Manulife Financial Corp

MFC: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	CAD 46.00	Mljv	Vdxdqzxrq

Rising Rates Are Positive for Life Insurers in the Long Run; Relaunching Manulife at CAD 27.50 FVE

Suryansh Sharma

Jan 6, 2023

We are relaunching Manulife Financial with a fair value estimate of CAD 27.50 per share after taking a fresh look at it. Our fair value estimate implies that Manulife is slightly undervalued at the current prices. Manulife provides a variety of financial services products, including life insurance, annuities, and investment management products mainly in the U.S., Canada, and Asia. The investment management business of the company has achieved adequate scale and is a source of stable earnings and sustained cash flows. We assign a no-moat rating, a stable moat trend, and a standard capital allocation rating to the company.

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We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.

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