21:19:37 EDT Thu 06 Aug 2020
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Manulife Financial Corp
Symbol MFC
Shares Issued 1,957,390,032
Close 2019-08-08 C$ 22.29
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Globe says Manulife, Sun not in an acquisitive mood

2019-08-09 08:31 ET - In the News

Also In the News (C-SLF) Sun Life Financial Inc

The Globe and Mail reports in its Friday edition that Manulife Financial and Sun Life Financial are piling up capital and continuing to face questions about when they might use the cash piles for big deals. The Globe's David Milstead writes that Manulife chief executive officer Roy Gori tried on Thursday to temper expectations, saying "we don't need inorganic opportunities" to deliver on our earnings goals. "We want to make sure that we're not just making acquisitions for the sake of doing a transaction." Sun CEO Dean Connor said last week that while "we continue to be very active in looking for opportunities," Sun Life's near-term focus is on strategic partnerships. Manulife said Thursday it has $25-billion in capital more than required. That leads to questions about whether some might be spent on buying another business, particularly outside of Canada. Desjardins analyst Doug Young noted Manulife's India joint venture and asked whether the company might see some "inorganic opportunities" there. Manulife responded saying "first and foremost" it wants to improve its debt metrics. Manulife said it also wants to continue share buybacks. Sun Life said last week it plans to launch a new buyback program this month.

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