Manulife Financial posted a 6.4 per cent rise in quarterly net income attributed to shareholders to C$1.1 billion, thanks to robust growth of its Asian business offsetting a decline in North America markets.
Canada-based Manulife is a financial services group with principal operations in Asia, Canada and the United States.
In Asia the company reported record insurance sales on a constant currency basis during the third quarter, with double-digit growth in Hong Kong and Indonesia.
“We achieved satisfactory overall insurance sales,” president and chief executive Donald Guloien said on Thursday. “Our results were highlighted by very strong sales from Asia, partially offset by some weaker results in Canada and the US.
“Owing to widespread global economic uncertainty prevalent in the third quarter, wealth sales were slower in the quarter, but we delivered our 24th consecutive quarter of assets under management (AUM) growth.”
Hong Kong insurance sales reached US$81 million, up 37 per cent year on year driven by several product launches in the latter part of the second quarter and a series of sales campaigns, according to Manulife.