Canada's biggest life insurer Manulife Financial Corp reported core earnings of C$1.17 billion ($922 million), or 57 Canadian cents per share, for the second quarter, compared with C$833 million, or 40 cents a share the year before. Analysts on average had expected earnings of 55 Canadian cents per share, according to Thomson Reuters I/B/E/S data. Manulife said the increase in core earnings incorporated investment gains of C$154 million and an increase of C$187 million driven by strong new business growth in Asia, higher fee income from its wealth and asset management businesses and a reduction in hedging costs.
Sun Life, Canada's third-biggest life insurer, reported net income of C$574 million ($452 million), or 93 Canadian cents per share, in the second quarter, compared with C$480 million, or 78 cents per share in the same period the year before.
Copyright Reuters, 2017