Insurers prepare ad blitz

Article Abstract:

Toronto, Ontario-based Manufacturers Life Insurance Co., Waterloo, Ontario-based Mutual Life Assurance Co. of Canada, Toronto, Ontario-based Canada Life Assurance Co. and Toronto, Ontario-based Sun Life Assurance Co. of Canada, four of the largest mutual-life insurance firms in Canada, disclosed plans to jointly implement an approximately C$300,000 advertising campaign for a single day. The four firms' advertising initiative is aimed at promoting their efforts to conduct an initial public offering for their operations. The four firms' advertisements will appear in several insurance printed materials, two national periodicals and 24 daily newspaper publications.

Comment:

Discloses plans to implement an approximately C$300,000 advertising campaign for a single day to promote its IPO plans

Advertising, Sun Life Assurance Company of Canada, Canada Life Assurance Co., Mutual Life Assurance Company of Canada

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Mutual Life rating lowered a notch by U.S. agency

Article Abstract:

Waterloo, Ontario-based Mutual Life Assurance Co. of Canada's credit rating has been lowered by A.M. Best Co., a US credit rating agency. According to A.M. Best, it lowered its rating for Mutual Life by one notch, to A-plus from A-double-plus, because the company relies too much on the Canadian market. According to A.M., the company may not get the kind of profit that is expected from a top-ranked life insurer when goes public. Although the company is disappointed with A.M. Best's move, it still thinks that A-plus is a very strong rating.

Comment:

Credit rating has been lowered by A.M. Best, a US credit rating agency

Financial analysis, Mutual Life Assurance Co.

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Manulife sets IPO at low end of $18

Article Abstract:

Manufacturers Life Insurance Co (Manulife) has settled on $18 as the final price for its initial public offering. Manulife had wanted an $18-$24 range for its IPO but settled on the bottom price due to investor resistance in the US. Manulife president and CEO Dominic D'Alessandro also attributed the lower IPO price to the decline in market prices. Its shares will be sold in stock exchanges in New York, Toronto, Montreal, Hong Kong and Manila.

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