The Financial Post reports in its Thursday, Feb. 13, edition that Manulife Financial fell short of analysts' estimates for quarterly profit on Wednesday as declining sales in Asia offset growth elsewhere.
A Reuters dispatch to the Post reports that Manulife said fourth quarter annualized premium equivalent (APE) sales in Asia fell 6.25 per cent to $975-million, while it jumped 63.8 per cent in the United States.
Manulife said its total APE sales rose 1.76 per cent to $1.49-billion.
Manulife earned $1.48-billion, excluding one-off items, in the fourth quarter, from $1.34-billion a year earlier.
On a per share basis, the insurer posted core earnings of 73 cents, missing estimates of 75 cents. Manulife chief executive officer Roy Gori says, "We achieved solid operating results in 2019, delivered top quartile shareholder returns, and made important progress toward our bold ambition of becoming the most digital, customer-centric global company in our industry."
The Toronto-based insurer also approved a 12 per cent increase to its dividend.
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