TORONTO Nov 7 Manulife Financial Corp,
Canada's largest life insurer, on Thursday reported a
third-quarter profit that just beat analysts' expectations,
driven by strong wealth and mutual fund sales and higher bond
The Toronto-based company said net income attributed to
shareholders was C$1.03 billion ($989.01 million), or 54
Canadian cents a share.
That compared with a year-earlier loss of C$211 million, or
13 Canadian cents a share, that included a C$1 billion charge
resulting from the company's annual review of actuarial
assumptions on certain insurance products.
In the latest quarter, the actuarial review charge fell to
C$252 million, Manulife said, as rising bond yields allowed the
company to factor in higher predicted income from its
Stripping out certain market-related items, core profit was
36 Canadian cents a share. On that basis, analysts on average
had expected a profit of 35 Canadian cents a share, according to
Thomson Reuters I/B/E/S.
Manulife has spent the last few years working to reduce its
markets exposure, after falling stock prices and bond yields led
to massive quarterly losses following the 2008 financial crisis
and market crash.
Wealth sales rose 34 percent to C$11.3 billion, while
insurance sales rose 4 percent.
Besides its Canadian operations, Manulife owns U.S. insurer
John Hancock and is growing in Asia, where it is present in
about a dozen countries.
Late on Wednesday, rival Sun Life Financial Inc
reported a third-quarter net loss due to charges from the sale
of its U.S. annuities business, but operating profit topped