Manulife plans dividend hike, share buybacks after freeing up $1-billion in capital [Toronto Globe and Mail (Ontario, Canada)]
Manulife Financial Corporation (MFC)
Last manulife financial corporation earnings: 2/12 05:00 pm
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Source: Toronto Globe and Mail
Manulife Financial Corp. said it reached agreements to free up $1-billion worth of capital backstopping the company’s legacy liabilities. The insurer said late Thursday it will use some of that cash to boost its common share dividend by 14 per cent to 25 cents each quarter. It also announced plans to buy back up to 40 million of its common shares – an initiative often used to boost a company’s stock price. The deals with Jackson National Life Insurance Company and RGA Reinsurance Company, two firms that insure the risks of other insurance companies, will reinsure $12-billion worth of Manulife’s legacy U.S. liabilities, as well as some of its Canadian universal life policies, the company said. Story continues below advertisement As part of CEO Roy Gori’s restructuring efforts, he set a goal of freeing up $5-billion worth of capital, which is about 20 per cent of the equity allocated toward legacy businesses, by 2022. Measures to achieve this w
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MFC
Earnings
- 2/14/24 - Beat
MFC
Sec Filings
- 3/25/24 - Form 6-K
- 3/22/24 - Form 6-K
- 2/28/24 - Form S-8
- MFC's page on the SEC website