TORONTO (AP) _ Manulife Financial Corp. (MFC) on Wednesday reported second-quarter profit of $1.1 billion.
On a per-share basis, the Toronto-based company said it had net income of 55 cents. Earnings, adjusted for non-recurring gains, were 54 cents per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.
The financial services company posted revenue of $16.6 billion in the period.
Manulife shares have increased 16% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.47, a decrease of roughly 8% in the last 12 months.