Industry ‘will see how things shake down’ with new lifeco solvency metric [Investment Executive - News]
Manulife Financial Corporation (MFC)
Last manulife financial corporation earnings: 2/12 05:00 pm
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Source: Investment Executive - News
A key yardstick for measuring the risk that a lifeco won’t have enough money to pay claims is about to change. While it’s too early to predict how the change will affect balance sheets, the federal solvency regulator is trying to avoid major changes to key lifeco solvency metrics. The Office of the Superintendent of Financial Institutions (OSFI) has modified the life insurance capital adequacy test (LICAT) to help OSFI understand how companies perform under International Financial Reporting Standard (IFRS) 17, EY Canada insurance leader Janice Deganis said. The LICAT change, which OSFI released on July 21, has “been in the works for three years now,” Deganis said. IFRS 17 replaces IFRS 4 as of Jan. 1, 2023, and the revised LICAT — a 217-page document — takes effect the same day. The new LICAT won’t change the financial health of a life insurer, said Steve Prince, head of RSM Canada’s stochastic modeling unit and president-elect of the Canadian Institute of Actuaries. “It’s about a
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MFC
Earnings
- 2/14/24 - Beat
MFC
Sec Filings
- 3/25/24 - Form 6-K
- 3/22/24 - Form 6-K
- 2/28/24 - Form S-8
- MFC's page on the SEC website