May 10 (Reuters) – Sun Life Financial Inc profit
rose by a stronger-than-expected 56 percent in the first
quarter, helped by stronger stock markets and rising bond
yields, Canada’s No. 3 life insurer said on Thursday.
Sun Life earned C$686 million ($683 million), or C$1.15 a
share, compared with a year-earlier profit of C$438 million, or
73 Canadian cents.
TORONTO, May 3 (Reuters) – Manulife Financial
profit unexpectedly rose 22 percent in the first quarter on
market-related gains and insurance sales, and the company said
it had hired a new chief financial officer to replace the
soon-to-depart Michael Bell.
Canada’s largest insurer earned C$1.2 billion ($1.21
billion), or 66 Canadian cents a share, in the quarter. Analysts
had expected it to earn 36 Canadian cents a share, according to
Thomson Reuters I/B/E/S.
TORONTO, May 2 (Reuters) – Intact Financial Corp
will buy Jevco Insurance Co from Westaim Corp for C$530
million ($538.5 million) in a move that will add recreational
vehicle insurance to its already leading presence in the
Canadian property and casualty insurance sector.
Toronto-based Intact, which has been an acquisition leader
in an industry that is facing fast consolidation, said on
Wednesday that 48.6 percent of Westaim shareholders have agreed
to vote for the deal.
TORONTO, April 29 (Reuters) – Stronger stock markets and
rising bond yields likely stoked profits at Canada’s life
insurers during the first quarter, but a recent market reversal
suggest the insurers’ shares will struggle to build on recent
Top player Manulife Financial will kick off the
sector’s results on Thursday and is expected to post a profit of
32 Canadian cents a share, according to Thomson Reuters I/B/E/S.
That represents an improvement on losses in both the third and
fourth quarters of 2011.
TORONTO, April 26 (Reuters) – Research in Motion Ltd
may take up to five years to regain its stride after
its recent stumbles, but the BlackBerry maker’s stock is a good
value at current levels, investor Prem Watsa said on Thursday.
Speaking at the annual shareholder meeting of Fairfax
Financial Holdings Ltd, the Canadian insurer he heads,
Watsa said he believed RIM’s recent troubles were mere hurdles
for a company he called a “Canadian success story.”
TORONTO, April 17 (Reuters) – Toronto-Dominion Bank
Chief Executive Ed Clark said on Tuesday he expects to retire
“in the next few years”, but not over the next 12 months.
Speaking at an investor day presentation in Toronto, Clark
also said the bank – which has built one of the largest U.S.
branch networks through acquisitions over the last eight years -
may seek small deals in Florida or in the wealth management
sector, but otherwise does not have to make an acquisitions.
TORONTO (Reuters) – RSA Insurance Group (RSA.L: Quote, Profile, Research) is seeking smallish acquisitions to drive growth outside its home market in Britain, but will not make a big, multibillion-dollar splash, the company’s chief executive told Reuters on Tuesday.
“You never say never, but my focus is firmly on bolt-on acquisitions,” Simon Lee, who took over as CEO of Britain’s biggest commercial insurer in November, told Reuters in Toronto.
TORONTO, April 5 (Reuters) – Canada’s financial services
regulator is demanding that banks tighten their board oversight
of mortgage lending practices as loan books soar and Canadians
struggle under record debt loads.
Speaking in Toronto ahead of the release of new corporate
governance guidelines this summer, Julie Dickson, head of the
Office of the Superintendent of Financial Institutions (OSFI),
said the regulator had noticed cases where board-approved
policies were not being followed.
SASKATOON, Saskatchewan, April 4 (Reuters) – Bank of Nova
Scotia could enter new markets in Asia as it expands
its international footprint, and will not be held back by
concerns about its capital levels, the bank’s head of
international banking told Reuters.
“There’s a couple of countries in Asia that may be
appealing,” Brian Porter said in an interview.
SASKATOON, Saskatchewan, April 3 (Reuters) – Bank of Nova
Scotia Chief Executive Rick Waugh says Canada’s
simmering housing market gives reason for caution, but that it’s
up to the country’s banks, rather than the government, to manage
the risks of their massive mortgage portfolios.
“The current concerns about Canada’s housing market are
reason for caution but not pessimism. We can and will manage
through any potential housing market problems,” he told
Scotiabank’s annual general meeting in Saskatoon, Saskatchewan,