Manulife reports second-quarter net income of $1.04 billion

TORONTO — Manulife Financial Corp. says earnings were fairly flat in the second quarter as better market performance was offset by a sizable loss on a sale of debt instruments.

The insurer says net income attributable to shareholders came in at $1.04 billion, compared with $1.03 billion for the same quarter last year.

It says the quarter included a $300 million loss on debt instruments related to its deal to reinsure a $5.8 billion block of Canadian universal life insurance.

Manulife says adjusted earnings, or what it calls core earnings, came in at $1.74 billion, up six per cent from $1.64 billion in the same quarter last year.

The quarter saw a 289-per-cent surge in net income from its Asia division to US$424 million, while its Canada division saw a 65-per-cent drop to $79 million and its U.S. division had a 28-per-cent drop in net income to US$98 million.

The swings were less dramatic on an adjusted basis but still showed the company's growing focus on growth in Asia with a 40-per-cent increase in core earnings compared with seven-per-cent growth in Canada.

This report by The Canadian Press was first published Aug. 7, 2024.

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The Canadian Press