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Manulife Financial Corp. ( MFC - Analyst Report ) reported its second-quarter 2012 operating loss of $293 million (C$300) million or (C$18) cents per share, compared with the income of $479 million (C$490) million or (C$26) cents per share in the prior-year quarter. The disappointing results came on the back of a volatile equity market and a weak interest rate environment.
The net income excluding notable items was $538.7 million (C$551) million compared with $657.9 million (C$673) million in the second quarter of 2011.
During the quarter, total insurance sales went up 60% year over year to $978.6 million (C$1001 million), led by higher sales from Japan, Hong Kong and Indonesia.
The company’s wealth sales, however, declined 7% year over year to $8.4 billion (C$8.6 billion) due to a fall in mutual funds sales in both U.S and Canada regions, partly offset by higher wealth sales from the Asia division.
Premium and deposit for the insurance products were $6.2 billion (C$6.3 billion), up 16% year over year. The same for the wealth products were $11.0 billion (C$11.2 billion), down 3% year over year.
Total funds under management as of June 30, 2012, were $502 billion (C$514 billion), up 7% year over year, as a result of increased fee income.
Assets managed by Manulife Asset Management grew 4.7% year over year to ($183 billion) C$187.0 billion, and including assets managed for Manulife's general account, total assets under management increased 6.3% year over year to $217.1 billion (C$222.1) billion as on June 30, 2012.
The Manufacturers Life Insurance Company’s consolidated regulatory capital ratio or Minimum Continuing Capital and Surplus Requirements (“MCCSR”) was 213% as of June 30, 2012, reflecting a decline from 225% as of March 31, 2012.
Manulife currently retains a Zacks #2 Rank, which translates into a short-term Buy rating. Considering the fundamentals, we are maintaining our long-term Neutral recommendation on the shares.
Headquartered in Toronto, Canada, Manulife Financial operates as a life insurance company and offers reinsurance services. The company functions as Manulife Financial in Canada and Asia, and primarily as John Hancock in the United States. MetLife Inc. ( MET - Analyst Report ) is one of its biggest competitors.
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