Yahoo Finance Manulife's (MFC) John Hancock Launches New Insurance Product
Manulife Financial Corporation’s MFC U.S. unit, John Hancock, recently announced the launch of the Premier Benefit Indexed Universal Life (IUL) product, enhancing its offerings in the voluntary benefit employer space.
This move bodes well for MFC, as it would enhance its product suite. This new Life insurance product will be available to employees exclusively through their workplace. Employees can apply for the insurance digitally without requiring lab or medical tests. The company will benefit from improved premiums through this new product and enhance its offerings in the United States. Hence, developing new and innovative products is expected to boost the company’s top line in future.
This new product comes with an option to enhance protection through coverage for long-term care. Employees will also gain from the benefits provided by Vitality PLUS, as they take steps toward a longer and healthier life. The new insurance policy will enable employers to retain employees, enhancing their offerings.
Manulife Financial continues to focus on developed North American economies like the United States to grow its business organically. It continues to develop new products in the life insurance space and aims to leverage an aging population and a digital economy. Moves like this should help the company attain its medium-term goal of an ROE of 15% plus.
John Hancock’s Premier Benefit IUL will enable employees to realize long-term cash value growth, flexible premium options, portable coverage and tax-free death benefits to its beneficiaries. This bodes well for the company’s objective to provide insurance products better suited to the employees’ needs.
Zacks Rank & Price Performance
Manulife Financial currently carries a Zacks Rank #3 (Hold). Shares have gained 4.7% in the past month, outperforming the industry’s growth of 2.7%.
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Key Picks
Some better-ranked stocks from the broader Finance space are Primerica, Inc. PRI,Trupanion, Inc. TRUP and Aflac Incorporated AFL. Each stock presently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The consensus mark for Primerica’s current-year earnings indicates a 36.6% year-over-year increase. Furthermore, the consensus estimate for PRI’s revenues in 2023 suggests 3.1% year-over-year growth.
The Zacks Consensus Estimate for Trupanion’s current-year earnings has improved 12.7% in the past 60 days. Also, the consensus mark for TRUP’s revenues in 2023 suggests 19.5% year-over-year growth.
The consensus mark for Aflac’s current-year earnings indicates a 12.2% year-over-year increase. The Zacks Consensus Estimate for AFL’s current-year earnings has improved 3.3% in the past 60 days.
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