Canada’s largest life insurer Manulife is commemorating the silver anniversary of its historic initial public offering.
Back in 1999, the company’s IPO set a record in Canadian history, raising $2.5 billion. To celebrate the past 25 years, Manulife will ring the opening bell at the Toronto Stock Exchange today (October 4), marking both its progress and continued influence in the industry.
Founded in the 1880s and headquartered in Toronto, Manulife has grown into a global insurance and asset management leader. It has been operating in Asia since 1897 and is known as John Hancock in the US. Today, the company serves 35 million customers globally.
Reflecting on its evolution, Manulife emphasized the company’s transformation over the last quarter-century. “Through our global expansion to our reimagining how our products can help customers live better, we have reshaped our company and set the bar for our industry,” the company noted.
Manulife has shifted from a traditional insurance model, centred primarily on death benefits and claims, to one focused on enhancing customer health and longevity.
Meanwhile, Manulife has delivered a total return exceeding 800% to its shareholders since its IPO, a stark contrast to the 430% return seen by the S&P/TSX Composite Index over the same period.
Manulife has grown from serving one in 10 Canadians in 1999 to one in four today. Its market capitalization has surged from approximately $9 billion to $65 billion, while its workforce has expanded from 12,000 employees to 38,000.
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