Manulife profits fall but dividend is boosted
Manulife Financial Corp has announced its first quarter results and revealed that tough times for investments have cut its profits. The insurer reported that its net profit was down to $723 million (36 cents per share) from $818 million (42 cents per share) a year ago. The company’s chief financial officer said that investments did not work out as expected due to market conditions especially gas and oil holdings. The core insurance activity of the company did increase profit though and Manulife shareholders will receive a dividend of 17 cents per share after a surprise 10 per cent increase was announced.