Manulife reports second-quarter profit as markets improve

Thu Aug 8, 2013 6:25am EDT
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TORONTO Aug 8 (Reuters) - Manulife Financial Corp on Thursday reported a second-quarter profit as it absorbed a smaller loss from financial market movements.

Canada's largest life insurer said its net profit was C$259 million ($248.45 million), or 12 Canadian cents a share, compared with a year-before loss of C$281 million, or 17 Canadian cents a share.

The company took a C$242 million charge due to movements in equity and bond markets during the quarter, but that was down sharply from the C$996 million markets-related charge of a year earlier.