Manulife Monetary Corp. says it earned $3 billion in first quarter of 2022

TORONTO – Manulife Monetary Corp. says it earned $3 billion within the first quarter of 2022, a rise of $2.2 billion from the identical quarter of 2021.

The Toronto-based insurer and monetary providers firm says the revenue works out to $1.50 per diluted share, in comparison with 38 cents within the earlier 12 months’s quarter.

Manulife says the rise in web earnings was pushed by positive factors from the direct impression of markets in comparison with losses within the prior quarter, in addition to investment-related expertise and higher-than-expected returns on different long-duration belongings.

Core earnings have been $1.6 billion, down 4 per cent year-over-year partially as a consequence of decrease new enterprise positive factors in Asia.

In Asia, Manulife’s new enterprise volumes decreased 28 per cent within the quarter to $340 million.

Manulife says its annual premium equal gross sales decreased 17 per cent in Asia as a consequence of continued opposed impacts from COVID-19 in Hong Kong and a number of other different markets.

This report by The Canadian Press was first revealed Might 11, 2022.

Firms on this story: (TSX:MFC)

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