Manulife Financial has reported first quarter earnings of $818 million, up 51% over the same period last year.
“We delivered strong core earnings, most notably in Asia, net income, wealth sales and a very healthy capital ratio, as well as another quarter of record funds under management,” says president and CEO Donald Guloien.
Insurance sales benefited from the successful launch of new corporate products in Japan, double-digit growth in most Asian territories and actions to improve its competitive positioning in retail insurance in Canada.
The company notes that group benefits sales in Canada declined, reflecting its disciplined pricing approach and normal variability in the large case group benefits market.
Manulife adds that continued momentum in mutual fund sales and strong group pension sales drove record wealth sales.
Related articles: