Earnings: AXA, ING, Manulife, American Equity, Others

The weakness of the dollar also has affected the U.S. dollar value of the earnings of Manulife Financial Corp., Toronto, which is now the parent of John Hancock.

Manulife is reporting the equivalent of $634 million in net income in U.S. dollars for the latest quarter on $6.6 billion in revenue, up from $321 million in net income on $3.2 billion in revenue for the fourth quarter of 2003.

The value of the dollar fell to $1=0.83029 Canadian dollars at the end of 2004, down 7.5% from the exchange rate of $1=0.77268 Canadian dollars in effect at the end of 2003.

In other earnings news:

Manulife, the new owner of John Hancock, has been busy converting its U.S. operations to the John Hancock brand. Consumer interest in individual universal life insurance and variable annuities with guaranteed minimum withdrawal benefit riders was strong, Manulife says.

- American Equity Investment Life Holding Company, West Des Moines, Iowa, a leader in the equity-indexed annuity market, is reporting $14 million in net income for the latest quarter on $172 million in revenue, up from $8.2 million in net income on $129 million in revenue for the fourth quarter of 2003. American Equity says it is getting only 0.71% more on its investments than it is paying out to holders of multiyear rate-guaranteed products, but the spread for index annuities is 2.91%.

- Coventry Health Care Inc., Bethesda, Md., is reporting $92 million in net income for the latest quarter on $1.4 billion in revenue, up from $70 million in net income on $1.2 billion in revenue for the fourth quarter of 2003. The managed care company ended the quarter providing or administering health coverage for 2.5 million people, up from 2.4 million people a year earlier.

- Thrivent Financial for Lutherans, Minneapolis, a fraternal benefit society, is reporting $488 million in net income for 2004, up from $252 million in net income for 2003. Revenue was not immediately available, but the company notes that it increased spending on charitable and benevolent activities 9%, to $148 million.