Manulife Q3 profit surges to $1.57 billion despite lower Canadian contribution
Thousands of Canadian flags honouring fallen soldiers are planted on the front lawn of the Manulife head office in downtown Toronto on Wednesday, Nov. 7, 2018. THE CANADIAN PRESS/Nathan Denette
The Canadian Press
Published Wednesday, November 7, 2018 7:05PM EST
TORONTO -- Manulife Financial Corp. says its third-quarter profit surged 42 per cent to $1.57 billion despite a lower contribution from its Canadian operations.
Net income attributable to shareholders was up from the $1.1 billion in the quarter ending Sept. 30 last year, while diluted earnings rose to 77 cents per share, from 54 cents per common share in the third quarter of 2017.
Core earnings were $1.54 billion or 75 cents per share, up from $1.08 billion or 53 cents per share a year ago.
Core earnings decreased by 13 per cent to $351 million in Canada but were up in Asia, the U.S. and in global wealth management.
The Toronto-based company recently announced its quarterly dividend will increase 14 per cent to 25 cents, payable as of Dec. 19 to shareholders of record at the close of business on Nov. 30.
The company said in June it will cut 700 jobs over the next 18 months as part of a streamlining of operations.