MANULIFE FINANCIAL CORP (MFC.CA) Stock News

Manulife Shares Gain Most in a Year as Earnings Beat Estimates

Shares of Manulife Financial Corp. made their largest intraday gain in a year after the company beat expectations in the fourth quarter, capping off a year of strong growth.

Manulife CEO Gori to Retire in May, Witherington to Succeed Him

Manulife Financial Corp. said Chief Executive Officer Roy Gori will retire in May and be succeeded by Phil Witherington, head of the company’s Asia business.

Manulife Cuts 2.5% of Staff in Wealth and Asset Management Unit

Manulife Financial Corp. has cut hundreds of jobs in its global wealth and asset management business, representing about 2.5% of the division’s staff.

Manulife Shows Robust Insurance Growth in Asia; Profit Rises 6%

Manulife Financial Corp.’s Asia business posted further gains, with strong insurance sales in Japan and Hong Kong, offsetting weaker performance in its US division.

Manulife Offers Market Hedge with $16 Billion Bet on Trees

At Manulife Financial Corp.’s asset-management business, a slow and steady investment with some novel revenue sources is proving lucrative for the Canadian insurer: timber.

Manulife Strikes Reinsurance Deal for $4.3 Billion of Policies

Manulife Financial Corp. has struck another deal to offload some of its less-profitable assets, agreeing to reinsure C$5.8 billion ($4.3 billion) of Canadian policies with RGA Life Reinsurance Co. of Canada.

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Manulife Faces 40% Decline in US Office Investments From Peak

Manulife Financial Corp. is facing a divided global office market, with the value of its US office investments having plummeted by as much as 40% from a pre-pandemic peak, according to Chief Financial Officer Colin Simpson.

Manulife to Reinsure $10 Billion With KKR’s Global Atlantic

Manulife Financial Corp. agreed to reinsure C$13 billion ($10 billion) of reserves with KKR & Co.’s Global Atlantic Financial Group and its partners in a deal the company said is the largest long-term care reinsurance transaction in the industry’s history.

Hintze’s CQS Sale Caps Slow Decline for Hedge Fund Veteran

Billionaire Michael Hintze has abandoned his dream of becoming an asset-management powerhouse — at least for now.

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Manulife Cuts 250 Jobs in Asset Management and Wealth Unit

Manulife Financial Corp. cut 250 jobs in its wealth and asset management unit, trimming staff at offices in the US, Canada, the UK and Asia.

Manulife Beats Estimates on Momentum From Its Asia Business

Manulife Financial Corp.’s earnings got a lift from its business in Asia, where insurance sales in Hong Kong to mainland Chinese visitors continue to improve after the loosening of pandemic travel restrictions.

Tesla, GM Follow Own Shareholders With Push Into Lithium Miners

As automakers seek stakes in lithium miners to lock in supplies for electric-vehicle batteries, they’re following a path already forged by their shareholders.

Mentions: TSLA GM MS SGML.CA

JPMorgan, StanChart Approved for Fully-Owned China Ventures

JPMorgan Chase & Co. gained full control of its China mutual fund joint venture, joining rival Manulife Financial Corp. in buying out local partners to secure full ownership of a business in the 26 trillion yuan ($3.8 trillion) market.

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Global Funds Bolster China Forays as Market Outlook Brightens

Global asset managers are starting the year with a stronger foothold in China’s 26 trillion yuan ($3.8 trillion) mutual fund industry, just as the end of stringent Covid curbs and a renewed focus on the economy brighten prospects for investors.

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Manulife Eliminates 50 Jobs as It Outsources Property Management

Manulife Financial Corp. is eliminating about 50 jobs in the US and Canada as part of a plan to outsource some real estate operations and focus more on investing.

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Manulife Takes Hit From Continued Covid Restrictions in Asia

Manulife Redoubles Its Asia Ambitions in a World of Uncertainty

Even after operating in Asia for more than century, Manulife Financial Corp. is counting on the region to be its most promising driver of growth in an increasingly turbulent world.

Sun Life, Billionaire Cheng Eye Insurance Deal With Hong Kong’s Dah Sing, Sources Say

Canadian insurers Sun Life Financial Inc. and Manulife Financial Corp. are among companies considering bids for an insurance partnership with Hong Kong banking group Dah Sing Financial Holdings Ltd., according to people familiar with the matter.

Mentions: SLF.CA

John Hancock Life Insurance Will Offer Blood Tests to Detect Early Cancer

Life insurer John Hancock will begin offering thousands of customers access to cancer blood tests made by Illumina Inc.’s Grail unit, betting that early detection of the disease will help them live longer.

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Manulife’s Canadian Operations Cushion Blow From Covid-Hit Asia

Prudential Names Citi Veteran Wadhwani as Insurer’s Next CEO

Prudential Plc named Anil Wadhwani as its next chief executive officer as the insurer furthers its pivot to Asia.

Manulife Profit Lags Estimates as Asia Lockdowns Hurt Sales

Manulife Financial Corp. took a hit from a new round of Covid-19 lockdowns in Asia that weighed on its business in the first quarter.

Manulife Plans to Reopen Four Major Canadian Offices Next Week

Manulife Financial Corp. is reopening four of its major Canadian offices next week, making it the latest of the country’s financial firms to bring back in-person work.

Manulife Names Lucas Head of Its Banking Unit as Rick Lunny Retires

Manulife Financial Corp. promoted Alex Lucas to chief executive officer of the firm’s banking unit, succeeding Rick Lunny, who is retiring at the end of next month.

Manulife Postpones January Return to Office as Covid Case Counts Rise

Manulife Financial Corp. is suspending a plan to return its employees to offices on Jan. 24 amid rising Covid-19 case counts and concerns about the omicron variant.

Toronto Bankers Trickle Back Downtown, Echoing Wall Street Peers

After languishing for months while Wall Street, by comparison, charged back to the office, Toronto’s financial district is finally starting to stir.

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Manulife Set to Reopen Canadian, U.S. Offices in Late January

Manulife Financial Corp. plans to reopen its Canadian and U.S. offices on Jan. 24, with some employees on hybrid models that will bring them into the workplace three days a week.

Manulife Frees Up $1.6 Billion in Capital With U.S. Annuity Deal

Manulife Financial Corp. is freeing up C$2 billion ($1.6 billion) of capital, much of which it plans to devote to stock buybacks, as part of a deal to reinsure the majority its U.S. variable-annuity business.

Inflation Debate Sees Canada’s Top Insurers Take Opposing Sides

Canada’s top two insurers are staking out opposite sides in the debate over inflation.

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Canada Inflation to Slow Next Year, Manulife Strategists Say

Manulife Joins Banks With Vaccine Mandate for Canadian Employees