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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Manulife Financial Corporation    MFC   CA56501R1064

MANULIFE FINANCIAL CORPORATION

(MFC)
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Manulife profit edges past Wall Street expectations

11/07/2013 | 07:19am EST

TORONTO (Reuters) - Manulife Financial Corp (>> Manulife Financial Corp.), Canada's largest life insurer, on Thursday reported a third-quarter profit that just beat analysts' expectations, driven by strong wealth and mutual fund sales and higher bond yields.

TORONTO (Reuters) - Manulife Financial Corp (>> Manulife Financial Corp.), Canada's largest life insurer, on Thursday reported a third-quarter profit that just beat analysts' expectations, driven by strong wealth and mutual fund sales and higher bond yields.

The Toronto-based company said net income attributed to shareholders was C$1.03 billion ($989.01 million), or 54 Canadian cents a share.

That compared with a year-earlier loss of C$211 million, or 13 Canadian cents a share, that included a C$1 billion charge resulting from the company's annual review of actuarial assumptions on certain insurance products.

In the latest quarter, the actuarial review charge fell to C$252 million, Manulife said, as rising bond yields allowed the company to factor in higher predicted income from its fixed-income holdings.

Stripping out certain market-related items, core profit was 36 Canadian cents a share. On that basis, analysts on average had expected a profit of 35 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Manulife has spent the last few years working to reduce its markets exposure, after falling stock prices and bond yields led to massive quarterly losses following the 2008 financial crisis and market crash.

Wealth sales rose 34 percent to C$11.3 billion, while insurance sales rose 4 percent.

Besides its Canadian operations, Manulife owns U.S. insurer John Hancock and is growing in Asia, where it is present in about a dozen countries.

Late on Wednesday, rival Sun Life Financial Inc (>> Sun Life Financial Inc.) reported a third-quarter net loss due to charges from the sale of its U.S. annuities business, but operating profit topped estimates.

($1 = 1.0415 Canadian dollars)

(Reporting by Cameron French; Editing by Lisa Von Ahn)

Stocks treated in this article : Manulife Financial Corp., Sun Life Financial Inc.

© Reuters 2013
Stocks mentioned in the article
ChangeLast1st jan.
FIRST FINANCIAL CORPORATION -1.03% 41.37 Delayed Quote.6.49%
MANULIFE FINANCIAL CORPORATION 0.49% 24.59 Delayed Quote.6.76%
SUN LIFE FINANCIAL INC. 0.89% 61.34 Delayed Quote.7.42%
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Financials
Sales 2020 73 485 M 57 767 M 57 767 M
Net income 2020 5 179 M 4 071 M 4 071 M
Net cash 2020 27 509 M 21 625 M 21 625 M
P/E ratio 2020 9,22x
Yield 2020 4,26%
Capitalization 47 711 M 37 455 M 37 505 M
EV / Sales 2020 0,27x
EV / Sales 2021 0,28x
Nbr of Employees 35 000
Free-Float 100,0%
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Technical analysis trends MANULIFE FINANCIAL CORPORATION
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 26,00 CAD
Last Close Price 24,59 CAD
Spread / Highest target 30,1%
Spread / Average Target 5,73%
Spread / Lowest Target -6,47%
EPS Revisions
Managers and Directors
NameTitle
Roy Gori President, Chief Executive Officer & Director
John M. Cassaday Chairman
Rahul M. Joshi Chief Operations Officer
Philip Witherington Chief Financial Officer
Shamus Edward Weiland Chief Information Officer
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