Canadian life insurer,
Manulife Financial Corp.
) reported first-quarter 2013 net income of approximately $536
million (C$540 million), declining from $1.2 billion (C$1.2
billion) in the last year quarter.
MANULIFE FINL (MFC): Free Stock Analysis
PROTECTIVE LIFE (PL): Free Stock Analysis
REINSURANCE GRP (RGA): Free Stock Analysis
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The quarter saw solid core earnings and strong investment gains.
However, negative interest rate-related impacts were the partial
Core earnings of Manulife of $614 million (C$619 million) were up
17.7% year over year.
It was primarily led by lower new business strain, lower
amortization of deferred acquisition costs and lower expenses.
However, unfavorable claims experience was a partial offset.
During the quarter under review, Manulife's Insurance sales
decreased 23% year over year to $614 million (C$619 million).
Lower sales in Asia and Canada attributed to the decline.
Wealth sales for the first quarter were $12.3 billion (C$12.4
billion), up 43% year over year. The increase was due to more
than 100% improvement in sales of Asia Division, along with 45%
improvement in U.S. Division's sales.
For wealth products, premiums and deposits of $16.2 billion
(C$16.3 billion) increased 42% year over year.
Insurance premiums and deposits increased 7% year over year to
$5.9 billion (C$6 billion), reflecting strong growth in Asia,
Canada and the U.S.
Manulife generated new business embedded value of $299 million
(C$301 million), in line with the first quarter of 2012.
The company strengthened MLI's MCCSR to 217%, up 6% over the
Funds under management reached another all-time record of $545
billion (C$555 billion) as of Mar 31, 2013, driven by positive
net policyholder flow.
StanCorp Financial Group Inc.
Reinsurance Group of America Inc.
) reported operating earnings ahead of the Zacks Consensus
Protective Life Corp.'s
) earnings fell short of the Zacks Consensus Estimate.
Manulife currently retains a Zacks Rank #3 (Hold).