Manulife to free capital by offloading businesses

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Over the next three years Manulife is planning to free up C$5 billion (US$5.1 billion) in capital and among the measures it is considering is the sale of some of its businesses.

In February, Reuters reported that the insurer was studying the possibility of selling a number of US insurance assets after conducting a strategic review of its US operations, as well as its business with John Hancock.

Manulife also said it had a target to trim down its expenses by C$1 billion by 2022.

Last week, the company announced it was considering cutting 700 jobs in Canada.

The moves are also part of the company’s programme to automate more of its operations.

The company revealed that it will also merge its Canadian headquarters into one location to achieve more efficiency.

The post Manulife to free capital by offloading businesses appeared first on InsuranceAsia News.

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