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  "documentTitle": "Manulife Financial Corporation (MFC)",
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  "authorName": "Carson C. Block",
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      "text": "The $60 million increase in liabilities immediately translates to an immediate pre-tax loss of approximately $60 million for every $100 million of deposits into the Carrier Fund.",
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      "text": "Insurers would invest the proceeds primarily in 10-year debt rated “A” to match the maturity profile of the liability.",
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      "text": "Based on these assumptions, the insurer would be required to set up approximately $60 million of additional liabilities.",
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      "text": "pre-tax loss: $60 million",
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      "text": "We have previously mentioned that Mosten is arguing that it is entitled to a 4.0% guaranteed interest rate. Mosten also argues in its brief that it is entitled to a 0.85% investment bonus.",
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      "text": "In fairness to Manulife, Canadian interest rates have risen since June 2017, meaning that the negative carry would decrease.",
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      "text": "Based on this revised yield information and the different guaranteed rates in the Mosten trial, we used Mr. Rehbeli’s assumptions and estimated the current impact of a $100 million deposit into the Carrier Fund.",
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      "text": "30 As of September 17, 2018, based on bid price, as reported by Bloomberg.",
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