Manulife Financial Expecting Writedowns

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Manulife Financial Expecting Writedowns

By David Spurr on September 30, 2008 | More Posts By David Spurr | Author's Website

Manulife Financial (MFC) is expecting writedowns in 3rd quarter according to a Bloomberg report. It appears that they also have exposure to Lehman (LEHMQ.PK), AIG (AIG), Wachovia (WB), and Washington Mutual. It has yet to specify the potential scope of all the writedowns. They did mention that $578 million writedowns tied to Wachovia.

Sept. 29 (Bloomberg) — Manulife Financial Corp., Canada’s biggest insurer, has less than C$600 million ($578.3 million) in investments tied to Wachovia Corp., the U.S. bank beset by mortgage losses.

Chief Investment Officer Donald Guloien, who takes over as chief executive officer in May, said today that there will be “de minimus” losses from Wachovia after Citigroup Inc. agreed to assume the bank’s debts.

Manulife said on Sept. 16 that it expects to take writedowns in the third quarter because of U.S. investments in American International Group Inc., Lehman Brothers Holdings Inc. and Washington Mutual Inc. It hasn’t specified the amount of the costs.

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