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Manulife says Hong Kong market share doubled, to focus M&A efforts on Asia, asset management

TORONTO, Nov 12 (Reuters) - Manulife Financial doubled its market share in an “exceedingly resilient” Hong Kong from 2019 despite challenging conditions, executives said on Thursday after the company reported third-quarter earnings that beat analyst estimates.

Canada’s biggest life insurer is focusing on acquisition opportunities in Asia and its wealth and asset management business, which helped drive its better-than-expected performance during the quarter, Chief Executive Roy Gori told Reuters on Wednesday following its results release. Manulife has about C$32 billion ($24 billion) in excess capital that it can deploy, he said.

“We clearly see Asia as a jewel in the Manulife crown,” Gori said in an interview. “We think we’ve got a strong capability (in Asia and in wealth and asset management), and where we see a lot of upside from a growth perspective.” ($1 = 1.3134 Canadian dollars) (Reporting By Nichola Saminather)