March 10, 2021
TORONTO – Manulife Financial Corporation (“Manulife” or “the Company”) today provided the following statement in connection with the favourable Saskatchewan Court of Appeal ruling in the Mosten Investment LP (“Mosten”) case:
We are pleased with the Court of Appeal’s ruling prohibiting unlimited deposits into universal life insurance contracts in Saskatchewan. The Court affirmed that the Government of Saskatchewan regulation applies to all universal life policies, including the policies that are at issue in this litigation. The decision confirms that policyholders cannot make unlimited deposits into universal life insurance contracts and makes clear deposits must relate to amounts required to pay the life insurance premium.
As we have previously stated, we were always confident we would ultimately prevail in this matter and that it would not have any material impact on the Company’s business.
Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across our offices in Canada, Asia, and Europe, and primarily as John Hancock in the United States. We provide financial advice, insurance, and wealth and asset management solutions for individuals, groups and institutions. At the end of 2020, we had more than 37,000 employees, over 118,000 agents, and thousands of distribution partners, serving over 30 million customers. As of December 31, 2020, we had $1.3 trillion (US$1.0 trillion) in assets under management and administration, and in the previous 12 months we made $31.6 billion in payments to our customers. Our principal operations are in Asia, Canada and the United States where we have served customers for more than 155 years. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.
Sean B. Pasternak