Manulife Financial Corp. is reporting greater profit for the first quarter ended March 31.

The insurer said strong business growth, booming equity markets and cost controls drove profit up 28%, and offset the negative effect of the higher Canadian dollar.

Profit for the quarter was $428 million, or 92¢ a share, compared with $336 million, or 73¢ a share, a year earlier.

Profit rose in the U.S., Canadian, Asian and Japanese divisions, but fell in the reinsurance division.

Revenue fell to $4.18 billion from $4.29 billion, as premium income dropped about $300 million.

Return on equity fell slightly, to 19% from 19.1%.

Total premiums and deposits were $9.1 billion in the first quarter, up 16% over the comparable prior year period — despite the impact of currency fluctuations.

Excluding the impact of a strengthened Canadian dollar, premiums and deposits increased by an estimated 27%, driven by sales growth in the wealth management operations.

Funds under management were $165.1 billion of March 31, up 17% compared to a year ago.