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Manulife Financial Reports Q2 Earnings

Net income of $1.77 billion

Manulife Financial Corporation (MFC) has reported shareholders’ net income of $1.77 billion for the second quarter ended June 30, 2009, compared to $1 billion in the second quarter of 2008.

The fully diluted earnings per share was $1.09, as compared to $0.66 in 2008. The Manufacturers Life Insurance Company (MLI) has reported an MCCSR ratio of 242% as at June 30, 2009, up from 200% last year.

Premiums and deposits were $19.2 billion in the quarter, an increase of 3% from the prior year. Variable annuity and segregated fund deposits declined by $1.4 billion from the previous year.

The premiums related to the insurance businesses were $5.2 billion and, driven by growth in the in-force business, increased 8% in the US, 5% in Canada and 13% in Asia and Japan. Annuity and pension premiums were $2.1 billion, an increase of 41% over the prior year, fuelled by sales demand for fixed return wealth products.

Reinsurance Division’s net income for the second quarter of 2009 was $38 million, down $7 million from $45 million reported a year earlier.