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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Manulife Financial Corporation    MFC   CA56501R1064

MANULIFE FINANCIAL CORPORATION

(MFC)
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Manulife Financial : and TTC resolve matter related to Healthy Fit case

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11/13/2019 | 10:31am EST

C$ unless otherwise stated                              
TSX/NYSE/PSE: MFC 
SEHK: 945

TORONTO, Nov. 13, 2019 /CNW/ - Manulife and the Toronto Transit Commission (TTC), in partnership, are pleased to have resolved the matter related to the Healthy Fit case. Terms of the settlement, which is related to a 2016 TTC statement of claim, were not disclosed.

Manulife and the TTC remain united in a commitment to fraud prevention and collaborated on the investigation that brought Healthy Fit to justice. We're pleased to have worked together, with law enforcement, to stop a fraudulent provider. Healthy Fit owner, Adam Smith, was convicted and sentenced in 2017.

Benefits fraud is a crime. It has serious consequences, including criminal charges and even jail time, as seen in extreme cases like this. Fraudulent claims also impact the cost of providing benefits, which influences what employers can cover, and can hurt employees who are truly in need.

Manulife continues to strengthen and invest in our comprehensive fraud program, which includes proactive efforts and prevention through our trusted provider network.

About Manulife
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, 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, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2018, we had more than 34,000 employees, over 82,000 agents, and thousands of distribution partners, serving almost 28 million customers. As of September 30, 2019, we had over $1.2 trillion (US$881 billion) in assets under management and administration, and in the previous 12 months we made $29.8 billion in payments to our customers. Our principal operations in Asia, Canada and the United States are where we have served customers for more than 100 years. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.

SOURCE Manulife Financial Corporation

© Canada Newswire, source Canada Newswire English

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Financials (CAD)
Sales 2019 78 692 M
EBIT 2019 6 973 M
Net income 2019 5 720 M
Debt 2019 -
Yield 2019 4,04%
P/E ratio 2019 8,77x
P/E ratio 2020 8,13x
Capi. / Sales2019 0,63x
Capi. / Sales2020 0,86x
Capitalization 49 439 M
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 29,91  CAD
Last Close Price 25,40  CAD
Spread / Highest target 33,9%
Spread / Average Target 17,7%
Spread / Lowest Target -3,54%
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Managers
NameTitle
Roy Gori President, Chief Executive Officer & Director
John M. Cassaday Chairman
Rahul M. Joshi Chief Operations Officer
Philip Witherington Chief Financial Officer
Shamus Edward Weiland Chief Information Officer
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