TORONTO, Dec. 31, 2013 /CNW/ - Manulife Financial Corporation today
announced that its subsidiary, Manulife (International) Limited, has
completed the previously-announced transaction to sell its life
insurance business in Taiwan to CTBC Life Insurance Co., Ltd. (CTBC
Life). The agreement was announced on July 31, 2013.
Completion of this transaction is expected to increase the Minimum
Continuing Capital and Surplus Requirements (MCCSR) ratio of Manulife
Financial's key operating subsidiary, The Manufacturers Life Insurance
Company (MLI), by approximately 3 percentage points. MLI's MCCSR was
229 percent as of September 30, 2013. As previously announced, the
transaction is not expected to have a material impact on Manulife
Financial Corporation's consolidated financial results.
Manulife Financial remains committed to its asset management operation
in Taiwan, Manulife Asset Management (Taiwan) Co., Ltd. This is a
separately managed operation that is not impacted by the transaction.
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group
with principal operations in Asia, Canada and the United States.
Clients look to Manulife for strong, reliable, trustworthy and
forward-thinking solutions for their most significant financial
decisions. Our international network of employees, agents and
distribution partners offers financial protection and wealth management
products and services to millions of clients. We also provide asset
management services to institutional customers. Funds under management
by Manulife Financial and its subsidiaries were approximately C$575
billion (US$559 billion) as at September 30, 2013. The Company operates
as Manulife Financial in Canada and Asia and primarily as John Hancock
in the United States.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE,
and under '945' on the SEHK. Manulife Financial can be found on the
Internet at manulife.com.
SOURCE: Manulife Financial Corporation
For further information:
Sean B. Pasternak