Manulife Financial's Third Quarter Results Exceed Market Expectations

Manulife Financial, the largest insurer in Canada, reported earnings above market expectations on Wednesday, driven by strong performance in Asia and lower costs.

Manulife said earnings per share, excluding special items, was $ 0.75 in the third quarter, down from $ 0.53 a year ago. Analysts expect average earnings per share of $ 0.67, according to Refinitiv's IBES data.

Excluding items, the company said it earned $ 1.54 billion, up from $ 1.09 billion a year ago.

Chief Financial Officer Phil Witherington said in a statement that the company had benefited from a 29% increase in new business in Asia, positive net flows in its wealth management and badet activities and an optimized profitability.

Basic earnings from the insurer's operations in Asia were $ 457 million compared to $ 374 million a year ago.

Canadian insurance companies are growing rapidly in Asia and selling products to the growing middle clbad. The strategy helps them generate growth and diversify from their home markets, where competition is intense.