Bloomberg News

Manulife CEO Says He's 'Counfounded' by Regulatory Regime

May 03, 2012

Manulife Financial Corp. (MFC) Chief Executive Donald Guloien said he is “confounded” by regulation placed on Canadian insurers.

“I am confounded by some of the onerous and difficult constraints imposed by our regulations and accounting regime,” Guloien said, according to speaking notes ahead of the insurer’s annual meeting in Toronto.

“I fear that an overly conservative regulatory and accounting regimen serves to depict Canadian life insurers as being far weaker than our global counterparts,” Guloien said. Guloien also said “few other companies are as well-positioned” as Manulife to expand in Asia.

To contact the reporter on this story: Sean B. Pasternak in Toronto at spasternak@bloomberg.net

To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net


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