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November 13, 2014 at 05:02 AM
(Bloomberg) — Manulife Financial Corp., Canada’s largest life insurer, said profit rose 6.4 percent in the third quarter as wealth and insurance sales jumped in Asia, countering declines in Canada and the U.S.
Net income climbed to C$1.1 billion ($972 million), or 57 cents a share, from C$1.03 billion, or 54 cents, a year earlier, the Toronto-based company said in a statement today. Profit excluding some items was 39 cents a share, missing the 40-cent average estimate of 15 analysts surveyed by Bloomberg.
“Our results were highlighted by very strong sales from Asia, partially offset by some weaker results in Canada and the U.S.,” Chief Executive Officer Donald Guloien, 57, said in the statement. “Owing to widespread global economic uncertainty prevalent in the third quarter, wealth sales were slower.”
Manulife benefited from increased marketing of insurance and wealth products from Japan to Indonesia, where an expanding middle class is fueling demand. The company operates in 11 Asian markets and relies on the region for about a third of its profit.
Sales of insurance products in the unit hit a record, jumping 46 percent to $352 million. Its biggest boost was from Japan corporate products and new offerings in Hong Kong.
