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Equity Capital and Earnings Per Share (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity Capital and Earnings Per Share [Abstract] |
Summary of Additional Information on Preferred Shares and Other Equity Instruments Outstanding | The following table presents information about the outstanding preferred shares and other equity instruments as at December 31, 2024 and December 31, 2023.
|  | Annual dividend / distribution rate(1) | Earliest redemption date(2),(3) | Number of shares (in millions) | Face amount | Net amount(4) as at December 31,
| Issue date |  | 2024 | 2023
Preferred shares |  |  |  |  |  |  |  |
Class A preferred shares |  |  |  |  |  |  |
Series 2 | February 18, 2005 | 4.650 % | n/a | 14 | $350 |  | $344 | $344
Series 3 | January 3, 2006 | 4.500 % | n/a | 12 | 300 |  | 294 | 294
Class 1 preferred shares |  |  |  |  |  |  |
Series 3(5),(6) | March 11, 2011 | 2.348 % | June 19, 2026 | 7 | 163 |  | 160 | 160
Series 4(7) | June 20, 2016 | floating | June 19, 2026 | 1 | 37 |  | 36 | 36
Series 9(5),(6) | May 24, 2012 | 5.978 % | September 19, 2027 | 10 | 250 |  | 244 | 244
Series 11(5),(6) | December 4, 2012 | 6.159 % | March 19, 2028 | 8 | 200 |  | 196 | 196
Series 13(5),(6) | June 21, 2013 | 6.350 % | September 19, 2028 | 8 | 200 |  | 196 | 196
Series 15(5),(6),(8) | February 25, 2014 | 5.775 % | June 19, 2029 | 8 | 200 |  | 195 | 195
Series 17(5),(6),(9) | August 15, 2014 | 5.542 % | December 19, 2029 | 14 | 350 |  | 343 | 343
Series 19(5),(6) | December 3, 2014 | 3.675 % | March 19, 2025 | 10 | 250 |  | 246 | 246
Series 25(5),(6) | February 20, 2018 | 5.942 % | June 19, 2028 | 10 | 250 |  | 245 | 245
Other equity instruments |  |  |  |  |  |  |  |
Limited recourse capital notes (LRCN)(10) |  |  |  |  |  |  |  |
Series 1(11) | February 19, 2021 | 3.375 % | May 19, 2026 | n/a | 2,000 |  | 1,982 | 1,982
Series 2(11) | November 12, 2021 | 4.100 % | February 19, 2027 | n/a | 1,200 |  | 1,189 | 1,189
Series 3(11) | June 16, 2022 | 7.117 % | June 19, 2027 | n/a | 1,000 |  | 990 | 990
Total |  |  |  | 102 | $6,750 |  | $6,660 | $6,660
(1)Holders of Class A and Class 1 preferred shares are entitled to receive non-cumulative preferential cash dividends on a quarterly basis, as and when declared by the Board of Directors. Non-deferrable distributions are payable to all LRCN holders semi-annually at the Company’s discretion. (2)Redemption of all preferred shares is subject to regulatory approval. MFC may redeem each series, in whole or in part, at par, on the earliest redemption dates or every five years thereafter, except for Class A Series 2, Class A Series 3 and Class 1 Series 4 preferred shares. Class A Series 2 and Series 3 preferred shares are past their respective earliest redemption date and MFC may redeem these preferred shares, in whole or in part, at par at any time, subject to regulatory approval. MFC may redeem the Class 1 Series 4 preferred shares, in whole or in part, at any time, at $25.00 per share if redeemed on June 19, 2026 (the earliest redemption date) and on June 19 every five years thereafter, or at $25.50 per share if redeemed on any other date after June 19, 2021, subject to regulatory approval. (3)Red emption of all LRCN series is subject to regulatory approval. MFC may at its option redeem each series in whole or in part, at a redemption price equal to par, together with accrued and unpaid interest. The redemption period for Series 1 is every five years during the period from May 19 and including June 19, commencing in 2026. The redemption period for Series 2 is every five years during the period from February 19 to and including March 19, commencing in 2027. After the first redemption date, the redemption period for Series 3 is every five years during the period from May 19 to and including June 19, commencing in 2 032. (4)Net of after-tax issuance costs. (5)On the earliest redemption date and every five years thereafter, the annual dividend rate will be reset to the five-year Government of Canada bond yield plus a yield specified for each series. The specified yield for Class 1 preferred shares is: Series 3 – 1.41%, Series 9 – 2.86%, Series 11 – 2.61%, Series 13 – 2.22%, Series 15 – 2.16%, Series 17 – 2.36%, Series 19 – 2.30%, and Series 25 – 2.55%. (6)On the earliest redemption date and every five years thereafter, Class 1 preferred shares are convertible at the option of the holder into a new series that is one number higher than their existing series, and the holders are entitled to non-cumulative preferential cash dividends, payable quarterly if and when declared by the Board of Directors, at a rate equal to the three-month Government of Canada Treasury bill yield plus the rate specified in footnote 5 above. (7)The floating dividend rate for the Class 1 Series 4 shares equals the three-month Government of Canada Treasury bill yield plus 1.41%. (8)MFC did not exercise its right to redeem the outstanding Class 1 Shares Series 15 on June 19, 2024, which was the earliest redemption date. The dividend rate was reset as specified in footnote 5 above to an annual fixed rate of 5.775%, for a five-year period commencing on June 20, 2024. (9)MFC did not exercise its right to redeem the outstanding Class 1 Shares Series 17 on December 19, 2024, which was the earliest redemption date. The dividend rate was reset as specified in footnote 5 above to an annual fixed rate of 5.542%, for a five-year period commencing on December 20, 2024. (10)Non-payment of distributions or principal on any LRCN series when due will result in a recourse event. The recourse of each noteholder will be limited to their proportionate amount of the Limited Recourse Trust’s assets which comprise of Class 1 Series 27 preferred shares for LRCN Series 1, Class 1 Series 28 preferred shares for LRCN Series 2, and Class 1 Series 29 preferred shares for LRCN Series 3. All claims of the holders of LRCN series against MFC will be extinguished upon receipt of the corresponding trust assets. The Class 1 Series 27, Class 1 Series 28 and Class 1 Series 29 preferred shares are eliminated on consolidation while being held in the Limited Recourse Trust. (11)The LRCN Series 1 pay a distribution at a fixed rate of 3.375% payable semi-annually, until June 18, 2026; on June 19, 2026 and every five years thereafter until June 19, 2076, the rate will be reset at a rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.839%. The LRCN Series 2 pay a distribution at a fixed rate of 4.10% payable semi-annually, until March 18, 2027; on March 19, 2027 and every five years thereafter until March 19, 2077, the rate will be reset at a rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 2.704%. The LRCN Series 3 pay a distribution at a fixed rate of 7.117% payable semi-annually, until June 18, 2027; on June 19, 2027 and every five years thereafter until June 19, 2077, the rate will be reset at a rate equal to the five-year Government of Canada yield as defined in the prospectus, plus 3.95%.
Summary of Changes in Issued and Outstanding Shares | The following table presents changes in common shares issued and outstanding.
For the years ended December 31, | 2024 |  | 2023
Number of shares (in millions) | Amount |  | Number of shares (in millions) | Amount
Balance, beginning of year | 1,806 | $21,527 |  | 1,865 | $22,178
Repurchased for cancellation | (83) | (989) |  | (63) | (745)
Issued on exercise of stock options and deferred share units | 6 | 143 |  | 4 | 94
Balance, end of year | 1,729 | $20,681 |  | 1,806 | $21,527
Summary of Basic and Diluted Earnings Per Common Share | The following table presents basic and diluted earnings per common share of the Company.
For the years ended December 31, | 2024 | 2023
Basic earnings per common share | $2.85 | $2.62
Diluted earnings per common share | 2.84 | 2.61
Summary of Reconciliation of Denominator (Numbers of Shares) in Calculation of Basic and Diluted Earnings Per Share | The following is a reconciliation of the denominator (number of shares) in the calculation of basic and diluted earnings per common share.
For the years ended December 31, | 2024 | 2023
Weighted average number of common shares (in millions) | 1,779 | 1,834
Dilutive stock-based awards(1) (in millions) | 6 | 4
Weighted average number of diluted common shares (in millions) | 1,785 | 1,838
(1)The dilutive effect of stock-based awards was calculated using the treasury stock method. This method calculates the number of incremental shares by assuming the outstanding stock-based awards are (i) exercised and (ii) then reduced by the number of shares assumed to be repurchased from the issuance proceeds, using the average market price of MFC common shares for the year. Excluded from the calculation was a weighted average of nil (2023 – nil) anti-dilutive stock- based awards.
Summary of Dividends Payable on Non-cumulative Preferred Shares |
Class A Shares Series 2 - $0.290630 per share | Class 1 Shares Series 13 - $0.396875 per share
Class A Shares Series 3 - $0.281250 per share | Class 1 Shares Series 15 - $0.360938 per share
Class 1 Shares Series 3 - $0.146750 per share | Class 1 Shares Series 17 - $0.346375 per share
Class 1 Shares Series 4 - $0.301500 per share | Class 1 Shares Series 19 - $0.229688 per share
Class 1 Shares Series 9 - $0.373625 per share | Class 1 Shares Series 25 - $0.371375 per share
Class 1 Shares Series 11 - $0.384938 per share |

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