Manulife Financial’s reinsurance finances in 2007 Q1 still show effects of earlier hurricanes

Manulife Financial Corporation has reported 2007 Q1 earnings of US$986 million, including a one-time charge of US$69 million related to an asset realignment undertaken to more appropriately position Manulife Financials assest under the new financial accounting standards that became effective Jan.1, 2007.
Excluding the impact of the one-time-only cost, Manulifes net income was US$1.055 billion, and its return on equity (ROE) was 17.3%.
Specifically, Manulifes reinsurance division reported less premium in 2007 Q1 (Cdn$275 million) than it did for 2006 Q4 (Cdn$307 million). It also reported about the same net income in 2007 Q1 (Cdn$69 million) as it did for 2006 Q4 (Cdn$68 million).
The current quarter reflects favourable life claims experience, the reinsurance division reported. However, property and casualty claims experience was less favourable, as 2006 included a release of hurricane loss provisions from earlier quarters.
Also, the company reported, higher life reinsurance and international group program premiums were partly offset by a decrease in property and casualty reinsurance premiums.