Manulife Financial Corp. says its earnings and sales surged in the first quarter as a result of strong growth in Asia.
The Toronto-based insurer says its net income attributable to shareholders increased 59% to $2.18 billion or $1.08 per diluted share for the three months ended March 31, up from $1.37 billion or 67¢ per share a year earlier.
Core earnings rose 15% to $1.55 billion or 76¢ per share, from $1.3 billion or 64 cents per share in the first quarter of 2018.
The company was expected to earn 70¢ per share in core earnings, according to analysts polled by Thomson Reuters Eikon.
Revenues grew to $23.5 billion from $8.75 billion in the prior year period.
Manulife CEO Roy Gori says new business grew to $519 million, with double-digit increases across all operating segments.