TORONTO _ Manulife Financial Corp. posted record earnings last year as it swung to a $593-million profit in the fourth quarter.
The Toronto-based insurer says it earned $4.8 billion in net income attributable to shareholders in 2018, up from $2.7 billion in 2017 when it took a $2.8-billion charge related to U.S. tax reform and faced hurricane-related charges.
Adjusted profits grew 23 per cent to $5.6 billion from $4.6 billion a year earlier.
In the fourth quarter, it earned 28 cents per diluted share for the period ended Dec. 31, compared with a loss of 83 cents per share or $1.6 billion a year earlier.
Excluding one-time items, quarterly adjusted earnings increased 11 per cent to $1.3 billion, or 86 cents per share, from $1.2 billion or 59 cents per share in the prior year.
The increase was mainly driven by new business growth in Asia, the impact of lower U.S. tax rates and expense efficiency, partially offset by the impact of lower equity markets.
Sales increased 14 per cent to $1.5 billion in the quarter, but were off three per cent to $5.5 billion for the full year.
TORONTO _ Sun Life Financial Inc. says net income rose in the fourth quarter as it benefited from lower taxes in the U.S. and lower-than-expected expenses.
The company says it had a net income of $580 million in the quarter ending Dec. 31, up from a net income of $207 million for the same quarter a year earlier when it was hit by a $251 million U.S. tax charge.
The Toronto-based insurer says adjusted net income came in at $718 million, or $1.19 per share, compared with $641 million or $1.05 per share a year earlier.
Analysts had expected adjusted net earnings of $697.75 million or $1.15 per share, according to Thomson Reuters Eikon.
The company says earnings were negatively impacted by higher than expected costs in its insurance coverage of illness and death.
Sun Life’s adjusted return on equity came in at 13.6 per cent, down from 12.7 per cent in the same quarter in 2017.
PEMBROKE, Bermuda — AXIS Re, the reinsurance business segment of AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE: AXS), today announced that Jason Arbuckle has joined AXIS Re as Head of Underwriting, Canada. Mr. Arbuckle will be responsible for the operation of the AXIS Re Canada office which includes enhancing and growing AXIS Re’s Canadian market business, and identifying and establishing new AXIS Re partnerships in the region.
“Jason is a proven reinsurance leader in Canada who has built a strong reputation for creating profitable, customized and innovative reinsurance solutions for clients,” said Jon Colello, President North America, AXIS Re. “Jason’s appointment reaffirms AXIS Re’s commitment to the Canadian reinsurance market, as well as our overall commitment to providing our brokers and clients with strong market expertise and enhanced underwriting capabilities.”
Prior to joining AXIS Re, Mr. Arbuckle spent nearly 20 years at General Reinsurance. He progressed steadily through the organization, serving most recently as Vice President – North American Regional Program Specialist. In this role, Mr. Arbuckle created and executed a program designed to grow the casualty program portfolio and North American market presence.
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at September 30, 2018, of $5.3 billion and locations in Bermuda, the United States, Europe, Singapore, Middle East, Canada and Latin America. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A+” (“Superior”) by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com. Follow AXIS Capital on LinkedIn and Twitter.
About AXIS Re
AXIS Re – a business segment of AXIS Capital Holdings Limited (NYSE:AXS) – provides reinsurance to insurance companies on a worldwide basis, comprising catastrophe, property, professional lines, credit and surety, motor, general liability, engineering, marine, workers’ compensation, agriculture, and accident and health, as well as other highly specialized risk-transfer solutions. For more information about AXIS Re, please visit www.axiscapital.com/reinsurance.
Source: Business Wire
The Co-operators announced today that they have acquired Technicost, a technology company that provides credit management solutions, including Loan Origination Systems (LOS) to Credit Unions, effective December 31, 2018.
“This was a natural fit for us as our organizations share values with respect to serving credit unions in Canada,” said Rob Wesseling, president and CEO, The Co-operators. “We can now deliver a broader suite of options and capabilities in the creditor space and will continue to support our credit union partners’ choice of LOS.”
Technicost has been providing credit software solutions to Canadian credit unions for over 35 years and is a financially strong organization with room for growth.
“We’ve worked hard to successfully build Technicost and are proud of our achievements in the creditor space,” said Dominic Paquette, CEO of Technicost. “We are in a position to continue to grow our product offering and become a market leader with the support of a strong organization like The Co-operators.”
Technicost’s current management team and staff will remain in place and it will be business as usual for clients. Technicost will operate as an independent entity as part of The Co-operators group of companies.
About The Co-operators:
The Co-operators Group Limited is a Canadian co-operative with more than $42.5 billion in assets under administration. Through its group of companies, it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the Best Employers in Canada by Aon Hewitt and Corporate Knights’ Best 50 Corporate Citizens in Canada. For more information, visit www.cooperators.ca
SOURCE The Co-operators