C$ unless otherwise
stated
TSX/NYSE/PSE: MFC SEHK: 945
TORONTO, Feb. 19,
2025 /PRNewswire/ - Manulife Financial Corporation
("Manulife") announced today that it intends to launch a Normal
Course Issuer Bid ("NCIB") permitting the purchase for cancellation
of up to 51.5 million of its common shares, representing
approximately 3% of Manulife's issued and outstanding common
shares. As at February 12, 2025,
Manulife had 1,723,281,035 common shares issued and
outstanding. Manulife has received approval for the NCIB from
the Office of the Superintendent of Financial Institutions Canada
and from the Toronto Stock Exchange ("TSX").
Under the NCIB, Manulife may purchase up to 1,420,093 of its
common shares on the TSX during any trading day, which represents
25% of the average daily trading volume of 5,680,374 common shares
on the TSX for the six months ended January
31, 2025, subject to TSX rules permitting block purchases.
Purchases under the NCIB may commence through the TSX on
February 24, 2025 and continue until
February 23, 2026, when the NCIB expires, or such earlier date
as Manulife completes its purchases.
Having a NCIB in place will provide Manulife with the
flexibility to purchase common shares as part of its capital
management strategy which is designed to maintain healthy
regulatory capital ratios while balancing the objective of
generating shareholder value.
Purchases under the NCIB may be made through the facilities of
the TSX, the New York Stock Exchange, and alternative trading
systems in Canada and the United States at market prices prevailing
at the time of purchase or such other price as may be permitted.
All common shares acquired by Manulife under the NCIB will be
cancelled. Repurchases will be subject to compliance with
applicable Canadian securities laws and United States federal securities laws.
In addition, Manulife may undertake repurchases of its common
shares outside of Canada and
the United States in compliance
with applicable laws. Subject to regulatory approval, Manulife may
also acquire common shares directly from other holders by way of
private agreement pursuant to issuer bid exemption orders issued by
applicable securities regulatory authorities. Any private purchase
made under an exemption order issued by a securities regulatory
authority will generally be at a discount to the prevailing market
price. Manulife may also enter into derivative-based programs in
support of its repurchase activities, including the writing of put
options and forward purchase agreements, accelerated share
repurchase transactions, other equity contracts or use other
methods of acquiring shares, in each case subject to regulatory
approval and on such terms and at such times as shall be permitted
by applicable securities laws. The total number of common shares
repurchased under the NCIB and all other potential arrangements
will not exceed 51.5 million common shares.
Subject to regulatory approval, Manulife intends from time to
time to enter into pre-defined plans with a registered investment
dealer to allow for the repurchase of common shares at times when
Manulife ordinarily would not be active in the market due to its
own internal trading blackout periods, insider trading rules or
otherwise. Any such plans will be adopted in accordance with
applicable Canadian securities laws and United States federal securities laws.
Manulife's most recent normal course issuer bid, as subsequently
amended (the "2024 NCIB") commenced on February 23, 2024, for the purchase of up to 90
million common shares, and will expire on February 22, 2025. Manulife has repurchased
88,466,133 common shares for cancellation during the period from
the commencement of its 2024 NCIB to January
31, 2025, at a volume weighted average repurchase price per
common share of $39.11. All
repurchases were made through the facilities of the TSX.
Caution regarding forward-looking statements
This document contains forward-looking statements within the
meaning of the "safe harbour" provisions of Canadian provincial
securities laws and the U.S. Private Securities Litigation Reform
Act of 1995 with respect to possible future purchases by Manulife
of its common shares. Although we believe that the expectations
reflected in such forward-looking statements are reasonable, such
statements involve risks and uncertainties, and undue reliance
should not be placed on such statements. Certain material factors
or assumptions are applied in making forward-looking statements,
and actual results may differ materially from those expressed or
implied in such statements. Important factors that could cause
actual common share repurchases to differ materially from
expectations include but are not limited to the fact that the
amount and timing of any future common share repurchases will
depend on the earnings, cash requirements and financial condition
of Manulife, market conditions, capital requirements (including
under LICAT capital standards), common share issuance requirements,
applicable law and regulations (including Canadian and U.S.
securities laws and Canadian insurance company regulations), and
other factors deemed relevant by Manulife, and may be subject to
regulatory approval or conditions.
Additional information about material risk factors that could
cause actual results to differ materially from expectations may be
found in our most recent annual and interim reports and elsewhere
in our filings with Canadian and U.S. securities regulators.
The forward-looking statements in this document are, unless
otherwise indicated, stated as of the date hereof. We do not
undertake to update any forward-looking statements, except as
required by law.
About Manulife
Manulife Financial Corporation is a leading international
financial services provider, helping people make their decisions
easier and lives better. With our global headquarters in
Toronto, Canada, we provide
financial advice and insurance, operating as Manulife across
Canada, Asia, and Europe, and primarily as John Hancock in the
United States. Through Manulife Wealth & Asset
Management, we offer global investment, financial advice, and
retirement plan services to individuals, institutions, and
retirement plan members worldwide. At the end of 2023, we had more
than 38,000 employees, over 98,000 agents, and thousands of
distribution partners, serving over 35 million customers. We trade
as 'MFC' on the Toronto,
New York, and the Philippine stock
exchanges, and under '945' in Hong
Kong.
Not all offerings are available in all jurisdictions. For
additional information, please visit manulife.com.
Media Contact
Anne
Hammer
Manulife
201-925-1213
ahammer@manulife.com
Investor Relations
Hung
Ko
Manulife
416-806-9921
hung_ko@manulife.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/manulife-announces-normal-course-issuer-bid-302380764.html
SOURCE Manulife Financial Corporation
