Accelerated Reinsurance a Net Positive for Manulife; Lower Earnings Volatility on the Horizon
No-moat Manulife capped off a solid 2018 with slightly weaker fourth-quarter results. Though annualized return on equity fell to 5.3% (well below our 11% cost of equity) and net income dropped about 60% sequentially, these declines were primarily due to the impact of equity markets. Stripping out nonrecurring items, earnings were moderately lower across all business segments and down approximately 13% overall from the third quarter. On the positive front, earnings sensitivity to markets and inte...Manulife Financial is a provider of financial protection and wealth management products and services, including individual life insurance, group life and health insurance, long-term care insurance, pension products, annuities and mutual funds to individual and group customers in Asia, Canada and the United States. Co. also provides investment management services with respect to Co.'s general fund assets, segregated fund assets, mutual funds, and to institutional customers. Co. also offers reinsurance services, specializing in property and aviation catastrophe risk reinsurance products.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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