Manulife announces intention to launch Normal Course Issuer Bid

Executive Summary

• Manulife Financial Corp. announced its intention to launch a new Normal Course Issuer Bid (NCIB) to repurchase and cancel up to 42 million common shares, roughly 2.5% of its outstanding share count.
• The NCIB is subject to TSX approval; the Office of the Superintendent of Financial Institutions (Canada) has already approved the bid.
• The program will run for up to one year after the TSX accepts Manulife’s notice of intention and may include market purchases, private‑agreement acquisitions at a discount, and derivative‑based purchase mechanisms.

Key Details

• Maximum Shares: Up to 42 million common shares (≈2.5% of 1.677 billion outstanding as of Jan 31 2026).
• Regulatory Approvals: TSX approval pending; OSFI (Canada) already approved the NCIB.
• Purchase Methods:
• Market purchases on TSX, NYSE, and alternative trading systems in Canada/US at prevailing market prices or permitted pricing.
• Private‑agreement acquisitions under issuer‑bid exemption orders (generally at a discount).
• Derivative‑based programs – put options, forward purchase agreements, accelerated share purchase transactions, etc., subject to regulatory approval.
• Bid Period: Commences after TSX acceptance of the notice of intention; may continue for up to one year.
• Cancellation: All shares acquired under the NCIB will be cancelled, reducing total outstanding shares.
• Additional Flexibility: Manulife may enter into pre‑defined plans with a registered investment dealer to purchase shares during blackout periods or other times when internal trading is restricted.
• Prior NCIB Reference: The 2025 NCIB (Feb 24 2025 – Feb 23 2026) purchased 51.5 million shares at a volume‑weighted average price of $44.28 per share; all purchases were made via TSX facilities.

Notable Quotes

• No direct executive quotes were included in the release.