Insurance Business Manulife’s quarterly earnings climb

Manulife’s quarterly earnings climb Manulife Financial yesterday reported an increase in its first quarter earnings.

Core earnings (excluding one-time items and market movements) rose 22% to $1.1 billion ($0.53 cents a share). Manulife’s net income for the quarter rose to $1.35 billion – up $305 million from the year before. Assets under management advanced to over $1 trillion – a first for the company.

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“This was a solid quarter for Manulife, with core earnings of $1.1 billion and net income of $1.35 billion,” commented Manulife president and CEO Donald Guloien in a statement. “We were pleased with how our operations around the world performed; and our key growth drivers, Asia and wealth and asset management, once again delivered excellent results.”

“Our global assets under management and administration achieved an important milestone, exceeding $1 trillion for the first time in company history,” Guloien elaborated.

“In Asia, we achieved a 31% increase in annualized premium equivalent sales compared with 1Q 2016, with strong double-digit growth in most territories and importantly, a 53% increase in new business value, which speaks to the quality of sales we generated,” said CFO Steve Roder.

“This quarter we continued to execute on our strategy to diversify our funding sources and expand our investor base with the successful completion of a 15-year US$750 million callable subordinated note offering in the United States,” Roder added.

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