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Manulife’s Bloor Street office in Toronto is seen in this file photo.Glenn Lowson/The Globe and Mail

Manulife Financial Corp. says net income was down for the quarter as it took a significant provision related to the impacts of the U.S. hurricanes on its reinsurance business.

The company says the provision amounted to $240-million for the damage caused by hurricanes Harvey, Irma and Maria, for its first significant loss in the business since 2011.

Manulife says it had net income of $1.11-billion, or $0.54 per common share for the quarter ending Sept. 30, compared with $1.12-billion or $0.55 per share for the same period last year.

Company CEO Roy Gori says key growth drivers continued in the quarter, with double-digit core earnings growth in Asia and another quarter of positive net flows in its global wealth and asset management business.

Earnings were, however, also tempered by lower gains from investments and the direct impact of markets, with investment-related gains coming in at $111-million compared with $297-million in the third quarter last year.

As of the end of the quarter, Manulife had total assets under management and administration of $1.0-trillion, up eight per cent from Dec. 31.

Hadiya Roderique is a former lawyer in Toronto. As a PhD candidate studying organizational behaviour and human resources, she discusses her own work experience and ways to improve diversity and retention in the workplace.

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Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/03/24 4:00pm EDT.

SymbolName% changeLast
FC-T
Firm Capital Mortgage Inv. Corp
+0.26%11.46
MFC-N
Manulife Financial Corp
+1.34%24.99
MFC-T
Manulife Fin
+1.2%33.83

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