Insurance & Technology is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

News

10:57 AM
Connect Directly
Twitter
LinkedIn
Google+
RSS
E-Mail
50%
50%

Manulife Acquires Canadian Ops of Standard Life

The transaction will help Manulife better serve its Canadian customers.

Manulife Financial Corporation has announced that The Manufacturers Life Insurance Company (MLI) will acquire the Canadian-based operations of Standard Life Oversea Holdings, a subsidiary of Standard Life plc. The transaction is valued at approximately $4 billion.

Manulife’s purchase strengthens its ability to better serve customers with products such as group benefits, multiple areas of asset management, and investment risk oversight throughout Canada and across the globe. It hopes to build its presence in Quebec and expand its business throughout the country.

The high price of the acquisition will not set Manulife back. “This transaction, and the financing, maintain our strong capital position, and in no way inhibit our ability to pay dividends,” said CEO Donald A. Guloien in a statement. “In fact, it will enhance our ability to increase dividends in the future.”

[Do you aspire to the C-suite, or some other spot in upper IT management? Then bulk up your credentials around today's most pressing IT movement, digital business, at the InformationWeek IT Leadership Summit.]

Kelly Sheridan is the Staff Editor at Dark Reading, where she focuses on cybersecurity news and analysis. She is a business technology journalist who previously reported for InformationWeek, where she covered Microsoft, and Insurance & Technology, where she covered financial ... View Full Bio

Register for Insurance & Technology Newsletters
Slideshows
Video