Canada's Manulife posts lower quarterly profit on North America weakness

Manulife Financial (0945) reported a lower fourth-quarter profit on Wednesday, hurt by weakness in its Canada and US units.

Profit attributed to shareholders in Manulife's Canada and US units dropped 43 percent and 21 percent, respectively.

The results contrast with those from smaller peer Sun Life Financial, which reported a jump in quarterly profit on Wednesday, helped by strength in its North America businesses.

The company's wealth and asset management business helped cushion the drop, with profit jumping 18 percent to C$452 million in the second quarter.

Net income attributable to shareholders was C$1.50 billion, or 83 Canadian cents per share, in the three months ended December 31, compared with C$1.64 billion, or 88 Canadian cents per share, a year earlier.

Reuters