Newspaper article The Canadian Press

Losses in Oil and Gas Sector Bite into Manulife's Fourth-Quarter Earnings

Newspaper article The Canadian Press

Losses in Oil and Gas Sector Bite into Manulife's Fourth-Quarter Earnings

Article excerpt

Low gas and oil investments hit Manulife Q4

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TORONTO - Manulife Financial Corp. saw a 62 per cent drop in its fourth-quarter profit, which it blamed on losses in its oil and gas investments.

The Toronto-based company reported net income of $246 million or 11 cents a share for the three-month period ended Dec. 31, 2015.

This compared with a profit of $640 million or 33 cents per share for the same period a year earlier. Core earnings amounted to $859 million in the fourth quarter, up 28 per cent from $713 million year over year.

Manulife (TSX:MFC) says a decline in its investments in energy resulted in a $250-million charge for the fourth quarter and a $876 million charge for 2015.

The insurer says volatility in energy prices is a factor that could make it difficult for the company to meet its core profit goal of $4 billion this year. …

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