FINANCIAL services firm Manulife Financial Corp. (MFC) on Thursday reported a 29 percent growth in net income in the first quarter of this year driven by strong sales in Asia and solid performance in its wealth and asset management businesses.
Manulife recorded net income of $1.35 billion in the first quarter against the $305 million posted in the same period last year.
“This was a solid quarter for Manulife, with core earnings of $1.1 billion and net income of $1.35 billion. 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,” President and Chief Executive Officer (CEO) Donald Guloien said in a disclosure to the Philippine Stock Exchange (PSE).
“Our global assets under management and administration achieved an important milestone, exceeding $1 trillion for the first time in company history,” he added.
“In Asia, we achieved a 31 percent increase in annualized premium equivalent sales compared to 2016, with strong double-digit growth in most territories and importantly, a 53 percent increase in new business value, which speaks to the quality of sales we generated,” Steve Roder, chief financial officer, said.
Manulife is a Toronto-based firm mainly involved in life insurance, pension and education businesses, and is listed on the Toronto (TSX), Hong Kong (HKEx), New York (NYSE) and Philippine stock exchanges.
Aside from the Philippines and Canada, Manulife has presence in the United States, Singapore, Indonesia, Vietnam, Hong Kong and China.