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Manulife enhances its net income, except in Canada

by

Aurélia Morvan

8 August 2019 11:30

Photo : Freepik

After ai group financial, the Manulife Financial Corporation is the second largest life insurer canadian to report a net profit increase in the second quarter of 2019.

The net profit of the company amounted in effect to 1.5 billion dollars (G$) for this period, when it was$ 1.3 billion in the second quarter of 2018. This represents an increase of $ 200 million (M$), or 17 %.

The increase recorded in the second quarter of 2019 “primarily reflects the non-recurrence of restructuring charges of $ 200 million recorded in the second quarter of 2018,” says Manulife.

Decline in the canadian market

In this case only the canadian operations of the company, the net profit is down 37 %. He spent 502 Million during the second quarter of 2018 to$ 317 Million in the second quarter of 2019. The only other segment in decline is that the u.s. operations of Manulife, for which the net profit has decreased by 19 % since it is 502 Million during the second quarter of 2019, when it was$ 620 Million in the same period last year.

Always for Canada, the total amount of premiums and deposits for the three canadian sectors combined amounted to$ 3.7 billion in the second quarter of 2019. This total was$ 4.2 billion in the second quarter of 2018. The decline is 12 %.

If one dissects this total, we note that premiums and deposits in the sector of group insurance have decreased by 18 %, from$ 2.8 billion in the second quarter of 2018 to$ 2.3 billion in the second quarter of 2019. Premiums and deposits for the annuity business were down 6% to 498 Million during the second quarter of 2019. As regards premiums and deposits individual insurance, they have increased 5 %, to reach $ 939 Million during the second quarter of 2019.

Three canadian life insurers are retreating

If the net income of Manulife and iA of the financial Group increased in the second quarter of 2019 compared to the second quarter of 2018, that of Great-West Lifeco, of the Sun Life Financial andEmpire Life has fallen.

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