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May 12, 2022

Manulife misses estimates for first-quarter core profit

Manulife Financial on Wednesday missed estimates for first-quarter core profit, which fell from a year earlier as COVID-19 disrupted new business activities in multiple markets across Asia.

Canada’s largest insurer reported core earnings of $1.5-billion, or 77 cents a share, in the three months ended March 31, compared with $1.6-billion, or 82 cents a share, a year earlier.

Analysts on average had expected the company to report earnings of 82 US cents a share, according to IBES data from Refinitiv.

Net income attributable to shareholders rose to $2.97-billion, or 1.50 cents a share, from $783-million, or 38 cents a share, a year earlier.

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