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| Type | Public (TSX: MFC, NYSE: MFC, SEHK: 945, PSE: MFC) |
|---|---|
| Founded | 1887 |
| Headquarters | Toronto, Ontario, Canada |
| Key people | Donald Guloien, President and Chief Executive Officer Gail C.A. Cook-Bennett, Chair of the Board of Directors |
| Industry | Financial Services (Insurance) |
| Revenue | ▼ $33 billion CAD (2008) |
| Net income | ▼ $517 million CAD (2008) |
| Employees | 22,000 |
| Website | http://www.manulife.com/ |
Manulife Financial Corporation (NYSE: MFC, TSX: MFC, SEHK: 945, PSE: MFC), also known as The Manufacturers Life Insurance Company, is a major Canadian insurance company and financial services provider. Although its global head office is located in Toronto, with its Canadian operations based out of Waterloo, Ontario, Manulife has worldwide operations, most notably in the United States (through its subsidiary, John Hancock Insurance) and in 10 unique Asian countries and territories.
Manulife Financial is the largest insurance company in North America and the world's fourth largest, based on market capitalization. Manulife ranks number 91 on the Forbes Global 2000 list (2008 edition); by that measure, it is the second largest company in Canada.
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History
Manulife Financial was founded in 1887 as The Manufacturers Life Insurance Company. Its first president was the first Prime Minister of Canada, Sir John A. Macdonald. In 1897, Manulife Financial expanded its operations into Asia, including China and Hong Kong.
Manulife currently has 47,000 employees and agents.[1] It also holds considerable political sway, through former President and CEO Dominic D'Alessandro, who sits as one of only ten Canadian members of the North American Competitiveness Council, the group that directs much of the policy of the Security and Prosperity Partnership of North America (SPP).
Dominic D’Alessandro was formerly an executive vice president at the Royal Bank of Canada, departing in 1988 when he was appointed President and Chief Executive Officer of the Laurentian Bank of Canada.
In 2004, D'Alessandro led Manulife's acquisition of John Hancock Insurance (D'Alessandro is unrelated to Hancock CEO David D'Alessandro) and Maritime Life.
In October 2008, Manulife Financial Corp. was named one of Greater Toronto's Top Employers by Mediacorp Canada Inc., which was announced by the Toronto Star newspaper.[2]
Corporate governance
Current members of the board of directors of Manulife Financial are: Gail C.A. Cook-Bennett (Chair), Donald A. Guloien, Linda B. Bammann, John M. Cassaday,Thomas P. d’Aquino, Richard B. DeWolfe, Robert E. Dineen, Jr., Pierre Y. Ducros, Scott M. Hand, Robert J. Harding, Luther S. Helms, Thomas E. Kierans, Lorna R. Marsden, andHugh W. Sloan, Jr.. Former director Michael Wilson resigned as director after 11 years, on being appointed Canadian ambassador to the United States of America in March 2006. Former Chairman Arthur Sawchuk retired in October 2008.[3]
Sponsorship and naming
Manulife Financial was worldwide sponsor for 2008 Summer Olympics. The sponsorship was acquired along with John Hancock Financial Services.
Manulife is the namesake tenant in the tallest building in Edmonton, Alberta, Manulife Place.
See also
References
External links
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