Manulife head office building in Toronto, Canada. Manulife is a Canadian multinational insurance company.

Manulife Financial Corp. says it had a net income of $1.4 billion attributed to shareholders in the first quarter in its first results under new accounting standards.

It says profits were up about $100 million from its transitional net income last year, which reflects what last year’s results would have been under the new standards.

International Financial Reporting Standard (IFRS) 17 and IFRS 9 have replaced, respectively, IFRS 4 and International Accounting Standard 39.

The insurer says it had diluted earnings per share of 73 cents in the quarter, up 4% from a transitional earnings per share of 66 cents in the same quarter last year.

The company says its earnings per share growth came from strong core earnings and from the results of a share buyback program.

Manulife reported core earnings of $489 million for its Asia division in the quarter, down from a transitional net income of $479 million last year.

Its Canadian division had core earnings of $353 million, up from a transitional net income of $334 million last year, while its U.S. division saw core earnings of $385 million, up from $293 million a year earlier.

The company compared its latest earnings to quarterly 2022 results that were adjusted for comparison purposes to account for the new reporting standards that came into effect Jan. 1, 2023.

In global wealth and asset management, net inflows were $4.4 billion, down by 35% year over year. Net inflows in retail were $800 million, down by 80% from the same period last year, due to lower investor demand and market volatility.

Net inflows in institutional asset management and retirement were $2.5 billion and $1.2 billion, respectively.

Total assets under management and administration at March 31 were $1.35 trillion, a 3.8% increase from $1.30 trillion the previous quarter and a 0.5% increase from $1.34 trillion at March 31, 2022.

Annualized premium equivalent sales in Canada were $293 million, down 19% year over year, primarily driven by the impact of market volatility on demand for segregated funds and variability in the large-case group insurance market, partially offset by higher participating life insurance sales.

During the first quarter, the firm announced that Manulife Securities agreed to adopt Fidelity Clearing Canada’s uniFide digital and back-office tools. Manulife also expanded its Vitality life insurance program in Canada, enabling members to earn points for activities recorded on additional wearable devices and mobile applications.