Manulife Financial is an International financial services group that has been running for the last one hundred and twenty-five years. The group is headquartered in Canada as Manulife Financial where its principal operations are carried out but has several subsidiaries in Asia and the United States. In the United States, the company is known as John Hancock. The company provides financial services, for example, pensions, group benefits, health insurance, long-term care services, mutual funds and life insurance (Manulife Financial). The company also offers reinsurance services. To understand how Manulife Financial can make their programs take advantage of the globalization, it is imperative to conduct a SWOT analysis of the firm.
SWOT Analysis …show more content…
Because of their strong brand image and market reputation, it was the worldwide sponsor of the 2008 summer Olympics.
• Manulife Financial has revenue diversification by providing different finance related products and services in equally diversified geographical markets; therefore, their revenue stream does not rely on any single division. This varied revenue stream reduces business risk and also provides cross-selling opportunities.
• Changes in tax treatment on retirement and wealth management income introduced by the authority will attract the populace to purchase more financial products from Manulife.
• The preferred competitive strategy will be one that leverages on the strengths of Manulife to capitalize on the opportunities of global economic boom and the opening up of emerging companies while minimizing the impact of high regulatory barriers and the crash of the global insurance industry.
Weaknesses
• As the debt crisis will persist at least in the medium term in many developed countries, it is anticipated that there is little scope for the reduction of …show more content…
It has showed exceeded $1 trillion in funds under management at the end of 2014 and is expected to keep growing.
• The Market penetration not just in Asian growth markets, the company is planning the geographical expansion to lead their institutional can be penetrated into Europe, Middle East and Latin American market.
• A strong grow rate in the Canadian insurance market in the recent years. According to MarketLine (Company profile. Manulife Financial Corporation, 2015), the Canadian insurance market grew by 2.2% in 2014 to reach a value of $128.2 billion. Canada accounts for 7.69 of the Americas insurance market value. Canadian life insurance market expansion rapidly gives significant opportunities for Manulife to sustain and increase their market share.
• The federal government of Canada launched a pooled registered pension plans (PRPPs) in October 2014. Manulife Financial is one of the first companies in the industry to obtain approval for its federal PRPP product from the Canada Revenue Agency (CRA) and the Office of the Superintendent of Financial Institutions (OSFI). It leads the company has well positioned to benefit from the introduction of the scheme.
SWOT Analysis …show more content…
Because of their strong brand image and market reputation, it was the worldwide sponsor of the 2008 summer Olympics.
• Manulife Financial has revenue diversification by providing different finance related products and services in equally diversified geographical markets; therefore, their revenue stream does not rely on any single division. This varied revenue stream reduces business risk and also provides cross-selling opportunities.
• Changes in tax treatment on retirement and wealth management income introduced by the authority will attract the populace to purchase more financial products from Manulife.
• The preferred competitive strategy will be one that leverages on the strengths of Manulife to capitalize on the opportunities of global economic boom and the opening up of emerging companies while minimizing the impact of high regulatory barriers and the crash of the global insurance industry.
Weaknesses
• As the debt crisis will persist at least in the medium term in many developed countries, it is anticipated that there is little scope for the reduction of …show more content…
It has showed exceeded $1 trillion in funds under management at the end of 2014 and is expected to keep growing.
• The Market penetration not just in Asian growth markets, the company is planning the geographical expansion to lead their institutional can be penetrated into Europe, Middle East and Latin American market.
• A strong grow rate in the Canadian insurance market in the recent years. According to MarketLine (Company profile. Manulife Financial Corporation, 2015), the Canadian insurance market grew by 2.2% in 2014 to reach a value of $128.2 billion. Canada accounts for 7.69 of the Americas insurance market value. Canadian life insurance market expansion rapidly gives significant opportunities for Manulife to sustain and increase their market share.
• The federal government of Canada launched a pooled registered pension plans (PRPPs) in October 2014. Manulife Financial is one of the first companies in the industry to obtain approval for its federal PRPP product from the Canada Revenue Agency (CRA) and the Office of the Superintendent of Financial Institutions (OSFI). It leads the company has well positioned to benefit from the introduction of the scheme.