Manulife quarterly profit slumps, Asia new business value drops by 21pcInsurer Manuflife reported that second quarter net income slumped to 700 million Canadian dollars down by C$700 million from the year before. Core earnings refer to, core return on common shareholders’ equity, new business value, annualized premium equivalent sales, net flows and expense efficiency ratio are non-GAAP measures, the insurer explained. Total new business value in the quarter fell to C$384 million, from C$479. In Asia, new business value fell by 21 percent to C$298 million, due to a decrease in annualized premium equivalent sales in Hong Kong, Japan and elsewhere in Asia, and a decline in interest rates in Hong Kong, partially offset by a more favorable business mix in Asia. In Asia, the insurer said it expanded distribution capabilities, with about 97 percent of our product shelf now accessible to customers through non-face-to-face solutions.

Source: The Standard August 06, 2020 01:52 UTC