May 3, 2012 / 10:30 AM / 5 years ago

Manulife profit jumps on favorable markets

May 3 (Reuters) - Manulife Financial, Canada’s largest life insurer, reported a 22 percent rise in quarterly profit, benefiting from favorable equity and bond markets.

The company said it had earned C$1.2 billion ($1.21 billion), or 66 Canadian cents a share, in the first quarter, up from C$985 million, or 54 Canadian cents a share, a year earlier.

Manulife also said it had hired former AIA Group executive Steve Roder as chief financial officer, replacing Michael Bell, who said in February that he would step down.

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