By Maria Armental
Canadian insurer Manulife Financial Corp.’s quarterly profit more than tripled and pointed to strong growth in Asia and the global wealth and asset management business.
Second-quarter profit rose to $2.65 billion Canadian dollars (about $2.11 billion) from C$727 million a year earlier. On a per-share basis, profit was C$1.33.
Core earnings rose to 83 Canadian cents a share from 78 Canadian cents a share a year earlier.
Analysts surveyed by FactSet expected 88 Canadian cents, or 78 Canadian cents in core profit.
In Asia, new-business value, a key measure of insurers’ profitability, rose 48% to C$399 million, driven by sales volumes, favorable interest rates and product management actions in Hong Kong. Overall, new-business value rose 57% to C$550 million.
Manulife reported global wealth and asset management net inflows of C$8.6 billion in the latest period, driven by net inflows in retail.
“Our results this quarter showcase the strength of our Asia and Global WAM businesses which underpin the next phase of our strategy,” Chief Executive Officer Roy Gori said in a statement.
Write to Maria Armental at maria.armental@wsj.com
Corrections & Amplifications
This article was corrected at 6:33 p.m. ET to reflect that Manulife Financial’s second-quarter profit rose to C$2.65 billion (about $2.11 billion). The original version incorrectly said million in the second paragraph.
Manulife Financial’s second-quarter profit rose to C$2.65 billion (about $2.11 billion). “Manulife Financial’s 2Q Profit Surges,” at 5:13 p.m. EDT, incorrectly said million in the second paragraph.
