Manulife reports first-quarter net income of $866 million
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $205*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 08/05/2024 (819 days ago), so information in it may no longer be current.
TORONTO – Manulife Financial Corp. says first quarter earnings were down from last year because of the effects of a major reinsurance deal.
The insurance giant says its net income attributed to shareholders for the quarter ending March 31 was $866 million, down from $1.4 billion in the same quarter last year.
It says the results include the $800 million impact from a $13-billion reinsurance deal with Global Atlantic that it says included the largest long-term care reinsurance deal in history.
Manulife says the net earnings hit of the deal was broadly offset by a boost to other comprehensive income to make it neutral to book value.
It says core earnings were $1.75 billion, up from $1.53 billion last year.
Manulife says the reinsurance deal was done to reduce risk and redirect capital to growth areas.
This report by The Canadian Press was first published May 8, 2024.
Companies in this story: (TSX:MFC)