Canadian life insurer
Manulife Financial Corp.
) reported third-quarter 2013 core earnings of $677 million
(C$704 million) up 18.3% year over year.
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Net income in 3Q13 came to approximately $0.99 billion (C$1.03
billion), compared with a net loss of $ 282.2 million (C$281
million) in the quarter last year.
During the quarter under review, Manulife's total insurance sales
were $582.1 million (C$605 million), up 4% year over year.
Wealth sales for the third quarter were $10.8 billion (C$11.3
billion), up 34% year over year. The increase was due to increase
in sales in Asia along with double-digit growth in all other
For wealth products, premiums and deposits of $14.0 billion
(C$14.6 billion) increased 27% year over year.
Insurance premiums and deposits were $5.9 billion (C$6.1
billion), reflecting an increase of 9% year over year.
The company strengthened its Minimum Continuing Capital and
Surplus Requirements ratio to 229%, up 7% over the prior
Funds under management reached another all-time record of $579
billion (C$597 billion) as of Sep 30, 2013 up 10% year over year,
driven by positive net policy holder flow and favorable
Manulife has been performing favorably over the past many
quarters. The company is aggressively developing its business in
Asia, which remains key to its long-term growth.
Manulife also has a solid market position in the global markets,
and has effectively reduced exposure to potential equity markets
as well as interest rate risks. It has also revised product focus
on less capital intensive lines of business while maintaining
adequate regulatory risk-adjusted capitalization.
In addition, Manulife has successfully maintained a significant
scale in core business lines and has seen strong growth in its
assets under management.
Other companies in the segment,
) with Zacks Rank #1 (Strong Buy),
Eastern Insurance Holdings, Inc.
), with Zacks Rank #2 (Buy) all reported
better-than-expected third quarter earnings.