A.M. Best Assigns Rating to Manulife's Preferred Shares; Affirms Existing Debt Ratings.Business Editors OLDWICK, N.J.--(BUSINESS WIRE)--June 18, 2003 A.M. Best Co. has assigned an "a" rating to Manulife Financial Manulife Financial (NYSE: MFC, TSX: MFC, SEHK: 945, PSE: MFC), also known as The Manufacturers Life Insurance Company, is a major Canadian insurance company and financial services provider. Corporation's (Manulife) (Toronto) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension , NYSE NYSE See: New York Stock Exchange : MFC (Microsoft Foundation Class) An application framework for writing Microsoft C/C++ and Visual C++ applications. See application framework. MFC - Microsoft Foundation Class ) issuance of CAD 350 million 4.10% non-cumulative preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . The preferred shares will be issued under a prospectus supplement to Manulife's base shelf registration dated October 7, 2002. Concurrently, A.M. Best has affirmed Manulife's existing debt ratings, and the financial strength ratings of the life insurance subsidiaries remain unchanged. The outlook for all the ratings is stable. The ratings reflect Manulife's established presence in multiple markets, robust profitability from its geographically diversified businesses, conservative reserving practices and superior capitalization. Manulife maintains a strong franchise as a top provider of financial protection products and wealth management services in Canada, the United States and Asia. A.M. Best believes the consistent flow of earnings from Manulife's core businesses is sustainable and provides ample liquidity to strongly support its long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. service capabilities. Manulife's operational and geographic diversification, as well as its solid positions in numerous markets, have somewhat insulated it from wide fluctuations in revenues and earnings. Manulife Financial Corporation is a leading Canadian-based financial services group operating in 15 countries and territories worldwide. As of March 31, 2003, Manulife Financial Corporation reported funds under management of CAD 141.6 billion. The following debt rating has been assigned: Manulife Financial Corporation-- "a" on CAD 350 million 4.10% non-cumulative preferred shares The following debt ratings have been affirmed: Manufacturers Life Insurance Company-- -- "aa-" on CAD 250 million 5.70% subordinated debentures, due 2011 -- "aa-" on CAD 550 million 6.24% subordinated debentures, due 2016 -- "aa-" on USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 250 million 7.875% subordinated notes, due 2005 The Manufacturers Investment Corporation (MIC Financing Trust I)--(guaranteed on a subordinated basis by Manufacturers Life Insurance Company) -- "aa-" on USD 500 million 8.375% Capital Trust Pass-through Securities (TRUPS TRUPS Capital Trust Pass-Through Securities ) Units Manulife Financial Capital Trust (MaCS)-- -- "a+" on CAD 60 million Manulife Financial Capital Securities - Series A -- "a+" on CAD 940 million Manulife Financial Capital Securities - Series B A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion