By South China Morning Post | Created at 2024-11-19 01:36:23 | Updated at 2024-11-19 03:37:54
2 hours ago
Manulife Financial Corporation has promoted the Asia CEO of its insurance arm to run the Toronto-based company, an appointment that recognises the region’s outsize contribution to the group’s revenue.
Phil Witherington, the Asia CEO of Manulife, will take over as group CEO of Manulife Financial from May 8 next year, taking over the position from Roy Gori, according to a statement. Gori agreed to serve as an adviser to the company through August 31 next year after his retirement, the statement said.
Manulife, Canada’s biggest insurance company, is on track to surpass its earnings target in Asia, due to the launch of several innovative products that have been lapped up by wealthy customers and mainland visitors buying policies in Hong Kong.
The Toronto-based insurer’s third-quarter results released last week showed a 17 per cent increase in core earnings – profits generated from its primary business activities – in Asia. The region was also the largest profit contributor, accounting for 44 per cent of the group’s total earnings. This was up from 37 per cent last year and approaching its target of 50 per cent from Asia by 2027.
“We are making tangible progress towards our target of 50 per cent or more of our earnings coming from Asia,” Witherington said in an exclusive interview with the Post last week. “We remain absolutely confident that we will achieve that milestone before the end of 2027.”
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