Top three insurers post strong Q3 results
Toronto – Canada’s three top insurance companies have reported strong third-quarter earnings, boosted by higher sales and good investment performance.
Manulife Financial Corp.’s earnings topped $1 billion and reversed a year-ago loss of $211million, results which chief executive Donald Guloien attributed in part to rising sales.
The results came a day after rival Sun Life Financial Inc. reported a loss of $520 million in its latest quarter, compared with a year-earlier profit of $388 million as it wrote down and closed the sale of its U.S. annuity business.
Great-West Lifeco Inc., meanwhile, said on Thursday it earned $523 million , or 52 cents per share, for the quarter ended Sept. 30 as it closed its acquisition of Irish Life Group Ltd.
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