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DUFF & PHELPS RATES SUBSIDIARIES OF MANULIFE FINANCIAL

 CHICAGO, July 22 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has reaffirmed the claims paying ability ratings of `AAA' (Triple-A) for both The Manufacturers Life Insurance Company of America and The Manufacturers Life Insurance Company (USA). Both companies are indirect, wholly owned subsidiaries of The Manufacturers Life Insurance Company (Manulife Financial), which is a leading mutual life insurance organization domiciled in Canada. The board of directors of Manulife Financial has resolved to maintain adequate surplus and capital in The Manufacturers Life Insurance Company of America and The Manufacturers Life Insurance Company (USA), so long as they remain wholly owned subsidiaries. Manulife Financial's consolidated assets at year end 1992 were C$37.0 billion (including segregated funds), and consolidated adjusted capital and surplus (including deferred gains) was approximately C$3.5 billion. Manulife Financial's claims paying ability is rated `AAA' by Duff & Phelps Credit Rating Co.
 The Manufacturers Life Insurance Company of America primarily markets variable universal life and variable annuity products through ManEquity, Inc. an affiliated securities broker. The company is domiciled in Pennsylvania and is licensed to sell variable products in 49 states and the District of Columbia. The company's non-guaranteed separate accounts are supported by Manulife Series Funds, Inc., an open-end diversified investment management company with six funds. The Manufacturers Life Insurance Company of America has a formal service agreement and maintains reinsurance agreements with Manulife Financial. As of year end 1992, the company's assets totaled $136 million, of which 75 percent were in separate accounts. Capital and surplus totaled $56 million. The company has invested $7.8 million in branch operations of Taiwan.
 The Manufacturers Life Insurance Company (USA) is domiciled in Maine and is licensed in 47 states and the District of Columbia. The company's primary line of business prior to 1989 was payroll deduction universal life, but this line's active marketing was ceased, accepting new policies only under existing accounts. Manulife Financial ceded a block of GICs to the company in 1989, substantially all of which will mature in the next three years. The Manufacturers Life Insurance Company (USA) had total assets of $268 million as of Dec. 31, 1992. Total capital and surplus was $14 million.
 -0- 7/23/93
 /CONTACT: Kevin A. Ceurvorst, CFA of Duff & Phelps Credit Rating Company, 312-368-3144/


CO: The Manufacturers Life Insurance Company of America;
 The Manufacturers Life Insurance Company (USA) ST: Pennsylvania, Maine IN: INS SU: RTG


PS -- NY046 -- 5129 07/23/93 11:59 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
Words:407
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