Manulife's Variable Annuity Business Cushioned

CIBC Wood Gundy, April 2009The primary concern surrounds Manulife�s variable annuities, which are equity-related products that guarantee customers will receive fixed annual income streams, even if stock markets fall. Although many of these products do not begin to mature for five to seven years, leaving considerable time for markets to recover, Manulife must set aside reserves to cover any