Manulife Financial profit jumps on investments

Thu May 1, 2014 6:28am EDT
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TORONTO May 1 (Reuters) - Manulife Financial Corp said on Thursday its first-quarter profit rose by more than 50 percent, helped by a stronger investment performance.

Manulife, Canada's biggest life insurer, said net income attributed to shareholders was C$818 million ($745.36 million), or 42 Canadian cents per share, compared with C$540 million, or 28 Canadian cents a share, a year earlier.

Core profit, which excludes one-time items and market-related gains and losses, was C$719 million, or 37 Canadian cents per share, up from C$619 million, or 32 Canadian cents per share.

The analysts' average estimate for core profit was 39 Canadian cents a share, according to Thomson Reuters I/B/E/S.

($1 = 1.0975 Canadian dollars) (Reporting by Cameron French; Editing by Lisa Von Ahn)