MANULIFE FINANCIAL $12.53 (Toronto symbol MFC; Shares outstanding: 1.8 billion; Market cap: $22.1 billion; SI Rating: Above Average; Dividend yield: 4.2%) sells life and other forms of insurance, as well as mutual funds and investment-management services. It operates globally, and has $453.9 billion of assets under management.
In the three months ended June 30, 2010, Manulife lost $2.4 billion, or $1.36 a share. Canada’s conservative accounting rules forced it to set aside $3.2 billion, mostly to increase reserves for its variable annuities. (Under U.S. accounting rules, it would have actually reported a small earnings increase in the latest quarter.) A year earlier, it earned $1.8 billion, or $1.09 a share.
To cut risk, Manulife has hedged, or insured, more of its variable annuities against falling stock markets. Its hedges now cover 51% of these investments, up from 20% in 2009. It’s aiming for 70% by 2012.
Rising stock markets or interest rates would help Manulife’s investment products and holdings. As well, it wouldn’t need all the reserves it has set aside, and could return them to profits. That could quickly turn around its results. Manulife’s balance sheet is sound, and its core insurance business in Canada and Asia remains strong.
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Very useful information on my investment targets that is much appreciated.
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