Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Indexes
  3. Greece
  4. ATHENS STOCK EXCHANGE
  5. ASE
  6. News
  7. Summary
    GD   GRI99117A004

ASE

(GD)
SummaryQuotesChartsNewsHeatmapComponents 
SummaryMost relevantAll NewsOther languagesNews of the index componentsMarketScreener Strategies

Manulife, Sun Life profits rise, as asset management growth offsets COVID, hurricane impact

11/03/2021 | 05:26pm EST
The Sun Life Financial logo is seen at their corporate headquarters in Toronto

TORONTO (Reuters) -Canada's two biggest life insurance companies, Manulife Financial and Sun Life Financial, reported a rise in third-quarter profits on Wednesday, driven by growth in new business and higher assets under management.

Sun Life beat analysts' expectations, helped by a 23% surge in earnings from its asset management business that offset losses in the U.S. and Asia from COVID-related claims, but Manulife missed estimates due to weather-related charges.

While the pandemic and related claims, largely outside of Canada, have weighed on parts of insurers' businesses, the growth in wealth, lifted by lockdown-induced savings and government stimulus has proved a boon for their wealth management units.

Core earnings at Manulife, Canada's biggest life insurer, rose to C$1.5 billion ($1.2 billion), or 76 Canadian cents a share, in the three months ended Sept. 30, from C$1.45 billion, or 73 cents, a year earlier. Analysts had expected 79 Canadian cents.

The company took a C$152 million charge in its property and casualty reinsurance business due to estimated losses from Hurricane Ida on the U.S. Gulf Coast and floods in Europe, above about C$135 million expected by Canaccord Genuity analysts.

Manulife reported a jump in assets under management that boosted its global wealth and asset management business and helped offset lower earnings in Asia and the United States.

Underlying profit at smaller Sun Life was C$902 million, or C$1.54 a share, in the three months ended Sept. 30, from C$842 million, or C$1.44, a year earlier. Analysts had expected C$1.52 Canadian cents.

Earnings fell 19% in the United States and 12% in Asia, driven in part by COVID-19 related claims in the United States, Indonesia and the Philippines, as well as the negative impacts of foreign exchange movements. However, this was offset by a 23% increase in earnings from its asset management unit.

($1 = 1.2390 Canadian dollars)

(Reporting By Nichola Saminather; Editing by Richard Pullin)

By Nichola Saminather


ę Reuters 2021
All news about ASE
01/14Canada faces significant financial risks if net-zero actions delayed
RE
01/06Canadian financial firms rethink return-to-office amid Omicron concerns
RE
01/06Shell-backed U.S. solar developer raises $775 million in equity
RE
2021Canada still plans digital services tax; Google disappointed
RE
2021Canada still prepared to impose digital services tax - finance ministry
RE
2021Canadian financial firms to rethink return-to-office amid Omicron concerns
RE
2021Canadian insurer Definity surges on debut after $1.6 bln IPO backed by Swiss Re
RE
2021Manulife 'constantly looking' for buyers for Canadian variable annuity business
RE
2021Canadian insurer Sun Life raises dividend after curbs eased
RE
2021Multiple tailwinds help lift Toronto market to record high
RE
More news
News of the index components ASE
03:02aLAMDA DEVELOPMENT : Purchase of Own Shares
PU
02:52aREGULATED INFORMATION : Purchases of own shares (Decision of AGM 17/6/2020)
PU
02:52aTITAN CEMENT INTERNATIONAL : Announcement of disposal of own shares
PU
01/18PIRAEUS FINANCIAL S A : Αnnouncement of Regulated Information
PU
01/18HELLENIC TELECOMMUNICATIONS ORGANIZA : Extraordinary General Meeting resolutions
PU
01/18MYTILINEOS S A : The fifth cycle of ‘'Engineers in Action” has begun
PU
01/18PROFILE & SOFTWARE : Epirus Bank selected RiskAvert for comprehensive risk management
PU
More news
Chart ASE
Duration : Period :
ASE Technical Analysis Chart | GD | GRI99117A004 | MarketScreener
Technical analysis trends ASE
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Heatmap :