividend Reinvestment and Share Purchase Plans.

Manulife Financial reported its first quarter 2024 results, showcasing strong core ROE and topline growth. The company closed the largest LTC reinsurance transaction in the industry. Key highlights include core earnings of $1.8 billion, up 16% from 1Q23, EPS of $0.45, down 38% from 1Q23, and APE sales up 21%.