Manulife Financial Corp., Canada’s largest benefits provider, and Sun Life Financial Inc. are among the nation’s insurers that have boosted revenue from money management as they shun variable annuities.
Royal Bank of Canada said Chief Executive Officer Gordon Nixon will retire next year as the nation’s largest lender reported fiscal fourth-quarter profit that beat analysts’ estimates on gains in investment banking and consumer lending.
Canadian stocks rose for a second day as gold producers advanced and health-care companies soared to a 13-year high after Valeant Pharmaceuticals International Inc. surged to a record on a U.S. acquisition.
Canadian stocks were little changed as manufacturing sales unexpectedly increased last month and Federal Reserve policy makers began a two-day meeting in which they may discuss a timeline for reducing monetary stimulus.
The Canadian stock market is forecast to improve next year to at least match the performance of the U.S. for the first time since 2010, led by companies raising their dividends such as Rogers Communications Inc. and Brookfield Asset Management Inc.
Great-West Lifeco Inc.’s C$1.75 billion ($1.72 billion) agreement to buy Irish Life Group Ltd. signals a return to growth for the Canadian insurance industry that has spent years since the financial crisis seeking to contain damage from plunging stock prices.