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Manulife Financial
MFC
#331
Rank
โ‚น7.189 T
Marketcap
๐Ÿ‡จ๐Ÿ‡ฆ Canada
Country
โ‚น4,352
Share price
2.70%
Change (1 day)
48.55%
Change (1 year)
๐Ÿฆ Insurance๐Ÿ’ณ Financial services
Categories
  1. Manulife Financial
  2. Annual Reports (40-F)
  3. Financial Year 2023

Manulife Financial - 40-F annual report 2023


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0001086888falseFY--12-31ONMANon-insurance includes consolidations and eliminations of transactions between operating segments.In connection with the issuance of C$2 billion principal amount of 3.375% Limited Recourse Capital Notes (LRCN) Series 1 (Subordinated Indebtedness) on February 19, 2021, the Registrant issued 2 million Class 1 Series 27 preferred shares (Series 27) at a price of C$1,000 per Series 27 share. The Series 27 shares were issued to the limited recourse trustee of a consolidated trust to be held as trust assets in connection with the LRCN structure.In connection with the issuance of C$1.2 billion principal amount of 4.100% LRCN Series 2 (Subordinated Indebtedness) on November 12, 2021, the Registrant issued 1.2 million Class 1 Series 28 preferred shares (Series 28) at a price of C$1,000 per Series 28 share. The Series 28 shares were issued to the limited recourse trustee of a consolidated trust to be held as trust assets in connection with the LRCN structure.In connection with the issuance of C$1 billion principal amount of 7.117% LRCN Series 3 (Subordinated Indebtedness) on June 16, 2022, the Registrant issued 1 million Class 1 Series 29 preferred shares (Series 29) at a price of $1,000 per Series 29 share. 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
40-F
 
 
(Check One)
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
☑
ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended
December 31
, 2023
 
Commission file number
1-14942
 
 
MANULIFE FINANCIAL CORPORATION
(Exact name of Registrant as specified in its charter)
 
 
Canada
(Province or other jurisdiction of incorporation or organization)
6311
(Primary Standard Industrial Classification Code Number (if applicable))
Not applicable
(I.R.S. Employer Identification Number (if applicable))
200 Bloor Street East, Toronto,
Ontario
, Canada M4W 1E5 (416)
926-3000
(Address and telephone number of Registrant’s principal executive offices)
James D. Gallagher, Manulife Financial Corporation, 200 Berkeley Street, Boston,
MA
02116, (617)
663-3000
(Name, address (including zip code) and telephone number (including area code)
of agent for service in the United States)
Securities registered or to be registered pursuant to Section 12(b) of the Act.
 
Title of each class 
Trading
Symbol(s)
 Name of each exchange on which registered
Common Shares
 
MFC
 
New York Stock Exchange
Securities registered or to be registered pursuant to Section 12(g) of the Act.
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.
4.150% Senior Notes due 2026, 2.484% Senior Notes due 2027, 3.703% Senior Notes due 2032, 5.375% Senior Notes due 2046, and 4.061% Subordinated Notes due 2032
For annual reports, indicate by check mark the information filed with this Form:
 
☑
  Annual Information Form
  
☑
 Audited Annual Financial Statements
Table of Contents
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:
 
Common Shares
  
 
1,806,039,020
 
Class A Shares Series 2
  
 
14,000,000
 
Class A Shares Series 3
  
 
12,000,000
 
Class 1 Shares Series 3
  
 
6,537,903
 
Class 1 Shares Series 4
  
 
1,462,097
 
Class 1 Shares Series 9
  
 
10,000,000
 
Class 1 Shares Series 11
  
 
8,000,000
 
Class 1 Shares Series 13
  
 
8,000,000
 
Class 1 Shares Series 15
  
 
8,000,000
 
Class 1 Shares Series 17
  
 
14,000,000
 
Class 1 Shares Series 19
  
 
10,000,000
 
Class 1 Shares Series 25
  
 
10,000,000
 
Class 1 Shares Series 27
1
  
 
2,000,000
 
Class 1 Shares Series 28
2
  
 
1,200,000
 
Class 1 Shares Series 29
3
  
 
1,000,000
 
Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
Yes
 
 ☑ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).
Yes
 
 ☑ No ☐
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule
12b-2
of the Exchange Act.  
Emerging Growth Company ☐
 
1
In connection with the issuance of C$2 billion principal amount of 3.375% Limited Recourse Capital Notes (LRCN) Series 1 (Subordinated Indebtedness) on February 19, 2021, the Registrant issued 2 million Class 1 Series 27 preferred shares (Series 27) at a price of C$1,000 per Series 27 share. The Series 27 shares were issued to the limited recourse trustee of a consolidated trust to be held as trust assets in connection with the LRCN structure.
2
In connection with the issuance of C$1.2 billion principal amount of 4.100% LRCN Series 2 (Subordinated Indebtedness) on November 12, 2021, the Registrant issued 1.2 million Class 1 Series 28 preferred shares (Series 28) at a price of C$1,000 per Series 28 share. The Series 28 shares were issued to the limited recourse trustee of a consolidated trust to be held as trust assets in connection with the LRCN structure.
3
In connection with the issuance of C$1 billion principal amount of 7.117% LRCN Series 3 (Subordinated Indebtedness) on June 16, 2022, the Registrant issued 1 million Class 1 Series 29 preferred shares (Series 29) at a price of $1,000 per Series 29 share. The Series 29 shares were issued to the limited recourse trustee of a consolidated trust to be held as trust assets in connection with the LRCN structure.
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If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐
 
†
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
 
Auditor Name: Ernst & Young LLP
 Auditor Location: Toronto, Ontario, Canada 
The Public Company Accounting Oversight Board (United States) ID number for the Canadian firm of Ernst & Young LLP is 1263.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.  ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to
§240.10D-1(b). ☐
 
 
 
 
40-F 3
Table of Contents
Principal Documents
The following documents, filed as exhibits 99.1, 99.2, and 99.3 hereto, are hereby incorporated by reference into this Annual Report:
 
 (a)
Consolidated Financial Statements for the fiscal year ended December 31, 2023;
 
 (b)
Management’s Discussion and Analysis for the fiscal year ended December 31, 2023; and
 
 (c)
Annual Information Form dated February 14, 2024 for the fiscal year ended December 31, 2023.
 
40-F 4
Table of Contents
Certifications and Disclosure Regarding Controls and Procedures.
(a) 
Certifications
. The Certificates required by Rule
13a-14(a)
and (b) are set forth in Exhibits 99.4, 99.5, 99.6 and 99.7 to this Annual Report on Form
40-F.
(b) 
Disclosure Controls and Procedures
. The conclusions of the principal executive and principal financial officers of Manulife Financial Corporation (the “Company”) regarding the effectiveness of the Company’s disclosure controls and procedures as at December 31, 2023 are set forth under the heading “Controls and Procedures – Disclosure Controls and Procedures” in the Company’s Management’s Discussion and Analysis for the fiscal year ended December 31, 2023, filed as Exhibit 99.2 to this Annual Report on Form
40-F.
(c) 
Management’s Annual Report on Internal Control over Financial Reporting
. Management’s report on the Company’s internal control over financial reporting is set forth under the heading “Controls and Procedures – Management’s Report on Internal Control over Financial Reporting” in the Company’s Management’s Discussion and Analysis for the fiscal year ended December 31, 2023, filed as Exhibit 99.2 to this Annual Report on Form
40-F.
(d) 
Attestation Report of the Registered Public Accounting Firm
. Ernst & Young LLP’s attestation report on management’s assessment of internal control over financial reporting is set forth under the heading “Report of Independent Registered Public Accounting Firm to the Shareholders and Board of Directors of Manulife Financial Corporation – Opinion on Internal Control Over Financial Reporting” in the Company’s Consolidated Financial Statements for the fiscal year ended December 31, 2023, filed as Exhibit 99.1 to this Annual Report on Form
40-F.
(e) 
Changes in Internal Control over Financial Reporting
. Information regarding any changes in the Company’s internal control over financial reporting is set forth under the heading “Controls and Procedures – Changes in Internal Control over Financial Reporting” in the Company’s Management’s Discussion and Analysis for the fiscal year ended December 31, 2023, filed as Exhibit 99.2 to this Annual Report on Form
40-F.
Audit Committee Financial Expert.
Information regarding audit committee financial experts is set forth under the heading “Audit Committee” in the Company’s Annual Information Form (“AIF”) dated February 14, 2024 for the fiscal year ended December 31, 2023, filed as Exhibit 99.3 to this Annual Report on Form
40-F.
Code of Business Conduct and Ethics.
The Company has adopted a Code of Business Conduct and Ethics (“Code”) that applies to all directors, officers and employees of the Company and that qualifies as a “code of ethics” as that term is defined in Form
40-F.
The Code is posted on the corporate governance section of our website and is available for viewing at:
https://www.manulife.com/content/dam/corporate/global/en/documents/corporate-governance/MFC_CODE_CONDUCT_2023_EN
.pdf
In 2023, the Company made certain amendments to its Code, in addition to making administrative updates to the Code, including:
 
 • 
Adding text to underscore that employees are expected to follow all internal controls;
 
 • 
Adding explicit references to the international labour standards Manulife already follows, and;
 
 • 
Providing guidance regarding the use of emerging technologies, such as generative Artificial Intelligence (e.g., ChatGPT).
 
40-F 5
Table of Contents
There were no waivers, including implied waivers, from any provision of the Code during 2023.
Principal Accountant Fees and Services.
Information regarding the fees billed by Ernst & Young LLP is set forth under the heading “Audit Committee – External Auditor Service Fees” in the Company’s AIF dated February 14, 2024 for the fiscal year ended December 31, 2023, filed as Exhibit 99.3 to this Annual Report on Form
40-F.
Pre-Approval
Policies and Procedures.
Information regarding the
pre-approval
policies and procedures of the Company’s audit committee is set forth under the heading “Audit Committee –
Pre-Approval
Policies and Procedures” in the Company’s AIF dated February 14, 2024 for the fiscal year ended December 31, 2023, filed as Exhibit 99.3 to this Annual Report on Form
40-F.
Hours Expended on Audit Attributed to Persons Other than the Principal Accountant’s Employees.
Not Applicable.
Off-Balance
Sheet Arrangements.
Information regarding the Company’s
off-balance
sheet arrangements is set forth in the discussion of risk in the Company’s Management’s Discussion and Analysis for the fiscal year ended December 31, 2023, filed as Exhibit 99.2 to this Annual Report on Form
40-F.
The notes to the Consolidated Financial Statements for the fiscal year ended December 31, 2023, filed as Exhibit 99.1 to this Annual Report on Form
40-F
include the following disclosures related to
off-balance
sheet arrangements:
 
Note 9  Risk Management - Securities Lending, Repurchase and Reverse Repurchase Transactions
Note 18  Interests in Structured Entities
Note 19  Commitments and Contingencies
Tabular Disclosure of Contractual Obligations.
Information regarding the Company’s contractual obligations is set forth under the heading “Contractual Obligations” in the Company’s Management’s Discussion and Analysis for the fiscal year ended December 31, 2023, filed as Exhibit 99.2 to this Annual Report on Form
40-F.
Identification of the Audit Committee.
Information regarding the Audit Committee of the Company’s Board of Directors (the “Board”) is set forth under the heading “Audit Committee – Composition of the Audit Committee” in the Company’s AIF dated February 14, 2024 for the fiscal year ended December 31, 2023, filed as Exhibit 99.3 to this Annual Report on Form
40-F.
Independence of Directors.
A majority of the directors and all members of the Board’s standing committees must be independent so that the Board operates independently of management.
A director is independent if he or she does not have a direct or indirect relationship with the Company that could reasonably be expected to interfere with the director’s ability to exercise independent judgment. The Company has established an independence policy for the Board which is consistent with applicable legal and regulatory
 
40-F 6
Table of Contents
requirements, including those established under Canadian and U.S. securities law, the
Insurance Companies Act (Canada)
and the rules of the New York Stock Exchange. The independence policy is available on our website (
www.manulife.com
).
Each year the Board, with the assistance of the Corporate Governance and Nominating Committee, reviews the independence of each director and has determined that 11 of the 12 directors serving on the Board as of December 31, 2023 are independent and that the members of the Audit Committee and the Management Resources and Compensation Committee meet the additional independence requirements for those committees. As CEO, Roy Gori is not independent.
Presiding Director at Meetings of
Non-Management
Directors.
The independent directors meet regularly with senior executives and have an opportunity to meet privately without management present during closed sessions held at each Board and committee meeting. They may also use these sessions to meet privately with members of management or independent advisors.
In addition, the independent directors meet without the CEO present to review the performance and approve the compensation of the CEO, to review the Board’s effectiveness assessments and to approve the Board’s objectives for the following year.
Communication with
Non-Management
Directors.
Shareholders wishing to contact
non-management
directors of the Company may write to the Chair of the Board, in care of the Corporate Secretary, at the head office of the Company, 200 Bloor Street East, Toronto, Ontario, Canada, M4W 1E5.
Corporate Governance Guidelines.
The Company’s governance practices are consistent in all material respects with the requirements of the
Insurance Companies Act
(Canada), the corporate governance guidelines established by the Office of the Superintendent of Financial Institutions (Canada) and by the Canadian Securities Administrators, the New York Stock Exchange corporate governance rules for domestic issuers and the applicable U.S. Securities and Exchange Commission rules and regulations. The Company’s statement of corporate governance practices is posted on the corporate governance section of our website and is available at:
https://www.manulife.com/en/about/corporate-governance.html
Board Committee Charters.
The Board has established four standing committees to assist it in fulfilling its mandate: Corporate Governance and Nominating Committee, Audit Committee, Risk Committee, and Management Resources and Compensation Committee.
All of the members of the standing committees are independent. Each committee reviews and, as necessary, updates its charter every year and monitors compliance with its charter on a regular basis. Each committee chair reports to the Board on the committee’s deliberations and any recommendations that require Board approval.
The committee charters and the position description for the committee chairs are posted on the corporate governance section of our website and are available at:
https://www.manulife.com/en/about/corporate-governance.html
 
40-F 7
Table of Contents
UNDERTAKING AND CONSENT TO SERVICE OF PROCESS
 
A.
Undertaking.
Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form
40-F;
the securities in relation to which the obligation to file an annual report on Form
40-F
arises; or transactions in said securities.
 
B.
Consent to Service of Process.
The Company has previously filed a Form
F-X
in connection with the class of securities in relation to which the obligation to file this Annual Report arises.
Any change to the name or address of the Registrant’s agent for service of process shall be communicated promptly to the Commission by amendment to the Form
F-X
referencing the file number of the Registrant.
SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form
40-F
and has duly caused this Annual Report to be signed on its behalf by the undersigned, thereto duly authorized, on February 14, 2024.
 
Manulife Financial Corporation
By: 
/s/ James D. Gallagher
Name: James D. Gallagher
Title: General Counsel
 
40-F 8
Table of Contents
EXHIBIT INDEX
 
Exhibit
  
Description
97.1  Executive Officer Clawback Policy
99.1  Consolidated Financial Statements for the fiscal year ended December 31, 2023
99.2  Management’s Discussion and Analysis for the fiscal year ended December 31, 2023
99.3  Annual Information Form dated February 14, 2024 for the fiscal year ended December 31, 2023
99.4  Certification of Chief Executive Officer pursuant to Rule
13a-14(a)
or
15d-14(a)
of the Securities Exchange Act of 1934
99.5  Certification of Chief Financial Officer pursuant to Rule
13a-14(a)
or
15d-14(a)
of the Securities Exchange Act of 1934
99.6  Section 1350 Certification of Chief Executive Officer
99.7  Section 1350 Certification of Chief Financial Officer
99.8  Consent of Independent Registered Public Accounting Firm
99.9  Consent of Appointed Actuary
101  Interactive Data File (formatted as Inline XBRL)
104  Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
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