August 9, 2012 / 10:28 AM / in 5 years

Weak markets send Manulife Financial to loss

TORONTO, Aug 9 (Reuters) - Manulife Financial Corp fell to a loss in the second quarter as weak financial markets forced the company to take a C$677 million ($680.44 million) charge to revalue its long-term investment assumptions.

Manulife, Canada’s No. 2 insurer by market capitalization, said it lost C$300 million, or 18 Canadian cents a share, compared with a year-before profit of C$490 million, or 26 Canadian cents a share.

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