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Manulife Financial (NYSE:MFC) stock gained 3.5% in Wednesday after-hours trading after posting Q2 earnings that surpassed the average analyst estimate and advanced Q/Q and Y/Y.
Q2 core EPS of C$0.83 (US$0.62), vs. C$0.76 consensus, advanced from C$0.79 in the prior quarter and from C$0.76 a year earlier.
The top-line growth reflects “double-digit year-over-year growth in new business metrics from our global insurance business, particularly with new business CSM growing at our medium-term target of 15%,” said President and CEO Roy Gori.
The company’s Global Wealth and Asset Management segment generated net inflows of C$2.2B, compared with C$4.4B in Q1 and C$1.7B in Q2 of last year.
Total new business value was C$585M, up from C$509M in Q1 and from C$510M in Q2 2022.
Book value per share of C$21.30 vs. C$22.01 in Q1 and C$20.62 in Q2 2022.
Conference call on August 10 at 8:00 a.m. ET.
Earlier, Manulife (MFC) declared a quarterly dividend of C$0.365 per share, unchanged from the previous payout.