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Manulife Reports Higher 2nd Quarter Net Income

By Staff Writer

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NU Online News Service, July 24, 2003, 6:05 p.m. EDT – Manulife Financial Corp., Toronto, is reporting the equivalent of $287 million in net income in U.S. currency for the second quarter on $5.4 billion in premium and deposit revenue, up from $226 million in net income on $4.9 billion in premium and deposit revenue for the second quarter of 2002.

In Canadian currency, Manulife is reporting 387 million Canadian dollars in net income for the latest quarter on 7.3 billion Canadian dollars in premiums and deposits, up from 343 million Canadian dollars in net income on 7.5 billion Canadian dollars in premiums and deposits.

The conversions here use an exchange rate of $1=1.3475 Canadian dollars for the 2003 results, and an exchange rate of $1=1.519 Canadian dollars for the 2002 results. The exchange rates come from OANDA Corp., New York.