Manulife reports first-quarter net income of $866M [Investment Executive - News]
Manulife Financial Corporation (MFC)
Last manulife financial corporation earnings: 2/12 05:00 pm
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Source: Investment Executive - News
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. In Canada, core earnings were $364 million in the first quarter, up 3% from the same quarter last year. Annual premium equivalent sales in Canada were $450 million in the quarter, up 54% comp
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MFC
Earnings
- 5/8/24 - Beat
MFC
Sec Filings
- 5/14/24 - Form 13F-NT
- 5/9/24 - Form 6-K
- 5/8/24 - Form 6-K
- MFC's page on the SEC website