see W-N Insurance page

Stats & news CBS | Globe | TrontoStar today | TSX charts

Charts

Manulife+Financial

Nortel Networks Corp
google.com/finance | 5yr

2008

Wednesday 03 September 2008 (MFC : TSX : $38.38)
Credit position has improved since the JHF acquisition
BMO Nesbitt Burns maintains an "outperform", target of $41.00

Tuesday 12 August 2008 (MFC : TSX : $38.06 | NYSE : US$35.60)
EPS falls short but sales remain strong
TD Newcrest maintains "buy", 12-month target price decreased to $42.00

Monday 11 August 2008 Manulife Financial (MFC : TSX : $37.70 | NYSE : US$35.30)
Smaller-than-expected stock market drag, minimal credit issues
BMO Nesbitt Burns maintains "outperform", 12-month target price lowered to $41.00
Credit Suisse First Boston maintains "neutral", 12-month target price is $42.00
Desjardins Securities maintains "top pick", 12-month target price is $48.00
RBC Capital Markets maintains "outperform", 12-month target price lowered to $40.00

Friday Aug 8, 2008 Manulife earnings decline 8.5%
Profit at Manulife Financial Corp. fell 8.5 per cent in the second quarter, missing analyst forecasts, as weak equity markets...

Monday 12 May 2008 Manulife Financial (MFC : TSX : $37.41 | NYSE : US$37.11)
Mixed Q1, solid VNB growth continues in the face of weak equity markets
BMO Nesbitt Burns maintains "outperform", 12-month target price is cut to $43.00
Desjardins Securities maintains "top pick", 12-month target price is $48.00
RBC Capital Markets maintains "outperform", 12-month target price is $41.00

Tuesday 29 January 2008 (MFC : TSX : $37.02)Q4 preview
Dundee Securities maintains "outperform", 12-month target price is cut to $43.50

Thursday 17 January 2008 (MFC : TSX : $37.79) To purchase CIBC shares
Dundee Securities maintains "outperform", 12-month target price is $45.75

2007

Thursday 08 November 2007
(MFC : TSX : $40.60 | NYSE : US$43.84) Q3 EPS in line
BMO Capital Markets maintains "market perform", 12-month target price is raised to $46.50
Credit Suisse maintains "neutral", 12-month target price is $46.00
Desjardins Securities maintains "top pick", 12-month target price is $48.50
GMP Securities maintains "buy", 12-month target price is cut to $45.70
RBC Capital Markets maintains "top pick", 12-month target price is $47.00

Wednesday 10 October 2007 Manulife Financial (MFC : TSX : $42.28 | NYSE : US$43.06)
Ready for an acquisition?
RBC Capital Markets maintains "top pick", 12-month target price is $47.00

Tuesday 09 October 2007 Nortel Networks (NT) - Nortel Government Solutions and Polycom, Inc. are offering joint solutions for immersive telepresence and high definition (HD) video conferencing to U.S. Federal Government agencies, the companies announced today.

Tuesday 09 October 2007 Manulife Financial Corp (MFC) - $42.14
- Well Positioned to Make an Acquisition
Top Pick, Average Risk, Price Target: $47.00
RBC CM believes that Manulife is well positioned to make an acquisition in the U.S. for the following four reasons: (i) its valuation compared to U.S. lifecos has improved, as it is currently trading at a 19% premium to selected lifecos versus 6% in June; (ii) it has $3 billion in excess capital; (iii) the rising Canadian dollar versus the U.S. dollar; and (iv) its ability to generate significant synergies in many of its lines of business. RBC CM believes that a U.S. acquisition would be 2 to 13% accretive to Manulife shareholders and has identified seven U.S. insurance companies as potential targets. In particular, RBC CM has identified Lincoln National (LNC) and Principal Financial (PFG) as a good fits with Manulife due to their ability to add scale to the U.S. mutual fund and 401 (k) operations, enable synergies in U.S. insurance and variable annuities and allow Manulife to expand into U.S. group life and health segment. RBC CM continues to believe that Manulife deserves its premium valuation that it trades at compared to Canadian financial services companies and life insurer’s worldwide due to the company’s sales and earnings track record, excess capital holdings, growth prospects in Asia and lower credit risk profile.

Monday 01 October 2007 19:43 Manulife Financial (MFC : TSX : $41.01 | NYSE : US$41.26)
F/X and low interest rate should not drag EPS growth
RBC Capital Markets maintains "top pick", 12-month target price is $47.00

Friday 28 September 2007 Manulife Financial (MFC) - $41.05 - Meetings with Management Support Positive View
Top Pick, Average Risk, Price Target: $47.00
Manulife believes that it can reach its target of 15% organic EPS growth in the current environment as long as it achieves 10% year over year growth in premiums and deposits, which it views as possible now that Japan variable annuity sales have returned to previous levels. If consolidation occurs, RBC CM believes Manulife is well positioned to make acquisitions in the US because Manulife's valuation has improved compared to US lifecos, Manulife has $3+ billion in excess capital that it can deploy for acquisitions, the rising Canadian dollar versus the US dollar makes potential US acquisitions larger, and Manulife would be able to generate significant synergies in most lines of business. RBC CM believes that Q3 Japanese variable annuity sales results may top Manulife's previous best quarter of US$1.05 billion. Manulife's shares should react positively to an improvement in sales as sales had declined to approximately US$400 million per quarter since July 2006, when a key product was shelved for regulatory reasons.

Thursday 09 August 2007 RBC Manulife Financial (MFC) - $40.75 – Reported Solid Q2 Results
Top Pick, Average Risk, Target Price: $47.00
MFC reported EPS of $0.71, in line with RBC CM’s estimated $0.72 and consensus of $0.70. Stronger equity markets and higher interest rates were important contributors to the core EPS growth of 22%, and earnings quality was solid. RBC CM believes Manulife should trade at a premium valuation to Canadian financial services companies and life insurers worldwide, based on the company's sales and earnings growth track record, excess capital holdings, growth prospects in Asia, and lower credit risk profile than U.S. lifecos and Canadian banks. Diversity of operations limits downside earnings risk and reserves appear conservative, with large provisions for adverse deviations relative to reserves and a track record of booking experience gains. The company remains well positioned if long-term interest rates increase.

Thursday 09 August 2007 TORONTO: MANULIFE ENJOYS RECORD QUARTER
Manulife Financial Corp., Canada's biggest life insurance firm, has announced record earnings of $1.1 billion in the quarter ending June 30, an 11 per cent increase over the result a year earlier. Manulife CEO Dominic D'Alessandro attributes the latest result to the company's "diversified platform," all elements of which contributed. Manulife shares closed at $40.58 on Wednesday, up 84 cents.

Friday 03 November 2006 MANULIFE FINANCIAL(MFC)$28.10 –
A VERY STRONG QUARTER. RATING: SECTOR PERFORM. TARGET: $43.00 (WAS $41.00). RISK RATING: LOW.
MFC reported Q3-06 core EPS of $0.64. This result was above our estimate of $0.60 and consensus of $0.62, and compares with Q2 2006 of $0.56 (up 13%) and Q3 2005 of $0.55 (up 16%). Core ROE was excellent at an estimated 17.2%, up roughly 200 basis points from the same quarter a year ago. This quarter, U.S. Insurance and U.S. Wealth Management returned impressive Y/Y growth, increasing 27% and 51% in USD, respectively (or 18% and 41% in CAD). Reinsurance also performed very well, with earnings rising 100% in USD (or 87% in CAD), while Asia & Japan continued to generate strong results, increasing 31% Y/Y in USD (or 23% in CAD). Canada was the one weak spot, reporting a 3% decline in earnings. The company reported a very strong quarter, easily exceeding consensus and generating impressive ROE improvements. Moreover, the strong earnings came despite a $60 million currency headwind, which reduced Y/Y earnings growth by close to 7%. As of Thursday’s close, MFC traded at 13.8x our 2007 estimate, a premium to its large-cap financial peers and reflective of its superior long-term growth prospects. We continue to rate MFC a Sector Perform, and have raised our 12-month target to $43.00 (up from $41.00).

Thu 03/08/2006 rci Manulife Financial Corp. says its second-quarter profit reached almost $1 billion, an increase of 14 per cent over the previous quarter. Manulife explains the improvement as due chiefly to the strength of its life-insurance sales in the U.S. The Canadian firm says another factor was its wealth-management business in the U.S., Hong Kong and Japan.

Tuesday May 9, 2006 rci TORONTO: MANULIFE INVITES GOVT. TO BUTT OUT OF POSSIBLE MERGERS
The CEO of Manulife Financial Corp., Dominic D'Alessandro, says the 10 or so biggest financial institutions should be allowed to merge if they wish, taking account solely of market considerations. He says banks and insurers ought to have the right to make combinations without government interference, provided domestic competition is preserved. Under present federal regulations, banks and insurers cannot merge. However, Mr. D'Allesandro told the audience at the company's annual meeting that he has no expectation that Ottawa will relax that rule anytime soon. He also told his listeners that their company had earned a 19 per cent increase of its first-quarter earnings to a record $956 million.

Saturday Feb 11, 2006 np Manulife quarterly profit grows 20%
Manulife Financial Corp. quarterly profit jumped 20% thanks to surging sales of insurance products in the United States and Japan, capping a year of record results for Canada's largest insurer.

2005

rbc Sunday Feb 13, 2005 (TSX: MFC; NYSE: MFC) Top Pick Average Price: $58.10 Target: $66.50
MFC reported Q4/04 EPS of $0.92 ($0.97 excluding John Hancock integration charges), in-line with our estimate of $0.92 and consensus of $0.93.

rbc ds Friday Feb 11, 2005 (TSX: MFC; NYSE: MFC) Top Pick Average Price: $55.46 Target: $64.50
MFC will report Q4/04 results on February 10. Our $64.50 target (unchanged) is based on 15x our ‘05 EPS estimate, above our Canadian lifeco industry average of 14.25x, and slightly above MFC’s historical 3% premium to the group. The valuation premium reflects an excellent operating track record, leading regional strengths and diversity, and solid capitalization.

From RBC DS January 5, 2005 Manulife Financial (TSX: MFC; NYSE: MFC) Top Pick Average Price: $55.82 Target: $64.50
Despite the devastating human impact of the December 26 tsunami in South-East Asia, the financial impact on Manulife is expected to be minimal. Our $64.50 target is based on 15x our ‘05 EPS estimate, above our Canadian lifeco industry average of 14.25x, and slightly above MFC’s historic 3% premium to the group. The valuation premium reflects an excellent operating track record, leading regional strengths and diversity, and solid capitalization.

Saturday Dec 25, 2004 ts
Manulife subsidiary outsources to IBM Manulife Financial Corp. has signed a $70 million technology outsourcing deal that will see about 35 people from one of its subsidiaries transferred to computer services company IBM Canada Ltd.

Friday Dec 10, 2004 it
Manulife settles on VoIP through Bell deal The financial services firm signs a deal worth $140 million to move off of PBX. The CIO explains what will be more important than just saving money on phones

sm Friday Dec 10, 2004 (MFC - $55.40) Rating: 2-Sector Perform Target: $57.00
MFC is rated 2 - Sector Perform with a low risk rating.

Sunday Aug 8, 2004 (MFC - $52.90) Rating: 1-Sector Outperform Target: $60.00 Manulife reported $0.95 EPS (fd), excluding the impact of integration costs, $0.01 per share above our estimate and $0.05 per share above consensus, for 14% EPS growth. Organic top-line growth was 27%, and pro-forma sales growth was exceptionally strong. Integration appears to be on track with operating expenses down 7% YOY, on a pro-forma basis and no productivity slippage. Individual insurance sales on a pro-forma basis increased 37% in the U.S. and 20% in Canada. U.S. variable annuity sales were up 37%. A 24% dividend increase was slightly greater-than-expected, but we expect to get more information with respect to buy-back activity during the call. Excess capital position looks strong at $3-$3.5 billion. Conference call today. We reiterate our 1  Sector Outperform ranking with a low risk rating, and $60.00 target.  Tom MacKinnon

May 04, 2004 glob
Last Trade: Recent News

Tuesday Apr 27, 2004 ts
Manulife earnings leap 28%, stock up On the eve of its marriage to John Hancock Financial Services Inc., Manulife Financial Corp. posted a 28 per cent rise in first-quarter profits that powered its stock to a new high. Dividend rise may come later in year John Hancock deal set to close

Tuesday Apr 27, 2004 Shares of Manulife Financial Corp. hit an all-time high at the TSE on Monday, just days before the completion of its merger with John Hancock of Boston. Manulife shares went as high as $54.80 before closing $53.45. The merger between the two insurance firms is to be completed on Wednesday. When announced last year, the value of the transaction was estimated at $15 billion. The merger will form the largest Canadian insurance firm and the second-biggest in North America.

Friday Feb 6, 2004 cbc
MANULIFE REPORTS RECORD ANNUAL PROFIT Manulife Financial reported its tenth consecutive year of record earnings Thursday, saying it's well positioned to complete its $15-billion acquisition of John Hancock later this year.

2003

Wednesday Dec 31, 2003 cbc
MANULIFE FACES POSSIBLE PARMALAT FALLOUT: REPORTS Manulife Financial is facing possible exposure to the scandal-plagued Parmalat dairy empire through Manulife's purchase of John Hancock Financial Services, according to reports.

9/30/2003 2:35:36 AM np by Sean Silcoff
Manulife's next step: selling merger in U.S.
Now that Manulife Financial Corp. has unveiled its $15-billion merger with Boston-based John Hancock Financial Services Inc., a key task will be selling the deal to Hancock investors in the U.S. who are not enthusiastic about owning shares of a Canadian company.

Monday Sep 29, 2003 cbc
MANULIFE BUYING JOHN HANCOCK FOR $15 BILLION Manulife Financial Corp.'s will make it the second largest life insurer in North America and Canada's No. 2 financial services company behind Royal Bank.

Monday Sep 29, 2003 cbc
Manulife inks deal to take over John Hancock in $13.5-billion all-stock deal
...The companies valued the transaction at $11 billion US or almost $15 billion Cdn, but a sag in Manulife's share price reduced this to about $13.5 billion.

Sunday Sep 28, 2003 TORONTO: MANULIFE REPORTED IN CROSS-BORDER FORAY The Globe and Mail newspaper reports that the Canadian insurance firm Manulife Financial Corp. is the frontrunner to take over a large American insurance firm, John Hancock Financial Services Inc. The Globe cites the Boston Globe newspaper as reporting that John Hancock is in intense negotiations with the Canadian company. Manulife recently dropped to third place among Canadian insurance firms, behind Great-West Lifeco Inc. and Sun Life Financial Inc. Great-West earlier this spent $7.3 billion to acquire Canada Life Financial Corp., trumping a rival hostile bid by Manulife.

Saturday Jul 26, 2003 Manulife Financial Corp. (MFC - $40.70)
Rating: 1-Sector Outperform Target: $46.00
Solid Q2/03
Manulife reported a strong Q2/03 of $0.80, after excluding $0.03 relating to the effects of a one-time investment gain net of recorded costs associated with a move of its U.S. division. YOY EPS growth was 13% (20% excluding the effect of currency). The $0.80 per share was $0.06 better than our estimate and $0.04 better than consensus. In short, Canadian and Reinsurance divisions were exceptionally strong, Asia steady with little impact from SARS, Japan looking like it's starting to turn the corner, and impressive sales growth with moderate earnings growth for the U.S. division. The 17% dividend increase was better than the 13% normalized EPS growth, and this raised the payout ratio to 26% (on 2003E EPS). With over $2B in excess capital, the company certainly has the potential to increase the payout ratio to the top end of its targeted 20%-30%. We expect the company to look to deploy the capital within the next year, or look to increase the dividend again. Individual insurance sales in Canada were up 15% YOY. U.S. individual insurance sale were up 46% YOY (in $US), helped by robust Universal Life (UL) sales, which were up 74% YOY. These numbers are however somewhat misleading since Q2/02 saw the lowest sales in 9 quarters. An analysis of earnings growth by division clearly highlights the Asian and Reinsurance divisions continue to be the catalysts for growth, and the Canadian division, augmented by acquisitions, is a steady double-digit grower. –– Tom MacKinnon

If you lend someone $20 and never see that person again, it was probably worth it. – Anonymous thanks to Canaccord Capital Corporation.

Friday May 23, 2003 Manulife Financial (MFC : TSX : $37.18)
Net Change: -0.77, % Change: -2.03%, Volume: 1,152,900
Sometimes being diversified hurts. There has been a buzz building about the exposure of some of the banks and insurance companies to the falling U.S. dollar. Specifically, MFC derives about 40% of its revenue from the U.S., so a falling Greenback is not good news. This is higher than any other Canadian insurer. As a result, TD downgraded the name to HOLD from BUY. Canadian banks, on the other hand, are generally more hedged so are not expected to get hurt as badly.

Saturday Apr 26, 2003 cbc
MANULIFE STOCK TUMBLES AS PROFIT LAGS ESTIMATES Shares of insurer Manulife Financial Corp. were being punished in Toronto after the company reported a first quarter that lagged the consensus estimate of 75 cents a share.

Wednesday Feb 5, 2003 cbc
MANULIFE POSTS RECORD EARNINGS FOR FOURTH QUARTER, YEAR Currently in the middle of a takeover attempt for Canada Life, Manulife Financial Corp. posted fourth-quarter earnings that were up 11 per cent from the previous year, the company said Tuesday.

Tuesday Jan 28, 2003 cbc
CANADA LIFE SAYS SURVEY SHOWS MANY SHAREHOLDERS AREN'T TENDERING TO MANULIFE OFFER Canada Life said Tuesday a survey of almost 9,000 of its shareholders showed that almost two-thirds (65 per cent) of those contacted say they won't tender their shares to Manulife Financial's $40-a-share offer.

Friday Jan 10, 2003
MANLEY REJECTED MANULIFE ACQUISITION OF CIBC: REPORT Currently in the midst of a $6.3-billion hostile bid for Canada Life, Manulife is reported to have had its eyes on a bigger prize - Canadian Imperial Bank of Commerce - until Finance Minister John Manley nixed the potential merger last autumn.

Tuesday Jan 14, 2003 TORONTO: CANADA LIFE DIRECTORS REJECT TAKEOVER BID The board of directors of Canada Life Financial Corp. have said no to a hostile takeover bid by a rival in the insurance industry, Manulife Financial. The directors have advised Canada Life's shareholders that the $6.3-billion offer undervalues the company. The directors say shareholders would be well-advised to hang on to their Canada Life shares. Canada Life also argues that the takeover bid was made at a time when the company's shares were trading at a 52-week low. Canada Life's CEO, David Nield, says his company is considering other alternatives to Manulife's offer. Canada Life has set up data rooms to provide information to other possible buyers. Mr. Nield hasn't said whether any have appeared. He did say that Manulife won't have access to the data rooms unless it improves its offer.

Monday Jan 13, 2003
CANADA LIFE OFFICIALLY REJECTS MANULIFE BID Canada Life's board of directors recommended Monday that shareholders reject a $6.3-billion hostile takeover bid from Manulife.

Monday Jan 13, 2003 LOONIE BREAKS ABOVE 66 CENTS US The Canadian dollar closed Tuesday above 66 cents US for the first time since early July of last year.

2002

Sunday Dec 29, 2002 ts
Manulife shifts Canada Life battle to mailbox
Hostile bid sent to shareholders Canada Life prepares response

Saturday Dec 28, 2002 cbc MANULIFE MAILS OFFER TO CANADA LIFE SHAREHOLDERS
Manulife , in turn, is advising its shareholders to sit tight.

Saturday Dec 21, 2002 TORONTO: CANADA LIFE RESISTS TAKEOVER BID The chairman and chief executive officer of Canada Life Financial Corp., David Nield, advised employees in a letter on Friday that the company may remain independent despite the $6-billion hostile takeover bid by Manulife Financial Corp. on Dec. 9. Mr. Nield says he also recommends that shareholders not rush to judgment when they receive Manulife's offering circular. Canada Life considers its competitor's offer inadequate. Mr. Nield says his company may remain independent or come up with alternatives, such as a better offer from Manulife or a friendly offer from a third company. However, a company insider cited by the Canadian Press news agency says it's unlikely that Canada Life will continue as an independent firm.

Monday Dec 9, 2002 cbc
MANULIFE BIDS $6.4 BILLION FOR CANADA LIFE Manulife Financial in a hostile takeover bid that would create the largest insurance company in the country.

Tuesday Dec 17, 2002 TORONTO: HOSTILE INSURANCE TAKEOVER OFFERED There has been another major attempt at consolidation in Canada's insurance business. Manulife Financial Corp. has offered $6.4 billion to take over Canada Life Financial Corp. Canada Life considers the bid hostile. If the bid is successful, it would result in the country's biggest insurance firm and the fourth biggest in North America. Merger talks between the two insurance firms last week failed. Manulife claims its offer of $40 per share represents a 30 per cent premium over the average prices of Canada Life shares over the past three weeks. Canada Life shares on the TSE surged by almost one-third on Monday to close at $41.70. The steep rise seems to suggest that investors are expecting an even higher rival bid for control of the company. This is the second merger in among Canada's insurance companies this year. Sun Life Financial Services of Canada acquired Clarica Life Insurance Co. for more than $7 billion.

Dec 11, 2002 ts Manulife rating under review Canada Life bid sparks concern Rival takeover offer could emerge

Friday Oct 25, 2002 Manulife Financial Corp. (MFC - $36.30) Recommendation: 1-Strong Buy Target: $45.00 Q3/02 Results in Line
Manulife reported Q3/02 earnings of $0.69 per share compared with earnings of $0.65 per share in the same quarter last year. Each of the company's divisions had earnings in line with or ahead of our expectations, with the only exception being the Corporate division, which was more negatively affected by weak equity markets than we expected. Despite the weakness in equity markets, overall earnings were up due to strong top line growth and good cost control. We were impressed with the company's new insurance sales and overall premiums and deposits. Manulife raised its quarterly dividend to $0.18 per share from $0.14 per share. We believe the decision to increase the dividend payout ratio to 26% of last 12 months earnings from 20% reflects management's confidence in the ability of operations to continue to deliver good earnings during both good and bad times. In addition, the company bought back 18.3 million shares, largely in Q3/02 at an average price of $36.20 per share. It has renewed its normal course issuer bid for purchase of an additional 20 million shares over the coming year. With $2.5 billion in excess capital, the company should have no difficulty buying back stock. We continue to rate the shares a 1-Strong Buy. –– Tom G. MacKinnon

Thursday Oct 24, 2002 cbc
MANULIFE BOOSTS DIVIDEND AS Q3 PROFITS RISE Manulife Financial has reported sharply higher third-quarter profits as tighter cost controls, lower claims and more premium income boosted the insurance company's bottom line .

Monday Oct 7, 2002 Manulife Financial Corp. (MFC - $29.30) Recommendation: 1-Strong Buy Target: $50.00
Asian Investor Conference
Manulife held its biennial Asian Investor Conference in Hong Kong on October 3rd and 4th, during which the company reviewed its Asian and Japanese divisions. Manulife is second to AIG in this region. The conference provided an in-depth review of the operations and strategies of these two divisions. We remain impressed by the growth in the Asian operations. While the progress in rebuilding the Japanese division has been slower than the company expected, we believe that the long-term outlook in this very large insurance market is positive. Combined, these two divisions contributed 26% to Manulife's earnings in the first half of the year. Earnings in these regions are largely from protection related business and driven by large and relatively stable in-force insurance blocks, and therefore are largely insulated from earnings volatility related to volatile equity markets. Manulife's shares have come under significant selling pressure this year along with other "international" insurance companies. We believe that it is unreasonable to value Manulife in similar fashion to Europe's insurance sector and view Manulife's shares as under valued at current levels. –– Tom G. MacKinnon

Wed 8/28/0 Manulife Financial (MFC - $35.77) Recommendation: 1-Strong Buy Target: $50.00
Upgrade to 1-Strong Buy
We upgraded our recommendation on Manulife to 1-Strong Buy and identify its shares as the top pick among Canadian life insurance companies. Our one-year target remains intact at $50.00. We believe the recent weakness in share price has been driven by concerns surrounding the credit cycle. With respect to reserving for future asset default risk, we believe Manulife is still the most conservatively provisioned of its peers. The company has been and continues to be significantly better provisioned than its peers regarding future default. We note that US lifeco stocks have risen by 7% over the past month while Manulife's shares are down 9.5% and we believe its stock is currently oversold. Canadian lifecos are currently trading at a 20% discount to the US group and Manulife is the second cheapest on a P/E to growth basis and has a higher than average profitability ratio as measured by ROE. –– Tom G. MacKinnon

Buy & hold use to work! Click for the System that does work now. As we do

Tuesday Jul 9, 2002 rci TORONTO:
MANULIFE PLEASED WITH INDONESIA RULING Canada's second-biggest insurance firm, Manulife Financial Corp., has expressed satisfaction with a ruling by Indonesia's Supreme Court involving its affiliate there. Manulife's vice-president, Mitch New, says he hopes the case involving Manulife Indonesia will have generated enough public attention to resolve a dispute with a former partner. Mr. New says he's pleased that Indonesia's high court dealt with the matter as a priority. Last month, a lower court declared the affiliate bankrupt, despite its insistence it was not. The case had been brought by a former partner of Manulife Indonesia. PT Dharmala Sakti Sejahtera claimed it was owed million of dollars in dividends, a claim which Manulife called an attempt at extortion. The Canadian government was sufficiently alarmed by the affair to send a cabinet minister to Indonesia to try to resolve it.

Sunday Jun 23, 2002
JAKARTA: CANADIAN INSURANCE FIRM FIGHTS RULING Fighting a recent bankruptcy ruling, the local unit of a Canadian insurance company said its court-appointed receiver has a potential conflict of interest. Indonesia's Commercial Court appointed an Indonesian lawyer, S.H. Kalisutan, to take over the local unit of Toronto-based Manulife Financial, which the court declared bankrupt last week for failing to pay a dividend in 1999. The ruling dealt another blow to Indonesia's reputation among foreign investors, many of whom are already too nervous to invest in the country. Manulife Indonesia's legal troubles began in 2000, when it bought out its bankrupt local joint venture partner, PT Dharmala Sakti Sejahtera, at a government auction in Singapore. However, the sale was challenged by two companies which said they owned PT Dharmala Sakti Sejahtera's assets. One of those companies, Hong Kong-based Harvest Hero International, was represented by Kalisutan. Manulife Indonesia, the country's fourth-largest insurer, is appealing the bankruptcy ruling, citing its net profit last year of about $9 million US. Indonesia's Finance Ministry has said Manulife Indonesia is financially sound.

Saturday Jun 22, 2002
INSURANCE AFFILIATE IN INDONESIA TOLD TO END OPERATIONS
The Indonesian affiliate of Toronto-based Manulife Financial Corp. has ceased operations on the order of a court-appointed liquidator. Its the latest blow suffered by the Canadian insurance giant in its struggle to keep Manulife Indonesia in operation. Canada's secretary of state for Asia-Pacific, David Kilgour, is in Jakarta trying to help Manulife. He says he hopes the case of the Indonesian insurance affiliate can be straightened out within a day or so, because otherwise it will likely die. Mr. Kilgour says he has had successful meetings with Indonesia's trade and finance ministers, and hopes to meet the country's president this weekend. On June 16, Indonesia's Commercial Court declared Manulife Indonesia bankrupt in a dispute with a former local partner of the Canadian company. Manulife denies the affiliate is bankrupt and accuses the former partner of extortion. Earlier this week, Canada's foreign minister, Bill Graham, suggested that sanctions might be taken against Indonesia. But Mr. Kilgour said on Friday that his cabinet colleague's suggestion had been unhelpful because it led to the Indonesian vice-president accusing Canada of threatening his country.

Saturday Jun 15, 2002 GOVT. INTERVENES IN MANULIFE'S INDONESIA DEBACLE Canada's foreign affairs department summoned the ambassador of Indonesia to a meeting in Ottawa on Friday to discuss a commercial dispute involving a Canadian insurance company. The discussion focused on the Indonesian affiliate of Toronto-based Manulife Financial Corp., which a court in Jakarta declared bankrupt on Thursday. But Manulife's executive vice-president, Vic Apps, denied it, saying the affiliate has $400 million in assets, enjoys a 10-per cent market share and is Indonesia's biggest foreign-owned insurance company. The foreign affairs department says Canada's view is that the court decision is unwarranted, and that a diplomatic note to that effect will be sent to the Indonesian government. The department says Manulife is a respected Canadian company with a century of experience operating in Asia. The commercial dispute began 18 months when Manulife bought out the 40 per cent of Manulife Indonesia's owned by its Indonesian partners at a government-run auction. The partners then claimed the Canadians had acquired the shares illegally.

Tuesday Jun 4, 2002 cbc
MANULIFE FIGHTS COURT DECLARATION THAT INDONESIAN UNIT IS BANKRUPT
Manulife Financial Corp. loudly denied a declaration by an Indonesian court that the company's operations in that country are bankrupt.

Wednesday May 1, 2002 Manulife Financial (MFC - $45.58) Recommendation: 2-Buy Target: $53.00 Manulife reported Q1/02 diluted EPS of $0.69, 24% higher than Q1/01 levels and $0.03 per share ahead of our estimate. All divisions contributed to the strong growth. Fundamentals remain very positive, with continued strong sales growth in all markets. New annualized individual insurance sales were up 26% YOY and wealth management premiums and deposits were up 18% YOY. The company also did an excellent job of managing costs with general expenses down 4% YOY (excluding the effect of acquisitions) despite the sharp increase in business. We have increased our EPS estimates for 2002 and 2003 by $0.03 per share each and we have increased our one-year target price by $2.00 per share to $53.00 per share. –– Tom G. MacKinnon

Monday Apr 29, 2002 economist
MANULIFE'S Q1 EARNINGS UP 24 PER CENT Manulife Financial Corp. reported a 24 per cent increase in first quarter profits on Monday, with the company crediting strong sales of U.S. pensions and annuities, the impact of acquisitions in Japan and Canada, and growth in mutual fund deposits.

Monday Feb 18, 2002 bbc
MANULIFE BUYS UP ZURICH LIFE Manulife Financial will add 193,000 customers with the acquisition of Zurich Life Insurance Company of Canada in a deal announced Monday.

Wednesday Feb 6, 2002 Toronto-Dominion Bank (TD - $41.66) Recommendation: 1-Strong Buy Target: $55.00 TD Bank announced that loan loss provisions (LLPs) for 2002 would be between $1.1 and $1.2 billion versus their previous guidance of between $835 million and $875 million. The increase in provisions includes charges related to Argentina and its communications portfolio. We believe that loan loss provisions will begin to come down in fiscal Q4 or early 2003 depending on the degree and timing of economic recovery. We are reducing our Q2 cash earnings estimate to $0.78 from $0.85 per share to reflect this change in provisions. We are also reducing our 2002 cash earnings estimates to $3.35 (was $3.60) and our 2003 estimate to $4.00 (was $4.10). We have also lowered our earnings estimates for Bank of Nova Scotia and Royal Bank based on an upward bias on LLPs. –– Kevin Choquette Manulife Financial Corp. (MFC - $41.75) Recommendation: 1-Strong Buy Target: $51.00 Manulife reported Q4 EPS of $0.70, up 17% over Q4 last year and $0.03 ahead of our $0.67 estimate largely due to better-than-expected results in the U.S. insurance and 401(k) business segments. Fundamentals remains strong with an impressive rebound in sales in Q4. New annualized insurance sales were up 24% over Q3 and wealth management premiums and deposits were up 12% over Q3. Cost controls were strong, with general expenses up just 2% YOY (excluding the effect of acquisitions). The diversity in earnings continues to provide good stability and visibility to growth. .

Tuesday Feb 5, 2002 cbc
MANULIFE PROFITS RISE; UPS DIVIDEND Manulife Financial said its annual profits set records for the eighth consecutive year, with the company crediting strong performance in its North American and Asian operations.

Fri 9/14/01
CANADIAN INSURERS COUNT EXPOSURE TO COSTS OF WORLD TRADE CENTER ATTACK
Manulife Financial, the largest insurance company is Canada, said its net losses from Tuesday's attack on the World Trade Center "are unlikely to exceed $100 million."
cbc.ca /manulife

-