11 September 2019 11:30
Manulife has set as its goal in June 2018 would reduce his expenditure of five billion dollars. All seems well on its way to come true, if we rely on the words of its CEO Roy Gori.
On a conference call with financial analysts, he revealed that Manulife had identified$ 3.7 billion of capital. Some of the initiatives put in place bear fruit later, this figure climbs to$ 4.3 billion, or 86 % of the goal of Manulife.
This is not finished, according to Mr. Gori. “We believe that we will have other opportunities to reduce our risk profile and freeing up capital that we can redeploy. We evaluate all options, both organic and non-organic, to optimize the management of our volumes of our blocks as heritage. We continue to manage aggressively our expenses to improve our efficiency. “
Mr. Gori made the remarks following the disclosure of results for the second quarter of 2019, the 8th of August. The Journal of insurance has seen the transcript of the teleconference to this subject, made public in the beginning of the week.
The expenditure of Manulife were up 3% in the second quarter of 2019, compared to the same period of 2018. Since the beginning of 2019, this increase is 1 %.