Manulife to ramp up share buyback program after cutting low-growth assets [Financial Post (Toronto, Ontario, Canada)]
Manulife Financial Corporation (MFC)
Last manulife financial corporation earnings: 2/12 05:00 pm
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Source: Financial Post
TORONTO — Manulife Financial Corp. says it expects to ramp up its share buyback program this year as it sheds lower-growth assets and works to maintain its heightened return on equity. The company said Thursday it expects to accelerate buybacks from the $200 million it did in the first quarter to around $600 million per quarter for the rest of the year. The repurchases follow the roughly $5.5 billion in buybacks it has carried out over the past five years. Article content Article content The move comes after a quarter that saw the insurance giant close one major deal to off-load holdings with limited growth potential and announce a second that closed in early April. The first was a $13-billion reinsurance deal that included what it says was the largest long-term care component the insurance industry had ever seen, while the second was the largest-ever universal life reinsurance deal in Canada. Reinsurance deals involve shifting the risk of existing insurance policies, and
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MFC
Earnings
- 5/8/24 - Beat
MFC
Sec Filings
- 5/14/24 - Form 13F-NT
- 5/9/24 - Form 6-K
- 5/8/24 - Form 6-K
- MFC's page on the SEC website