The Financial Post reports in its Friday edition that energy exposure hit the bottom line of Manulife Financial ($15.84) in the fourth quarter, causing the shares to slide as much as 12 per cent in Thursday trading despite a 9-per-cent hike in the dividend. The Post's Barbara Shecter writes that quarterly net earnings missed analyst estimates and included a $361-million charge on "investment-related experience" -- with the bulk of that due to oil and gas holdings. Barclays analyst John Aiken says: "For the third time in 2015, Manulife incurred significant investment losses related to its energy investments. The ongoing uncertainty in oil and the broader macro outlook has management concerned." Mr. Aiken said in the Post on Jan. 14, that he expected "solid" earnings growth from Manulife. It was then trading at $18.52. He says Manulife is now "backing away" from a $4-billion core earnings target for 2016. Sun Life Financial chief executive officer Dean Connor says his firm began "de-risking" exposure to energy-related investments about a year ago. He says, "Our exposure is lower than most of our North American peers." He adds Sun Life is exposed through bonds, the vast majority of which are investment grade.