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Originally Posted by macker
MFC just reported a fourth-quarter loss of $1.87 billion as they took a pounding because of their exposure to the stock market. The Manulife One and Manulife Income Plus are products that were introduced in much different market conditions and they could cause MFC even more pain and suffering going forward. Good thing they also sell DI & CI as it could be a bumpy recovery for them! Best CEO in the business though too bad he is leaving...This quarterly loss is almost AIGish...
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The 4Q loss for Manulife is nothing compared to the AIG situation. AIG was in a spot where they were losing money and on the hook for a huge amount of further losses because of their insuring of CDS issues. Manulife has taken a 4Q loss which was a little larger than projected due to its exposure to the equity market. Manulife is still very well capitalized and with their income as diversifed as it is, Manulife is still incredibly strong and sturdy. Most analysts suggest that while the losses here might be the worst of the bunch, the recovery over the next year or two will be the best of the class.
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Originally Posted by tvp2003
Thanks for the info everyone. As someone who is a saver and currently has money at the end of the month but doesn't do a whole lot with it (i.e. investing, pay down the mortgage, etc.), this could be a viable option... I'll have to get used to a psychological shift of working out of a negative balance, but if the numbers work out I will certainly consider it.
How hard is it to get everything set up? I'm guessing I'll need to requalify for everything (which shouldn't be a problem as my credit is good). Do I go through a financial planner like Slava? Are there Manulife brokers/reps that I can speak with to get more info?
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I am direct with Manulife and could answer any questions/concerns you might have.