Manulife Financial Corp. says net income was down for the quarter as it took a significant provision related to the impacts of the U.S. hurricanes on its reinsurance business.
The company says the provision amounted to $240 million for the damage caused by hurricanes Harvey, Irma and Maria, for its first significant loss in the business since 2011.
Manulife says it had net income of $1.11 billion, or 54¢ per common share for the quarter ending Sept. 30, compared with $1.12 billion or 55¢ per share for the same period last year.
Company CEO Roy Gori says key growth drivers continued in the quarter, with double-digit core earnings growth in Asia and another quarter of positive net flows in its global wealth and asset management business.
Earnings were, however, also tempered by lower gains from investments and the direct impact of markets, with investment-related gains coming in at $111 million compared with $297 million in the third quarter last year.
As of the end of the quarter, Manulife had total assets under management and administration of $1.0 trillion, up 8% from Dec. 31.