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Reduction spending of$ 5 billion : Manulife to two-thirds of its goal

by

Hubert Roy

January 9, 2019 11:30

Last summer, Roy Gori, CEO of Manulife, has presented a plan in which his company wanted to reduce its expenditure of five billion (G$) us dollars by 2022. The company has already saved$ 3.4 billion, or two-thirds of its goal.

Mr. Gori has revealed this information during a conference call held with financial analysts following the disclosure of the financial results for the third quarter of the insurer. He said he was “very satisfied” of the progress made in this chapter.

The insurer had also announced in 2018 that jobs would be cut in North America, including in Canada, including through a program of voluntary retirement. Here, too, progress is satisfactory, ” said Mr. Gori. Manulife believes that it will achieve $ 300 million in savings from this measure.

A million automated transactions in Canada

Mr. Gori has made the point on the digital deployment of Manulife. In Canada, during the third quarter of 2018, the insurer has completed its one millionth transaction processed in an automated way.

Still in Canada, Mr. Gori has revealed that sales of individual life insurance increased by 18 % year on year, boosted by the launch of its product’s entire life with participation. Despite this, sales of Manulife are decreasing in Canada, following the loss of major groups in the insurance collective.

Vitality : sales on the increase everywhere

Insurance behavioral, in which Manulife is the promotion by the means of its Vitality programme, has seen its sales double in the United States and Asia over the past year, revealed Mr. Gori. Since the 1st of October, Vitality is included on all life insurance policies sold in the United States.

In Canada, sales of Vitality are increased by 39 % compared to what they were in 2017 in the third quarter.

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