Manulife Financial Corporation's Declares Common Share Dividend, Amends its Normal Course Issuer Bid

The Board of Directors of Manulife has declared a quarterly dividend to common shareholders of CA$0.40 per share on Manulife's common shares. This dividend is payable to shareholders of record on May 22, 2024, at the close of business, and will be paid on and after June 19, 2024.

In respect of the company’s Canadian Dividend Reinvestment and Share Purchase Plan and its U.S. Dividend Reinvestment and Share Purchase Plan: In conjunction with the reinvestment of dividends and optional cash purchases under these programs, the company will buy common shares on the open market. There are no relevant discounts, and the purchase price of these ordinary shares will be determined by averaging the actual cost of acquisition.

Manulife Amends its Normal Course Issuer Bid to Repurchase for Cancellation up to an Additional 40 Million of its Common Shares

​The updated normal course issuer bid (NCIB) from Manulife has been authorized by the Toronto Stock Exchange (TSX). The amendment's goal is to raise the maximum quantity of common shares that Manulife may repurchase from up to 50 million, or roughly 2.8% of shares outstanding, to up to 90 million, or roughly 5% of shares outstanding, as of February 12, 2024. This increase was previously disclosed. As of May 13, 2024, the amendment is in force. The modified NCIB was already approved by the Office of the Superintendent of Financial Institutions. Manulife has completed the repurchase for cancellation of 12,390,400 common shares at a volume-weighted average repurchase price per common share of CA$32.55 between the start of its current NCIB on February 23, 2024, and May 3, 2024. Subject to TSX regulations allowing block purchases, Manulife may purchase up to 1,521,140 of its common shares on the TSX during each trading day under the NCIB. This amounts to 25% of the average daily trading volume of 6,084,560 common shares on the TSX for the six months ending January 31, 2024.

As part of its capital management strategy, which aims to balance creating shareholder value with maintaining appropriate regulatory capital ratios, Manulife will be able to buy common shares as long as it has an NCIB in place. Furthermore, Manulife plans to buy back shares to lessen the effect of the previously disclosed reinsurance transactions—two of which closed in February and April of 2024—on diluted earnings per share and core earnings per share. Manulife shall decide the precise quantity of common shares acquired, when such purchases are made, and the price at which common shares are acquired.

The current normal course issuer bid for Manulife started on February 23, 2024, and it will run until the NCIB expires on February 22, 2025, or until Manulife finishes its purchases, whichever comes first. Purchases under the NCIB may be made at market pricing in effect at the time of purchase or at any other price that may be allowed through the services of the TSX, the New York Stock Exchange, and alternative trading systems in Canada and the United States. All common shares that Manulife obtained under the NCIB will be redeemed. Compliance with applicable federal securities laws in the United States and Canada will govern repurchases.