Manulife profit soars as equity, bond investments pay off
November 14, 2016 by Katia Dmitrieva
(Bloomberg) — Manulife Financial Corp., Canada’s largest life insurer, rose the most since February after reporting profit that almost doubled in the third quarter, benefiting from gains in its life insurance business and reaping the rewards of investments.
Manulife rose 7.9 percent to C$21.65 at 9:42 a.m. in Toronto, the most intraday since February and to the highest since December last year. Profit excluding some items in the three-month period was 49 cents a share, above the 45-cent average estimate of 14 analysts surveyed by Bloomberg. Net income increased 80 percent from the prior-year period to C$1.1 billion ($820 million), or 55 cents a share, The Toronto-based insurer said in a statement Thursday.
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