Report
Brett Horn
EUR 147.86 For Business Accounts Only

Manulife emphasizes mutual funds and retirement services to diversify its product mix.

Manulife’s second-quarter results showed the continued negative effect of the low interest rate environment. The company posted an annualized return on equity of 7.1%, well short of our estimate of the cost of equity, highlighting the business’ sensitivity to capital market conditions and the lack of a moat around its operations. We will maintain our CAD 22/$17 fair value estimate and no-moat rating. While the shares look a bit undervalued to us, our enthusiasm is tempered by our fundamental vie...
Underlying
Manulife Financial Corporation

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Brett Horn

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