Manulife adds two new directors to its board

TORONTO - Manulife Financial Corporation (NYSE:MFC) (Market cap: $51.3B), a prominent international financial services provider, announced the appointment of Nancy Carroll and John Montalbano to its Board of Directors, effective February 28, 2025. The addition of these two seasoned professionals is expected to bolster the company’s governance and strategic planning. According to InvestingPro data, Manulife maintains a perfect Piotroski Score of 9, indicating strong financial fundamentals. The company currently trades at a P/E ratio of 14.91, suggesting an attractive valuation relative to its peers.

Nancy Carroll, a former partner and head of the National Insurance and Reinsurance Group (NYSE:RGA) at McCarthy Tétrault LLP, brings over four decades of legal expertise in regulatory, M&A, and strategic matters for insurance and banking sectors. She holds a JD (NASDAQ:JD) from the University of Toronto and an ICD.D designation from the Institute of Corporate Directors and the Rotman School of Business.

John Montalbano, a Chartered Financial Analyst, has a wealth of experience in wealth and asset management, having served as CEO of RBC Global Asset Management and Vice Chair of RBC Wealth Management. He is currently the Principal of Tower Beach Capital Ltd., which specializes in venture capital investments.

Don Lindsay (NYSE:LNN), Chair of the Board at Manulife, expressed confidence in the positive impact that Carroll and Montalbano will have on the board, citing their significant financial services, insurance, and wealth and asset management experience as valuable assets for overseeing Manulife’s strategy and operations.

Carroll will join the Audit Committee and Corporate Governance and Nominating Committee, while Montalbano will be part of the Management Resources and Compensation Committee and Risk Committee. InvestingPro analysis reveals that Manulife has demonstrated strong financial discipline, with a "GREAT" overall financial health score of 3.02 out of 4. Subscribers can access 8 additional key ProTips and comprehensive financial metrics through the platform’s detailed research reports.

Manulife operates globally, known as John Hancock in the United States, and offers financial advice, insurance, and wealth and asset management services. The company has maintained an impressive track record of raising dividends for 11 consecutive years, currently offering a 3.82% yield. As of the end of 2024, the company employed over 37,000 people, had more than 109,000 agents, and served over 36 million customers. With annual revenue of $22.2B, Manulife is traded on the Toronto, New York, and Philippine stock exchanges, and in Hong Kong under the ticker ’945’.

The information about the appointments is based on a press release statement from Manulife Financial Corporation.

In other recent news, Manulife Financial Corporation has finalized a reinsurance transaction with Reinsurance Group of America, involving segments of its legacy long-term care business. Effective January 1, 2025, this deal marks the second phase of Manulife’s strategy to reinsure its long-term care portfolio. The transaction aligns with the company’s ongoing efforts to enhance shareholder value by focusing on areas with higher returns and reduced risk. Although financial details of the agreement were not disclosed, the completion of this reinsurance arrangement is part of Manulife’s broader strategy to optimize its insurance portfolio. Manulife’s President and CEO, Roy Gori, highlighted the transaction as evidence of the soundness of the company’s long-term care reserves and assumptions. This development follows an initial announcement made in November 2024, where additional details were shared through various communication channels. The reinsurance deal is a strategic move intended to strengthen Manulife’s financial position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.