Friday , March 5 2021

Manulife Financial's profit rose in market expectations in the third quarter

The largest Canadian insurer Manulife Financial Corp announced on Wednesday the profit of the third quarter that surpassed market expectations, helped with strong efficiency in Asian jobs and savings.

Manulife said earnings per share, excluding one-off items, were $ 0.75 in the third quarter, compared with $ 0.53 a year ago. Analysts expected on average $ 0.67 per share, according to IBES Refinitiv.

Excluding items, the company announced that it had earned $ 1.54 billion, an increase of $ 1.09 billion a year ago.

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Chief Financial Officer Phil Witherington said in a statement that the company had benefited from 29 percent increase in Asia's new business, positive net outflows in asset management and asset management, and cost savings.

The Asian earnings base earnings fell to $ 457 million from $ 374 million a year ago.

Canadian insurance companies are rapidly expanding in Asia by selling products to the growing middle class region. The strategy helps them to drive growth and diversify from domestic markets where competition is intense.

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