Manulife Financial has posted attributable net income of C$1.11bn for the third quarter of 2016, up 79.6% compared to C$622m during the corresponding period in 2015.

The company attributed the rise in income to investment-related experience gains in the third quarter of 2016, compared with investment-related experience charges in the prior year.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The company’s core earnings during the period were C$996m, a 14.5% rise from C$870m in the third quarter of last year.

Net flows in the company’s wealth and asset management (WAM) units were C$2.7bn, down C$1.8bn from C$4.5bn in third quarter of 2015.

Gross flows in the unit were $27.4bn, an increase of 6% compared to last year.

Assets under management and administration (AUMA) in the WAM arm totalled C$525bn at the end of the third quarter, a year-on-year rise of 11%. The rise was driven by investment returns and positive net flows, the company said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Overall, the group’s AUMA at the end of September 2016 stood at C$966bn, a rise of 9% from the last year.

Manulife Financial president and CEO Donald Guloien said: “We delivered strong core earnings this quarter thanks to improved results across our operations which, combined with favourable markets and excellent returns from our investment portfolio, led to an increase in net income to above $1 billion.

“While we are pleased with these results, we continue to operate in a difficult macroeconomic environment and we remain focused on optimizing the performance of all of our businesses and on growing aggressively those which deliver the highest returns. This quarter, we once again delivered strong growth in Asia and generated positive net flows in our wealth and asset management businesses around the world.”