UPDATE 1-Manulife profit rises on Asia business strength

Reuters11-07

(Adds details throughout)

Nov 6 (Reuters) - Manulife Financial posted a rise in third-quarter profit on Wednesday, as the Canadian insurer benefited from a robust performance in its Asia business.

Canada's leading life insurers have increasingly focused on expansion in Asia, a key market for their growth and global exposure.

Core earnings from Manulife's Canada business jumped 17% to C$453 million ($324.96 million) in the quarter compared to last year.

Manulife's annual premium equivalent $(APE)$, an important sales metric used by life insurers, saw a 40% jump during the quarter.

The company's core earnings increased to C$1.83 billion, or C$1.00 per share, in the three months ended Sept. 30, from C$1.74 billion, or 92 Canadian cents per share, a year ago.

Meanwhile, smaller rival Sun Life beat expectations for quarterly profit on Monday, driven by

strong insurance sales

in both Canada and the United States.

($1 = 1.3939 Canadian dollars)

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Mohammed Safi Shamsi)

((ArasuKannagi.Basil@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment