Manulife Financial Corp.'s (MFC,MFC.TO: Quote) first-quarter net income attributed to shareholders advanced 22% to C$1.21 billion from C$985 million a year ago. The quarter's performance reflects strong markets, growth in insurance sales and strengthened underlying earnings compared to the fourth quarter of 2011, the company said.
Earnings per share, excluding convertible instruments, were C$0.66, higher than C$0.54 in the prior-year quarter, with quarterly earnings per share rising to C$0.62 from last year's C$0.53.
However, total revenue fell to C$3.82 billion from C$7.06 billion in the comparable period in 2011.
Additionally, the company announced the appointment of Steve Roder as incoming Senior Executive Vice President and Chief Financial Officer, who would report directly to Manulife President and Chief Executive Officer Donald A. Guloien. His appointment is expected to become effective in the beginning of June.
Further, Manulife Financial's board announced a quarterly shareholders' dividend of C$0.13 per share, payable on and after June 19, 2012 to shareholders of record at the close of business on May 15, 2012.
by RTT Staff Writer
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