trending Market Intelligence /marketintelligence/en/news-insights/trending/kmsHzteKO0Isq-hdI4vsOg2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Manulife sees 14% growth in Q1 core earnings YOY due to higher new biz volumes

Infrastructure Issues: Tools to Dig Deep on Potential Risks

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

2018 US Property Casualty Insurance Market Report


Fintech Funding Flows To Insurtech In February

Manulife sees 14% growth in Q1 core earnings YOY due to higher new biz volumes

ManulifeFinancial Corp. reported first-quarter net income attributed toshareholders of C$1.05 billion, or 51 Canadian cents per common share, up fromC$723 million, or 36 cents per common share, in the year-ago period.

The year-over-year increase in net income attributed toshareholders was primarily due to gains from interest rate movements and highercore earnings, partially offset by lower-than-expected returns on alternativelong-duration assets.

Core earnings, a non-GAAP measure, grew 14% year over yearto C$905 million, or 44 cents per common share, from C$797 million, or 39 centsper common share, in the year-ago quarter. The increase reflected strong growthin new business volumes, particularly in Asia, and C$75 million related tochanges in foreign currency rates, partially offset by higher macro hedgingcosts.

The S&P Capital IQ consensus normalized EPS estimate forthe quarter was 43 cents.

The company's insurance sales increased 14% year over yearto C$954 million. Asia insurance sales increased 36%, Canadian insurance salesdeclined 28% and U.S. insurance sales increased 4% year over year in the firstquarter.

Manulife's total assets under management and administrationwere C$904 billion as of March 31, compared to C$935 billion as of Dec. 31,2015, and C$821 billion as of March 31, 2015.