The Globe and Mail reports in its Friday, Nov. 8, edition that Manulife Financial ($25.78) on Wednesday posted strong profits for the third quarter, beating analyst expectations.
The Globe's Clare O'Hara writes that Manulife's results included "core earnings" of 76 cents a share, up a cent from the prior-year period and three cents above expectations. Manulife posted earnings of $723-million, down from $1.57-billion in the third quarter of 2018.
Manulife reported strong growth from its Asian business. With Asia set to represent 60 per cent of the world's middle class, Manulife chief executive officer Roy Gori said last month that the insurer's "capability" and "history" in Asia makes it well positioned to capture the region's rapid growth.
Manulife reported double-digit growth for its Asian businesses with $1.4-billion in insurance sales for the region. While Japan sales decreased owing to a change in tax regulations for corporate-owned life insurance products, Hong Kong sales increased 58 per cent after new tax efficient health insurance products were introduced to the market.
Manulife chief financial officer Phil Witherington says, "Asia is the most profitable segment in our business."
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