Manulife Names Steve Finch Asia President and CEO

Rhea-AI Summary

Manulife (MFC) has announced the appointment of Steve Finch as President and CEO of Manulife Asia, effective May 9th, 2025. Finch, currently serving as Chief Actuary, will succeed Phil Witherington, who has been promoted to Manulife's President and CEO.

Finch, a member of Manulife's Executive Leadership team since 2016, brings 32 years of experience with the company. His track record includes leading significant transformations, managing historic transactions for reserve validation, and overseeing the transition to IFRS 17 and IFRS 9 standards. Previously, he served as CFO of John Hancock and General Manager of US Life Insurance, where he led the business to become a market leader in life insurance sales.

The company has set ambitious goals for its Asian operations, targeting to contribute more than 50 percent of Manulife's core earnings. A successor for the Chief Actuary position will be announced later.

Positive

• Appointment of experienced internal candidate with 32-year tenure
• Strong track record in transforming operations and driving financial performance
• Previous success in leading US Life Insurance to market leadership in sales
• Asian operations on track to achieve 50%+ contribution to core earnings

Negative

• Pending vacancy in Chief Actuary position creates temporary leadership gap

TSX/NYSE/PSE: MFC SEHK: 945

Former Chief Actuary to Succeed Phil Witherington Effective May 9th

TORONTO and HONG KONG , March 17, 2025 /PRNewswire/ - Manulife announced that Steve Finch has been appointed President and CEO of Manulife Asia, effective May 9th. Mr. Finch succeeds Phil Witherington who has been appointed Manulife's President and CEO, also effective May 9th.

Mr. Finch currently serves as Manulife's Chief Actuary and has been a member of Manulife's Executive Leadership team since 2016.

Mr. Finch has contributed significantly to Manulife's transformation and financial performance, including through several historic transactions that validated the prudence of the company's reserves, and supporting the transition to IFRS 17 and IFRS 9 accounting standards. He is a proven leader across both functional and commercial areas of Manulife's business. Previously, he served as the Chief Financial Officer of John Hancock, Manulife's US business, and prior to that, he served as the General Manager of the company's US Life Insurance business, leading the business to be the market leader in life insurance sales. Mr. Finch has served in additional roles including in reinsurance, product development, and marketing across his 32-year tenure with Manulife. He is a graduate of Queen's University and holds a B.ScH in Statistics. He is a Fellow of the Canadian Institute of Actuaries and a Fellow of the Society of Actuaries.

"Steve has helped deliver our transformation and drive strong financial performance, reshaping our portfolio towards higher return and lower risk and validating the prudence of our reserves," said Roy Gori, President and CEO of Manulife. "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."

"Steve is a proven leader who has developed our actuarial talent globally into one of the best teams in the industry," said Mr. Witherington. "He'll bring that same approach to supporting our team in Asia, helping us drive high-quality, sustainable growth and achieve our ambition to be the number one choice for customers and contribute more than 50 percent of Manulife's core earnings – a goal we're well on track to achieve."

The successor for Chief Actuary will be announced in due course and Mr. Finch will work with that leader to ensure a seamless transition.

About Manulife  

Manulife Financial Corporation is a leading international financial services provider, helping our customers make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States, providing financial advice and insurance for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2024, we had more than 37,000 employees, over 109,000 agents, and thousands of distribution partners, serving over 36 million customers. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and under '945' in Hong Kong. 
 
Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com. 

Media Contact
Anne Hammer
Manulife
201-925-1213
ahammer@manulife.com

Investor Relations
Hung Ko
Manulife
416-806-9921
hung_ko@manulife.com 

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SOURCE Manulife Financial Corporation

FAQ

When will Steve Finch start as Manulife Asia's CEO and who is he replacing?

Steve Finch will start as Manulife Asia's CEO on May 9th, 2025, replacing Phil Witherington who is becoming Manulife's President and CEO.

What is Manulife's (MFC) earnings target for its Asian operations?

Manulife aims for its Asian operations to contribute more than 50% of the company's core earnings.

What was Steve Finch's previous role at Manulife (MFC)?

Steve Finch served as Manulife's Chief Actuary and has been a member of the Executive Leadership team since 2016.

What are Steve Finch's key achievements at Manulife (MFC)?

Finch led significant transformations, managed historic transactions for reserve validation, served as John Hancock's CFO, and led US Life Insurance to become a market leader in sales.