TORONTO — Manulife Financial Inc.’s chief executive says COVID-19 had a significant impact on the company’s second-quarter performance, but he’s confident it will bounce back.
Roy Gori told analysts Thursday that the pandemic negatively impacted sales and investments generated lower-than-expected returns as several countries the Toronto-based insurer operates in shut down to stop the spread of the novel coronavirus.
Gori says he is optimistic about the company because he feels it delivered solid results and has made significant headway in de-risking the business amid economic challenges.
Gori’s remarks come a day after Manulife said COVID-19 hampered the company’s second quarter to the point where its net income dropped to half of what it was during the same period last year.
The insurer said its net income attributable to shareholders for the period ended June 30 was $727 million, just under half of the $1.47 billion it earned in the second quarter of 2019.
Manulife’s diluted earnings per common share reached 35 cents for the period, a fall from 73 cents a year ago but more than the eight cents per share analysts had expected.
This report by The Canadian Press was first published Aug. 6, 2020.
Companies in this story: (TSX:MFC)
The Canadian Press
