Manulife posts $300-million loss due to equity markets, interest rates
TORONTO – Manulife Financial Corp. (TSX:MFC) says challenging equity market and interest rate conditions resulted in a $300 million net loss in its second quarter.
That was a stark contrast to the $1.2 billion profit reported a year earlier by Canada’s largest life insurance company.
Manulife’s loss equalled 18 cents per share and compared with a profit of 66 cents per share in the second quarter of 2011.
Overall revenue from insurance premiums, investments and other sources increased to $11.3 billion, up from $10.8 billion a year earlier.
Manulife says its loss was caused mainly by a $727-million charge relating to the direct impact of equity markets and interest rates.
Excluding that factor, Manulife says it would have had a profit of $427 million.
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