Manulife Financial saw a 62% drop in fourth-quarter profit, largely from losses in its oil and gas investments, according to a report published Thursday.

The Toronto-based company reported net income of $246 million or 11 cents a share for the three-month period ended Dec. 31, 2015. This compares to $640 million for the corresponding periods in 2014.

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“This was a disappointing year in terms of net income, largely due to sharp mark-to-market declines in oil and gas prices, diminishing an otherwise great year,” said Donald Guloien, president and CEO, in a news release.

“Our core earnings, before giving effect to investment-related impacts, rose 28%, which was ahead of plan, and highlights Manulife’s powerful operating momentum. We delivered strong top-line growth both in the fourth quarter and for the full year, with most of it coming from businesses which generate our highest returns.”

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Some of the company’s highlights for its Canadian and U.S. markets include:

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“In 2015, we completed the acquisition of Standard Life, welcoming 1.4 million customers and 2,000 talented employees,” said Marianne Harrison, senior executive vice president and general manager, Canadian Division, in a news release.

“We have made significant progress integrating the two companies; having successfully completed the conversion of the Standard Life mutual fund customers and initiated the conversion of the group clients. Additionally, we delivered record Group Retirement Solutions sales and record mutual fund gross flows, despite the volatility in equity markets this year.”

Indeed, the company reported Group Retirement Solutions gross flows of $1.8 billion in the fourth quarter of 2015, including $0.9 billion from acquired business. This was $0.7 billion or 59% higher than the fourth quarter of 2014.

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