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UPDATE 1-Manulife profit misses estimates on energy investments

Published 2016-02-11, 07:04 a/m
© Reuters. UPDATE 1-Manulife profit misses estimates on energy investments
MFC
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(Adds details on dividend, comments on outlook)
TORONTO, Feb 11 (Reuters) - Canadian insurer Manulife
Financial Corp MFC.TO reported fourth-quarter earnings that
missed market estimates on Thursday, hit by the impact of weak
oil prices on its investments.
Oil prices have continued to plunge since then selloff began
in 2014, and energy-sector investments have hit the company's
bottom line in three of the last four quarters.
Manulife, Canada's largest insurer, said it would be
difficult to achieve its core earnings target of C$4 billion in
2016, citing "macroeconomic headwinds and energy price
volatility."
However, the Toronto-based company increased its dividend.
Sales at its insurance division grew 22 percent, driven by
growth in Asia and Canada. Competitive challenges saw a decline
in its U.S. insurance business.
Overall net income for the quarter ended Dec. 31 was C$246
million, or 11 Canadian cents a share, compared with C$640
million, or 33 Canadian cents a share, a year ago. Core earnings
rose to 42 Canadian cents share.
Analysts on average had expected earnings of 45 Canadian
cents a share, according to Thomson Reuters I/B/E/S.
Assets under management and administration rose 35 percent
to C$935 billion by the end of 2015, helped partly by
acquisitions.

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