Manulife Financial says net income surges in second quarter on growth in Asia
The Toronto-based insurer earned 73 cents per diluted share for the three months ended June 30
TORONTO – Manulife Financial Corp. says its net income attributable to shareholders soared to $1.47 billion in the second quarter on a growth in new business in Asia.
The Toronto-based insurer earned 73 cents per diluted share for the three months ended June 30, up about 20% from 61 cents per share a year earlier when it earned $1.27 billion.
Excluding one-time items, adjusted or core earnings increased 1.5% to $1.45 billion from $1.43 billion.
That equalled 72 cents per share, two cents higher than the second quarter of 2018 and one cent above analyst forecasts, according to financial markets data firm Refinitiv.
Total revenues surged to $22.22 billion, including $8.7 billion from premiums. That’s up from $13.7 billion, including $8.75 billion in premiums a year earlier.
Overall, new business climbed 16.5% to $479 million, including a nine-per-cent increase in Asia to $364 million, unchanged at $65 million in Canada and $50 million in the U.S., up from $12 million in the prior year.
Core business in Asia increased 15% to $471 million, fell in Canada to $312 million and was relatively stable at $441 million in the U.S.
“We have continued to focus on executing our strategy, with capital released from portfolio optimization increasing to $3.7 billion,” said CEO Roy Gori.
“We have also taken steps to further strengthen Manulife’s long-term growth opportunity in Asia, including entering into an asset management joint venture agreement in India.”