Manulife Q1 profit rises on strong Asia earnings growth
Manulife posted Q1 core earnings of C$1.84 billion, led by a 22% jump in its Asia unit. The firm also saw growth in its Canadian and wealth management arms.
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MANULIFE FINANCIAL CORP grew first-quarter core earnings 4% to C$1.84B, or C$1.06 per share, driven by a double-digit expansion in its Asian operations. The result compares to C$1.77B, or C$0.99 per share, during the same period the previous year.
Core earnings from Asia rose 22% to US$598 million during the quarter ended March 31. New business value in the region increased 15% as the firm leveraged robust contributions from key regional markets. CEO Phil Witherington said in a statement that the results reflected another strong quarter for the Asian segment.
