{"id":1274,"date":"2024-02-08T14:34:11","date_gmt":"2024-02-08T14:34:11","guid":{"rendered":"https:\/\/financeify.ca\/?p=1274"},"modified":"2024-02-08T14:34:11","modified_gmt":"2024-02-08T14:34:11","slug":"manulife-and-sun-life-report-first-quarter-results","status":"publish","type":"post","link":"https:\/\/financeify.ca\/index.php\/2024\/02\/08\/manulife-and-sun-life-report-first-quarter-results\/","title":{"rendered":"Manulife and Sun Life report first quarter results"},"content":{"rendered":"

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Manulife Financial Corp. reported higher profits for the first quarter of 2022, while fellow insurer Sun Life Financial Inc. saw a decline in profits.<\/p>\n

Manulife reported Wednesday that it earned $3 billion in the first quarter of 2022, up $2.2 billion from the same quarter in 2021.<\/p>\n

The Toronto-based insurer and financial services company said it had profit of $1.50 per diluted share, compared to 38 cents in the year-earlier quarter.<\/p>\n

Manulife said the increase in net profit was due to gains from direct markets compared to losses in the previous quarter, as well as investment experience and higher-than-expected returns from long-term alternative assets.<\/p>\n

Underlying earnings were $1.6 billion, down 4% year-over-year, due in part to lower profits from new business in Asia.<\/p>\n

In Asia, new business fell 28% to $340 million in the quarter.<\/p>\n

Annual premium equivalent sales declined 17% in Asia due to the continuing adverse effects of Covid-19 in Hong Kong and several other markets.<\/p>\n

In Canada, new business of $104 million increased 33% compared to the first quarter of last year, driven by higher margins across all business lines, shareholder report<\/a> he said.<\/p>\n

Annual premium equivalent sales in Canada increased 2% compared to the first quarter of 2021, primarily due to increased customer demand for lower risk segregated fund products and higher sales of mid-market group insurance, which was partially offset by volatility in group insurance on a large market scale – we read in the report.<\/p>\n

Assets under management and administration as of March 31 were $1.3 trillion, down 4% from the previous quarter.<\/p>\n

The decline was mainly attributed to the impact of higher interest rates and lower stock market levels, partially offset by net inflows during the quarter, according to the shareholder report.<\/p>\n

Sun Life Earnings<\/h2>\n

Sun Life Financial Inc. reported that it earned $858 million the first quarter<\/a> this year, down 8% from the $937 million earned in the first quarter of 2021.<\/p>\n

The Toronto-based insurer said its earnings per share for the period ended March 31 were $1.46, compared with $1.59 per share for the same period in 2021.<\/p>\n

Sun Life insurance sales for the quarter were $799 million, compared to $730 million in the prior-year quarter.<\/p>\n

In its Canadian business segment, Sun Life Financial Inc. reported net income of $263 million, down 35% compared to 2021.<\/p>\n

He attributes this reduction to changes in interest rates and lower stock markets, partially offset by an increase in the value of real estate investments.<\/p>\n

Canadian insurance sales were $332 million, up 42% year-over-year, driven by large group benefit sales, according to a shareholder report.<\/p>\n

Canadian asset sales were $5 billion, an increase of 11% due to defined contribution sales in Group Retirement Services, partially offset by individual asset sales.<\/p>\n

Total assets under management increased slightly year-over-year to $1.35 trillion, down 6% from the previous quarter, partly as a result of unfavorable market movements.<\/p>\n

On Wednesday, Sun Life increased its dividend by three cents per share to 69 cents per share, payable on June 30, 2022, to existing shareholders at the June 1 close of business.<\/p>\n

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Manulife Financial Corp. reported higher profits for the first quarter of 2022, while fellow insurer Sun Life Financial Inc. saw a decline in profits. Manulife reported Wednesday that it earned $3 billion in the first quarter of 2022, up $2.2 billion from the same quarter in 2021. The Toronto-based insurer and financial services company said […]<\/p>\n","protected":false},"author":1,"featured_media":1275,"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":[31,388,583,246,582,679],"class_list":{"0":"post-1274","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-seg-fund-investments","8":"tag-life","9":"tag-manulife","10":"tag-quarter","11":"tag-report","12":"tag-results","13":"tag-sun"},"aioseo_notices":[],"yoast_head":"\nManulife and Sun Life report first quarter results - Financeify<\/title>\n<meta name=\"description\" content=\"Manulife Financial Corp. reported higher profits for the first quarter of 2022, while fellow insurer Sun Life Financial Inc. saw a decline in profits.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeify.ca\/index.php\/2024\/02\/08\/manulife-and-sun-life-report-first-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manulife and Sun Life report first quarter results - 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