Manulife Financial Corp. is reporting record profit for the fourth quarter ended December 31. The insurer said its profit rose 11%, aided by growth in its Asian business and strength in its property and casualty reinsurance line.

Net income was $372 million, or 80¢, up from $336 million, or 69¢, in the year-before period.

Total premiums and deposits rose 8% in the quarter to $7.38 billion, compared with $6.85 billion last year.

Return on equity rose to 17.2% from 16.4% last year on an annualized basis.

For the year, net income was a record $1,378 million, an increase of 19% over 2001. Earnings per share were $2.90 in 2002, compared to $2.40 reported for 2001, an increase of 21%.

Return on shareholders’ equity for the year was 16.2%.

Total premiums and deposits for the year were $29.9 billion, a 16% increase over 2001.

Funds under management were $146.2 billion as at Dec. 31, 2002, compared to $142.2 billion a year ago.

“We are pleased to report our ninth consecutive year of record results, particularly given the very challenging environment in 2002,” said Dominic D’Alessandro, president and CEO of Manulife Financial, in a news release.

D’Alessandro renewed his invitiation to Canada Life shareholders to tender their shares to Manullife. On Dec. 27, 2002 Manulife made an offer to purchase all of the outstanding common shares of Canada Life. “We believe no other company is a better strategic fit with Canada Life than Manulife Financial,” he said.

Manulife’s board of directors approved a quarterly dividend of 18¢ per share.