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For Immediate Release |
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2004 |
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#347226 |
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| FOR IMMEDIATE RELEASE | TSX/NYSE/PSE: MFC; SEHK: 0945 | ||||
| November 4, 2004 | |||||
Earnings of $717 million include strong contribution from John Hancock
TORONTO Manulife Financial Corporation today reported shareholders net income of $717 million for the quarter, an increase of 81 per cent over a year earlier. John Hancock contributed $235 million to this quarters results, although this split is becoming increasingly less relevant as operations are merged across the Company. Excluding the impact of John Hancock, earnings in the third quarter increased $86 million or 22 per cent versus a year ago.
We are extremely pleased with how Manulife and John Hancock are coming together following the closing of our merger on April 28th. We remain focused on realizing the benefits of the enlarged distribution network and product portfolio while avoiding disruption to customer service levels. The integration is proceeding very well, said Dominic DAlessandro, President and Chief Executive Officer of Manulife Financial.
In our third quarter, expenses were well managed and good progress was made on achieving targeted expense synergies. As well, credit results continued to be favourable, noted Peter Rubenovitch, Senior Executive Vice President and Chief Financial Officer.
This quarter, the Company had favourable overall claims and credit experience. Sales performance continued at above industry average levels and, in a number of key business lines, Manulife increased its market shares. The appreciation of the Canadian dollar relative to the U.S. dollar reduced this quarters income by approximately $27 million versus a year ago.
Earnings per common share increased by four per cent to $0.88 from $0.85 reported in 2003. Excluding the impact of integration costs incurred in the quarter of $0.025 per share and the impact of the appreciation of the Canadian dollar of $0.025 per share, earnings per share would have increased 10 per cent from the prior year to $0.93. Return on common shareholders equity for the quarter was 12.0 per cent, reflecting the impact of the larger capital base following the merger of Manulife Financial and John Hancock.
Total premiums and deposits for the third quarter were $13.6 billion, $6.1 billion higher than reported in the third quarter of 2003 and $0.6 billion higher than the preceding quarter. Excluding the impact of John Hancock, premiums and deposits increased by $2.0 billion or 27 per cent from the prior year reflecting sales growth in North American insurance operations and strong wealth management deposits in Canada, the United States and Japan.
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Funds under management were $346.5 billion as at September 30, 2004 compared to $148.5 billion as at September 30, 2003. This increase was primarily driven by the acquisition of John Hancock. Strong net cash flows in the North American wealth management businesses also contributed to the increase.
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