Manulife Financial Corp. (MFC,MFC.TO) reported that its first-quarter Common shareholders' net income declined to C$508.00 million or C$0.28 per share, from C$1.20 billion or C$0.63 per share in the same quarter last year.
The latest-quarter earnings were impacted by a charge of C$208 million related to the direct impact of equity markets and interest rates. The charge included C$97 million resulting from our quarterly update to fixed income ultimate reinvestment rates used in the valuation of policy liabilities.
Core earnings for the quarter increased to C$619 million compared with C$526 million last year. Core earnings per share were C$0.32, up from C$0.27 in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of C$0.32 per share. Analysts' estimates typically exclude special items.
The increase in Core earnings was driven by the growth in business, higher net fee income and the settlement of tax positions partially offset by increased macro hedge costs. Changes in currency rates reduced core earnings by C$12 million compared with the same period in the prior year.
Total revenues for the quarter rose to C$6.14 billion from C$3.80 billion in the prior year quarter. Two analysts had consensus revenue estimate of C$10.27 billion for the quarter.
The 2012 results have been restated to reflect the retrospective application of new IFRS accounting standards effective January 1, 2013.
Manulife Financial's Board of Directors announced a quarterly shareholders' dividend of C$0.13 per share on the common shares of the company, payable on and after June 19, 2013 to shareholders of record at the close of business on May 14, 2013.
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