The Financial Post reports in its Friday, Feb. 14, edition that for Manulife Financial and Sun Life Financial, both of which have sizable exposure to not only China, but Asia as a whole, it is still too early to tell what affect the coronavirus may have on their businesses.
The Post's Victor Ferreira writes that both insurers held fourth quarter earnings calls on Thursday and neither adjusted their outlook or said revenue would be materially impacted by the outbreak of the virus.
What might separate the insurers from other businesses being hit by the virus, Sun chief financial officer Kevin Strain said, is that operations can still continue even if branches and offices are shut down.
Manulife, which receives 30 per cent of its profits from Asia, addressed the virus during the call only in response to questions from analysts. Chief financial officer Phil Witherington said the company did not have enough data points to assess the situation yet. Manulife has also been forced to close its office in Wuhan, but it makes up a small proportion of sales in China.
"It's really hard to declare whether this is something that's going to impact our momentum in our results or not," Mr. Witherington said.
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