- European reinsurers' 2017 results support Fitch Ratings' view of the sector's resilience to catastrophe losses
- Global Data reports that over 30% of UK consumers say they would purchase some form of insurance product from alternative providers such as Google, Apple, Facebook, and Amazon
- UK Comprehensive car insurance premiums continued to fall during the first quarter
- ABI responds positively to PRA's proposed change of position on the use of dynamic VA and external audit requirements
- PPL goes live for accident and health classes
- AXIS Capital launches Cyber Center of Excellence
- Beazley reports that cloud-based office solutions are coming under increasing attack from cyber-criminals expired
- Lockton appoints EVP- Chief Digital Officer expired
- Marsh, with IBM, ACORD, and ISN, announces the first commercial blockchain solution for proof of insurance expired
- ConTe.it, Admiral's Italian brand, deploys Guidewire solutions expired
- Konsileo commercial broker InsurTech secures £2.7m in funding expired
- Generali closes sale of operations in Columbia and Panama expired
15th April 2018
Manulife releases 2017 Embedded Value Report and 4Q 2017 Statistical Information Package updated to reflect its new reporting segments
Manulife has released its 2017 Embedded Value Report and 4Q 2017 Statistical Information Package updated to reflect its new reporting segments effective 1st January.
Manulife’s 2017 Embedded Value Report details embedded value of $49.2bn as at 31st December, an increase of $2.8bn from 2016. The embedded value of $49.2bn, or $24.88 per share, reflects only a portion of the value of Manulife’s businesses, as it attributes no value to our new business franchise, and only tangible book value to our wealth and asset management businesses and Manulife Bank.
The updated 4Q 2017 supplemental disclosures reflect changes to Manulife’s primary reporting segments that became effective in 2018. As a result of the organisational changes made to increase focus and leverage scale in its global wealth and asset management businesses, the company’s wealth and asset management businesses are now a primary reporting segment, Global Wealth and Asset Management. The new reporting segments that will apply to our first quarter 2018 financial reporting are as follows:
-Global Wealth and Asset Management–providing fee-based wealth solutions with little or no guarantees to our retail, retirement and institutional customers around the world.
-Asia–providing insurance products and insurance-based wealth accumulation products in Asia.
-Canada–providing insurance products, insurance-based wealth accumulation products, and banking services in Canada.
-US–providing insurance products and administering in-force insurance-based wealth accumulation products in the US.
-Corporate and Other-comprised of investment performance on assets backing capital, net of amounts allocated to the operating segments; costs incurred by the corporate office related to shareholder activities(not allocated to the operating segments); financing costs; its Property and Casualty Reinsurance business; and run-off reinsurance business lines.
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