Manulife Financial Corporation Announces Substantial Normal Course Issuer Bid

Key Points from the Announcement

• Manulife has received approval from the Toronto Stock Exchange (TSX) to implement a Normal Course Issuer Bid (NCIB).
• The NCIB allows Manulife to purchase for cancellation up to 42 million common shares, representing approximately 2.5% of its issued and outstanding shares (total shares as of February 10, 2026: 1,676,751,543).
• Purchases under the NCIB can commence on February 24, 2026 and may continue until February 23, 2027, or until the maximum authorized number of shares is acquired.
• Purchases may be made through the TSX, NYSE, and alternative trading systems in Canada and the US, at prevailing market prices or as otherwise permitted.
• All shares purchased under the NCIB will be cancelled.
• Manulife may also purchase shares outside Canada and the US, and can undertake private agreements with holders, potentially at a discount to market price (subject to regulatory approval).
• Derivative-based programs may be used to support the share repurchase, including put options, forward purchase agreements, and accelerated share transactions.
• An automatic share purchase plan is in place, allowing Manulife’s broker to buy shares even during blackout or restricted trading periods.

Important Details for Shareholders

• Share Repurchase Scale: The buyback represents a significant proportion of Manulife’s total shares, potentially reducing the float and increasing earnings per share (EPS) for remaining holders.
• Flexibility and Timing: The NCIB gives Manulife flexibility to manage capital and respond to market conditions, and purchases can occur even during blackout periods.
• Regulatory Oversight: The NCIB is subject to compliance with Canadian and US securities laws, and may require additional regulatory approvals for certain types of transactions.
• Potential Impact on Share Price: Share buybacks often signal management confidence and may support the share price by reducing supply and returning capital to shareholders.
• Forward-Looking Statements: The company cautions that actual share repurchases may depend on earnings, cash requirements, financial condition, market conditions, capital requirements (including LICAT standards), and regulatory factors. These uncertainties may affect the timing and amount of repurchases.
• Automatic Share Purchase Plan: Manulife’s automatic plan enables purchases at any time, including periods when the company normally would not be active in the market due to trading restrictions.
• Private Purchases: Manulife may acquire shares from certain holders via private agreements, usually at a discount to market price, which could be a price-sensitive event for large block holders and may affect liquidity.
• Derivative Programs: Use of derivatives for buyback could impact the timing and volume of repurchases and may introduce additional risk or complexity.

Corporate Profile

Manulife Financial Corporation is a leading international financial services provider, headquartered in Toronto, Canada. The company operates as Manulife in Canada and Asia, and as John Hancock in the United States. Manulife offers financial advice, insurance, health solutions, and wealth & asset management globally, serving over 37 million customers in 25 markets. At the end of 2025, Manulife had over 37,000 employees, 106,000 agents, and thousands of distribution partners.

Manulife is publicly traded as ‘MFC’ on the Toronto, New York, and Philippine stock exchanges, and as ‘945’ on the Hong Kong Stock Exchange.

Potential Price Sensitivity and Investor Considerations

• The NCIB and associated buyback activity may positively affect Manulife’s share price by reducing the supply of outstanding shares, potentially improving shareholder value and EPS.
• The flexibility to buy shares during blackout periods and via private agreements could accelerate buyback activity, making the process more effective.
• Investors should monitor the company’s financial condition, market conditions, and regulatory environment, as these will determine the actual scale and timing of repurchases.
• Derivative-based programs and private agreements may introduce complexity and price sensitivity, especially for institutional or large shareholders.
• Forward-looking statements indicate risks and uncertainties; actual buyback activity may differ significantly from initial plans.

Contact Information

Media Relations: Fiona McLean, Manulife, 437-441-7491, [email protected]
Investor Relations: Derek Theobalds, Manulife, 416-254-1774, [email protected]

Disclaimer

The above article contains forward-looking statements regarding Manulife’s planned share repurchases and corporate strategy. Actual results and repurchase activity may differ materially from those stated due to risks, uncertainties, and changing market conditions. Investors are advised to review official filings and consult with financial advisors before making investment decisions. This article is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell securities.

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