Toronto – Moody’s Investor Services today raised the insurance financial strength ratings on Manulife Financial’s rated insurance subsidiaries to 'Aa1' from 'Aa2'. This makes Manulife Financial one of only two publicly traded life insurance companies in North America with such ratings, the second highest afforded by Moody’s.
According to Moody’s Investor Services, the upgrade reflects Manulife’s success in continually strengthening the Company's diversified and predictable earnings profile, its excellent financial flexibility and conservative capital structure, and its durable, well-positioned franchises in North America and Asia.
“We are very pleased that Moody’s Investor Services has recognized the financial and operational strength of our company with this Aa1 rating,” said Dominic D’Alessandro, President and Chief Executive Officer of Manulife Financial. “Customers today are increasingly interested in the strength of their financial institutions. This Aa1 rating from Moody’s, together with Standard & Poor’s highest AAA rating, provides additional comfort to our customers that we will be here to fulfill our long-term promises.”
The upgraded ratings include the insurance financial strength ratings of The Manufacturers Life Insurance Company, John Hancock Life Insurance Company, John Hancock Variable Life Insurance Company, and John Hancock Life Insurance Company (U.S.A.) – all of which were upgraded to Aa1 from Aa2 with a stable outlook.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 19 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners. Funds under management by Manulife Financial and its subsidiaries were Cdn$410 billion as at June 30, 2007.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘0945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
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