A life insurance company incorporated under the ICA. MFC was incorporated under the ICA on April 26, 1999 for the purpose of becoming the holding company of Manufacturers Life following its demutualization.
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Individual insurance sales were up 6% and the Canadian business was up 7% and up 35% in Asia. The variable annuity sales are still low and need to pick up for MFC to make any large moves in earnings. Management has been focused on hedging their risk in the variable annuity products will help keep their earning steady and decrease risk of volatility due to any unexpected market turns.