June 28, 2018 13:30
Photo : Freepik
A week after Manulife announced that it will cut 700 jobs and consolidate its administrative functions, the insurer has the clear objective to improve its performance in its business and aims to free up $ 5 billion (billions of$) in the capital by 2022, according to what he said to an institutional investor during the investor Day, which took place on June 27 in Toronto.
Manulife also intends to manage its costs and be more competitive, with the different possibilities to reduce its costs and improve its efficiency in order to achieve an efficiency ratio of 50 % and cost savings and avoidance of$ 1 billion by 2022.
Investing in promising sectors
The insurer says it hopes to grow and invest in sectors that present good business opportunities, such as Asia, the overall management of property and assets, in addition to insurance and benefits related social behavior. For this purpose, Manulife has set a target of generating two thirds of the earnings of companies with strong potential in 2022.
As a reminder, Manulife announced its intention to recruit and develop talent in digital in the context of a digitization program, as well as to consolidate the headquarters of its canadian division to Kitchener-Waterloo in one of two places.
The 700 positions will be eliminated over the next 18 months through a voluntary retirement program and attrition is natural.