Company News

Manulife beats estimates on Asia, asset management earnings growth

Nov 11 (Reuters) - Canadian insurer Manulife Financial Corp on Wednesday beat analysts’ estimates for third-quarter core profit as earnings growth from its Asian and wealth and asset management businesses offset declines in Canada.

Manulife reported underlying profit, excluding one-time charges, of C$1.45 billion ($1.11 billion), or 73 Canadian cents a share, in the three months through September, from C$1.53 billion, or 76 cents, a year earlier. Analysts had expected 70 Canadian cents.

Net income attributed to shareholders rose to C$2.1 billion from C$723 million a year earlier as the company posted gains from investment-related experience versus losses in the prior period.

$1 = 1.3065 Canadian dollars Reporting by Nichola Saminather in Toronto and Niket Nishant in Bengaluru; Editing by David Gregorio