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.