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Over the course of many decades, Manulife had created a thriving business in Hong Kong, and it had established a series of small operations in six other Asian countries. In the fall of 1998, the Asian financial crisis was creating new expansion opportunities. Many companies that had never been for sale suddenly confronted substantial losses and were seeking investors. Asian governments, facing balance-of-payments problems, were relaxing foreign ownership restrictions and offering new licenses for companies wishing to set up insurance businesses. Meanwhile, Manulife''s proposed demutualization would transfer policyholders into shareholders, and would give Manulife a new financial capacity to fund major acquisitions. Faced with these realities, management had to develop a strategy for Asia. This case provides the opportunity for students to develop multiple action plans which take into account regional differences and diversity in the implementation of a multinational growth strategy. For each of the countries into which Manulife wants to expand, the manager must assess the differences in the business environment and adjust her/his plans accordingly, while still operating within the vision of the parent company.