Manulife, Prudential see profits boosted by strong Asian business
Manulife reports 78 per cent growth in Q2 profit to US$988m, while Prudential’s first half net profit doubles to US$1.95 billion.
Two Hong Kong-listed international insurers – Manulife and Prudential – both reported strong earnings on Thursday as a result of better sales of insurance products in Asia and solid investment gains.
Manulife Financial Corporation, the Canadian insurer listed in Hong Kong, reported a 78 per cent growth in net profit in the second quarter.
The company, which owns Hong Kong’s second largest life insurer, reported net profit of C$1.255 billion (US$988.6 million), or C$0.57 per share, for the three months from April to June.
Core earnings stood at C$1.174 billion, ahead of analysts’ consensus forecasts of C$1.05 billion as polled by Bloomberg. First half net profit was up 49 per cent to C$2.605 billion.
Roy Gori, president of Manulife, said strong insurance sales in mainland China, Vietnam, Japan and Singapore helped premium income rise 12 per cent in Asia during the period to US$686 million.
“We also delivered our 30th consecutive quarter of positive wealth and asset management net flows, with contributions from all divisions,” Gori said.
In Hong Kong, where it is the second largest life insurer and pension provider, Manulife reported a 2 per cent rise in life insurance premiums to HK$971 million, and wealth management sales were up 57 per cent to HK$7.3 billion.