Manulife promotes Asia insurance head Witherington to group CEO in nod to region’s growth
Asia was the largest contributor to Manulife’s group earnings, accounting for 44 per cent of the total in the third quarter
Phil Witherington, the Asia CEO of Manulife, will take over as group CEO of the Toronto-based insurer from May 8 next year, according to a statement on Tuesday. He will replace Roy Gori, who will retire and serve as an adviser through August 31, it added.
Manulife’s board was unanimous in its support for Witherington’s promotion, chairman Don Lindsay said. Witherington has consistently demonstrated the ability to navigate complexity, deliver on commitments and drive change and highly engaged teams through his authentic leadership, he added.
Witherington welcomed the “opportunity to lead the next chapter for Manulife” which has a global footprint and long history, he said in the statement.
“Many global insurance companies are focused on business opportunities in Asia,” said Kenny Ng Lai-yin, a strategist at Everbright Securities International. “This is because Asia has the fastest growth in wealth. Hong Kong specifically is a good base for them to expand their market in the region.”
Manulife is on track to surpass its earnings target in Asia, due to the launch of several innovative products that have been lapped up by wealthy customers in the region, as well as mainland Chinese visitors snapping up policies in Hong Kong as an investment and for protection.
