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TORONTO, Feb 10 (Reuters) - Canada’s top two life insurers expressed optimism about 2021 on Wednesday despite continued uncertainty around the COVID-19 pandemic after both reported better-than-expected fourth-quarter profits, buoyed by strong wealth management gains.
Insurers globally have seen payouts rise due to claims related to the coronavirus pandemic, but strong equity markets growth, driven in part by record low interest rates, has helped soften the blow, while those with operations around the world have also benefited from re-openings in some markets.
Canada’s top insurer Manulife Financial Corp expects Asia to contribute half of its core earnings by 2025, Chief Executive Roy Gori told Reuters, from about 38% in 2020. Manulife has been on the lookout for M&A opportunities in Asia to boost the fast-growing region’s contribution to the group’s overall earnings.