BUZZ-Canada's Manulife falls after Q1 profit misses estimates
Manulife Financial Corporation MFC | 0.00 |
** Shares of Canadian insurer Manulife Financial MFC.TO fell 6.5% to C$51.09 in early trading
** Late Wednesday, co posted Q1 adjusted EPS of C$1.06 below analysts' estimates of C$1.10 per share - data compiled by LSEG
** According to analysts at RBC Capital Markets, Asia and the U.S. performed better than expected but everything else weaker than anticipated
** On YoY basis, Canada core earnings decreased 6% due to higher long-term disability claims as well as higher expenses to support the growing business and transformational investments
** "Core EPS was weaker than we anticipated primarily driven by lower than expected core earnings in Canada, Corporate & Other, and Global Wealth and Asset Management (GWAM)" - RBC
** As of last close, stock up 9.6% YTD
