Canadian insurer Manulife Financial is under investigation by the Ontario Securities Commission for failing to disclose certain obligations related to its variable annuity products.
Manulife's stock price has been under pressure and the company had to draw down a $3 billon loan.
Manulife, the parent of John Hancock, has reported billion dollar earnings losses in its two most recent quarters.
The company is suffering from the decision not to hedge effectively within its variable annuity products and living benefit guarantees.
Source: The Star
Key Phrases:
Companies:
- Log in to post comments
