Manulife Financial (MFC) Tops Q3 EPS by 25c

Manulife Financial (NYSE: MFC) reported Q3 EPS of $0.75, $0.25 better than the analyst estimate of $0.50.

For 3Q18, Manulife generated core earnings of $1,539 million, diluted core earnings per common share1 of $0.75 and core return on common shareholders' equity ("core ROE")1 of 14.8%, compared with $1,085 million, $0.53 and 10.6%, respectively, for 3Q17.

"We delivered another quarter of strong core earnings and net income, both of which achieved double-digit growth over last year. We also made solid progress improving the capital efficiency of our legacy businesses and recently announced three transactions that are expected to release over $1 billion of capital2," said Manulife President & Chief Executive Officer Roy Gori.

"We are focused on transforming our business by using technology to deliver a great customer experience. We launched an integrated goals-based investment solution, the first-ever to use advanced analytics and dynamic liability-driven investment to help Canadian retail customers plan for retirement with greater confidence. In Canada, we marked our one-millionth transaction processed using robotics," added Mr. Gori.

"Asia New Business Value has grown by 29% compared with 3Q17, we've delivered another quarter of positive net flows in Wealth and Asset Management and our expense efficiency initiatives are dropping to the bottom line with expenses growing at half the historic rate," said Chief Financial Officer Phil Witherington.

"We are pleased with our capital position and strong business momentum and, as previously announced, the Board has approved a 14% increase to our dividend," added Mr. Witherington.

For earnings history and earnings-related data on Manulife Financial (MFC) click here.

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