Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More

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.