Monday, October 20th12.9°C
23836
22952

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

23104


Recent Trending




Today's Market
S&P TSX14337.77+110.09
S&P CDNX811.351.22
DJIA16399.6719.26
Nasdaq4316.075+57.637
S&P 5001904.01+17.25
CDN Dollar0.8855-0.0004
Gold1246.50+1.80
Oil81.30-0.08
Lumber330.30-0.60
Natural Gas3.659-0.011

 
Okanagan Companies
Pacific Safety0.10-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.12+0.01
Cantex0.055-0.025
Anavex Life Sciences0.191+0.001
Metalex Ventures0.050.00
Russel Metals32.28-0.07
Copper Mountain Mining1.99+0.05
Colorado Resources0.15+0.005
ReliaBrand Inc0.0111-0.0019
Sunrise Resources Ltd0.060.00
Mission Ready Services0.450.00

 



23708

FEATURED Property
2086497590 HOLLYDELL Road
4 bedrooms 2 baths
$379,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...


Experts share strategies in Kelowna

The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...

_



23545

23545


Member of BC Press Council


23741