The insurer has reported core earnings of C$1.5bn for the third quarter of 2020, a 6% decrease compared to C$1.53bn for the corresponding period of 2018
Canadian insurance company Manulife had reported a net income of C$2.1bn ($1.6bn), or C$1.04 ($0.8) per diluted share, for the third quarter (Q3) of 2020, compared to C$723m ($552m), or C$0.35 ($0.27) per diluted share, for the same period last year.
The insurer has reported core earnings of C$1.5bn ($1.15bn) for the third quarter of 2020, a 6% decrease compared to C$1.53bn ($1.17bn) for the corresponding period of 2019.
The diluted core earnings per share for the quarter stood at C$0.73 ($0.56), decreasing from C$0.76 ($0.58) from last year’s Q3.
For the third quarter of 2020, Manulife has reported annualised premium equivalent (APE) sales of C$1.43bn ($1.09bn), a 2% decrease compared to C$1.44bn ($1.1bn) for the third quarter of 2019.
Asia had the largest share in Q3 APE sales
The company stated that the Asian region had a lion’s share in APE sales for Q3 2020 with C$1bn ($763.4m), followed by Canada with C$289m ($221m). The least APE sales were recorded in the US with C$136m ($104m) for this year’s Q3.
The total new business value (NBV) for Manulife for the period had also fallen by 14% from last year’s C$526m ($402m) to C$460m ($351m) in this year.
Manulife president and CEO Roy Gori said: “While the COVID-19 pandemic continues to disrupt economies worldwide, the overall demand for our products was robust.
“Our strong digital capabilities have enabled us to fulfil customers insurance and wealth management needs across all of our markets globally.
“The global diversity of our franchise, strength of our offerings, and quality of our distribution capabilities were evident in Manulife’s third quarter APE sales, which were down only 2% from the prior year quarter, despite the challenging environment.
“In addition, we delivered core earnings of $1.5 billion and net income of $2.1 billion for the quarter, which reflects the resilience of our business.”