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Manulife Financial swings to profit in Q2

Manulife Financial has reported a net income of C$468m, or $0.26 diluted earnings per common share, for the second quarter of 2011, compared to a net loss of C$2.45bn, or $1.39 diluted loss per common share, for the same period in 2010.

Total revenue was C$10.77bn for the second quarter of 2011, compared to C$11.7bn for the same period a year ago.

Manulife asset management finished the second quarter of 2011 with $178.6bn in assets managed for external clients and $30.4bn of Manulife’s general fund assets.

Total funds under management were $480.7bn, up $25bn, when compared for the same period in the previous yaer.

Manulife CEO Donald Guloien said they delivered strong underlying sales growth, achieved all-time records in a number of our businesses, won new bank distribution deals in Asia, produced excellent investment results, reduced the impact of market swings through hedging, and received important approvals for Long-Term Care price increases.

"Looking forward, we expect to see a slowing in Japan insurance sales due to price increases we have implemented, and basis changes in the third quarter will likely be negative," Guloien added.