{"id":1175,"date":"2024-01-10T22:14:32","date_gmt":"2024-01-10T22:14:32","guid":{"rendered":"https:\/\/financeify.ca\/?p=1175"},"modified":"2024-01-10T22:14:32","modified_gmt":"2024-01-10T22:14:32","slug":"manulife-reports-profit-of-1-billion-in-the-third-quarter-supported-by-growth-in-asia","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/01\/10\/manulife-reports-profit-of-1-billion-in-the-third-quarter-supported-by-growth-in-asia\/","title":{"rendered":"Manulife reports profit of $1 billion in the third quarter, supported by growth in Asia"},"content":{"rendered":"

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Manulife Financial Corp. says its net profit increased in the third quarter compared to last year, helped in particular by the expansion of its business in Asia.<\/p>\n

The insurer said its net income attributable to shareholders was $1 billion in the quarter ending Sept. 30, up from $777 million last year after taking into account new reporting rules.<\/p>\n

Manulife’s underlying earnings, which the company says ignore short-term market fluctuations and provide a better measure of long-term potential, were $1.74 billion, up from $1.34 billion last year.<\/p>\n

Core earnings increased the most in Asia, up 33%, while in Canada core earnings increased 4% and in the US decreased 2%.<\/p>\n

The company’s Asia division also saw a 16% increase in unrealized profits from new business, the same as in Canada, while in the US the rate was down 39%.<\/p>\n

In Canada, assets under management were $138 billion at the end of the quarter, down $4.7 billion, or 3%, from December 31, 2022. The insurer attributed this result to lower total invested assets, reflecting the impact of higher interest rates and lower net assets of the segregated fund due to net outflows.<\/p>\n

In Canada, net assets of segregated funds were $34.4 billion, up from $36.0 billion in the previous quarter.<\/p>\n

Net outflow from global wealth and asset management was $0.8 billion in the quarter compared to net inflows of $3.0 billion in the same quarter last year. In the retail segment, net outflows were $0.2 billion compared to net inflows of $1.0 billion in the same quarter last year, “reflecting lower demand as investors continued to favor short-term cash and money market instruments amid market volatility and higher interest rates.\u201d \u2013 it was written in the report to shareholders.<\/p>\n

Total assets under management and administration were $1.32 trillion, down slightly from $1.34 trillion in the previous quarter and up from $1.26 trillion in the third quarter of last year.<\/p>\n

Manulife CEO Roy Gori says the insurer can overcome macroeconomic uncertainty and continue share repurchases to boost shareholder returns.<\/p>\n

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Manulife Financial Corp. says its net profit increased in the third quarter compared to last year, helped in particular by the expansion of its business in Asia. The insurer said its net income attributable to shareholders was $1 billion in the quarter ending Sept. 30, up from $777 million last year after taking into account […]<\/p>\n","protected":false},"author":1,"featured_media":1176,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[18],"tags":[590,544,142,388,588,583,581,589],"class_list":{"0":"post-1175","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-seg-fund-investments","8":"tag-asia","10":"tag-growth","11":"tag-manulife","12":"tag-profit","13":"tag-quarter","14":"tag-reports","15":"tag-supported"},"aioseo_notices":[],"yoast_head":"\nManulife reports profit of $1 billion in the third quarter, supported by growth in Asia - 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