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Record net income for Manulife, despite a loss in the 4th quarter in Canada

by

Aurelia Morvan

14 February 2019 13:30

Roy Gori

Manulife financial Corporation has reported net income of 4.8 billion dollars (G$) in 2018. This is an increase of 128 % compared to the year 2017, for which the holding company declared a net profit of$2.1 billion. It is the net profit the highest ever recorded by the company, said Roy Gori, president and chief executive officer.

The tax reform from the u.s. had been particularly evil to Manulife in 2017. This is in part what explains its progress by 2018 compared to 2017. Two other explanations are given. First of all, Manulife has altered the composition of its portfolio of assets used to support its activities. It has also strongly increased its profit from its core activities.

For its only canadian operations, Manulife posted a net profit of$ 1 billion in 2018, against $ 554 million ($M) in 2017. This represents a good 82 %.

Good fourth quarter… but not in Canada

For the fourth quarter of 2018, Manulife posted a net profit of$ 593 Million. It is$ 2.2 billion more than in the fourth quarter of 2017, for which the company declared a loss of$ 1.6 billion. The elements that explain this increase in the fourth quarter of 2018 compared to the same period in 2017 are the same as those advanced to explain the year 2018 and more flourishing than 2017.

In Canada, the situation is less good. Manulife declares a net loss of$ 67 Million for the fourth quarter of 2018. In comparison, the net loss was$ 29 Million in the fourth quarter of 2017.

 

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