Manulife Sees Q1 Growth Driven by Asian Market Push

MANULIFE Financial in a press release on Wednesday stated that the company has witnessed a growth of three percent profit in its first quarter, due to insurance business performance in Asia and growth in the global wealth and asset management business.

The rise in the Asian market is the result of the Finance companies' push towards non-insured middle-class families to gain earnings, which has made the company gain momentum in profit earning. The company has been expanding its retirement planning services and investment advisory to meet the demand for long-term financial management.

Manulife’s President and Chief Executive Officer Roy Gori stated, “The work we have done since 2017 has put the company in a position of great strength. We could not have transformed the company in such a tangible way without the hard work, disciplined execution, and commitment of our more than 37,000 colleagues across the globe. I couldn't be prouder of what we've accomplished and of the momentum we built.”

Asia’s cross earnings shot up to seven percent, while global wealth and asset management reported a shot of 24 percent in the core earnings of CAD 251 million in the first quarter. However, the US unit saw a significant decline of 25 percent in core earnings of CAD 251 million. The core earnings of the company have jumped up to CAD 1.77 billion.