TORONTO, Aug 4 (Reuters) - Canadian insurer Manulife Financial Corp MFC.TO posted second-quarter results which were below market expectations and warned of a charge of up to C$500 million ($382 million) in the third quarter.
The company on Thursday reported core earnings of C$833 million, or 40 Canadian cents a share, compared with C$902 million, or 44 cents a share, the year before.
Analysts on average had expected earnings of 46 Canadian cents a share, according to Thomson Reuters I/B/E/S.
Manulife said it delivered strong double-digit growth in sales and new business in Asia and positive net flows across its wealth and asset management businesses.
"While both core earnings and net income this quarter were disappointing, having been impacted by the sharp decline in interest rates and heightened market volatility, I am pleased with how resilient our underlying businesses remained," Chief Executive Donald Guloien said in a statement.
The company is in the process of an annual review of its actuarial methods and assumptions, and said that was likely to result in a post-tax charge to shareholders of up to C$500 million.