Manulife sees dip in quarterly earnings due to impact of U.S. hurricanes

TORONTO _ Manulife Financial Corp. (TSX:MFC) says net income was down for the quarter as it took a significant provision related to the impacts of the U.S. hurricanes on its reinsurance business.

The company says the provision amounted to $240 million for the damage caused by hurricanes Harvey, Irma and Maria, for its first significant loss in the business since 2011.

Manulife says it had net income of $1.11 billion, or $0.54 per common share for the quarter ending Sept. 30, compared with $1.12 billion or $0.55 per share for the same period last year.

Company CEO Roy Gori says key growth drivers continued in the quarter, with double-digit core earnings growth in Asia and another quarter of positive net flows in its global wealth and asset management business.

Earnings were, however, also tempered by lower gains from investments and the direct impact of markets, with investment-related gains coming in at $111 million compared with $297 million in the third quarter last year.

As of the end of the quarter, Manulife had total assets under management and administration of $1.0 trillion, up eight per cent from Dec. 31.

 

ILScorp: Same Passion. New Address

ILScorp: Same Passion. New Address

ILScorp’s New Location

It’s with great anticipation and pleasure to let you know that on December 01, 2017, we are relocating to a beautiful and spacious new location.

Our new address is:
Unit #104
1829 Beaufort Avenue
Comox, BC. Canada
V9M 1R9

However, our phone number remains the same at 1-800-403-2211.
Our primary email address is also still the same info@ilscorp.com

Since we first opened our doors in 1991,  our customers loyal business and support is one of the main reasons why we’ve grown so much over the years. We’ve been searching for the ideal location and are happy to tell everyone that we’ve finally found it!

As of November 30, 2017, we are no longer at our Ryan Road address. Feel free to contact us with any questions you may have concerning the new location on Beaufort Avenue or our services.

We look forward to working with you at our new address!

www.ilscorp.com

Why should summer have all the leafy fun? Try a winter salad

By Melissa D’Arabian

THE ASSOCIATED PRESS

Summer may officially be the season of green salads, but wintertime versions have advantages that make them worth exploring.

The cooler weather seasonable greens are hearty and darker green, which makes them nutrient-rich. And, these thicker-leaved greens such as kale or spinach, can hold up to the addition of warm ingredients, opening up the possibilities for topping your salad with roasted goodies in a way that delicate butter lettuce never could.

Have some hearty root veggies in the fridge? Toss them (and some whole garlic cloves _ yum!) in some olive oil and roast them up, and add warm to raw kale leaves with lemon juice, Parmesan and black pepper and you’ve got a winter salad rivaling anything you’d make in July.

Today’s recipe takes inspiration from this season’s holiday cooking pantry ingredients that I always seem to have on hand. Apples, leftover from apple pie, are the salad’s real star, while the pumpkin vinaigrette _ also of pie fame _ plays an important supporting role.

I cut the apples into small cubes and quickly roast them in a little salt and rosemary at high heat, and the little cubes turn into sweet, herbaceous nuggets of flavour _ like raisins, but better _ and make other ingredients almost unnecessary. I add leftover turkey for protein, almonds for crunch and tomatoes for a tiny bit of acid.

You could even add blue cheese or feta if you happened to have some floating around the house, leftover from a cheese party platter. Feel free to swap out ingredients to match your pantry: As long as you are topping winter greens with something warm, whether roasted Brussels sprouts or pan-seared salmon, you’ll be on your way to a tasty winter green salad.

GREEN SALAD WITH PUMPKIN VINAIGRETTE AND ROASTED APPLES

Servings: 4

Start to finish: 30 minutes

Salad:

2 large tart apples (such as Granny Smith), cut into 1-inch cubes (unpeeled), about 3 cups

2 teaspoons fresh minced rosemary

5 cups baby spinach or kale, or other hearty greens

1/2 cup baby tomatoes, halved or quartered

1 1/2 cups shredded cooked white meat chicken or turkey

1/4 cup marcona almonds

1/2 teaspoon kosher salt

Olive oil in a mister

Pumpkin Vinaigrette:

1/4 cup pumpkin puree

1 tablespoon water

1 tablespoon apple cider vinegar

1 tablespoon maple syrup

1 tablespoon olive oil

1/2 teaspoon minced rosemary

1 teaspoon minced shallot

a few turns of freshly ground black pepper

Preheat the oven to 425 F. Place the cubed apple on a parchment-line baking tray and spray with an olive oil mister to coat the cubes. Sprinkle on the minced rosemary and salt, and gently toss the cubes to coat. Bake just until tender and edges are starting to turn golden, about 12 minutes.

Remove from oven and set aside to cool just a few minutes. While the apples are roasting, make the vinaigrette. Place the pumpkin puree, water, vinegar and maple syrup in a small bowl. Whisk the olive oil into the mixture until well-blended. Add the rosemary, shallot and black pepper and stir.

To assemble the salad: place the spinach in a bowl or platter and top with the tomatoes, chicken, almonds and warm, roasted apples. Drizzle with pumpkin vinaigrette, toss, and serve.

___

Nutrition information per serving: 239 calories; 75 calories from fat; 8 g fat (1 g saturated; 0 g trans fats); 45 mg cholesterol; 336 mg sodium; 21 g carbohydrate; 6 g fiber; 12 g sugar; 20 g protein.

___

Food Network star Melissa d’Arabian is an expert on healthy eating on a budget. She is the author of the cookbook, “Supermarket Healthy.”

Why are gas prices in Canada suddenly so damned high?

Excerpted article was written by

Tristin Hopper | National Post

All of a sudden, Canadian gas prices are reaching heights not seen since the release of Sharknado. Even in a cheap fuel haven like Alberta, prices are peaking as high as $1.26 per litre in Edmonton and $1.28 in Calgary. In B.C., the average price is an incredible $1.38 per litre, breaking $1.40 in Vancouver.

So, the National Post called up Dan McTeague with GasBuddy.com and a semi-obsessive expert on all things petroleum. Below, the surprisingly complex backstory to why your Honda just got way more expensive to run.

Blame it all on a production slowdown in the U.S.
Despite our oceans of oil in Alberta and Newfoundland and Labrador, Canada still gets much of its gasoline from U.S. refineries. ExxonMobil just slowed operations at its Joliet, Ill., refinery to carry out some seasonal maintenance. Same deal at a BP refinery in Whiting, Ind. Then a Texas-to-Oklahoma fuel pipeline sprung a leak, necessitating a temporary shutdown. All of these events barely merited a mention in the news, but they’re collectively costing consumers millions in pricier gas. Much of the Canadian gasoline market is subject to the Chicago wholesale price for gasoline. At the beginning of October, it was $0.56 CDN per litre. Now, it’s shot up to $0.65 CDN. And, of course, the end cost is significantly higher for Canadian drivers once taxes, transport costs and profit are all tacked on.

The Americans have been particularly thirsty for gasoline lately
A leaky pipeline and some routine maintenance are “relatively mundane factors,” as GasBuddy noted in a blog, but they’ve been helping to spike prices for the simple reason that Americans suddenly need a lot more gas. U.S. consumers are demanding 257,000 more barrels of gasoline, per day, than this time last year. The country’s economic growth is at three per cent and unemployment is continuing the plunge it began in 2010. It all makes for more cars and trucks on the road, and greater stress on the U.S. fuel supply. This time last year, the U.S. Midwest had 49.5 million barrels of gasoline on hand. Now, it’s down to 45.5 million barrels. “This is the lowest we’ve been in a very, very, very long time,” said McTeague. The result is that the U.S. is similarly getting hammered by higher gas prices, although not nearly as badly as in Canada. Right now, California is home to the highest gas prices in the United States. Still, if Leonardo DiCaprio knows where to look, he can fuel up his Range Rover for the equivalent of 91 cents CDN per litre.

Canadian dollars can’t buy as much gas
One month ago, a Canadian dollar bought as much as 80 cents of a U.S. dollar. By the beginning of November, that was down to as low as 77 cents. Naturally, a devalued currency means it costs Canada just a bit extra to bring all of its gas and diesel over the border. Although, according to McTeague, the absolute maximum effect this would have at the pump would be to raise prices by four cents; a fraction of the 16 cents on average that Canadian prices have risen since early October.

Unfortunately, things probably won’t be getting any better
U.S. production will eventually catch up. That ruptured pipeline mentioned earlier is already fixed, and major refineries will soon wrap up their seasonal maintenance. However, this is all happening just in time for consumers to get hammered with the effects of higher global prices on crude oil. Demand everywhere is on the upswing, and it doesn’t help that Saudi Arabia is currently threatening war with both Lebanon and Yemen. On Halloween night, a barrel of West Texas Intermediate crude went for $54 USD ($69.02 CDN). As of press time it’s at $57.24 USD ($73.16 CDN).

Intact Financial sees profits up despite higher than expected auto claims

TORONTO _ Intact Financial Corp. (TSX: IFC) says it saw net income rise in the last quarter on lower catastrophe losses but that auto damage claims were higher than expected.

The Toronto-based insurer says it had net income of $171 million or $1.25 per share in the third quarter, up from $125 million or $0.91 per share in the same quarter last year.

The company says it had an underwriting loss of $50 million in its auto division and expects meaningful rate increases in all markets for the segment because of claims cost inflation.

Intact’s personal property and commercial lines performed better, but expects continued firm market conditions in personal lines as companies adjust to changing weather patterns.

The company also completed its $2.3 billion acquisition of insurer OneBeacon in the quarter on Sept. 28, but it said the deal had little impact on earnings in the quarter.

OneBeacon is a specialty lines insurer focused on small- to medium-sized enterprises, where Intact says there are early upward trends in growth.

 

Intact Financial Corporation named one of Canada’s Top 100 Employers

Intact Financial Corporation (TSX: IFC) is honoured to be recognized as one of Canada’s Top 100 Employers for 2018. This is the third consecutive year Intact Financial is being recognized for its outstanding human resources programs and forward-thinking workplace policies.

“Our people are one of our greatest strengths and at the centre of what makes Intact successful as an organization. We are committed to investing in our people, supporting their growth and recognizing their achievements. We continue to create a strong and inclusive workplace where people are engaged and inspired to contribute their best every day,” said Denise Thompson, Vice President, Human Capital Management, Intact Financial Corporation.

To support employees in developing their skills and help them grow throughout their career, Intact Financial invests over $9 milliontowards the training and development of its employees each year.

In its 19th year, Canada’s Top 100 Employers competition is an editorial project recognizing employers with exceptional human resources programs and forward-thinking workplace policies. Intact Financial was selected by the editors at Mediacorp Canada Inc. based on eight criteria: physical workplace; work atmosphere and social; health, financial and family benefits; vacation and time-off; employee communications; performance management; training and skills development; and community involvement.

About Intact Financial Corporation

Intact Financial Corporation (TSX: IFC) is the largest provider of property and casualty (P&C) insurance in Canada and a leading provider of specialty insurance in North America, with close to $10 billion in total annual premiums. The Company has over 13,000 full- and part-time employees who serve more than five million personal, business, public sector and institutional clients through offices in Canada and the U.S. In Canada, Intact distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through belairdirect. In the U.S., OneBeacon Insurance Group, a wholly-owned subsidiary, provides specialty insurance products through independent agencies, brokers, wholesalers and managing general agencies.

SOURCE Intact Financial Corporation

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