Manulife reports $1.6-billion drop in earnings amid market turmoil and extended COVID-19 restrictions in Asia

missed analyst profit expectations as it saw a $1.6-billion drop in earnings due to market turmoil and extended COVID-19 restrictions in Asia.

During an analyst call on Thursday, Manulife CEO Roy Gori said while net income for the quarter was negatively impacted by market volatility this year, the company delivered net income of $4.1-billion in the first half of the year – $600-million more than the same period a year prior. Manulife’s Asian operations – which account for more than 30 per cent of its revenue – saw a 17-per-cent decline in sales reflecting COVID-19 lockdown measures in Hong Kong and several other markets in Asia as well as lower sales in Japan’s corporate-owned life insurance products.

“The franchise is in good shape. The distribution remains very diverse. And I think we continue to be placed to capture the secular trends as markets start to normalize.” New business sales in both the United States and Canada helped reduce the impact of market and pandemic related headwinds for the insurer. In Canada, sales increased by eight per cent, largely driven by higher volumes in group insurance plans, while the US increased by 18 per cent with jumps in higher international sales .

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