Manulife Financial (MFC.TO) Buy, Sell or Hold

Manulife Financial (MFC.TO)

61.99

-1.82 (2.85%)

as of Oct 23, 2026, 8:00:00 pm Market Closed.

1633 watching

COMMENT

Manulife (MFC-T) versus Great West (GWO-T)? Manulife is much more equity market sensitive as it has a higher portfolio of guaranteed variable annuities. Great West has much less exposure and their guarantee is not as aggressive. Manulife’s new management team has decided to de-risk the business and build up capital, which is one of the reasons they cut the dividend. Good exposure geographically.

COMMENT

Even cutting dividend in half was not enough to drive the stock down to where it had been. Could see it getting back into the low $30’s in 2 or 3 years.

TOP PICK

Cut the dividend in August and the stock dropped and has not recovered. They went to a scare last year that they don't want to repeat so they are having to build up their capital.

DON'T BUY

Has been very leveraged to equity markets because of the various products they sold and there is significant risk to the company when markets correct. Recently announced on track to build a fortress balance sheet. Cut dividends and have become considerably more defensive. He is more neutral on this but there are better sectors to deploy your fresh capital.

COMMENT

Essentially a levered way to play the stock market. Still have considerable problems due to their variable life policies and there are substantial liabilities against them if the market were to set back substantially. Consider reducing your holdings.

HOLD

Segregated annuities had such sensitivity to the equity market that it almost put them into bankruptcy. Hadn't hedged. Cut dividends to shore up capital. Still have growth in Asia and have been making acquisitions. Not looking for anything spectacular in the next 6 months but on an overall valuation, it should grow at a 10%-12% clip over the next number of years. 2.3% yield.

HOLD

Dividend cut caught everybody off guard and stock dropped 15%. They may feel that it is in the best interest of shareholders but, on the flip side, it may be an indication of something very serious. On a 3 year period it should get back on track but you can wait on this one before buying..

BUY ON WEAKNESS

If buying for 5 to 10 year hold, longer-term growth in Asia and US (John Hancock holdings) looks very good. Roughly trading at about 10 or 11 times earnings with a 2.5% yield.

COMMENT

Reporting Aug 6th and apparently there will be more write-offs.

TOP PICK

Senior insurance bond maturing in 10 years, 7.768% coupon yielding 5.4%, about 1.8% more than the government. Canadian financial system is very strong. Very well capitalized and he expects it to return to profitability soon.

BUY ON WEAKNESS

Insurance companies were torn down during the financial crisis but on recovery have been leading the way up but was not on the basis of very solid underpinning. A tremendous company but still some possible disappointments in earnings going forward. (Added to his positions at $9 but would look at it at around $20.)

HOLD

If we are coming out of the bear market, which he thinks we are, it should do well

TOP PICK

World-class company in the insurance field. Got into trouble over the variable guaranteed investment certificates but are working their way out of this. Keep at 11X PE.

DON'T BUY

Was the world's leading life insurance company with great balance sheet, management and strong growth prospects in the far east. Turned out it was a leveraged play on the North American stock market. As long as there segregated funds dominate their earnings volatility he is not going to buy.

BUY

Has had to put a lot of additional reserves on to cover their guaranteed annuities. If you are positive on the equity markets, the stock should do well. Most geographically diverse of all the life insurance companies. New management will be more conservative.

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Manulife Financial (MFC.TO)