Company News

Canada's Manulife posts profit miss on market woes, coronavirus-related claims

TORONTO, May 6 (Reuters) - Manulife Financial Corp reported on Wednesday a 34% drop in first-quarter core earnings, missing analyst expectations, on unfavorable market conditions related to the COVID-19 outbreak and declining new business in Japan.

Underlying profit fell to C$1 billion ($706.9 million), or 51 Canadian cents a share, in the three months ended March 31, from C$1.5 billion or 76 cents a share a year earlier, Canada’s biggest life insurer said in a statement. Analysts had expected C$1.1 billion, or 59 cents a share.

Reported net income attributed to shareholders was C$1.3 billion, or 64 Canadian cents a share, compared with analyst expectations of C$753 million, or 44 cents a share. ($1 = 1.4147 Canadian dollars) (Reporting by Nichola Saminather; Editing by Peter Cooney)