Manulife reports net income of $1 billion in third quarter

TORONTO — Manulife Financial Corp. says its net income rose in the third quarter from last year, supported especially by business growth in Asia.

The insurer says it had a net income attributed to shareholders of $1 billion in the quarter ending Sept. 30, up from $777 million last year, when new reporting rules are factored in.

Manulife core earnings, which the company says strips out short-term market fluctuations and is a better measure of long-term potential, came in at $1.74 billion, up from $1.34 billion last year.

Core earnings rose the most in Asia, up 33 per cent, while in Canada core earnings were up four per cent and they slipped two per cent in the U.S.

The company's Asia division also saw a 16 per cent rise in unrealized profits on new business, the same amount as in Canada, while in the U.S. the measure dropped 39 per cent.

Manulife chief executive Roy Gori says the insurer is in a position to weather macroeconomic uncertainties and continue to buy back shares to boost shareholder returns.

This report by The Canadian Press was first published Nov. 8, 2023.

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The Canadian Press