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5 minutes ago
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Manulife shares fall after earnings miss due to US weakness
By Nivedita Balu TORONTO (Reuters) -Canadian insurer Manulife Financial shares fell by more than 3% on Thursday after it reported quarterly earnings below analysts' estimates, largely due to elevated credit and mortality losses in the United States. "This quarter, we did see variability, and it was negative variability," CFO Colin Simpson said in an interview after earnings were reported after the market close on Wednesday. "We operate in the affluent and high net worth space and it's relatively by face amount, so that does potentially bring about variability in claims." The U.S. business experienced an elevated number of claims on large policies under its life insurance segment, Simpson said, adding that it was normal claim volatility rather than an unfavorable mortality trend. Core earnings at its U.S. segment fell 53%. The company earned core earnings of 95 Canadian cents for the second quarter ended June 30, two Canadian cents lower than analysts' estimates, according to data compiled by LSEG. Manulife's Asia business performed better, boosted by new business. Its core earnings climbed 13% to $520 million in the quarter compared with the year-ago period. Manulife's annual premium equivalent, a commonly used metric in the insurance industry to measure the total value of new business written in a given period, jumped 15% during the quarter, powered by a jump in its Asia unit. Shares of Manulife have lost about 5% this year. They were down 3.5% on Thursday. "That (the U.S. results) overshadowed what was otherwise a good result across the lifeco's other business lines, each of which reported core earnings that were slightly ahead of our estimates," Scotiabank analyst Mike Rizvanovic said in a note. Manulife, which has freed up billions of dollars in capital including through de-risking deals last year, said it would acquire 75% of private credit manager Comvest Credit Partners in a more than $1 billion deal to create a $18.4 billion private credit unit. Paul Lorentz, global wealth and asset management head at Manulife, said in an interview there was an opportunity to use Manulife's scale in Asia to expand its platform in the region. Peer Sun Life Financial is set to report later on Thursday. Its shares have fallen about 1% so far this year. Sign in to access your portfolio
Yahoo
5 minutes ago
- Yahoo
JPMorgan Lifts Arista Networks (ANET) PT to $130, Cites Strong Cloud Spending
Arista Networks Inc. (NYSE:ANET) is one of the most profitable growth stocks to buy according to billionaires. On July 17, JPMorgan increased its price target for Arista Networks from $110 to $130 while maintaining an Overweight rating. The revision is based on the firm's belief that strong spending in the cloud sector will drive growth for the company through H2 2025. In Q1 2025, Arista Networks' revenue reached ~$2 billion, which was a 27.6% increase year-over-year. Deferred revenue stood at $3.1 billion, which was a sequential increase from $2.8 billion. For Q2, Arista Networks provided revenue guidance of ~$2.1 billion. Earnings per share grew by 30% to $0.65. As of the end of the quarter, cash and investments totaled ~$8.15 billion. A technician at a workstation, preparing and calibrating a sensor for automotive microcontrollers. Arista Networks also secured significant new customer wins across various sectors in Q1. However, the increase in product deferred revenue points to potential volatility in customer deployment schedules. Later on July 31, Samik Chatterjee from JP Morgan also maintained a Buy rating on Arista Networks, with a price target of $130. Arista Networks Inc. (NYSE:ANET) develops, markets, and sells data-driven, client-to-cloud networking solutions for AI, data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. While we acknowledge the potential of ANET as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey.
Yahoo
36 minutes ago
- Yahoo
Manulife shares fall after earnings miss due to US weakness
By Nivedita Balu TORONTO (Reuters) -Canadian insurer Manulife Financial shares fell by more than 3% on Thursday after it reported quarterly earnings below analysts' estimates, largely due to elevated credit and mortality losses in the United States. "This quarter, we did see variability, and it was negative variability," CFO Colin Simpson said in an interview after earnings were reported after the market close on Wednesday. "We operate in the affluent and high net worth space and it's relatively by face amount, so that does potentially bring about variability in claims." The U.S. business experienced an elevated number of claims on large policies under its life insurance segment, Simpson said, adding that it was normal claim volatility rather than an unfavorable mortality trend. Core earnings at its U.S. segment fell 53%. The company earned core earnings of 95 Canadian cents for the second quarter ended June 30, two Canadian cents lower than analysts' estimates, according to data compiled by LSEG. Manulife's Asia business performed better, boosted by new business. Its core earnings climbed 13% to $520 million in the quarter compared with the year-ago period. Manulife's annual premium equivalent, a commonly used metric in the insurance industry to measure the total value of new business written in a given period, jumped 15% during the quarter, powered by a jump in its Asia unit. Shares of Manulife have lost about 5% this year. They were down 3.5% on Thursday. "That (the U.S. results) overshadowed what was otherwise a good result across the lifeco's other business lines, each of which reported core earnings that were slightly ahead of our estimates," Scotiabank analyst Mike Rizvanovic said in a note. Manulife, which has freed up billions of dollars in capital including through de-risking deals last year, said it would acquire 75% of private credit manager Comvest Credit Partners in a more than $1 billion deal to create a $18.4 billion private credit unit. Paul Lorentz, global wealth and asset management head at Manulife, said in an interview there was an opportunity to use Manulife's scale in Asia to expand its platform in the region. Peer Sun Life Financial is set to report later on Thursday. Its shares have fallen about 1% so far this year.
