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Manulife recorded a net loss of$ 1.6 billion caused by the tax reform american



8 February 2018 13:30

Photo : Freepik

The tax reform in the us has been particularly poorly to Manulife financial Corporation in the fourth quarter of 2017, compared to a net loss attributed to shareholders of $ 1.6 billion (G$) has been recorded. The new law, and changes to assets of the portfolios have forced Manulife to register a loss of$ 2.8 billion. Profits fall to$ 1.2 billion, a decrease of 6 % compared to the corresponding period of 2016.

For fiscal 2017, the net income allocated to the shareholders amounted to$ 2.1 billion, a reduction of 825 million us dollars (M$) compared to$ 2.9 billion saved in 2016. The profits were nearly$ 4.6 billion, an increase of 14 % compared to 2016.

«Resilient operating results»

«We have recorded resilient operating results in 2017. The result from core activities increased 14 % to $ 4.6 billion, we continued to generate net new money inflows, positive and a strong increase in turnover in Asia, » said Roy Gori, president and chief executive officer of Manulife. Despite the impact of the amendments to the composition of the assets in the portfolio and tax reform in the United States on the net income, these items should be beneficial for us in the longer term. «

Increase in underwriting results in Canada

For the year 2017, insurance sales in Canada increased by 60% compared to 2016, to reach$ 1.1 billion. However, in the fourth quarter, sales dropped from$ 92 Million in the corresponding period of 2016 to$37 Million.

Overall, sales increased 23 % to$ 4.7 billion in fiscal 2017. Manulife has recorded sales of$ 2.1 billion in the fourth quarter of 2017, a decrease of 3 %.

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