NU Online News Service, Feb. 5, 1:09 p.m. – Manulife Financial Corp., Toronto, is reporting the equivalent of $211 million in net income for the fourth quarter of 2001 on $2.8 billion in revenue, up from $191 million in net income on $2.3 billion in revenue for the fourth quarter of 2000.
Manulife sells life and health insurance, annuities, pensions, mutual funds and related products and services in North America, Asia and other parts of the world. Sales were much better in the fourth quarter than they were in the third quarter, and they were especially strong in Canada and Hong Kong, the company reports.
The life and health unit increased premiums and deposits to $1.3 billion, from $1 billion, and the annuity and pension unit increased its premiums and deposits to $481 million, from $380 million, in spite of the soft economy.
Commission payments rose 3%, to $192 million.
In the United States, Manulife reported $74 million in net income on $2.6 billion in premiums and deposits, about what it reported for the fourth quarter of 2000.
The conversions here are based on an exchange rate of $1=1.5911 Canadian dollars for the 2001 results, and an exchange rate of $1=1.4988 Canadian dollars for the 2000 results, using figures provided by OANDA Corp., New York.