Manulife Financial (MFC.TO) edged higher in after-hours New York trading on Wednesday as it reported higher fourth-quarter core earnings and a 10% dividend increase.
The compnay's core earnings rose 6% to $1.9 billion, or $1.03 per share, from $1.8 billion, or $0.92 per share, in the prior year period. Manulife said strong momentum continued in Global wealth and asset management (+34%), Asia (+16%) and Canada (+11%) where it generated double-digit growth compared with the previous corresponding quarter. U.S. core earnings fell 16%.
Net income attributable to shareholders dipped 3% to $1.64 billion, or $0.88, per share.
Manulife also announced a normal course issuer bid to buy back up to 3% of its shares, from late February.
"We continued to make progress against our targets announced at Investor Day. . . . As announced today, the Board approved a 10% increase in the common share dividend, and we are launching a new NCIB program to repurchase up to 3% of our outstanding common shares," said Colin Simpson, Manulife Chief Financial Officer.
Manulife was last seen up US$0.22 to US$30.00 in after-hours New York trading. It closed $0.25 lower to $42.32 on the Toronto Stock Exchange.
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