Always nice to receive a raise while I'm on holidays... Large Canadian insurer Manulife Financial (MFC) announced today that they are increasing their dividend from $0.24/share to $0.26/share. That is an increase of 8.3%. Manulife, like Sun Life (SLF), also announced a decline in second quarter earnings. Manulife's earnings were lower than Q2 of 2007 by around 8.5%. Weak equity markets, a strong Loonie, and tax provisions were blamed for the lower results.
Here is a glance at Manulife's recent dividend activity:
2006 - $0.725
2007 - $0.880
2008 - $1.000
This represents a compound annual growth rate of the dividend of about 17.5%.