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Net income fell to C$540 million, or 28 Canadian cents per share, from C$1.22 billion, or 63 Canadian cents per share, a year earlier.
Core earnings for the quarter rose 18 percent to C$619 million, or 32 Canadian cents per share.
Analysts were expecting earnings of 32 Canadian cents per share, according to Thomson Reuters I/B/E/S.
Analysts are watching the company's core profit closely as Manulife has set a target of C$4 billion in core profit by 2016, well above the company's 2012 full-year core profit of C$2.19 billion.
Insurance sales fell 23 percent to C$619 million due to tax changes and pricing actions related to lower interest rates in Asia and lower large case group sales in Canada.
Wealth sales, jumped 43 percent to C$12.4 billion, helped by positive net flows, strong mutual fund sales in Asia, Canada and the United States, and a strong growth in group pension sales in the United States and Hong Kong.
Total contract benefits and expenses more than doubled to C$5.57 billion.
Assets managed by Manulife Asset Management were C$252 billion as at March 31, up C$14 billion from December 31.
Manulife shares closed at C$14.76 on the Toronto Stock Exchange on Wednesday.
Reporting By Neha Dimri and Ashutosh Pandey in Bangalore; Editing by Supriya Kurane