Manulife Financial Corp. reported $1.1 billion in first-quarter earnings, more than doubling from $485 million in the same period last year, the company announced Thursday.
Strong Performance Across Segments
The Toronto-based insurer attributed the surge to robust results in its insurance and wealth management divisions, as well as favorable investment returns. Core earnings per share rose to $0.62, beating analyst expectations of $0.55.
Key Drivers
- Insurance sales increased 12% year-over-year, driven by demand for life and health products in Asia.
- Wealth and asset management fees grew 8%, supported by higher market valuations.
- Investment gains from fixed-income and equity portfolios added $150 million to net income.
CEO Comments
Chief Executive Officer Roy Gori said the results reflect the company's disciplined execution and diversified business model. "We are seeing strong momentum across our global operations, particularly in Asia where middle-class growth continues to drive demand for financial protection," Gori said in a statement.
Outlook
Manulife maintained its full-year guidance, expecting core earnings per share growth of 10% to 12%. The board declared a quarterly dividend of $0.40 per share, up from $0.35 last year.
The company's shares rose 3.2% to $38.45 on the Toronto Stock Exchange following the earnings release.
