Manulife Financial has reported third quarter net income of $1.1 billion, a 6.4% increase over last year.
The company’s insurance sales rose 7% to $660 million, due to growth in Japan, Hong Kong and Indonesia.
“We achieved satisfactory overall insurance sales, recording substantial growth from both the prior quarter and last year,” says president and CEO Donald Guloien. “Our results were highlighted by very strong sales from Asia, partially offset by some weaker results in Canada and the U.S.”
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Even though wealth sales were slower, Manulife says it achieved its 24th consecutive quarter of record funds under management, driven by solid net flows in its asset management and group retirement businesses. Assets under management rose to $663 billion.
During the quarter, the company also announced a deal to purchase Standard Life’s Canadian operations.
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