Manulife Financial Corp. (MFC) said that its net income in the second quarter fell 59% from a
year earlier due to ongoing market volatility.
The Toronto-based insurance company reported net income of $1.09 billion, or $0.53 per share,
for the quarter ended June 30 compared with $2.65 billion or $1.33 a share a year ago.
Analysts who cover the company had forecast net income of $1.47 billion or $0.76 per share.
Manulife said the earnings decline was due to the direct impact of stock markets that fell during
the quarter, as well as smaller gains from investment activities.
The company added that while its earnings are down, it has reported higher net income
attributable to shareholders than during the same period of 2021.
Manulife’s stock is down 3% this year and trading at $24.19 per share.
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