Canada's Manulife posts higher quarterly profit on strength in Asia business

Canadian insurer Manulife Financial (0945) reported a rise in first-quarter profit on Wednesday, helped by strong performance in its Asia unit. 

Core earnings from Asia jumped 22 percent to US$598 million during the reported quarter, while global wealth and asset management rose 2 percent to C$448 million.

"Asia achieved another strong quarter, with 22 percent growth in core earnings and 15 percent growth in new business value, reflecting robust contributions from key markets in the region," CEO Phil Witherington said in a statement. 

Profit attributable to shareholders in Manulife's Canada units rose 7 percent.

Shares of the insurer have gained about 9.6 percent year-to-date, compared with a 13.2 percent gain for smaller peer Sun Life, which also reported a higher quarterly profit last week. 

The company's core earnings came in at C$1.84 billion (US$1.34 billion), or C$1.06 per share, for the three months ended March 31, compared with C$1.77 billion, or 99 Canadian cents per share, a year earlier.

Reuters

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