Manulife Posts $1.6-billion Fourth-quarter Internet Loss On $2.Eight Billion In Fees

TORONTO — Manulife Monetary Corp. says a $2.Eight-billion post-tax cost associated to U.S. tax reform and a choice to alter its portfolio asset combine resulted in a $1.6 billion or 83 cents per diluted share internet loss within the fourth quarter of 2017.

The corporate earned a internet revenue of $63 million or a penny per share within the year-earlier interval, by which it declared a $1.2-billion cost associated to the direct influence of markets.

Manulife CEO Roy Gori says the tax change that hit internet revenue in the latest quarter will profit the corporate sooner or later, including Manulife is “absolutely dedicated” to reworking its enterprise to turn out to be a digital chief with stronger buyer focus.

The monetary companies and insurance coverage firm says its quarterly dividend is being elevated by seven per cent to 22 cents per frequent share from 20.5 cents.

It says earnings earlier than particular fees within the fourth quarter had been $1.20 billion or 59 cents per share, down six per cent from $1.29 billion or 63 cents per share in the identical interval of 2016, as a result of decrease funding beneficial properties, offset by robust development in Asia enterprise.

For the yr, Manulife says it had internet earnings of $2.1 billion or 98 cents per share, in contrast with $2.9 billion or $1.41 per share in 2016.

It says its core earnings earlier than fees for 2017 had been $four.56 billion or $2.22 per share, up from $four.02 billion or $1.96 per share in 2016.

Firms on this story: (TSX:MFC)

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