MFC ups profit target The Globe and Mail reports in its Wednesday, June 26, edition that Manulife Financial has raised its core return on equity target to at least 18 per cent by 2027, up from 15 per cent. A Canadian Press dispatch to The Globe reports that Manulife has increased its target for cash generated by its subsidiaries to $22-billion for the next three years, up from $18.4-billion for the past three years. These updates were announced at the company's investor day in Hong Kong. Chief executive officer Roy Gori says the higher targets are a result of significant changes made since the company's last investor day in the region. These changes include off-loading risk and capitalizing on global trends. Manulife has been working on shedding assets with low returns on equity, particularly in its long-term care coverage. In December, it announced a $13-billion reinsurance deal, which included the largest long-term care component in the insurance industry. In March, it also announced a deal to reinsure $5.8-billion of universal life reserves, which it claims is the largest deal of its kind in Canada. As it reduces its exposure to legacy assets, the company is now focusing on high-return potential growth markets, particularly in Asia.