Latest news with #SteveFinch
South China Morning Post
16-07-2025
- Business
- South China Morning Post
The Live Conversation: SCMP's China Conference Hong Kong 2025
The South China Morning Post's China Conference 2025 brought together renowned experts, innovators and leaders to offer insiders' insights into the complex dynamics shaping China today, as well as Hong Kong's role in a rapidly changing geopolitical landscape. The event shed light on how the city can leverage its enviable position as a superconnector between China and the world by embracing innovation and further strengthening its already formidable success in sectors such as finance, trade, logistics and tourism. More than 700 in-person attendees and over 300 online registrants from nearly 30 countries and regions around the world – working in fields including business, trade, finance, investment and technology – took part in the full-day event, which was held on July 8 at JW Marriott Hong Kong. Steve Finch, president & CEO, Manulife Asia Where capital meets innovation The theme of this year's China Conference, the flagship event of the South China Morning Post, now in its 12th edition, was 'Where capital meets innovation'. Hong Kong Chief Executive John Lee, who gave the keynote speech, said the theme was an apt description of the strength of China and of how Hong Kong contributes to its rise. 'In spite of a damaged global trade order, the expanding trade and capital flows of China, our country, help buoy the economy of the region and the world,' Lee said. Steve Finch, president & CEO of Manulife Asia, the Presenting Sponsor of the conference for the fourth year running, said in his keynote address that Hong Kong is not only vital to China's economic development, but also serves as a trusted base for global investors.
South China Morning Post
08-07-2025
- Business
- South China Morning Post
Hong Kong insurance market may grow 55% by 2032 as Greater Bay Area ages
Hong Kong's insurance business may expand by a compounded 55 per cent over the next eight years, driven by the so-called silver economy serving senior citizens and growth in the Greater Bay Area , industry experts said on Tuesday. Gross insurance premium in the city may jump to US$127 billion by 2032 from last year's US$82 billion, said Steve Finch, Manulife Financial's Asia president, citing industry forecasts. That growth is enabled by the 'depth and sophistication of Hong Kong's insurance sector, making it a centre of excellence', especially as integration between the city and the broader bay area continues to increase, Finch said during the 2025 China Conference organised by the Post The upbeat forecast underscores why Manulife (International), the Hong Kong and Macau pension unit of Canada's largest insurer, is betting on Hong Kong as it prepares to redomicile from Bermuda in November. The Toronto-headquartered insurer already gets 44 per cent of its earnings from Asia, with the region's contribution projected to reach 50 per cent by 2027. Steve Finch, president and CEO of Manulife Asia, speaks at SCMP's 2025 China Conference on July 8, 2025. Photo: Eugene Lee Another reason for Manulife's optimism is the bay area – a cluster of 11 cities around southern China's Guangdong province, including Hong Kong and Macau, that has a combined economy of almost US$2 trillion. Only 3.5 per cent of the total population of 86 million people in the region has health and life insurance, much lower than the 18 per cent in Hong Kong, providing ample opportunity for growth, Finch said. Insurers are already reporting robust sales in Hong Kong, with new life policies jumping 21.4 per cent last year to a record HK$219.8 billion (US$28.34 billion). One in four policies, or 28.6 per cent, was bought by mainland residents visiting the city, according to data from the Insurance Authority (IA).
Yahoo
10-04-2025
- Business
- Yahoo
Executive Changes At Manulife Financial (TSX:MFC) Amid CEO Appointments
Manulife Financial experienced significant executive changes recently with Steve Finch appointed as President and CEO of Manulife Asia, effective May 9, 2025, and Phil Witherington transitioning to the role of Global President and CEO. These leadership shifts at a crucial time may have influenced investor sentiment, possibly contributing to the company's 8% decline over the past month. The broad market, which fell 9.5% during recent tariff-induced volatility, also impacted Manulife's performance. This period of uncertainty affected numerous sectors and companies, reflecting broader economic concerns from the escalating trade tensions between major economies. Buy, Hold or Sell Manulife Financial? View our complete analysis and fair value estimate and you decide. Explore 21 top quantum computing companies leading the revolution in next-gen technology and shaping the future with breakthroughs in quantum algorithms, superconducting qubits, and cutting-edge research. Over the last five years, Manulife Financial's total shareholder returns reached an impressive 185.70%, spotlighting the company's capability to enhance investor value. Recent strategic decisions have supported this growth, including a focused expansion in the high-growth Asian markets and the Wealth and Asset Management business. The firm's commitment to digital transformation, exemplified by the adoption of Generative AI technology in late 2024, has been pivotal in driving operational efficiency and customer service improvements. Additionally, strong capital management practices, such as a substantial share buyback program announced in February 2025, and a 10% increase in dividends, underscore Manulife's dedication to returning value to shareholders. Despite exposure to underperforming real estate and other macroeconomic challenges, Manulife's enduring focus on financial strength and shareholder returns sets a solid platform for continued performance, although it underperformed the Canadian insurance industry over the past year. Upon reviewing our latest valuation report, Manulife Financial's share price might be too pessimistic. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TSX:MFC. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Sign in to access your portfolio
Reuters
18-03-2025
- Business
- Reuters
TSX futures flat as investors await Fed meeting
March 18 (Reuters) - Futures tied to Canada's main stock index were flat on Tuesday as investors awaited the U.S. Federal Reserve's outlook on interest rates and economic growth in the backdrop of an ongoing trade war. The S&P/TSX index futures were up 0.04% at 0650 ET (1050 GMT). U.S. stock index futures also struggled for direction. The benchmark index (.GSPTSE), opens new tab rallied for a second straight day on Monday as some investors looked at the recent tariff-related selloff as a buying opportunity. The Fed is widely expected to keep rates unchanged after its two-day meeting ends on Wednesday, but policymakers' views are now more significant amid the US' trade war with its key partners such as Canada, China and Europe. The Bank of Canada had raised concerns about inflationary pressures and weaker growth stemming from trade uncertainty after its policy meeting last week. President Donald Trump's tariff hikes are expected to put inflationary pressures and drag down growth in Canada, Mexico and the U.S., the OECD forecast on Monday. Canada's commodity-heavy benchmark index, however, could benefit from higher oil and gold prices. Oil prices rose more than 1% on Tuesday, supported by instability in the Middle East and China's plans for more economic stimulus. Gold hit another record high above $3,000, with investors seeking the safe haven asset amid concerns about the trade war and conflict flaring in the Middle East. In corporate news, Canadian insurer Manulife Financial ( opens new tab on Monday named Steve Finch as the CEO and president of its Asia unit, effective from May 9. FOR CANADIAN MARKETS NEWS, CLICK ON CODES: TSX market report Canadian dollar and bonds report CA/ Reuters global stocks poll for Canada , Canadian markets directory ($1 = 1.4291 Canadian dollars)
Yahoo
18-03-2025
- Business
- Yahoo
Manulife picks its chief actuary Steve Finch as Asia CEO to lead its biggest profit centre
Canada's biggest insurer Manulife Financial has appointed its chief actuary Steve Finch to head its Asian business, picking a company veteran to take charge of a region that is projected to become the group's single most profitable market. Finch will bring more than three decades of industry experience to his new role as president and CEO of Asia when he takes over from Phil Witherington on May 9 in Hong Kong, the company said in a statement on Tuesday. Witherington will return to Toronto to replace Roy Gori as global CEO, according to a November announcement. "I am incredibly excited about this opportunity to lead the Asia segment," Finch said in a phone interview with the Post. "The growth opportunities here are tremendous, given the status of Hong Kong as a regional financial services hub." Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Finch marked his third decade at Manulife in 2022. Before his current role as chief actuary, he served as the chief financial officer of Manulife's US unit John Hancock, and general manager of US Life. He started visiting Asia in 2016, making about five trips annually. Chief actuary Steve Finch will take over as Manulife's Asia CEO from May 9, 2025. Photo: Handout alt=Chief actuary Steve Finch will take over as Manulife's Asia CEO from May 9, 2025. Photo: Handout> "My wife and I are really excited about making the move here," said Finch, who has been in Hong Kong since January. "We came to love Hong Kong very quickly. We were finding some of the good restaurants around the city, and we are really excited about making the move here permanently." Manulife's core earnings rose 8 per cent last year to C$7.23 billion (US$5 billion). Asia contributed 44 per cent to the group profit, a higher proportion than the 37 per cent in 2023. The insurer was on track to beat its target of deriving 50 per cent of its earnings from Asia by 2027, Witherington said on Tuesday, reiterating his assessment in November. Hong Kong, the insurer's headquarters in the region, is its single largest profit generator as the return of mainland Chinese visitors, both as tourists and talent migrants, helped boost new sales in the city. Mainland Chinese spent HK$46.6 billion on life and health policies from January to September last year, according to the Insurance Authority, or 30 per cent of industry-wide sales. Some 44.5 million travellers visited Hong Kong last year, an increase of 31 per cent from a year earlier as post-pandemic cross-border travel rebounded further, according to data published by the Tourism Board. Mainland Chinese made up 77 per cent of the arrivals in the city. "We have bold ambitions for Asia," said Gori, who will stay on as an adviser to the insurer for three months when he retires in May, in what company executives described as a "seamless transition" of roles. Finch's "strong knowledge of our products and distribution channels across Asia, and passion for leading teams will help accelerate our growth agenda for this critical part of our business", Gori added. Manulife's other key markets in the Asia-Pacific region - China, Singapore, Japan, the Philippines, Indonesia and Malaysia - also reported strong sales following the launch of innovative products, customer apps and investment in call-centre technology. "There are many emerging new customer segments across Asia, including the growing high-net-worth customer segment, the continued growth of the mainland Chinese visitor customer segment to Hong Kong, as well as the growing Islamic customer segments across the region, notably in Indonesia and Malaysia," Witherington said. Finch and Witherington, along with over 200 top executives of Manulife, gathered in Shenzhen two weeks ago to map out its strategies and show the group's commitment to the Greater Bay Area. New growth segments are high-net-worth individuals, mainland Chinese policy buyers and the Islamic insurance market, especially for large Muslim populations in Indonesia and Malaysia. The insurer would invest more in digital, deploying generative artificial intelligence to provide tools to its agents to enhance their productivity in providing life, health, wealth and retirement coverage across the region, Witherington said. "Hong Kong and Asia are such important markets for us globally, so you will continue to see me in Hong Kong in the future," he added. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved. Sign in to access your portfolio
