Newspaper article The Canadian Press

Manulife Financial Reports Profit Down from Year Ago after Oil and Gas Hits

Newspaper article The Canadian Press

Manulife Financial Reports Profit Down from Year Ago after Oil and Gas Hits

Article excerpt

Manulife reports Q3 profit down from year ago

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TORONTO - Manulife Financial Corp. (TSX:MFC) saw its third-quarter profit fall compared with a year ago as it was hit by losses related to its oil and gas investments.

The insurance company said Thursday it booked $220 million in charges related to its investments as losses in oil and gas were offset in part by gains related to fixed-income redeployment, favourable credit experience and other assets.

Overall, Manulife said it earned a profit of $622 million in its latest quarter or 30 cents per diluted share. That compared with a profit of $1.10 billion or 57 cents per diluted share for the same quarter a year earlier.

The results for the most recent quarter included a charge of $285 million due to changes in actuarial methods and assumptions and a net gain of $232 million related to the direct impact of equity markets and interest rates. …

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