Higher earnings for Manulife Holdings

TheStar Tue, Feb 23, 2021 07:57pm - 5 days ago

KUALA LUMPUR: Manulife Holdings Bhd posted net profit of RM23.41mil in the fourth quarter ended Dec 31,2020 boosted by net realised gains and net fair value gains from its equity investments.

In a statement to Bursa Malaysia on Tuesday, it announced the net profit had increased by 71.3% to from RM13.66mil a year ago.

Its revenue increased by 19% to RM531.38mil from RM446.47mil a year ago. Its earnings per share were 11.31 sen compared with 6.74 sen. It declared dividend of seven sen a share.

Manulife registered net realised gains of RM56mil in 4Q of 2020 compared with RM29.75mil a year ago. Its net fair value gains were RM150.67mil compared with RM32.73mil a year ago.

It said the investment holding’s operating revenue increased by RM1.3mil million as a result of higher investment income, while profit before tax decreased by RM2.6million due to lower realised gains on disposal of investments.

Its life insurance business’ operating revenue fell by RM58.1mil mainly due to lower premium income from Labuan insurance business in 4Q from a year ago.

Profit before taxation improved by RM6.2mil in the current quarter due to higher gains from equity investment.

As for its asset management services, operating revenue and profit before taxation increased slightly by RM700,000 due to higher fee income from growth in assets under management.

For FY2020, Manulife’s revenue increased to RM1.38bil from RM1.36bil while profit before tax for FY20 increased by 19.2% to RM45.77mil from RM38.38mil. Its net profit rose to RM38.81mil from RM26.13mil.

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