Manulife Q3 core earnings up 4pc

Manulife Financial (0945) posted 4 percent year-on-year growth in core earnings to a record-high C$2.1 billion (HK$11.8 billion) for the third quarter, with a C$0.485 per common share dividend declared.

The increase in core earnings reflected strong business growth in Asia and the US and higher revenues in global wealth and asset management, partially offset by increased expected credit loss provisions and the impact of the eMPF transition in Hong Kong, the company said.

The insurer's net income dropped 22.2 percent to C$1.4 billion during the period, dragged down by a larger net charge on market experience and a net charge from its Vietnam operations.

New business value inches down 1pc

Its new business contractual service margin and new business value, key metrics for insurers, edged down 2 percent and 1 percent, respectively, to C$957 million and C$907 million.

Annual premium equivalent sales were flat at C$2.62 billion.

Global wealth and asset management net outflows were C$3.6 billion, compared with C$6.2 billion of net outflows over the same period a year ago.

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