Manulife Financial Corp. says earnings were fairly flat in the second quarter as better market performance was offset by a sizable loss on a sale of debt instruments.
The insurer says net income attributable to shareholders came in at $1.04 billion, compared with $1.03 billion for the same quarter last year.
It says the quarter included a $300-million loss on debt instruments related to its deal to reinsure a $5.8-billion block of Canadian universal life insurance.
Manulife says adjusted earnings, or what it calls core earnings, came in at $1.74 billion, up 6% from $1.64 billion in the same quarter last year.
The quarter saw a 289% surge in net income from its Asia division to US$424 million, while its Canada division saw a 65% drop to $79 million, and its U.S. division had a 28% drop in net income to US$98 million.
The swings were less dramatic on an adjusted basis but still showed the company’s growing focus on growth in Asia with a 40% increase in core earnings compared with 7% growth in Canada.
Average assets under management and administration were $9.3 trillion in the quarter, up 13% from $8.2 trillion in the second quarter of 2023.