Manulife promotes Hancock exec to head Canada unit

Tue Nov 27, 2012 11:31am EST
 

TORONTO (Reuters) - Manulife Financial (MFC.TO: Quote), one of North America's largest insurers, has promoted Marianne Harrison to the post of general manager of its Canadian division, giving her responsibility for one of the company's three key business units.

Harrison joined Toronto-based Manulife in 2003 and has been serving as president of long-term care at Manulife-owned John Hancock Insurance. She replaces Paul Rooney, who earlier this month was appointed chief operating officer.

Harrison, a chartered accountant who worked for Toronto-Dominion Bank (TD.TO: Quote) before joining Manulife, will assume her new job on January 1 and will report to Chief Executive Donald Guloien.

In addition to its Canadian unit and its U.S. John Hancock unit, Manulife is active in 11 countries in Asia.

Its profits have suffered due to low bond yields and volatile equity markets in the wake of the 2008 market crash, but the company has targeted C$4 billion in core profit by 2016. It had core profit of C$1.65 billion through the first three quarters of 2012.

In a separate statement, Manulife said it will issue 8 million Series 11 preferred shares at C$25 each for gross proceeds of C$200 million. The offering will be underwritten by a syndicate of dealers co-led by Scotiabank, RBC Capital Markets and TD Securities, it said.

Manulife's shares were flat at C$12.48 on the Toronto Stock Exchange at mid-morning on Tuesday.

(Reporting By Cameron French; Editing by Peter Galloway)