Company News

Canada's Manulife beats expectations, posts core profit rise helped by market recovery

TORONTO, Aug 5 (Reuters) - Manulife Financial Corp on Wednesday comfortably beat analyst estimates for second-quarter core profit, which rose from a year earlier due in part to favourable market impacts.

Underlying profit rose to C$1.6 billion ($1.21 billion), or 78 Canadian cents a share, from C$1.45 billion, or 72 cents, a year earlier. That compared with expectations of 62 Canadian cents.

But reported net income attributed to shareholders fell to C$727 million, or 35 Canadian cents, from C$1.48 billion, or 73 cents, a year earlier. For details ($1 = 1.3264 Canadian dollars) (Reporting by Nichola Saminather in Toronto Editing by Matthew Lewis)