Newspaper article The Canadian Press

Manulife Posts $1.6-Billion Fourth-Quarter Net Loss on $2.8 Billion in Charges

Newspaper article The Canadian Press

Manulife Posts $1.6-Billion Fourth-Quarter Net Loss on $2.8 Billion in Charges

Article excerpt

Manulife net income hit by U.S. tax changes

--

TORONTO - Manulife Financial Corp. says a $2.8-billion post-tax charge related to U.S. tax reform and a decision to change its portfolio asset mix resulted in a $1.6 billion or 83 cents per diluted share net loss in the fourth quarter of 2017.

The company earned a net profit of $63 million or a penny per share in the year-earlier period, in which it declared a $1.2-billion charge related to the direct impact of markets.

Manulife CEO Roy Gori says the tax change that hit net income in the most recent quarter will benefit the company in the future, adding Manulife is "fully committed" to transforming its business to become a digital leader with stronger customer focus.

The financial services and insurance company says its quarterly dividend is being increased by seven per cent to 22 cents per common share from 20. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.