The Globe and Mail reports in its Friday, Aug. 9, edition that Manulife Financial posted solid second quarter earnings in line or slightly ahead of expectations.
The Globe's David Milstead writes that Manulife's results, issued Wednesday evening, included "core earnings" of 72 cents a share, up two cents from the prior-year period and a penny above the average of analysts profit forecasts for the company. Manulife reported solid results from its Asian businesses. It reported healthy levels of capital, above regulatory minimums. Manulife said Thursday it has $25-billion in capital more than required. Manulife plans more share buybacks. Manulife said in February it would boost its buyback program, which runs until November, from 40 million shares to 99 million shares, or 5 per cent of the company. Share buybacks increase earnings per share by reducing a company's share count and are seen by some as a dividend substitute, because shareholders can choose to sell or not. On Thursday Manulife shares traded at about 50 per cent of their record high, according to Standard & Poor's Global Market Intelligence.
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