reported first-quarter 2012 operating income of $1.13 (C$1.13)
billion or (C$66) cents per share, compared with $871 (C$874)
million or (C$54) cents per share in the prior-year
Including the direct impact of equity markets, net income came
in at $1.21 (C$1.21) billion compared with net income of $983
(C$985) million in the year-ago quarter.
Total revenue declined 46% year over year to $3.8 (C$3.8)
billion, primarily due to higher realized investment losses.
During the quarter, total insurance sales were up 35% year over
year to $821.0 (C$823) million, led by higher sales from Asia
and Canada where sales soared 26% and 80% respectively,
partly offset by a 3% decline in sales in the U.S.
The company's wealth sales, however, declined 8% year over year
to $8.7 (C$8.7) billion, due to a decline in mutual funds sales in
both U.S and Canada regions, partly offset by higher wealth sales
from the Asia division.
Premium and deposit for the insurance products were $5.7 (C$5.7)
billion and for the wealth products were $11.4 (C$11.4) billion
down 3% year over year.
Total funds under management as of March 31, 2012, were $513
(C$512) billion up 7% year over year, as a result of increased fee
The Manufacturers Life Insurance Company's consolidated
regulatory capital ratio or Minimum Continuing Capital and Surplus
Requirements ("MCCSR") was 225% as of March 31, 2011, reflecting a
decline from 243% as of March 31, 2011.
Manulife currently retains a Zacks #2 Rank, which translates
into a short-term Buy rating. Considering the fundamentals, we are
maintaining our long-term Neutral recommendation on the shares.
Headquartered in Toronto, Canada, Manulife Financial operates as
a life insurance company. The company also offers reinsurance
services. The company functions as Manulife Financial in Canada and
Asia and primarily as John Hancock in the United States. The
company competes with
METLIFE INC (MET): Free Stock Analysis Report
MANULIFE FINL (MFC): Free Stock Analysis Report
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