Dec 22 (Reuters) - Manulife Financial Corp MFC.TO :
* MANULIFE ANNOUNCES PORTFOLIO ASSET MIX CHANGES TO FREE UP CAPITAL, REDUCE RISK AND LOWER VOLATILITY IN ITS LEGACY BLOCKS, AND UPDATES ITS U.S. TAX REFORM GUIDANCE
* U.S. TAX REFORM IS EXPECTED TO RESULT IN AN ESTIMATED $1.9 BILLION CHARGE IN Q4
* DECISION TO CHANGE PORTFOLIO ASSET MIX EXPECTED TO RESULT IN CHARGE TO NET INCOME OF $0.50 PER SHARE IN Q4
* PORTFOLIO ASSET MIX CHANGES ARE EXPECTED TO RESULT IN AN ESTIMATED $1 BILLION CHARGE IN Q4
* U.S. TAX REFORM IS EXPECTED TO BENEFIT ANNUAL EARNINGS BY APPROXIMATELY $250 MILLION BEGINNING IN 2018
* PORTFOLIO ASSET MIX CHANGES EXPECTED TO FREE UP $2 BILLION OF CAPITAL OVER NEXT 12-18 MONTHS
* PORTFOLIO ASSET MIX CHANGES WILL NEGATIVELY IMPACT CORE EARNINGS IN SHORT-TERM BY ABOUT $50 MILLION-$60 MILLION/YEAR AFTER-TAX