In a strategic move to solidify its presence in the growing Asian market, Manulife Financial, Canada’s largest insurer, has appointed Steve Finch, the company’s chief actuary, as the new president and CEO of its Asia segment. This decision marks a significant milestone for Manulife as it positions itself to capitalize on the immense growth opportunities in the region. Finch, a seasoned industry expert with over three decades of experience, is set to assume his new role on May 9, succeeding Phil Witherington in Hong Kong.
“It’s a great honor and privilege to lead the Asia segment at Manulife,” Finch expressed in a recent phone interview. “The potential for growth here is truly remarkable, especially considering Hong Kong’s status as a key financial hub in the region.” Finch’s appointment comes at a pivotal time for Manulife, as the company aims to strengthen its foothold in Asia, which is projected to become its most lucrative market.
A Seasoned Leader with a Global Perspective
Having joined Manulife in the early 1990s, Finch has held various key positions within the organization, including serving as the chief financial officer of Manulife’s US division, John Hancock, and as the general manager of US Life. His extensive experience in different facets of the insurance industry has equipped him with the knowledge and expertise needed to navigate the complexities of the Asian market successfully. Notably, Finch began visiting Asia frequently in 2016, making approximately five trips to the region each year, which has allowed him to develop a deep understanding of the local dynamics and business landscape.
“I am looking forward to the opportunities and challenges that lie ahead in my new role,” Finch remarked. “My wife and I have already started to immerse ourselves in the vibrant culture of Hong Kong, exploring the city’s culinary delights and embracing the unique lifestyle it offers. We are excited to make this city our new home.”
Seizing Growth Opportunities in Asia
Manulife’s decision to appoint Finch as the head of its Asia business aligns with the company’s strategic vision of expanding its presence in the region. With Asia accounting for 44% of Manulife’s total profit in the previous year, the company is on track to surpass its goal of generating 50% of its earnings from Asia by 2027. This shift underscores the significance of the Asian market for Manulife’s overall growth strategy and reflects the company’s commitment to maximizing its potential in the region.
As Finch prepares to assume his new role, the focus will be on leveraging Manulife’s strong foundation in Asia to drive further growth and innovation. With a robust track record of delivering solid financial performance, Manulife is well-positioned to capitalize on the evolving needs of customers in the region and to continue building its reputation as a trusted insurance provider.
In conclusion, Steve Finch’s appointment as the new president and CEO of Manulife’s Asia segment signifies a strategic move by the company to capitalize on the immense growth opportunities in the region. With Finch’s wealth of experience and expertise, coupled with Manulife’s strong performance in Asia, the company is poised to achieve new heights of success in one of its key markets. The future looks bright for Manulife as it embarks on this exciting new chapter under Finch’s leadership.
