(RTTNews) - Thursday, Canadian life insurance company Manulife Financial Corp. (MFC: News ,MFC.TO: News ) reported a third quarter loss compared to a profit last year, despite a surge in revenues, impacted by significant amount of charges related to bonds and actuarial assumptions which more than offset the gains from equity market increases.

Manulife Financial's third quarter net loss attributed to shareholders was C$172 million, compared to net income of C$510 million in the year ago period. Net loss available to common shareholders was C$193 million or C$0.12 per share, compared to net income of C$503 million or C$0.33 per share in the same quarter last year.

Results for the quarter were negatively impacted by lower corporate bond rates and strengthening of reserves for changes in actuarial assumptions.

The company reported a non cash charge of C$1.2 billion resulting from the decrease in interest rates and corporate spreads during the quarter. The annual review of all actuarial assumptions also resulted in a charge to earnings of C$783 million. Impairment in the investment portfolio was $111 million. Increases in equity markets generated non cash gains of C$1.2 billion.

The company's adjusted earnings from operations was C$803 million for the quarter.

On average, four analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude one-time items.

Total revenue surged to C$13.75 billion from C$5.83 billion in the comparable quarter last year.
The Toronto, Ontario-based company's total premium income was C$5.52 billion, down from C$5.85 billion in the same quarter last year. Investment income for the quarter increased to C$2.08 billion from C$1.75 billion in the previous year quarter.

Manulife Financial for the quarter reported realized and unrealized gains on assets of C$4.66 billion compared to a loss of C$3.15 billion in the year ago period.

For the current quarter, total premium and deposits were C$16.23 billion, down 10% from C$18.09 billion in the year ago period. Total capital increased to C$30.74 billion from C$28.25 billion last year.

Funds under management for the quarter edged up to C$436.54 billion from C$385.28 billion in the prior year quarter.

The company's board approved a quarterly shareholders' dividend of C$0.13 per share on the common shares of MFC, payable on or after December 21, 2009 to shareholders of record at the close of business on November 17, 2009.

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