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Manulife’s Canadian Unit Cushions Blow From Covid-Hit Asia

  • Insurer’s second-quarter earnings exceed analyst estimates
  • Canada in ‘a unique and strong position,’ CEO Gori says
Roy Gori, chief executive officer of Manulife Financial.

Roy Gori, chief executive officer of Manulife Financial.

Photographer: Cole Burston/Bloomberg
Updated on

Manulife Financial Corp.’s Canadian business boosted profit last quarter on the back of rising sales and lower-than-expected benefit use, cushioning the toll that continued Covid-19 restrictions are taking on its Asian operations.   

Core earnings in Canada rose 8.5% from a year earlier to C$345 million ($270 million) in the second quarter, the Toronto-based company said Wednesday. Overall second-quarter profit topped analysts’ estimates.