Manulife reports $1.6B drop in Q2 earnings on market impacts

TORONTO –

Manulife Financial Corp. reported a $1.6 billion drop in earnings for the second quarter, compared to a year ago as market turmoil hit its bottom line.

The insurance company claims it earned $1.09 Billion, or 53 Cents per share, during the quarter that ended June 30, as compared to earnings last year of $2.65 Billion or $1.33 Per share.

According to Eikon financial market data firm, analysts expected net income of $1.47 Billion or 76 Cents per share.

Manulife claims that the decline in earnings was due to charges from the direct effect of markets. This is in contrast with the gains last year and smaller gains from investment-related activities.

Manulife reported core earnings at $1.56 billion. This is nine percent less than the $1.68 million for the same quarter last fiscal year.

The company claims that earnings are down, but it has reported higher shareholder income year-to date.

This report by The Canadian Press first appeared August 10, 2022.