(February 7 – 14: 35 ET) – Manulife Financial has signed a letter of intent to begin distributing its individual life insurance and annuities in Canada through PPI Partners, a leading provider of insurance and related financial products to high net worth Canadians.
“This is a particularly good fit for Manulife Financial, given their focus on the high end of the market as well,” said Trevor Matthews, Executive Vice President, Canadian Operations. “Bringing us together makes a lot of sense to increase our presence in a key part of the Canadian market.”
Manulife’s letter of intent with PPI follows an announcement by Manulife on January 31 that the company will expand its individual sales and marketing capacity across Canada through distribution agreements with a number of new sales organizations and agencies in the coming year.
It also follows news early last week that RBC Insurance has reached an agreement, subject to regulatory approval, to buy the business of Prudential of America Life Insurance Co. (Canada), known as PruCan, plus a 15 per cent minority interest in PPI Partners.
-IE Staff