The leadership transition follows a year of record financial performance for the company and aligns with ongoing efforts to expand its presence in Asia.
Finch will take over from Phil Witherington, who has been appointed Manulife’s global president and CEO, also effective May 9.
Finch, who currently serves as Manulife’s chief actuary, has been with the company for more than three decades, holding senior positions in finance, actuarial functions, and risk management. He previously served as chief financial officer of John Hancock, Manulife’s US subsidiary, and as general manager of its US life insurance business.
He holds a bachelor of science in statistics from Queen’s University and is a fellow of both the Canadian Institute of Actuaries and the Society of Actuaries.
Manulife president and CEO Roy Gori said Finch’s experience in financial strategy and risk management would be instrumental in advancing the company’s expansion in Asia.
“We have bold ambitions for Asia, and his deep appreciation of our business at a commercial and functional level, strong knowledge of our products and distribution channels across Asia, and passion for leading teams will help accelerate our growth agenda for this critical part of our business,” he said.
Witherington said that Finch’s leadership in actuarial strategy has helped shape Manulife’s long-term financial direction.
“Steve is a proven leader who has developed our actuarial talent globally into one of the best teams in the industry,” he said. “He’ll bring that same approach to supporting our team in Asia, helping us drive high-quality [and] sustainable growth and achieve our ambition to be the number-one choice for customers and contribute more than 50% of Manulife’s core earnings – a goal we’re well on track to achieve.”
Finch’s appointment is part of a broader leadership restructuring within Manulife Asia.
Dr Kah Siang Khoo, currently CEO of Singapore, will take on the role of CEO of emerging markets, overseeing Cambodia, Indonesia, Malaysia, Myanmar, and the Philippines.
Benoit Meslet, CEO of Japan, will transition to CEO of Singapore. Meanwhile, Ryan Charland, CEO of Indonesia, will assume leadership of Manulife’s Japan operations.
Lauren Sulistiawati has been named CEO of Indonesia, and Adrienne O’Neill has been appointed Manulife Asia’s chief financial officer.
Manulife has not yet announced Finch’s successor as chief actuary. The company stated that Finch would work closely with his replacement to ensure a smooth transition.
The leadership changes align with Manulife’s strategy of strengthening its footprint in Asia, with a long-term goal of having the region contribute more than 50% of its core earnings by 2027.
The leadership overhaul in Asia comes as Manulife reports record earnings for 2024, with core earnings reaching CA$7.2 billion (US$5.1 billion), an 8% increase from the prior year.
Manulife Asia played a key role in this growth, posting a 27% increase in core earnings. The region’s strong performance also contributed to a more than 30% increase in new business metrics, including annual premium equivalent (APE) sales and new business value.
