Life insurance companies post solid profits

moneyCanada’s life insurance companies are bracing for a slowdown in the U.S. economy, but their executives say they are also hoping to benefit from any shake-out due to tough market conditions, the Financial Post reported.

Sun Life Financial Inc. and Manulife Financial Corp. reported solid fourth-quarter profits Thursday despite difficult debt and equity markets, as well as the impact of the stronger Canadian dollar.

According to the Financial Post, Sun Life said quarterly earnings rose 1.8% to $555-million. The rise of the loonies relative to other currencies since the same quarter last year had a $41-million negative impact on profits.

At Manulife Financial Corp., profits were up 4% to $1.14-billion. Currency fluctuations hit earnings by 14% compared to last year. Overall, profit growth was slower than in previous quarters and the insurers are facing more uncertainty, especially due to the deteriorating U.S. economy, the report concluded.

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  • LSM Insurance
    July 17, 2008 at 1:50 pm

    Hi Florian.

    Thanks for the note. We would be happy to help with some quotes and life annuity information. Please let me know if you have a few minutes to talk by phone. I can verify a few details for the quotes i.e Province, Single or Joint Annuity, Guarantee Period.

  • Florian Westwinkel
    July 17, 2008 at 12:43 pm

    I want to start rolling RRSP funds into an annuity
    Start with about 1 – 2 Million Can. Dollars.Please advise rates, rules, paymout etc. Age 70 – will be 71 next years and will have to roll over all.