Canada’s largest life insurance provider posted a C$947 million loss in the third quarter, which has been blamed on low interest rates and a C$1 billion writedown on Manulife’s U.S. insurance business. Group retirement solutions sales were down in the third quarter. The company’s 2009 third quarter sales were boosted by strong results in the […]
Manulife Financial has rolled out a new long-term disability program designed for executives and professionals. The Executive LTD program is available as a group benefit for high-income employees. “Employers across Canada have told us they need an enhanced and integrated benefit to provide their executives and professional staff with a higher level of long term […]
Manulife has announced an exclusive arrangement with personal finance writer Gail Vaz-Oxlade to provide group retirement plan members with expert advice. The host of the television series, Til Debt Do Us Part, Vaz-Oxlade’s practical approach has earned her a loyal following. “We’re really pleased about forming this relationship with Gail,” said Sue Reibel, senior vice-president […]
Manulife Financial Corp., and members of its pensions and benefits plans, have nothing to fear if there’s another financial crisis, CEO Don Guloien told an industry conference on Thursday. There has been ongoing concern about Manulife’s exposure to unpredictable equity markets, but the insurance company has taken steps to hedge its portfolio of guaranteed variable […]
Under a new strategic arrangement with Franklin Templeton Investments Corp., Manulife Financial will offer Franklin Templeton LifeSmart Portfolios, a target date product with risk overlay options, to Canadian group retirement clients beginning September 1, 2010. According to Franklin Templeton, LifeSmart Portfolios combine the benefits of target date, target risk and active portfolio management with a […]
Donald R. Lindsay has joined the board of directors at Manulife, effective August 1. Lindsay, the president and CEO of Teck Resources Limited, spent almost two decades with CIBC World Markets Inc., where he served as president after periods as head of investment and corporate banking and head of the Asia Pacific region. “Don Lindsay’s […]
Other Brieflies this week:| MON | TUE | WED | THU | FRI | Manulife Financial has teamed up with MediResources Inc and improved its Health eLinks online resource by now providing group benefits plan members with access to an online health library and a new health-risk assessment tool, among others. “We believe our new […]
While guaranteed minimum withdrawal benefit funds have been a huge hit in the Canadian marketplace, at least one company isn’t looking to gain shelf space anytime soon. “We’re not excited about gaining market share until the product is more compatible with where we’re headed,” Manulife senior executive vice-present and chief financial officer Peter Rubenovitch told […]
Other Brieflies this week:| MON | TUE | WED | THU | FRI | Manulife has retained its triple-A credit ratings, according to a report by Standard & Poor’s. S&P says Manulife’s financial announcement that it would take a $250 million charge in the third quarter would not affect the company’s ratings or outlook on […]
Manulife Financial expects to take a charge of about $250 million in the third quarter due to credit losses. That includes approximately $50 million due to reserve strengthening as a result of credit downgrades. Despite these charges, the insurance company says asset quality remains very high. “Due to generalized spread widening, the gross unrealized losses […]