Strong growth in Asia propels Manulife to strong Q1 earnings and sales results

TORONTO – Manulife Financial Corp. says its earnings and sales surged in the first quarter as a result of strong growth in Asia.

The Toronto-based insurer says its net income attributable to shareholders increased 59 per cent to $2.18 billion or $1.08 per diluted share for the three months ended March 31, up from $1.37 billion or 67 cents per share a year earlier.

Core earnings rose 15 per cent to $1.55 billion or 76 cents per share, from $1.3 billion or 64 cents per share in the first quarter of 2018.

The company was expected to earn 70 cents per share in core earnings, according to analysts polled by Thomson Reuters Eikon.

Revenues grew to $23.5 billion from $8.75 billion in the prior year period.

Manulife CEO Roy Gori says new business grew to $519 million, with double-digit increases across all operating segments.

Companies in this story: (TSX:MFC)