Manulife Financial Corporation has announced the results of the conversion privileges for its Non-cumulative Rate Reset Class 1 Preferred Shares, Series 3 and Series 4. As of the June 4, 2026 deadline, 17,750 of the outstanding 6,537,903 Series 3 Preferred Shares were elected for conversion into Series 4 Preferred Shares on a one-for-one basis, effective June 19, 2026. Additionally, 886,331 of the outstanding 1,462,097 Series 4 Preferred Shares were elected for conversion into Series 3 Preferred Shares.
Because fewer than 1,000,000 Series 4 Preferred Shares will remain outstanding after the conversion date, Manulife will automatically convert all remaining Series 4 Preferred Shares into Series 3 Preferred Shares on a one-for-one basis. Consequently, holders of Series 3 Preferred Shares are not entitled to convert their shares into Series 4 Preferred Shares.
After the conversion, Manulife will have 8,000,000 Series 3 Preferred Shares issued and outstanding, listed on the Toronto Stock Exchange under the symbol MFC.PR.F.
As previously announced on May 21, 2026, holders of Series 3 Preferred Shares will receive fixed rate non-cumulative preferential cash dividends quarterly, subject to Board declaration and the Insurance Companies Act (Canada). The dividend rate for the five-year period from June 20, 2026 to June 19, 2031 will be 4.64000% per annum, or $0.290000 per share per quarter, calculated as the sum of the five-year Government of Canada bond yield as of May 21, 2026 plus 1.41%.
The Series 3 and Series 4 Preferred Shares have not been and will not be registered under the U.S. Securities Act of 1933, and may not be offered or sold in the United States absent registration or an applicable exemption. This press release does not constitute an offer to sell or a solicitation to buy securities in the United States.
Manulife Financial Corporation is a leading international financial services provider headquartered in Toronto, Canada. Operating as Manulife across Canada and Asia and as John Hancock in the United States, the company offers financial advice, insurance, and health solutions. Through Manulife Wealth & Asset Management, it provides global investment solutions and retirement plan services. As of end of 2025, Manulife had over 37,000 employees, more than 106,000 agents, and thousands of distribution partners, serving over 37 million customers in 25 markets. The company trades as 'MFC' on the Toronto, New York, and Philippine stock exchanges, and as '945' on the Hong Kong stock exchange.
