Manulife earnings hit hard by sharp drop in energy prices
February 11, 2016 by Warren S. Hersch
Manulife Financial Corporation suffered significant declines in fourth-quarter and full-year earnings in 2015, the company disclosed today.
The Canada-based life insurer, which operates in the U.S. through its John Hancock unit, recorded fourth quarter net income attributable to shareholders of CA$246 million (US$176.2 million). This compares to CA$640 million (US$458 million) for the year-ago period, which constitutes a 62 percent dip. For all of 2015, earnings came to CA$2.2 billion (US$1.6 billion), down from CA$3.5 billion (US$2.5 billion) in 2014, a 59 percent decline.