Shares of Canadian insurer Manulife Financial dropped more than 3% after reporting quarterly earnings below analysts’ estimates, citing elevated credit and mortality losses in the U.S. Core earnings in the U.S. segment fell 53%, with overall core earnings at 95 Canadian cents, 2 cents lower than expected. However, Manulife’s Asia business saw a 13% increase in core earnings, driven by new business growth. The company’s annual premium equivalent rose 15%, mainly due to strong performance in the Asia unit. Manulife announced a $1 billion deal to acquire 75% of private credit manager Comvest Credit Partners. Peer Sun Life Financial is set to report earnings later today.

Read more at Yahoo Finance: Manulife shares fall after earnings miss due to US weakness