TORONTO, Nov 19 (Reuters) – Sun Life Financial Inc <SLF.TO>
said on Thursday it is seeking acquisitions to expand its U.S.
insurance business but believes organic growth is the better
way to gain market share in mutual funds.
Sun Life, the fifth-largest insurer in North America by
market capitalization, is making a push into the United States,
aiming to take advantage of market consolidation after the
financial crisis that crippled competitors like AIG.
TORONTO, Nov 18 (Reuters) – Canada’s top banking supervisor
said on Wednesday the country’s top lenders should continue to
take a conservative approach to capital levels before
contemplating any share buybacks.
Julie Dickson said Canada’s big banks have long been
required to get approval from her department, the Office of the
Superintendent of Financial Institutions (OSFI), before a share
buyback. And, she says, she has continued to urge them to keep
in mind that capital levels may be changing under global
TORONTO (Reuters) – The world may have already moved on, but quantitative finance guru Paul Wilmott is undaunted in his quest to save the global financial system from mindless mathematicians.
In North America this week, then on to China and India, the Oxford-trained mathematician is going global with his message to fellow math geeks who permeate big banks and hedge funds everywhere — the people he believes drove the financial world to the brink of collapse last year.
TORONTO, Nov 5 (Reuters) – Two of Canada’s big life
insurers unveiled surprise losses on Thursday, while a third
reported a smaller-than-expected profit as the fallout from
volatile financial markets persisted.
Manulife Financial Corp <MFC.TO>, North America’s largest
lifeco, and Sun Life Financial Inc <SLF.TO>, Canada’s No. 3
insurer, reported quarterly net losses on Thursday as they
changed the assumptions used to value their assets and
liabilities and took hits from credit downgrades.
TORONTO, Nov 5 (Reuters) – Sun Life Financial Inc <SLF.TO>
reported a net loss on Thursday due mostly to a change to the
assumptions it uses to value its books, but cited underlying
strength as it maintained its dividend payout.
Canada’s No. 3 life insurer also said it believed 2010
earnings could be as much as 33 percent below what they were
before the financial crisis sideswiped the industry, offering a
much-sought-after view of what normalized income might be.
TORONTO, Nov 4 (Reuters) – Industrial Alliance Insurance
and Financial Services <IAG.TO> kicked off earnings season for
Canada’s big life insurers on Wednesday with a 17 percent jump
in profit, sending its shares up by more than 4 percent.
Canada’s fourth-largest life insurer said net income surged
to C$60.1 million ($56.7 million), or 74 Canadian cents a
share, in the three months to Sept. 30, up from C$51.2 million,
or 63 Canadian cents a share, in the year-ago period.
TORONTO, Nov 4 (Reuters) – Top investment strategists at
Canada’s fourth-largest bank said on Wednesday they are betting
on gains in the stock market and believe the economic recovery
is sustainable — provided consumers don’t have another crisis
Paul Taylor, chief investment officer at Bank of Montreal’s
<BMO.TO> BMO Harris private banking division, said BMO’s huge
investment portfolio is overweight in equities and still adding
to that position, believing that stocks will rise amid economic
TORONTO, Nov 3 (Reuters) – There will be a lot of complex
provisions and one-time items when Canada’s big life insurers
report quarterly earnings this week but the bottom line is they
will stay profitable and their dividends appear safe.
Analysts and investors have been keenly awaiting
third-quarter earnings season since North America’s largest
life insurer, Manulife Financial Corp <MFC.TO>, surprised
everybody in August by halving its dividend — the only
dividend cut taken by a big Canadian financial services company
since the global economic crisis rocked lenders and insurers.
TORONTO, Nov 2 (Reuters) – The head of Bank of Nova Scotia
<BNS.TO> said on Monday that growth opportunities were emerging
for Canada’s third largest bank, but warned that regulatory
uncertainty was a huge risk to global growth.
Scotiabank Chief Executive Rick Waugh said his bank — like
other Canadian lenders — emerged from the global financial
crisis in relatively good shape, and was now looking for growth
opportunities as rivals are recovering.
TORONTO, Oct 30 (Reuters) – IGM Financial Inc <IGM.TO>,
Canada’s No. 2 mutual fund manager, said on Friday it feels
investors are becoming more upbeat but even that optimism is
not yet translating into big investments.
Winnipeg, Manitoba-based IGM said while business at its
adviser-led mutual fund outlets is better than in the spring,
when investors were paralyzed by the market downturn and fears
about the economic crisis, volume has not yet come back to