Manulife Reports Solid Q1 Results On Strong Performance In Asia
Manulife (NYSE:MFC) reported robust earnings for the first quarter last week, with net revenues increasing 37% year-over-year (y-o-y) to $15.9 billion and net income rising 46% to over $1 billion driven by solid performance in Asia. The company benefited from increasing business growth momentum in Asia and the U.S. Manulife operates primarily in three regions- Asia, Canada and the U.S. (All figures in this note are in U.S. Dollar)
In Asia, Manulife launched its bancassurance partnership with DBS in Singapore, Hong Kong, Indonesia and mainland China, which helped increase sales by over 94% in Singapore and mainland China in the quarter. Sales in Japan and Hong Kong increased 24% and 48% in Q1 2016, respectively.
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