Manulife Q1 net profit down sharply at $540M; core earnings rise to $619M

TORONTO – Manulife Financial Corp. (TSX:MFC) has reported net income attributed to shareholders of $540 million in the first quarter, down sharply from the almost $1.23 billion it reported in the same period a year ago. Canada’s largest insurance company says the results translated into net earnings per common share of 28 cents, compared with 57 cents in the same 2012 period. However, core earnings, which Manulife sees as an important measure of performance, totalled $619 million, up from $526 million.