As there is significant need to accurately disclose the results of embedded value at Manulife, the Manulife Embedded Value team has committed to revamping their embedded value disclosure process. The following analysis will explain the changes the team has been continuing to implement for the past two years and what the effects of these changes will be.
2.3.1 Mixed Basis Reporting
In prior years, Manulife has reported the embedded value of the company on a Canadian International Financial Reporting Standards (C-IFRS) basis for all business units (Beharry, 2014). This proves difficult for Asian investors to see the value of the company relative to other companies who are using Asia local basis because C-IFRS is not easily comparable to local embedded value disclosures of Manulife’s Asian and internal components (McCrossan & Wong, 2014).
To solve this problem, Manulife undertook a project in 2014 to switch Manulife basis or earnings emergence from C-IFRS to local basis in Asia and use C-IFRS for North America only (McCrossan & Wong, 2014). This will allow Manulife’s business in Asia to compare their financial results to other Asian competitors more easily.
2.3.2 Peer Reviewer Opinion
Similar to how AIA and Prudential have allowed their analyst companies to review their embedded value results, Manulife has been taking steps to ensure their third party reviewer, Towers Watson, gives a full analysis of the embedded value results.
Manulife’s third party reviewer, Towers Watson, has been engaged to give their opinion on embedded value results on the review of Manulife method and assumptions. They will also be required to verify that there are no issues discovered that will h...
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The advantages of doing the embedded value of the company are that it provides valuable information to investors and senior management on where the value of the company resides, justifies the stock price, helps companies to determine acquisition opportunities and maintain a competitive advantage in the insurance industry.
Business in Asia and the increasing levels of competition are also what drive Manulife to disclose their embedded value results. However, in order to stay up-to-date Manulife has been undergoing a number of changes to their mixed basis reporting, peer reviewer opinion, presentation of results all while ensuring that they are keeping up-to-date with the embedded value guidance principles of each leading region.
In conclusion, embedded value will continue to shape the insurance industry and remain one of the primary metrics for valuing the company.
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