Wed, May 11, 6:36 PM
- Husky Energy (OTCPK:HUSKF), fresh off a C$595M sale of Saskatchewan oil and gas assets, is working on some smaller deals that would raise the proceeds from western Canadian oil and gas asset sales to ~C$1B, Bloomberg reports.
- In addition to this week's deal, five E&P packages are close to being sold that could fetch ~C$400M, according to the report, which lists Crescent Point Energy (NYSE:CPG), Canadian Natural Resources (NYSE:CNQ) and Manulife Financial’s (NYSE:MFC) NAL Resources Management as possible buyers.
- The latest round of disposals would bring Husky’s total gain from midstream assets, E&P assets and royalty interests to ~C$2.86B.
Wed, May 11, 7:25 AM
- In its second attempt at a Singapore IPO of its U.S. office property portfolio, Manulife (NYSE:MFC) plans to price the sale of 566M units of the REIT at S$0.83 each - the top of the expected range, reports Bloomberg.
- The REIT is backed by three office buildings in L.A. and Atlanta.
- The IPO is a sizable one for Singapore, which hasn't seen one for more than $100M since November.
Fri, May 6, 12:58 AM
Thu, May 5, 10:42 AM
- Q1 core earnings of $905M or $0.44 per share vs. $797M and $0.39 one year ago. Core ROE is flat at 9.3%.
- CEO Donald Guloien notes core earnings grew 14% Y/Y despite zero contributions from investment gains this year.
- Insurance sales of $954M up 14% Y/Y, with Asia sales up 36%. Canadian sales down 28%. U.S. sales up 4%.
- Net flows of $1.7B into wealth and asset management vs. $6.6B a year ago. Other wealth sales of $2.4B up 29%, led by 76% growth in Asia.
- Previously: Manulife Financial EPS in-line (May 5)
- MFC's 2.8% gain today makes up for much of the big drop earlier this week as investors extrapolated weak results at other insurers onto Manulife.
Thu, May 5, 6:09 AM
Wed, May 4, 5:30 PM
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Thu, Apr. 7, 3:09 PM
- The 10-year Treasury yield at 1.69% has returned back to levels not seen since the panicky action in mid-February. And while the Fed has marked down its expectation of rate hikes this year to just two, short-term interest rate markets haven't even priced in one.
- This leaves those whose business model depends on riding the yield curve having to contend with not only a middling macro picture, but - once again - a rates lower for longer picture (although Jamie Dimon says his big fear is that markets aren't pricing in nearly enough in the way of higher rates).
- Citigroup (C -4.1%), Bank of America (BAC -3.3%), U.S. Bancorp (USB -2.8%), KeyCorp (KEY -3.4%), Regions Financial (RF -3.4%), BNY Mellon (BK -3.6%), E*Trade (ETFC -4.7%), Manulife (MFC -5.2%), Lincoln National (LNC -3.6%)
Thu, Feb. 11, 12:51 PM
- At the moment it's yet again looking like "wait till next year," for the sustained rise in interest rates the life insurers need to be able to earn some real money.
- Last night it was Prudential Financial (PRU -10.1%) joining MetLife (MET -4.7%) and Lincoln Financial (LNC -9.2%) in reporting a disappointing Q4, with investment results contributing $105M less this year that they did in Q4 of 2014.
- While still upbeat on the economic outlook, Janet Yellen is spending an uncomfortable amount of time in her Congressional testimony talking about negative interest rates, and a chart of Google searches for "negative interest rates" is through the roof.
- Manulife (MFC -10.3%), Sun Life (SLF -3%), Primerica (PRI -3.7%), Voya Financial (VOYA -4.6%)
- The 10-year Treasury yield is lower by 10 basis points to 1.6%, and short-term rate futures have begun pricing in a rate cut by the Fed.
Thu, Feb. 11, 6:26 AM
Thu, Feb. 11, 6:12 AM
Wed, Feb. 10, 5:30 PM
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Tue, Jan. 5, 7:48 AM| Tue, Jan. 5, 7:48 AM
Nov. 12, 2015, 10:13 AM
- “Net income was negatively impacted by investment experience, principally oil and gas valuation changes, as well as the charges associated with our annual actuarial review," says CEO Donald Guloien, as the company missed C$0.46 per share estimates by $0.03.
- Manulife (MFC -2.8%) took a C$220M Q3 charge for oil and gas investments versus a C$370M gain booked one year ago. The company has C$13.4B in energy debt paper and private placement debt, up from C$11.7B a year earlier. "We remain committed to this sector and it is our view that oil prices are currently below the economic level required to meet demand on a long-term basis," says CIO Warren Thomson.
- Core earnings - which strips out the impact of interest rates and investments - of C$870M rose 15% from a year ago.
- Previously: Manulife Financial misses by C$0.03, misses on revenue (Nov. 12)
Nov. 12, 2015, 6:51 AM
- Manulife Financial (NYSE:MFC) declares C$0.17/share quarterly dividend, in line with previous.
- Forward yield 3.07%
- Payable Dec. 21; for shareholders of record Nov. 24; ex-div Nov. 20.
Nov. 12, 2015, 6:04 AM
- Manulife Financial (NYSE:MFC): Q3 EPS of C$0.43 misses by C$0.03.
- Revenue of C$11.43B (+3.5% Y/Y) misses by C$1.84B.
Sep. 21, 2015, 3:02 PM
Manulife Financial Corp. provides financial protection and wealth management products and services. Its products and services include individual life insurance, group life and health insurance, long-term care insurance, pension products, annuities and mutual funds. The company also provides... More
Industry: Life Insurance
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