Manulife Financial Corporation said it posted a $1.6 billion drop in second-quarter profit from a year earlier as market turbulence hit its bottom line.
The insurance giant says it posted net income of $1.09 billion, or 53 cents per share, for the quarter ending June 30, compared with profit of $2.65 billion or $1.33 per share for the same quarter last year.
Analysts had expected net profit of $1.47 billion or 76 cents per share, according to financial markets data firm Eikon.
Manulife says lower earnings came from charges related to the direct impact of markets, compared to last year’s gains, as well as weaker earnings from investment-related businesses and lower core earnings.
Manulife reported base profit of $1.56 billion, down 9% from $1.68 billion in the same quarter last year.
The company says that while profits are down, it has reported year-to-date net income attributable to shareholders that is higher than last year.
This report from The Canadian Press was first published on August 10, 2022.