Manulife Financial
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This article relies on references to primary sources. (February 2011) |
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| Type | Public |
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| Traded as | TSX: MFC NYSE: MFC SEHK: 945 PSE: MFC |
| Industry | Financial Services (Insurance) |
| Founded | 1887 |
| Headquarters | Toronto, Ontario, Canada |
| Key people | Donald Guloien, President and Chief Executive Officer Gail Cook-Bennett, Chair of the Board of Directors |
| Revenue |  $47,801 million CAD (2011) |
| Net income | $2,792 million CAD (2011) |
| Employees | 26,000 |
| Website | http://www.manulife.com/ |
Manulife Financial Corporation is a Canadian insurance company and financial services provider, with a head office in Toronto, Canada. The company operates in Canada and Asia as "Manulife Financial" and in the United States primarily through its John Hancock division.[1] It is one of the largest life insurance companies in the world by market capitalization, and has approximately 26,000 employees.[2]
Manulife Bank of Canada is a wholly owned subsidiary of Manulife Financial Corporation.
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History [edit]
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Private stock company [edit]
The firm was founded as The Manufacturers Life Insurance Company in 1887. Its first president was Sir John A. Macdonald, the first Prime Minister of Canada. In 1897, it expanded its operations into China and Hong Kong in 1902, it established an agency office in the Philippines.
Mutual company [edit]
In 1958, shareholders voted to change its legal form from a joint stock company to a mutual organization, making the company privately owned by its policyholders.[3][4]
Demutualization and public company [edit]
In 1999, its voting eligible policyholders approved demutualization, and the shares of Manulife Financial Corporation, the holding company of The Manufacturers Life Insurance Company and its subsidiaries, began trading on The Toronto Stock Exchange (TSX), the New York Stock Exchange (NYSE) and the Philippine Stock Exchange (PSE) under the ticker 'MFC', and on The Stock Exchange of Hong Kong (SEHK) under the ticker ‘945’.[5]
In 2002, Manulife–Sinochem Life Insurance Co. Ltd. was granted approval by the China Insurance Regulatory Commission (CIRC) to open a branch office in Guangzhou, China, the first branch license granted to a foreign invested joint–venture life insurance company. In 2003, Manulife-Sinochem received approval for a branch office in Beijing, the first multiple-branch license granted to a foreign-invested joint venture life insurance company. The firm is now licensed to operate in more than 40 Chinese cities.[5]
In 2003, Manulife Financial Corporation and John Hancock Financial Services, Inc. (including its Canadian subsidiary Maritime Life) announced a tax–free stock–for–stock merger of the companies, creating a global insurance franchise. Completed in April 2004, the merger created the largest life insurer in Canada, second largest in North America, and fifth largest in the world at the time.[5]
In 2008, Gail Cook-Bennett became the Chair of the company's Board of Directors. In 2009, Donald Guloien, the Chief Investment Officer, succeeded Dominic D’Alessandro as President and CEO of the company. Shortly before his departure, facing a shareholder revolt as the firm posted a quarterly loss for the first time in its public history, D'Alessandro modified his retirement package; the restricted units would only vest for a total of $10 million if the shares reached $36 by the end of 2011, and he would receive $5 million if the shares hit $30. The first initiatives under Guloien's leadership were a dividend cut and an equity offering to bolster Manulife's capital levels, making it difficult for the share price to reach the target levels needed to vest.
In September 2009, the company purchased AIC’s Canadian retail investment fund business.[6] In October 2009, it purchased Pottruff & Smith Travel Insurance Brokers Inc., a Canadian broker and third party administrator of travel insurance.[7]
In 2010, the company announced that it had purchased Fortis Bank SA/NV’s1 49 per cent ownership in ABN AMRO TEDA Fund Management Co. Ltd. The new joint venture, Manulife TEDA Fund Management Company Ltd. (Manulife TEDA), provides traditional retail and institutional asset management for clients in China. The other 51 per cent is owned by Northern International Trust, part of Tianjin TEDA Investment Holding Co., Ltd. (TEDA).[8]
In June 2012, the company opened Manulife Cambodia, with headquarters in Phnom Penh.[9]
Sponsorship and naming [edit]
Manulife Financial was worldwide sponsor for the 2008 Summer Olympics. The sponsorship was acquired along with John Hancock Financial Services.
Manulife is the namesake tenant in the tallest building in Edmonton, Alberta, Manulife Place.
References [edit]
- ^ Rita Trichur (August 8, 2007). "Manulife makes $1.1B profit". The Star. Retrieved January 22, 2013.
- ^ "Global Company Fact Sheet 2012 Feb".
- ^ "Ratify Mutualization Of Manufacturers Life". The Financial Times (Montreal, Quebec). August 8, 1958.
- ^ Bliss, Michael (1990). Northern Enterprise: Five Centuries of Canadian Business. McClelland & Stewart. p. 495. ISBN 978-0771015694.
- ^ a b c "Manulife Financial - History".
- ^ "Manulife Financial closes transaction to acquire AIC Canadian retail investment fund".
- ^ "Manulife Financial acquires Pottruff & Smith Travel Insurance Brokers Inc.".
- ^ "Manulife Financial - Transactions".
- ^ "Manulife expands ASEAN reach with Cambodia office". Reuters. June 28, 2012.
External links [edit]
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Wikimedia Commons has media related to: Manulife Financial |
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- S&P/TSX 60 Index
- S&P/TSX Composite Index
- Companies listed on the Toronto Stock Exchange
- Companies listed on the New York Stock Exchange
- Companies listed on the Hong Kong Stock Exchange
- Insurance companies of Canada
- Insurance companies of Hong Kong
- Companies based in Toronto
- Companies established in 1887
- Life insurance companies
