Toronto-based Manulife Financial Corp. (TSX: MFC) reported mixed results for its second-quarter (Q2) earnings on Thursday, with a decrease in net income attributed to shareholders as a result of lower interest rates, but a jump in delivered core earnings thanks to recent acquisitions and higher asset levels from the firm’s wealth-management businesses.

Net income in Q2 was $600 million, down from $943 million in Q2 2014. On the other hand, the firm delivered core earnings of $902 million, up from $701 million in Q2 2014.

“We continued to deliver robust growth in wealth-management and life insurance, our core earnings grew by 29% to $902 million,” says Donald Guloien, Manulife’s president and CEO, in a statement. “Core earnings were higher than our expectations, but net income, as a result of changes in interest rates, was lower than expected.”

The jump in core earnings is attributed to recent acquisitions, such as that of the Canadian operations of Montreal-based Standard Life PLC; higher asset levels in the wealth- and asset-management businesses; strong insurance sales in Asia; and the strengthening of the U.S. dollar, according to the firm’s announcement.

Manulife reported insurance sales of $771 million, an increase of 27% from Q2 2014, with Canadian and Asian sales driving the jump; net wealth flows of $14.5 billion in its wealth- and asset-management businesses; and assets under management (AUM) and administration of $883 billion as of June 30.

The Canadian division saw an increase in wealth- and asset-management gross flows to $3.9 billion in Q2 from $2.4 billion a year ago. This was assisted by $0.9 billion from Standard Life products. AUM for mutual funds and other investment funds came to $43.3 billion, a record for the firm, according to its announcement.

Sales of segregated funds were $765 million in Q2 compared with $353 million in Q2 2014 while fixed product sales were $158 million compared with $109 million in the same period last year as Standard Life products provided a substantial boost to both.

Insurance sales jumped by 28% to $166 million year-over-year. This was driven by large case group benefits sales and strong retail insurance sales.