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Manulife plans to free up C$5b in capital by 2022
[TORONTO] Manulife, Canada's biggest insurer, said on Wednesday it had set a target to free up C$5 billion (S$5.1 billion) in capital over the next three years, partly by offloading businesses that it no longer wants.
Reuters reported in February that Manulife was weighing the sale of a number of US insurance assets after conducting a strategic review of its US operations including its John Hancock business.
Manulife also said it had set a target to cut its expenses by C$1 billion by 2022. The company last week said it planned to cut 700 jobs in Canada as part of a drive to automate certain functions. It also said it would merge its Canadian headquarters into one location.
The moves are part of a drive by new Chief Executive Roy Gori to streamline the business and to run its operations more efficiently, taking advantage of new technology that can be used to automate more tasks.
Shares in Manulife were down 0.3 per cent at 0950 EST.