C$ unless otherwise stated
TSX/NYSE/PSE: MFC
SEHK: 945
TORONTO, March 5,
2025 /PRNewswire/ - Manulife Financial Corporation
("Manulife") today announced that after having taken into account
all election notices received by the March
4, 2025 deadline for conversion of its currently outstanding
10,000,000 Non-cumulative Rate Reset Class 1 Shares Series 19
(the "Series 19 Preferred Shares") (TSX: MFC.PR.N) into
Non-cumulative Floating Rate Class 1 Shares Series 20 of
Manulife (the "Series 20 Preferred Shares"), the holders of
Series 19 Preferred Shares are not entitled to convert their
Series 19 Preferred Shares into Series 20 Preferred Shares. There
were 3,700 Series 19 Preferred Shares elected for conversion,
which is less than the minimum one million shares required to give
effect to conversions into Series 20 Preferred Shares.
As announced by Manulife on February 18,
2025, after March 19, 2025,
holders of Series 19 Preferred Shares will be entitled to receive
fixed rate non-cumulative preferential cash dividends on a
quarterly basis, as and when declared by the Board of Directors of
Manulife and subject to the provisions of the Insurance
Companies Act (Canada). The
dividend rate for the five-year period commencing on March 20,
2025, and ending on March 19, 2030, will be 5.16900% per annum
or $0.323063 per share per quarter, being equal to the
sum of the five-year Government of Canada bond yield as
at February 18, 2025, plus 2.30%, as determined in accordance
with the terms of the Series 19 Preferred Shares.
Subject to certain conditions described in the prospectus
supplement dated November 26,
2014 relating to the issuance of the Series 19 Preferred
Shares, Manulife may redeem the Series 19 Preferred Shares, in
whole or in part, on March 19, 2030
and on March 19 every five years
thereafter.
The Series 19 Preferred Shares have not been and will not be
registered in the United States
under the United States Securities Act of 1933, as amended (the
"Securities Act"), or the securities laws of any state of
the United States and may not be
offered, sold or delivered, directly or indirectly in the United States or to, or for the account or
benefit of, a "U.S. person" (as defined in Regulation S under the
Securities Act) absent registration or an applicable exemption from
such registration requirements. This press release does not
constitute an offer to sell or a solicitation to buy securities in
the United States and any public
offering of the securities in the United
States must be made by means of a prospectus.
About Manulife
Manulife Financial Corporation is a leading international
financial services provider, helping our customers make their
decisions easier and lives better. With our global headquarters in
Toronto, Canada, we operate as
Manulife across Canada,
Asia, and Europe, and primarily as John Hancock in the
United States, providing financial advice and insurance for
individuals, groups and businesses. 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 2024, we had more
than 37,000 employees, over 109,000 agents, and thousands of
distribution partners, serving over 36 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: Fiona
McLean, Manulife,
437-441-7491, fiona_mclean@manulife.com; Investor Relations,
Hung Ko, Manulife, 416-806-9921,
hung_ko@manulife.com
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SOURCE The Manufacturers Life Insurance Company
