Manulife Gains Respect from Moody’s … and the Chinese
Canadian insurer and financial services giant Manulife Financial recently took some knocks for surprising investors with a $2.5 billion (Canadian) stock offering, described by one major shareholder as “god-awful.” Now comes some good news. Bloomberg News reports that Marc Sterling, the head of Manulife’s China operations, believes the life insurer can double or even triple its revenue by winning licenses to operate in about 100 of its cities. That would be welcome news at a time when Manulife shares have lost nearly a third of their value from this year’s high of about $25. The news comes on the heels of Canadian Prime Minister Stephen Harper’s state visit to China this week to increase business, including financial services, between the two countries….
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