TORONTO - Canadian insurers Manulife Financial Corp. and Sun Life Financial Inc. said Thursday that they see significant potential for Asian markets as the region's middle class continues to grow.
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COVID payouts of US$465M fail to ruin Canada s life insurers
Kevin Orland, Bloomberg News VIDEO SIGN OUT
A pandemic that killed more than 2 million people and sickened over 100 million seems like a situation tailor-made to wreak havoc on the companies meant to protect peopleâs finances against such circumstances. Instead, Canadaâs largest life insurers emerged relatively unscathed.
Manulife Financial Corp. and Sun Life Financial Inc. on Wednesday both reported fourth-quarter earnings that beat analystsâ estimates, capping full-year profits that, by different measures, increased from 2019. Those results came even after the companies paid out a combined $590 million (US$465 million) to families of COVID-19 victims.