This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Manulife Financial loses $172-million in Q3 2009-11-05 19:48 ET - News Release Mr. David Paterson reports Manulife Financial Corp. had a net loss attributed to shareholders of $172-million for the third quarter ended Sept. 30, 2009, compared with net income of $510-million in the third quarter of 2008. The loss per share was 12 cents compared with fully diluted earnings per share of 33 cents in 2008. Current quarter results reflect equity market increases offset by lower corporate bond rates and changes in actuarial assumptions. The Manufacturers Life Insurance Company (MLI) reported a minimum continuing capital and surplus requirements (MCCSR) ratio of 229 per cent as at Sept. 30, 2009, up from 193 per cent last year.
In its second quarter earnings release, the company included a forward-looking statement that estimated normalized earnings to be between $750-million and $850-million per quarter for the remainder of 2009 and 2010. The third quarter's adjusted earnings from operations under this definition were approximately $803-million.
Chief executive officer, Donald A. Guloien, said: "Underlying earnings and performance were solid this quarter, but our results were negatively impacted by lower corporate bond rates and strengthening of reserves for changes in actuarial assumptions. We took actions to improve margins, increased our sales of products other than variable annuities, further improved our equity risk profile and continued to build toward fortress capital levels. We announced two attractive acquisitions and see numerous opportunities for strategic growth across a variety of markets. We remain highly disciplined and will continue to build upon Manulife's scale and key strengths including our superior asset quality, well-recognized brands, leading products and distribution, excellence in investment management, and strong positioning in key growth markets."
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