Manulife Financial posted a net loss attributed to shareholders of C$300m ($302.6m) for the second quarter of 2012, compared to a profit of C$490m ($493m) during the corresponding period earlier year.

The second loss reflects volatile equity markets and interest rate environment, which attributed quarterly loss per common share of C$0.18, versus a C$0.26 profit a year ago.

For the latest quarter period ended on 30 June 2012, its GAAP net income rose to C$2.2bn ($2.21bn), up by 141% when compared with GAAP net income of C$913m ($919m) during the same period last year.

For the current quarter period, the company’s total revenue summed up C$11.30bn ($11.37bn), with an increase of 5%, from C$10.77bn ($10.84bn) during the comparable period last fiscal.

For the first six months, Manulife Financial net income attributable to shareholders was $906m ($912m) versus $1.5bn ($1.5bn) for the same period of 2011.

Manulife Financial president and chief executive officer Donald Guloien said while volatile equity markets and lower interest rates took their toll, the company made substantive progress against its strategic priorities, delivered excellent operating results and prudently managed its capital and financial position.

"We improved our product mix, increased pricing on a number of products, delivered robust insurance sales growth, achieved another all-time record in funds under management, generated strong new business embedded value and strengthened underlying earnings," Guloien added.