Net income for the fourth quarter ended 31 December 2013 rose by 20% to C$1.29bn, against C$$1.07bn during the comparable period earlier year.
The company reported that its full year insurance sales declined by 13%. In Asia, insurance sales decreased by 16% to $1bn, while insurance sales in Canada were down by by 14%, due to normal variability in our Group Benefits business.
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Manulife Financial president and CEO Donald Guloien said, "Our 2013 results show another significant improvement in core earnings and net income, strong capital, decreased risk and improved return on equity. Our plan is delivering.
"Our U.S. operation has turned around nicely, and along with our very strong Asian and Canadian businesses, leads to a very well-balanced portfolio," Guloien added.
"Insurance sales were slightly lower than what we would have liked, but with better margins; wealth sales were simply outstanding, driving assets under management to the 21st consecutive quarter of growth, to $599 billion."
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