Feb. 15--Canadian-based financial services group Manulife Financial Corp. concluded 2013 with profits of $3.1 billion, up 73 percent to the $1.8 billion it recorded in 2012.
A disclosure to the local bourse showed that Manulife realized $1.3 billion in net income attributed to shareholders for the fourth quarter of 2013, closing the year with a $3.1-billion overall profit. This result is higher compared to the $1 billion and $1.8 billion the company recorded for the corresponding periods in 2012.
Core earnings of Manulife for the fourth quarter of 2013 and the full year of 2013 were $685 million and $2.6 billion, respectively. Still, these were higher compared to the $554 million and $2.2 billion the insurance firm had for the corresponding periods in 2012.
"Our 2013 results show another significant improvement in core earnings and net income, strong capital, decreased risk, and improved return on equity. Our plan is delivering," Donald Guloien, president and chief executive officer of Manulife, said.
Manulife's shares are being traded in three bourses, particularly in the Philippine Stock Exchange, Toronto Stock Exchange, and the New York Stock Exchange.
"Our US operation has turned around nicely, and along with our very strong Asian and Canadian businesses, leads to a very well-balanced portfolio," added Guloien.
"Insurance sales were slightly lower than what we would have liked, but with better margins; wealth sales were simply outstanding, driving assets under management to the 21st consecutive quarter of growth, to $599 billion," he further said. For his part, Manulife Chief Financial Officer Steve Roder said that the company generated solid financial results for the fourth quarter, and increased its new business embedded value relative to the last quarter and last year.
"In addition, our Investment Division continued to deliver solid investment gains, reflecting our high quality portfolio and disciplined approach to extending credit and other investment activities," Roder said.
"We ended the quarter with a further strengthened capital position of 248 percent, a 19point improvement over the third quarter," he added.
As of December 31, 2013, Manulife achieved its 21st consecutive quarter of record funds under management of $599 billion, an increase of $68 billion compared with that of 2012.
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