CORRECTED-RPT-UPDATE 2-Manulife delays C$4 bln profit target

Thu Nov 8, 2012 11:12am EST
 
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(In 5th paragraph, corrects Q3 2011 markets loss)

* Net loss EPS C$0.14 vs est C$0.31

* Stronger markets drive improvement

* Company takes C$1 bln charge, pushes back profit target

By Cameron French

Nov 8 (Reuters) - Manulife Financial Corp has pushed out its profit goal of C$4 billion by a year to 2016, citing macro-economic conditions, although its quarterly loss narrowed due to stronger financial markets-related results during the quarter.

The improved markets performance helped to offset a C$1 billion charge related to a shift in actuarial assumptions, Canada's largest life insurer said on Thursday.

Manulife's net loss of C$227 million ($228 million), or 14 Canadian cents per share, in the three months ended Sept. 30, compared with a year-earlier loss of C$1.28 billion, or 73 Canadian cents per share.

The result topped analysts' estimates for a net loss of 31 Canadian cents per share.   Continued...