TORONTO, Nov. 18 /CNW-PRN/ - Manulife Financial -- Canada's largest mutual life insurance company -- reported net income of $142 million in the third quarter of 1998, bringing year to date earnings to $511 million, 13 per cent higher than during the same period in 1997. Return on surplus was 10.1 per cent for the quarter and 12.7 per cent year to date.
While core earnings increased due to solid business growth and the strengthened U.S. dollar, the quarter's results were significantly affected by adverse claims volatility in the Company's U.S. life insurance businesses; weakness in accident and health reinsurance claims experience; and lower investment returns arising from ...