Manulife Q3 core profit misses estimates on weather charges

[TORONTO] Manulife Financial on Wednesday (Nov 3) missed analyst estimates for Q3 core profit, which rose from a year earlier due to higher fee income from increased assets under management and new business.

Core earnings at Canada's biggest life insurer rose to C$1.5 billion (S$1.63 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, with the miss caused by higher-than-expected charges due to weather events including Hurricane Ida on the Gulf Coast and floods in Europe.

Reported net income attributable to shareholders declined to C$1.6 billion from C$2.1 billion a year earlier.

REUTERS