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Manulife Reports Higher 1st Quarter Net Income

By Staff Writer

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NU Online News Service, April 24, 2003, 5:29 p.m. EDT – Manulife Financial Corp., Toronto, is reporting the equivalent of $228 million in net income for the first quarter on $2.9 billion in revenue, up from $210 million in net income on $2.5 billion in revenue for the first quarter of 2002.

The company’s U.S. operations generated $73 million in net income for the latest quarter on $3.2 billion in premiums and deposits, compared with $74 million in net income on $2.7 billion in premiums and deposits for the first quarter of 2002.

U.S. segregated fund deposits held steady at about $2.5 billion.

The conversions here are based on an exchange rate of 1 Canadian dollar=67.967 U.S. cents for the 2003 results, and an exchange rate of 1 Canadian dollar=62.708 U.S. cents for the 2002 results, using figures published by OANDA Corp., New York.

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