Manulife boosts key profit target at investor day in Hong Kong [Investment Executive - News]
Manulife Financial Corporation (MFC)
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Source: Investment Executive - News
Manulife Financial Corp. boosted a key profitability target as it emphasized the big changes the company has gone through in recent years. The insurance giant said Tuesday that it is targeting a core return on equity of at least 18% by 2027, up from its current target of 15%. Manulife says it has also increased its target for cash generated by its subsidiaries that is passed along to the parent company to $22 billion for the next three years, up from $18.4 billion for the past three. The updates came at the company’s investor day in Hong Kong, its first in the region since 2017. Chief executive Roy Gori said the higher targets come after significant changes since the company’s last investor day in the region, including off-loading risk while looking to capitalize on global trends. “We have transformed Manulife and we are, as a result of that, a radically different company today to the one we were in 2017.” The insurer has been working to shed assets with a low return on equity,
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