MANULIFE FINANCIAL $20.15 (Toronto symbol MFC; Shares outstanding: 1.5 billion; Market cap: $30.1 billion; SI Rating: Above-Average) sells life and other forms of insurance, as well as mutual funds and investment-management services. Manulife operates in 19 countries and territories worldwide, and adminsters $385.3 billion in assets.
In the three months ended September 30, 2008, Manulife’s earnings fell 52.7%, to $503 million, or $0.34 a share, from $1.1 billion, or $0.70 a share a year earlier.
Sharp global stock-market declines reduced earnings in the latest quarter by $574 million. As well, losses due to exposure to defaulting issuers in turbulent credit markets totalled $253 million. This included losses on investments with Lehman Brothers ($156 million), AIG ($32 million) and Washington Mutual ($4 million).
To shore up its capital, Manulife arranged a $3-billion, five-year loan facility with the six largest Canadian banks in November 2008. Subsequently, the company sold stock to raise $2.3 billion in December 2008. As a result of these moves, Manulife’s regulatory capital reserves are near alltime highs.
Manulife’s operations are diversified among life and health insurance, segregated mutual funds and reinsurance. Its geographic diversification in the U.S. and Asia, including China, offers long-term growth prospects.
In the short term, it’s likely Manulife will focus on adding to its Asian operations, possibly by purchasing the Asian subsidiaries of struggling U.S. insurers looking to raise funds.
Manulife now trades at 8.2 times its forecast 2009 earnings of $2.37 per share. The company pays a quarterly dividend of $0.26 a share, for a current yield of 5.2%.
Manulife Financial is still a safety-conscious buy.
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