Manulife Financial To Lower Premium Costs For Customers

Manulife Financial Corp. (NYSE:MFC) recently introduced Manulife Vitality to help its customers lower insurance premium burden. Manulife Vitality is a program that rewards its customers for maintaining a healthy lifestyle.

The program grants Vitality Points to customers when they complete health-related activities like exercising, getting an annual health screening or even a flu shot. Customers then can redeem the Vitality Points earned to lower their life insurance premiums. The accumulated points can also be used to avail discount on GoodLife Fitness/Énergie Cardio memberships.

Through this initiative, Manulife Financial intends to enhance the overall wellbeing of its customers. In the U.S., this program is offered as Vitality under the John Hancock brand. Marianne Harrison, President and CEO of Manulife Canada, mentioned that “John Hancock Vitality has very quickly become a material piece of our new business in the United States. It is being selected on all of our different insurance products and it is appealing across all customer segments.”

Manulife Family Term with Vitality offers coverage for two decades. The program offers coverage till the age of 65 and is renewable till the member is 80 years old. Manulife is currently eyeing opportunities to expand the program in order to incorporate several other insurance solutions.

Manulife Financial has always looked for avenues to enhance its operational profile. Given that it always pursues strategic growth opportunities, its inorganic growth story remains impressive. The insurer is aggressively developing its business in emerging economies like Asia, which in turn, should result in solid operational results.

MANULIFE FINL Price

Manulife Financial carries a Zacks Rank #4 (Sell). The Zacks Consensus Estimate for 2016 and 2017 also moved south over the last 60 days.

Stocks to Consider

Some better-ranked life insurers are Health Insurance Innovations, Inc. (NASDAQ:HIIQ) , Primerica, Inc., (NYSE:PRI) and Reinsurance Group of America, Inc. (NYSE:RGA) .

Health Insurance Innovations, Inc., a purchaser of life insurance policies in the secondary market in the United States, has seen the Zacks Consensus Estimate moving up 48% for 2016 and by 11% for 2017. The insurer sports Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Primerica, Inc., a distributor of financial products to middle income households in the United States and Canada, has seen the Zacks Consensus Estimate moving up 4% for 2016 and by 2% for 2017. The insurer carries Zacks Rank #2 (Buy)

Reinsurance Group of America, an insurance holding company primarily engaged in traditional individual and group life, asset-intensive, critical illness and financial reinsurance, has seen the Zacks Consensus Estimate increase 7% for 2016 and by 0.8% for 2017. The insurer carries Zacks Rank #2.

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