Manulife Has First-Quarter Loss on Equity Markets (Update1)

By Sean B. Pasternak
Bloomberg News
May 7, 2009


May 7 (Bloomberg) -- Manulife Financial Corp., Canada's largest insurer, posted its second straight quarterly loss on writedowns linked to declining stock prices.

The net loss was C$1.07 billion ($917 million), or 67 cents a share, compared with year-earlier profit of C$869 million, or 57 cents, the Toronto-based insurer said today in a statement.

(Manulife will hold its annual meeting of shareholders at 11 a.m. Toronto time. To view the webcast, see http:// www.manulife.com/Presentations. The company will also host a conference call at 2 p.m. Toronto time. To listen, visit www.manulife.com/QuarterlyReports.)

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