04:32 PM EDT, 05/07/2024 (MT Newswires) -- Manulife Financial ( MFC ) said Tuesday the Toronto Stock Exchange approved Manulife's amended normal course issuer bid (NCIB), increasing the size of its buyback program.

The amendment iincreases the number of shares that Manulife may repurchase from up to 50 million, approximately 2.8% of shares outstanding, to up to 90 million, or about 5% of shares outstanding as of Feb. 12.

The amendment is effective as of May 13..

The Office of the Superintendent of Financial Institutions previously approved the amended NCIB, and since the start of its current NCIB, Manulife repurchased for cancellation of 12.3-million shares at a volume weighted average repurchase price per share of C$32.55.

Under the NCIB, Manulife may purchase up to 1.5 million of its common shares on the TSX during any trading day, which represents 25% of the average daily trading volume of 6 million common shares on the TSX for the six months ended Jan. 31, 2024, subject to TSX rules permitting block purchases.

The company's shares closed down C$0.15 to C$33.27 on the Toronto Stock Exchange.