Manulife beats expectations as core Q3 profit flat but net income plunges [Business News Network (BNN) Energy & Resources (Canada)]
Manulife Financial Corporation (MFC)
Last manulife financial corporation earnings: 2/12 05:00 pm
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Source: Business News Network
Manulife beats expectations as core Q3 profit flat but net income plunges TORONTO - Manulife Financial Corp. beat expectations as its core net income were flat in the third quarter even though its net profit plunged by more than half to $723 million due to actuarial accounting assumptions. The Toronto-based insurer says its core earnings for the period ended Sept. 30 were $1.53 billion, down from $1.54 billion a year earlier. That equalled 76 cents per share, compared with 75 cents per share in the prior year. Net income attributable to shareholders equalled $723 million or 35 cents per share, compared with $1.57 billion or 77 cents per share in the third quarter of 2018. Manulife says the previously announced charges include a $500-million charge related to updated ultimate reinvestment rate (URR) assumption issued by the Canadian Actuarial Standards Board that reflect lower-than-expected returns. Analysts had expected adjusted net income of $1.43 billion and earning per share of 73
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- 11/6/24 - Beat
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Analyst Actions
- 9/5/24 - Barclays PLC
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- 11/21/24 - Form 6-K
- 11/20/24 - Form 6-K
- 11/18/24 - Form 6-K
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