Manulife Financial: Regulated Mutual Fund Company?

Manulife Financial Corporation is a Canadian multinational insurance company and financial services provider. It is the largest insurance company in Canada and the 28th largest fund manager in the world. The company operates in Canada, Asia, and the United States, where it is primarily known as John Hancock Financial. Manulife offers a range of financial products and services, including insurance, wealth and asset management, and banking solutions. In terms of regulation, Manulife is subject to oversight by various governmental authorities in the jurisdictions where it operates, including Canada, the United States, and Asia. The company is governed by the Insurance Companies Act (ICA) in Canada and is supervised by the Office of the Superintendent of Financial Institutions (OSFI). Manulife is also subject to provincial regulation in Canada and state-level regulation in the United States. In Asia, local insurance authorities in each country or territory supervise and monitor the company's business and financial condition.

Manulife Financial Corporation is a Canadian multinational insurance company and financial services provider

Manulife was incorporated as The Manufacturers Life Insurance Company in 1887 and was headed by Canada's prime minister, John A. Macdonald. In 1958, shareholders voted to change its legal form from a joint-stock company to a mutual organization, making the company privately owned by its policyholders. In 1999, Manulife demutualized and began trading on the Toronto Stock Exchange (TSX), the New York Stock Exchange (NYSE), the Philippine Stock Exchange (PSE), and the Stock Exchange of Hong Kong (SEHK).

Manulife offers a range of financial protection, wealth, and asset management solutions to individuals, groups, and businesses. Its products include insurance, annuities, mutual funds, and banking services. The company has a diverse distribution network, including independent advisors, brokers, banks, and digital channels.

Manulife is subject to regulation and supervision by various governmental authorities in the jurisdictions in which it operates, including Canada, the United States, and Asia. The company is governed by the Insurance Companies Act (ICA) in Canada and is regulated by the Office of the Superintendent of Financial Institutions (OSFI). Manulife is also subject to provincial regulation in Canada and state-level regulation in the United States. In Asia, local insurance authorities in each country or territory supervise and monitor the company's business and financial condition.

Manulife is the largest insurance company in Canada and the 28th largest fund manager in the world

Manulife Financial Corporation is a Canadian multinational insurance company and financial services provider. It is the country's largest insurance company and the 28th largest fund manager in the world in terms of worldwide institutional assets under management (AUM). Manulife was incorporated as "The Manufacturers Life Insurance Company" in 1887 and was headed by Canada's prime minister, John A. Macdonald. The company operates in Canada and Asia as "Manulife" and in the United States through its John Hancock Financial division.

As of 2021, Manulife employed approximately 38,000 people and had 119,000 agents under contract, with CA$1.4 trillion in assets under management and administration. The company has a diverse range of financial protection, wealth and asset management, and banking solutions, and its products are distributed through a multi-channel network, including independent advisors, brokers, and its own sales agents.

In addition to insurance, Manulife also offers investment management solutions to institutional and retail clients through its Manulife Investment Management division. The company has a global presence, with subsidiaries and operations in several countries across North America, Asia, and Europe.

Manulife has a long history in the insurance industry and has expanded through acquisitions and partnerships over the years. It has also diversified its business beyond insurance to include wealth and asset management, demonstrating its commitment to innovation and adaptability in the financial sector.

Manulife was founded as The Manufacturers Life Insurance Company in 1887

Manulife Financial Corporation, or simply Manulife, was founded as The Manufacturers Life Insurance Company in 1887. It was incorporated by an Act of Parliament on June 23, 1887, and was initially headed by John A. Macdonald, Canada's first prime minister, and Alexander Campbell, Ontario's lieutenant-governor. The idea for the company came from J.B. Carlile, who had worked as an agent for The North American Life Assurance Company. Carlile's first-hand experience in the industry informed the new company's product portfolio.

The company's early success was due in large part to the work of its first managing director, J.B. Carlile, who established effective relationships with independent sales agencies across several Canadian provinces. By the time of its first annual meeting in January 1888, the company had sold 915 policies totalling $2.5 million in insurance coverage, earning it the nickname "The young Canadian Giant" in the press.

In 1890, the company sought to bolster its financial support by appointing prominent Toronto businessmen W.G. Gooderham and Edward Roper Curzon Clarkson, whose accounting firm Clarkson Gordon & Co. provided auditing services for the company. The company's first policy outside of Canada was sold in Bermuda in 1893, where it had opened its first international agency. Over the following years, the company continued to expand its international presence, selling policies in Grenada, Jamaica, Barbados, Trinidad and Tobago, Haiti, British Honduras, British Guiana, China, and British Hong Kong.

In 1901, Manulife amalgamated with the Temperance and General Life Assurance Company, a Toronto-based Canadian life insurer that provided preferred rates to abstainers of alcohol. Manulife continued to offer these rates into the 1920s. The company continued to grow and expand internationally, establishing a strong presence in Asia, particularly in China, where it opened its first branch in British Hong Kong in 1931.

In 1958, Manulife underwent a significant change as shareholders voted to transform the company from a joint-stock company to a mutual organisation, making it privately owned by its policyholders. This shift provided stability and protection from potential takeovers, as anyone seeking to take control of the company would need to purchase all its insurance policies, which was highly unlikely.

Over the following decades, Manulife continued to grow and diversify, eventually changing its name to Manulife Financial in 1990 to reflect its expanding range of products and services. In 1999, the company underwent demutualisation, once again becoming a public company owned by shareholders rather than policyholders. This move provided better access to capital markets and positioned Manulife for further growth through acquisitions.

Manulife has a diverse range of financial protection, wealth and asset management, and banking solutions

Manulife Financial Corporation is a Canadian multinational insurance company and financial services provider. In Canada, Manulife offers a diverse range of financial protection, wealth and asset management, and banking solutions through a multi-channel distribution network.

Retail insurance products are distributed primarily through independent advisors who sell products from various life insurance companies. Regional offices across Canada provide product, marketing, and sales support, tax and estate planning expertise, and financial planning tools to support these independent advisors.

Group Benefits products are distributed through a national network of regional offices, which provide local services to clients and distribution partners. Account executives work with a network of consultants, brokers, and advisors to recommend and implement appropriate benefits solutions for client companies.

Manulife's wealth and asset management solutions target customers across the investor spectrum. Mutual funds are sold through advisors regulated by the Mutual Fund Dealers Association or the Investment Industry Regulatory Organization of Canada. Distribution partnerships include independent advisors, general agency brokers, and full-service brokers with investment dealer firms. The Group Retirement business works with a network of market sources, primarily brokers and consultants, with brokers focusing on small and medium-sized enterprises and consultants working with large client companies.

Manulife Bank of Canada products are offered through financial advisors supported by a broad distribution network.

Manulife is subject to regulation and supervision by governmental authorities in the jurisdictions it operates

Manulife Financial Corporation is a Canadian multinational insurance company and financial services provider. It operates in several countries and is subject to regulation and supervision by governmental authorities in each of the jurisdictions in which it does business.

In Canada, Manulife is subject to both federal and provincial regulation. The company is governed by the Insurance Companies Act (ICA) and is administered and supervised by the Office of the Superintendent of Financial Institutions (OSFI). The ICA permits insurance companies to offer a broad range of financial services and imposes restrictions on transactions with related parties, among other requirements. OSFI supervises Manulife on a consolidated basis to ensure an overview of the group's activities and can intervene if it deems the company's capital insufficient.

In the United States, Manulife is primarily regulated by each of the states in which it conducts business and by federal securities laws. Manulife's principal US life insurance subsidiaries are subject to regulation by the insurance departments of their respective domiciliary states (Michigan, New York, and Massachusetts). These states' laws and regulations require diversification of investment portfolios and limit the amount of investments in certain categories.

In Asia, Manulife is subject to a variety of regulatory and supervisory regimes in each jurisdiction. The company's most significant operations in the region are in Hong Kong and Japan, which have comprehensive regulatory frameworks for the insurance industry. In Hong Kong, the Insurance Authority (IA) is responsible for supervision, while in Japan, the Financial Services Agency (FSA) administers the Insurance Business Law, which sets out a comprehensive regulatory regime for life insurers.

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