Coronavirus: Manulife CEO warns of ‘devastation’ if economies are reopened too early

Must Read

Northern Health sees one new case of COVID-19, nine new cases across BC as of Wednesday

VICTORIA, B.C. – The total number of confirmed COVID-19 cases in the Northern Health Region is now at 63...

New dock installed at Gwillim Lake Provincial Park

TUMBLER RIDGE, B.C. - To provide better lake access for boaters, a new dock has been installed at Gwillim...

National Tourism Week festivities taking place this week in Dawson Creek

DAWSON CREEK, B.C. - Even with the COVID-19 pandemic going on, Tourism Dawson Creek is encouraging residents to celebrate...

Manulife Financial Corp’s chief executive on Thursday cautioned against reopening economies shut by the COVID-19 pandemic despite challenges that contributed to a 40 per cent decline in first-quarter profit for Canada’s biggest life insurer.

A “dramatic increase” in testing and contact tracing, and progress on development of treatments and a vaccine are needed before economies can begin returning to normal, CEO Roy Gori said at Manulife’s annual shareholder meeting.

“We cannot afford to get this wrong,” Gori said. “Subsequent pandemic waves could create greater economic and social devastation than we’ve already seen.”

- Advertisement -

Community Interviews with Moose FM

Investment gains this year look unlikely, and Manulife expects elevated credit losses through the recession, executives said on an analyst call earlier. The insurer will not meet its medium-term earnings-per-share growth target of 10-12 per cent this year, they said.

Story continues below advertisement

2:08Coronavirus outbreak: Dr. Tam questioned on federal guidelines for reopening schools

Coronavirus outbreak: Dr. Tam questioned on federal guidelines for reopening schools

Global insurance companies are seeing plunging yields slam investment returns, while the pandemic has boosted some payout expenses.


More Articles Like This