John Hancock Profit Declines 4% in Quarter
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John Hancock Financial Services Inc.’s third-quarter earnings fell 4% as the stock market slump cut into sales of annuities and fees for managing assets.
Net income was $158.1 million, or 54 cents a share, compared with $165.2 million, or 54 cents, in the year-ago period as the firm bought back shares. Earnings excluding investment losses were 64 cents, a penny below analyst estimates.
Shares of Hancock, which announced its earnings after the close of trading, gained 34 cents to $29.30 on the New York Stock Exchange.
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