Manulife Financial Corporation, a big insurance and financial services company, just announced something important for people who own their special types of shares called “preferred shares.” Think of preferred shares like VIP tickets that give you special benefits compared to regular shares.

According to the announcement released on May 4, 2026, Manulife is giving owners of two types of their preferred shares a choice: they can either swap their shares for a different type, or keep what they already have.

What’s Happening?

Manulife has two types of Class 1 Preferred Shares we’re talking about here:

• Series 3 Preferred Shares (traded as MFC.PR.F on the Toronto Stock Exchange) – There are currently 6,537,903 of these shares
• Series 4 Preferred Shares (traded as MFC.PR.P on the Toronto Stock Exchange) – There are currently 1,462,097 of these shares

First, the good news for shareholders: Manulife said it will NOT force people to sell back their shares on June 19, 2026. This is called “redeeming” shares, and companies sometimes do this, but Manulife chose not to this time.

Instead, Manulife is giving shareholders a choice starting June 19, 2026. If you own Series 3 shares, you can swap them one-for-one into Series 4 shares. If you own Series 4 shares, you can swap them one-for-one into Series 3 shares. It’s like trading baseball cards, but with shares!

How Do These Two Types Differ?

The main difference between Series 3 and Series 4 shares is how they pay dividends (that’s the money companies give to shareholders):

• Series 3 is a “Rate Reset” share – this means the dividend rate is set for 5 years at a time. The new rate for Series 3 will cover June 20, 2026 to June 19, 2031.
• Series 4 is a “Floating Rate” share – this means the dividend rate changes every 3 months. The new rate for Series 4 will cover June 20, 2026 to September 19, 2026.

Manulife will announce exactly what these new dividend rates will be on May 21, 2026.

Important Deadlines and Rules

If you own these shares and want to make the swap, you need to tell your broker (the person or company that helps you buy and sell stocks) by 5:00 p.m. Toronto time on June 4, 2026.

There’s also a special rule: Manulife needs at least 1,000,000 shares of each type to remain outstanding. If after everyone makes their choice there would be fewer than 1,000,000 of either type, then ALL of that type will automatically be converted to the other type. Manulife will let shareholders know if this happens by June 7, 2026.

About Manulife

Manulife Financial Corporation is one of the big players in insurance and financial services worldwide. The company is based in Toronto, Canada, and operates in 25 markets around the globe. In Canada and Asia, they use the name “Manulife,” while in the United States, they mostly operate as “John Hancock.”

The company is quite large – by the end of 2025, they had more than 37,000 employees, over 106,000 agents, and served more than 37 million customers worldwide.

Manulife’s stock is publicly traded on several stock exchanges including the Toronto Stock Exchange, New York Stock Exchange, and the Philippine Stock Exchange under the symbol “MFC.” It also trades on the Hong Kong Stock Exchange under the symbol “945.”

If you own these preferred shares and have questions about converting them, you can contact Manulife’s Registrar and Transfer Agent, TSX Trust Company, at 1-800-783-9495.

This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.