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Manulife seeks to free up C$5B in capital through portfolio optimization

Jun. 27, 2018 8:03 AM ETManulife Financial Corporation (MFC) Stock, MFC:CA StockMFCBy: Liz Kiesche, SA News Editor
  • Manulife (NYSE:MFC) aims to free up C$5B in capital through portfolio optimization by 2022, with C$2B coming from asset mix changes, according to its Investor Day slides.
  • Sees restructuring charge of C$200M after-tax, or C$0.10 per share, in Q2 2018.
  • About C$240M to come from reinsuring lapse and mortality risks on legacy Canadian UL block.
  • Manulife targets reducing relative size of legacy book and identifying options to transfer all or a part of risk to third parties.
  • Life and fixed annuity blocks present "some of the greatest potential to unlock capital."
  • Actively pursuing inorganic options, including reinsurance treaties, where possible.
  • Targets 2022 expense efficiency less than 50% to save over C$1B in costs.
  • Manulife has already taken actions in 2018 to reduce expenses, with C$300M in run-rate cost saving identified.
  • Previously: Asia results help boost Manulife (May 3)

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