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Manulife at risk from $1.6b bancassurance deal with DBS
Asian expansion will dilute Manulife’s strength.
DBS will get a windfall from its $1.6b bancassurance deal with Manulife, but Moody’s warns that the aggressive expansion move might put Manulife at risk.
According to Moody’s, MFC’s reliance on earnings from international operations will increase, and will proportionately displace the stable and sustainable earnings from within Canada, which are growing at a slower rate.
“The DBS deal will accelerate this trend. DBS has particular strength in Singapore, one of the most stable operating environments in Asia,” stated Moody’s.
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