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Insurers see profit gains despite 'tough year' of COVID-19 fatalities by Anita Balakrishnan, The Canadian Press Posted Feb 11, 2021 1:54 pm EDT Last Updated Feb 11, 2021 at 1:58 pm EDT TORONTO — Amid the grim backdrop of COVID-19 fatalities, Canadian insurers have also found some consumers have an increased interest in life and health insurance. Sun Life chief executive Dean Connor said it was a “tough year” as the insurer paid out $200 million to the families of clients who succumbed to COVID-19. But Sun Life also said it saw lower benefits usage brought about by the pandemic as it ext...

3 Min Read 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 insur...

(Adds share prices, background) TORONTO, Feb 11 (Reuters) - Canada’s top insurer Manulife Financial Corp will prioritize organic growth, dividend increases and share buybacks over acquisitions for its C$29 billion ($22.9 billion) of excess capital, its chief executive said on Thursday. “We don’t need M&A to deliver on our medium-term goals of 10% to 12% core earnings per share growth,” CEO Roy Gori said on an analyst call after reporting higher-than-expected fourth-quarter earnings on Wednesday. “When we do deploy capital, for any M&A, we will do that opportunistically ... when we�...

Both Manulife and Sun Life's Q4 earnings beat analyst expectations

Amid the grim backdrop of COVID-19 fatalities, Canadian insurers have also found some consumers have...