December 22, 2017 / 10:23 PM / 6 months ago

BRIEF-Manulife says U.S. Tax Reform is Expected to Result in $1.9 Bln Charge in Q4

Dec 22 (Reuters) - Manulife Financial Corp:

* MANULIFE ANNOUNCES PORTFOLIO ASSET MIX CHANGES TO FREE UP CAPITAL, REDUCE RISK AND LOWER VOLATILITY IN ITS LEGACY BLOCKS, AND UPDATES ITS U.S. TAX REFORM GUIDANCE

* U.S. TAX REFORM IS EXPECTED TO RESULT IN AN ESTIMATED $1.9 BILLION CHARGE IN Q4

* DECISION TO CHANGE PORTFOLIO ASSET MIX EXPECTED TO RESULT IN CHARGE TO NET INCOME OF $0.50 PER SHARE IN Q4

* PORTFOLIO ASSET MIX CHANGES ARE EXPECTED TO RESULT IN AN ESTIMATED $1 BILLION CHARGE IN Q4

* U.S. TAX REFORM IS EXPECTED TO BENEFIT ANNUAL EARNINGS BY APPROXIMATELY $250 MILLION BEGINNING IN 2018

* PORTFOLIO ASSET MIX CHANGES EXPECTED TO FREE UP $2 BILLION OF CAPITAL OVER NEXT 12-18 MONTHS

* PORTFOLIO ASSET MIX CHANGES WILL NEGATIVELY IMPACT CORE EARNINGS IN SHORT-TERM BY ABOUT $50 MILLION-$60 MILLION/YEAR AFTER-TAX Source text for Eikon: Further company coverage:

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