Manulife Financial Corp shares slid on Thursday, while rival Sun Life Financial Inc rose after mixed results that reflected more stable markets and showed the fruits of their recent attempts to remove risk from their balance sheets.
The two companies, Canada’s No. 1 and No. 3 life insurers, have spent the last several quarters reducing their exposure to stock and bond markets, after falling stock prices and bond yields led to heavy losses following the 2008 financial crisis.
That reduced exposure, combined with rising debt yields, has pushed the shares of both companies up sharply.
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