Manulife Financial (TSX:MFC) Corp, the Canadian insurance giant, unveiled its first-quarter results under new accounting standards, reporting a net income of C$1.4 billion attributed to shareholders.
This figure represents a $100 million increase compared to the transitional net income reported last year, which reflects what last year's results would have been under the new standards.
In terms of diluted earnings per share, Manulife recorded $0.73 for the quarter, marking a 4% rise from the transitional earnings per share of $0.66 in the corresponding quarter of the previous year.
The company attributed the growth to robust core earnings and the success of its share buyback program.
Breaking down its performance by division, Manulife reported core earnings of $489 million for its Asia division in the quarter, a slight decline from the transitional net income of $479 million recorded last year. On the other hand, its Canadian division witnessed an increase in core earnings to $353 million, up from a transitional net income of $334 million.
The US division also experienced significant growth, with core earnings reaching $385 million, compared to $293 million the previous year.
Manulife compared its latest earnings to the adjusted quarterly results of 2022, taking into account the new reporting standards that came into effect on January 1, 2023.
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