Manulife Financial launches NCIB to repurchase 42M shares, hikes quarterly dividend 10.2%

Manulife launches flexible buyback plan as part of capital strategy

Manulife Financial Corporation is launching a Normal Course Issuer Bid (NCIB) to repurchase for cancellation up to 42 million common shares, or about 2.5% of its issued share capital, subject to Toronto Stock Exchange acceptance. The Office of the Superintendent of Financial Institutions (Canada) has already approved the plan and Manulife says the bid will run for up to one year once the TSX accepts its notice. All purchases are to be cancelled and conducted in compliance with Canadian and U.S. securities laws.

The company frames the NCIB as a capital management tool to preserve healthy regulatory capital ratios while also returning capital to shareholders. Repurchases may be executed on the TSX, the New York Stock Exchange and alternative trading systems in Canada and the United States at prevailing market or other permitted prices, and Manulife may, with regulatory approvals, extend repurchases outside those jurisdictions. The stated cap on total purchases across the NCIB and any related programs is 42 million common shares; outstanding common shares total 1,676,743,043 as at Jan. 31, 2026.

Manulife also outlines a suite of permitted mechanisms to manage timing and economics of repurchases, including private purchases under issuer bid exemption orders, derivative-based programs such as writing put options, forward purchase agreements and accelerated share purchase transactions, and pre-defined plans with a registered dealer to allow activity during internal blackout periods. The company notes purchases will generally be executed in Canadian dollars unless otherwise stated and reserves the ability to use other permitted methods consistent with regulatory approvals and securities laws.

Board raises quarterly common dividend

Manulife’s board increases the quarterly common dividend by 10.2%, adding C$0.045 to lift the payout to C$0.485 per common share. The dividend is payable on or after March 19, 2026 to shareholders of record at the close of business on Feb. 25, 2026. Dividend reinvestment plan purchases are satisfied through open market buys at average actual cost with no discount.

Preferred share dividends declared

Separately, the board declares quarterly dividends on multiple series of non‑cumulative preferred shares, with amounts specified per series. The preferred share dividends are payable on or after March 19, 2026 to holders of record on Feb. 25, 2026, and the company directs investors to manulife.com and its investor relations contacts for further details.