Manulife pushes back earnings target, names Rooney COO

Thu Nov 15, 2012 8:19am EST
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TORONTO Nov 15 (Reuters) - Manulife Financial Corp pushed back its earnings target by about a year on Thursday, citing economic volatility and hedging costs, and promoted Paul Rooney, currently the head of the Canadian division, to chief operating officer.

"The company is establishing financial targets of C$4 billion in core earnings and 13 percent core return on equity in 2016, and a leverage ratio of 25 percent over the long-term," Manulife said in a statement released ahead of its institutional investor day in Toronto.

"These targets are just over a year delayed from the financial targets set in 2010 - as a result of macro-economic volatility, incremental costs of hedging earlier than anticipated, various capital initiatives, and basis changes."