Manulife is one of the world’s largest life insurers, evolving over the years through organic growth and a series of successful acquisitions. Manulife’s size, scale and distribution capabilities provide it with a competitive advantage over its peers. As well, the company’s sizable exposure to the faster-growing insurance markets in Asia (over 40 per cent of Manulife revenues) is viewed very favorably. In Canada, Manulife’s recent acquisition of Standard Life’s Canadian unit should broaden its product offerings. From a macro perspective, rising interest rates and steady equity markets should help push Manulife shares higher. MFC shares currently trade at a forward price-earnings multiple of 11x and pay a solid 3.2 per cent dividend yield (which is expected to grow by about 10 per cent per year over the next few years).