Nov 11 (Reuters) - Manulife Financial Corp on
Wednesday said third-quarter core profit declined less than
analyts had expected, helped by earnings growth in Asia and
asset management, but it warned the COVID-19 pandemic posed
Canada's top life insurer said the environment remains
uncertain due to legal and regulatory responses to the resulting
economic downturn from the pandemic.
"These disruptions, if they continue, could have a
significant adverse impact on our global businesses and
operations and on our financial results," Manulife said in a
Manulife reported underlying profit, excluding one-time
charges, of C$1.45 billion ($1.11 billion), or 73 Canadian cents
a share, in the three months through September, down from C$1.53
billion, or 76 cents, a year earlier. Analysts had expected
profit of 70 Canadian cents.
Higher payouts in its Canadian insurance business and lower
new business volumes due to the coronavirus pandemic were offset
by factors including growth in in-force business - the business
it has on its books - and increased assets in its wealth and
asset management unit, the company said.
Third-quarter sales fell 2% from a year earlier as the
pandemic-driven declines in Hong Kong and the United States
failed to offset gains in other areas.
Rival Sun Life Financial Inc last week reported
better-than-expected third-quarter core earnings, benefiting
from new business gains in Asia and growth in income from its
asset management unit.
Manulife's net income attributed to shareholders rose to
C$2.1 billion from C$723 million a year earlier as the company
posted gains from investment-related experience versus losses in
the prior period.
Separately, the company said it had appointed Leagh Turner,
chief operating officer for Ceridian HCM Holding, to
its board of directors, effective Nov. 10.
($1 = 1.3065 Canadian dollars)
(Reporting by Nichola Saminather in Toronto and Niket Nishant
in Bengaluru; Editing by David Gregorio)