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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Manulife Financial Corp.    MFC   CA56501R1064

MANULIFE FINANCIAL CORP.

(MFC)
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Manulife Financial : says net income surges in second quarter on growth in Asia

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08/07/2019 | 06:45pm EDT

TORONTOManulife Financial Corp. says its net income attributable to shareholders soared to $1.47 billion in the second quarter on a growth in new business in Asia.

The Toronto-based insurer earned 73 cents per diluted share for the three months ended June 30, up about 20 per cent from 61 cents per share a year earlier when it earned $1.27 billion.

Excluding one-time items, adjusted or core earnings increased 1.5 per cent to $1.45 billion from $1.43 billion.

That equalled 72 cents per share, two cents higher than the second quarter of 2018 and one cent above analyst forecasts, according to financial markets data firm Refinitiv.

Total revenues surged to $22.22 billion, including $8.7 billion from premiums. That's up from $13.7 billion, including $8.75 billion in premiums a year earlier.

Overall, new business climbed 16.5 per cent to $479 million, including a nine-per-cent increase in Asia to $364 million, unchanged at $65 million in Canada and $50 million in the U.S., up from $12 million in the prior year.

Core business in Asia increased 15 per cent to $471 million, fell in Canada to $312 million and was relatively stable at $441 million in the U.S.

"We have continued to focus on executing our strategy, with capital released from portfolio optimization increasing to $3.7 billion," said CEO Roy Gori.

"We have also taken steps to further strengthen Manulife's long-term growth opportunity in Asia, including entering into an asset management joint venture agreement in India."

Companies in this story: (TSX:MFC).

© 2019 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials (CAD)
Sales 2019 71 395 M
EBIT 2019 5 828 M
Net income 2019 5 735 M
Debt 2019 -
Yield 2019 4,17%
P/E ratio 2019 7,99x
P/E ratio 2020 7,68x
Capi. / Sales2019 0,66x
Capi. / Sales2020 0,81x
Capitalization 47 073 M
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Technical analysis trends MANULIFE FINANCIAL CORP.
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 27,98  CAD
Last Close Price 24,15  CAD
Spread / Highest target 32,5%
Spread / Average Target 15,9%
Spread / Lowest Target -4,76%
EPS Revisions
Managers
NameTitle
Roy Gori President, Chief Executive Officer & Director
John M. Cassaday Chairman
Linda Mantia Chief Operating Officer & Senior Executive VP
Philip Witherington Chief Financial Officer
Gregory A. Framke Chief Information Officer & Executive VP
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