Manulife has focused on Asia as a key development area for quite some time now, and the company saw record sales in the region during the first quarter of 2012 (See Manulife Delivers In Asia Yet Again). It also has plans to double its insurance agents to capitalize on the growing middle class income group in the region.
Over the next five years, around 85% of the world’s middle class population is expected to reside in Asia as the geography experiences a period of economic prosperity. With growth in the region faster than in North America, Manulife’s operations are concentrated on Asia, and Asian insurance and wealth management operations account for 26% of our price estimate of Manulife’s stock.
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