Manulife Financial, a Canada-based insurance company and financial services provider, has reported Wealth sales of CAD11.3 billion (US$10.8 billion) in the third quarter ended 30 September 2013, up 34%, compared with the third quarter of 2012 figures.

Insurance sales in the third quarter of 2013 reached CAD605 million (US$578.3 million), an increase of 4%, compared with the third quarter of 2012 sales.

Manulife Financial CEO Donald Guloien said insurance sales increased modestly, but most importantly, were accompanied by much higher margins.

"Wealth sales were extremely positive across the board. The overall plan is unfolding extremely well," Guloien added.

Assets managed by Manulife Asset Management (MAM) were CAD265 billion (US$253.3 billion) at 30 September 2013, an increase of CAD3 billion (US$2.8 billion) from 30 June 2013.

Manulife Financial senior executive vice president and chief investment officer Warren Thomson said, "Strong, long-term investment performance continues to be a differentiator for Manulife Asset Management; we reported strong results, with all asset classes outperforming quarterly, and on a 1, 3, and 5-year basis."

Overall, the group’s net income in the third quarter of 2013 rose to CAD1.03 billion (US$984.7 million) from CAD211 million (US$201.7 million) a year ago.