Manulife Financial Corporation has announced net income of $1,255 million for the second quarter of 2017. This is an increase of $551 million compared with the same quarter last year.

"This was another solid quarter, with strong operating performance reflected in core earnings of $1.17 billion and net income of $1.26 billion,” said Donald Guloien, Manulife’s CEO. “Our global businesses continued to perform well and we delivered strong investment-related experience gains."

Double-digit growth

Roy Gori, Manulife’s president, added, "Our results this quarter highlight the strength of our diversified, global franchise. We delivered strong Insurance sales with double-digit growth in all divisions, and new business value increased by 24 per cent. We also delivered our 30th consecutive quarter of positive wealth and asset management net flows, with contributions from all divisions."

$1.4 billion in insurance sales

Manulife reported that it had insurance sales of $1.4 billion in the second quarter. This is an increase of 46 per cent compared with the same quarter last year.

In Asia, insurance sales increased 11 per cent from the second quarter last year. This was “driven by growth in Japan, Vietnam and mainland China, partially offset by lower sales in Hong Kong as sales to mainland Chinese visitors declined,” stated the company.

In the U.S., life insurance sales were up 26 per cent compared to the second quarter of 2016.

Sales increase in Canada

For the Canadian division, insurance sales were $458 million in the second quarter, an increase of $338 million compared with the same quarter last year. This increase was “driven by a large-case sale in our group benefits business,” says Manulife.

Lower permanent life sales

However, retail insurance sales were down 21 per cent to $37 million. This reflects “lower permanent life sales due to tax-exempt changes that took effect January 1, 2017,” says Manulife.