The Globe and Mail reports in its Friday, Feb. 12, edition that
Manulife Financial posted fourth quarter earnings on Wednesday evening. The Globe's Clare O'Hara writes that
Manulife reported core profit of $571-million for its business in Asia, up 16 per cent from the year prior. Manulife's Asian operations played a big role in the insurer's ability to weather the pandemic, as globally diverse operations allowed the company to offset headwinds during various lockdowns in several jurisdictions.
Chief executive officer Roy Gori said, "We really benefited in 2020 from the global diversity of our franchise -- and not just across the three broad geographies of Canada, the U.S. and Asia -- but even within Asia."
Manulife operates in 13 Asian regions that account for more than 41 per cent of its earnings -- up from 35 per cent in 2016. Mr. Gori said that proportion will hit 50 per cent by 2025. Manulife surpassed analyst expectations, with the Toronto-based insurer seeing overall profits increase for the three months ended Dec. 31.
Manulife reported fourth quarter profit of $1.7-billion or 89 cents a share. That compared with $1.2-billion or 61 cents.
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