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TORONTO Manulife Financial and Sun Life Financial Inc on Wednesday reported increased core profits from a year ago, driven in part by business growth and improved earnings across all major business units.
But While Manulife beat analyst expectations for the quarter ended March 31, Sun Life missed estimates.
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Payouts globally have risen due to claims related to the coronavirus pandemic, but strength in stock markets has helped soften some of that impact. Earnings of Canada’s top two insurers were affected by steepening yield curves in North America.