S&P reaffirms Manulife rating

International credit rating agency Standard & Poor’s Ratings Service has reaffirmed its “AAA” rating on Manulife Financial Corp. and all its global subsidiaries.

 “Standard & Poor’s unchanged credit rating demonstrates its belief that Manulife will continue to exhibit the ability to effectively navigate through these difficult times, given its excellent risk management practices and capacity to issue hybrids or achieve capital relief through reinsurance or re-arranging its balance sheet if it needs to further reinforce its capital position,” Manulife said in a statement.

The Canada-based insurer, represented here by Manulife Financial Philippines, provides such financial services as life insurance and pre-need products.

Standard & Poor’s said Manulife’s “financial highlights of its third-quarter 2008 results would not affect the ratings or outlook on Manulife or the ‘AAA’ financial strength rating and stable outlook on any of its rated insurance subsidiaries.”

Manulife Financial president and chief executive officer Dominic D’Alessandro said the company’s conservative and prudent risk and business management will help us navigate this turbulent environment.

“We hope that will help reassure our clients, shareholders and partners. While not immune to the global economy, Manulife has the financial strength and liquidity to successfully weather these markets and leverage opportunities that unsettled times bring,” D’Alessandro added.

The ‘AAA’ financial strength rating remains also unchanged for subsidiaries including The Manufacturers Life Insurance Co., John Hancock Life Insurance Co., Manulife (International) Ltd. and Manulife Life Insurance Co.

Manulife Financial Philippines oversees the operations of Manufacturers Life Insurance Co. Inc., ranked among the top 10 life insurance companies in the Philippines.

Manulife has been one of the more aggressive acquirers of insurance companies or insurance portfolios, which has helped it maintain its leading position. Among its acquisitions in the Philippines are Metropolitan Life Assurance Co. and The Pramerica Life Insurance Co. Inc.

It also formed a joint venture company with China Banking Corp. to practice bancassurance in the country. — Ted P. Torres