Tuesday, April 21st17.3°C
26075
24644

Manulife's Q4 core earnings rise to $685 million, net income hits $1.3 billion

TORONTO - Manulife Financial Corp.'s overall profit was up 20 per cent in the fourth quarter, helped by the sale of its Taiwan business, but its core earnings fell short of analysts expectations.

The Toronto-based company, Canada's largest life insurance business, says its core earnings provide a consistent measure of its performance by filtering out factors such as equity markets and interest rates.

Manulife (TSX:MFC) reported core earnings of $685 million, or 35 cents per share — up about 24 per cent from $554 million in core earnings during the fourth quarter of 2012, equal to 28 cents a share.

Still, the core earnings were three cents below analyst estimates of 38 cents per share, according to Thomson Reuters data.

Under standard accounting, Manulife reported net income attributable to shareholders was up 20 per cent to $1.3 billion. On a per share basis the results were 68 cents, up from 57 cents per share or $1.08 billion in the fourth quarter of 2012.

Included in the net profit was a $350 million benefit from selling Manulife's Taiwan insurance business to CTBC Life Insurance Co., Ltd., a subsidiary of CTBC Financial Holding Co., Ltd., a transaction that was finalized in December.

Manullfe's insurance sales dropped 32 per cent to $617 million, affected by lower results from its U.S. and Canadian operations and a stronger-then-usual comparable sales year in Japan in 2012.

"Insurance sales were slightly lower than what we would have liked, but with better margins," said chief executive Donald Guloien in a release.

In Manulife's wealth-management business, which offers investment products and services, sales rose 15 per cent to $12.2 billion in the period fourth quarter.

"Wealth sales were simply outstanding, driving assets under management to the 21st consecutive quarter of growth, to $599 billion."

At early afternoon, Manulife Financial shares down 19 cents at $20.72, largely recovering from an earlier decline of as much as 71 cents from the Wednesday close.

The Canadian Press


Read more Business News

25733


Recent Trending




Today's Market
S&P TSX15319.66-92.94
S&P CDNX699.51-4.14
DJIA17964.73-70.20
Nasdaq5019.67+25.07
S&P 5002099.23-1.17
CDN Dollar0.8137-0.0039
Gold1201.70+8.20
Oil55.28-1.10
Lumber244.00-4.40
Natural Gas2.577+0.041

 
Okanagan Companies
Pacific Safety0.12+0.00
Knighthawk0.010.00
QHR Technologies Inc1.41-0.01
Cantex0.035+0.005
Anavex Life Sciences0.44+0.06
Metalex Ventures0.10+0.02
Russel Metals26.89-0.53
Copper Mountain Mining1.07-0.03
Colorado Resources0.105-0.005
ReliaBrand Inc0.005+0.001
Sunrise Resources Ltd0.04+0.00
Mission Ready Services0.18-0.00
Decisive Dividend Corporation1.80+0.15

 





FEATURED Property
2268624#31 4450 Postill Drive
3 bedrooms 3 baths
$389,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...


Living with Plan B

“It does not do to leave a live dragon out of your calculations, if you live near him.”― J.R.R. Tolkien, The Hobbit Photo: Thinkstock.comHuman beings are optimists by nature. Whether...


Reverse mortgage solution

With the housing and financial markets on solid footing, some retired Canadians may consider cashing in their growing assets to enjoy vacations and major home renovations. Others, on the other hand, a...

_



25221

25221


Member of BC Press Council


25249