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Manulife

Manulife Financial Corporation
Public
Traded as MFC
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Industry Financial Services (Insurance)
Founded 1887
Headquarters Toronto, Ontario, Canada
Key people Donald Guloien, President and Chief Executive Officer
Richard DeWolfe, Chairman of the Board of Directors
Revenue Increase $29,932 million CAD (2012)
Net income Increase $1,736 million CAD (2012)
Employees 28,000
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.

History


Private stock company

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. The company sold its first policy outside of Canada in Bermuda in 1893. In 1894, policies were sold in Grenada, Jamaica and Barbados; Trinidad and Tobago, and Haiti in 1895; and British Honduras, British Guiana, China and Hong Kong in 1897.[3][4]

In 1901, the company merged with Temperance and General Life Assurance Co. of Toronto, forming the third-largest company in Canada at the time.[5]

In 1931, it opened its first southern China branch in British Hong Kong. Shortly thereafter, it established itself as a leading life insurer in the region with branches in Macau, Shantou and Amoy.[6]

Mutual company

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.[7][8] In 1996, the company entered an agreement with the Zhong Hong Life Insurance Co. Ltd., based in Shanghai, to form China’s first joint venture life insurance company, Manulife-Sinochem.[9]

Demutualization and public company

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’.[10]

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.[10]

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.[10]

In 2013 Richard DeWolfe became the Chair of the company’s board,[11] succeeding Gail Cook-Bennett, who retired after serving 34 years on the board.[12] In 2009, Donald Guloien, the Chief Investment Officer, succeeded Dominic D’Alessandro as President and CEO of the company. Shortly before his departure, 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. This was in response to shareholders’ reaction to the first quarterly loss ever posted by the firm in its public history. Under Guloien's leadership, the first initiatives 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.[13]

In September 2009, the company purchased AIC’s Canadian retail investment fund business.[14] In October 2009, it purchased Pottruff & Smith Travel Insurance Brokers Inc., a Canadian broker and third party administrator of travel insurance.[15]

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).[16]

In June 2012, the company opened Manulife Cambodia, with headquarters in Phnom Penh.[17]

Sponsorship and naming

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

Companies portal

External links

  • Manulife Financial Corporate website
  • The Canadian Encyclopedia
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