OTTAWA (dpa-AFX) - Manulife Financial Corporation (MFC), a Canadian-based international financial services group, on Wednesday reported lower third-quarter profit. However, core earnings reached a record, supported by double-digit growth in Asia and higher contributions from its North American insurance operations.
Net income attributed to shareholders declined 22% to C$1.42 billion from C$1.80 billion a year earlier. Earnings per share fell 21% to C$0.82 from C$1.02.
Core earnings increased 4% to C$2.13 billion from C$2.04 billion. Core earnings per share rose to C$1.24.
Asia led segment growth, with core earnings rising 17% to US$635 million. U.S. core earnings increased 5% to US$254 million, while Canada's advanced 3% to C$440 million. Global Wealth and Asset Management core earnings declined 5% to C$503 million.
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