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Toronto-based insurer Manulife Financial Corp. will issue common shares to raise more than $2.5 billion, the company said Wednesday.
"We are positioning Manulife for the long term," company CEO Donald Guloien said in a release. He added that this achieves "the fortress level of capital necessary" to buffer any further economic downturns.
Manulife Finanacial 3-month chart
Manulife said its subsidiary Manufacturers Life Insurance Company will have access to the highest level of capital since it became a public company.
The company intends to retire approximately $1 billion in debt and said it could also use the funds for acquisitions.
The recession has led many financial companies to build up their balance sheets.
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