Manulife Q1 earnings fall

Manulife has reported net income of $723 million in the first quarter of 2015, compared with $818 million in the year-ago quarter.

“In terms of first quarter operating results, we delivered robust growth in both insurance and wealth sales, especially in Asia; produced a double digit growth rate in core earnings, despite unfavourable investment-related experience; and achieved $821 billion of assets under management,” says president and CEO Donald Guloien.

Read: Manulife completes Standard Life acquisition

The company also announced a 10% dividend increase, bringing the total dividend increase to 31% over the last 12 months.

Manulife noted the integration of Standard Life’s Canadian-based operations are going well and it generated strong group benefits sales growth driven by improved competitive positioning.

The company had its 26th consecutive quarter of record assets under management of $821 billion at March 31, 2015, an increase of $186 billion, compared with March 31, 2014. The inclusion of Standard Life contributed $63 billion of this increase.

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