Manulife announces intention to redeem Class 1 Series 23 Preferred Shares

C$ unless otherwise stated

TSX/NYSE/PSE: MFC     SEHK: 945

TORONTO, Jan. 24, 2022 /PRNewswire/ - Manulife Financial Corporation ("Manulife") today announced its intention to redeem all of its outstanding 19,000,000 Non-cumulative Rate Reset Class 1 Shares Series 23 ("Series 23 Preferred Shares") for cash on March 19, 2022. The Series 23 Preferred Shares (TSX: MFC.PR.R) are redeemable at Manulife's option on March 19, 2022, at a redemption price per Series 23 Preferred Share equal to C$25.00 for an aggregate total of C$475 million. Formal notice will be delivered to holders of Series 23 Preferred Shares in accordance with the terms outlined in the share provisions for the Series 23 Preferred Shares. 

Separately from the redemption price, the final quarterly dividend of C$0.303125 per Series 23 Preferred Share will be paid in the usual manner on March 19, 2022 to shareholders of record on February 23, 2022 or such other record date determined by the board. After the Series 23 Preferred Shares are redeemed, holders of Series 23 Preferred Shares will cease to be entitled to distributions of dividends and will not be entitled to exercise any rights as holders other than to receive the redemption price.

About Manulife

Manulife Financial Corporation is a leading international financial services provider that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our global wealth and asset management segment, we serve individuals, institutions and retirement plan members worldwide. At the end of 2020, we had more than 37,000 employees, over 118,000 agents, and thousands of distribution partners, serving over 30 million customers. As of September 30, 2021, we had CAD$1.4 trillion (US$1.1 trillion) in assets under management and administration, and in the previous 12 months we made CAD$31.6 billion in payments to our customers.

Our principal operations are in Asia and Canada, and the United States, where we have served customers for more than 155 years. 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

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SOURCE Manulife Financial Corporation