Toronto-based Manulife Financial Corp.’s net income attributed to shareholders increased 1.63% in its first quarter (Q1) of the 2018 financial year, the company announced Wednesday.
Manulife says its income was $1.372 billion or 67¢ per share in the quarter compared to $1.35 billion or 66¢ per share in the same quarter the previous year.
The company says the increase comes partly from growth in core earnings thanks to lower U.S. tax rates and strong growth in Asia and global wealth asset management, among other things.
Its core earnings were $1.303 billion for the quarter or 64¢ per share, compared to $1.101 billion or 53¢ per share in the same quarter the previous year.
CEO Roy Gori says in a statement that the company has made significant strides in transforming the business to be more customer centric and is encouraged by its early progress.
The company also announced a quarterly dividend of 22¢ per common share.