Manulife Finl Stock Price, News & Analysis

Manulife Financial (MFC) reported positive second quarter 2024 results. Key metrics include:

• Core earnings of $1.7 billion, up 6%
• Net income attributed to shareholders of $1.0 billion
• Core EPS of $0.91, up 9%
• EPS of $0.52, up 1%
• Core ROE at 15.7%
• LICAT ratio of 139%
• APE sales up 17%
• New business value up 23%

Asia saw core earnings grow 40%, while Global Wealth and Asset Management showed a 23% increase in core earnings. Canada witnessed a 7% increase in core earnings, though the U.S. saw an 11% decline. Manulife also repurchased $1.1 billion worth of common shares and plans to buy back 90 million shares, representing a capital return of over $3 billion. Strategic growth initiatives included expanding partnerships, deploying AI tools, and enhancing customer service offerings.

Manulife Financial (TSX/NYSE/PSE: MFC, SEHK: 945) has announced the release of its second quarter 2024 financial results. The results will be made public after markets close on Wednesday, August 7, 2024, and will be available on the company's website. A live webcast and conference call are scheduled for Thursday, August 8, 2024, at 8:00 a.m. (ET), where Manulife's executive leadership team will discuss the results and answer analysts' questions.

Interested parties can access the conference call by dialing 1-800-806-5484 (North America toll-free) or 1-416-340-2217 (local and international) using the passcode 6941503#. The archived webcast and a replay of the call will be available until September 7, 2024.

Manulife Investment Management (Manulife IM) has announced the closing of approximately US$810 million in commitments for its Manulife Private Equity Partners II, L.P. (the Fund). This is the second private equity fund of funds raised by Manulife IM, aimed at providing investors with greater exposure to the growing private equity market. The Fund was seeded with a portfolio selected in partnership with AlpInvest, a subsidiary of Carlyle (NASDAQ: CG), and includes private equity fund interests and co-investments in North American buyout funds managed by over 30 leading private equity managers. The Fund is managed by Richard Tarr, Managing Director, Private Equity Funds at Manulife IM. Globally, Manulife IM's private equity and credit platform manages over US$25 billion in assets.

John Hancock, a unit of Manulife, announced its 2024 MLK Scholars Program, investing $1 million to provide summer jobs, financial education, and professional development for Boston youth. In its 17th year, the program has invested over $17 million and created opportunities for 6,000+ underrepresented students. In partnership with the City of Boston, the program will sponsor the employment of hundreds of teens at John Hancock’s offices and 25 local non-profits. Collaborating with the Boston Private Industry Council, John Hancock will host networking events for MLK Scholars and summer interns from other financial firms, featuring financial literacy and budgeting activities.

John Hancock, a subsidiary of Manulife (NYSE: MFC), has appointed Hector Martinez as the new Head of Insurance. Martinez previously led Equitable's individual life insurance business and held leadership roles at Crump Life Insurance Services. Brooks Tingle, John Hancock's president and CEO, highlighted Martinez's industry experience, innovative track record, and digital ambitions. Martinez will focus on strengthening distribution relationships, product development, and underwriting expertise, while also championing John Hancock's behavioral insurance leadership. He will join the U.S. and Global Leadership Teams at John Hancock and Manulife, respectively.

Manulife Investment Management (Manulife IM) has announced a strategic partnership with Foundry Commercial to acquire, develop, and lease industrial outdoor storage (IOS) sites in key infill industrial markets throughout the Southeast. The portfolio includes 10 sites in Atlanta, Nashville, Dallas-Fort Worth, and Jacksonville, with three sites already completed and the rest to be developed. This investment is part of Manulife IM's larger strategy to invest in industrial and residential adjacent sectors. The partnership with Foundry aims to deliver significant risk-adjusted returns for investors. Manulife IM has $19.2 billion in assets under management and offers a range of real estate investment strategies globally. Foundry Commercial, based in Orlando, has deployed over $4.4 billion across 30 million square feet of projects and manages $2.7 billion in assets.

Manulife Financial (MFC) is hosting an Investor Day event from June 25-27, 2024, in Hong Kong and Jakarta. The three-day event will feature senior management discussions on Manulife's strategic execution, transformation, and financial targets. Key highlights include an increase in the core Return on Equity (ROE) target to 18%+ by 2027 and a new target to generate over $22 billion in cumulative remittances by the end of 2027. The event includes various presentations, Q&A panels, and showcases of global and regional markets, particularly in Asia.

Manulife Financial (MFC) announced its intention to redeem its 3.049% Fixed/Floating Subordinated Debentures at par value. The total principal amount of these debentures is $750 million, and they are due on August 20, 2029. The redemption will occur on August 20, 2024, with MFC paying the principal along with any accrued and unpaid interest up to the redemption date. Interest on the debentures will cease to accrue after the redemption date. Formal notices will be sent to debenture holders in line with MFC's Trust Indenture provisions.

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.