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Speaking at an annual meeting, Manulife CEO Roy Gori offered assurances that the conflict between Canada and China has not had a direct impact on the company’s business in the region.
Gori added that Manulife continues to work closely with relevant stakeholders and regulatory authorities to make sure that the company “can navigate this as well as we can.” The executive even said that he expects the Chinese franchise to remain strong.
The executive’s statements come after China recently suspended the export permits of two Canadian pork exporters allegedly over package mislabelling, The Canadian Press reported. The suspension was the latest in a series of actions Beijing has taken after Ottawa detained Huawei executive Meng Wanzhou late last year.
Gori remains hopeful for Manulife’s business in China, noting that the company has been operating in Asia for more than 120 years.
“Through the many years that we have operated in Asia, and in China, we have seen various challenges, points of tension and economic cycles,” he said.
The Canadian Press reported that Manulife’s business in Asia was a strong contributor in its latest quarter. Net income attributable to shareholders surged by 59% $2.18 billion ($1.08 per diluted share), up from $1.37 billion or 67 cents per share the previous year.
Last month, Manulife was one of only five global insurers provisionally authorized to operate in Myanmar.
