Manulife has reported net income attributable to shareholders of C$1.02bn ($746m) in the second quarter (Q2) of 2023, as against an attributable net loss of C$2.11bn a year ago.

This reflects an increase of C$3.14bn in net income attributed to shareholders and C$0.9bn in transitional net income attributed to shareholders for the reported quarter, which ended on 30 June 2023.

Manulife stated it was mainly due to a smaller charge from market experience and growth recorded in core earnings.

Core revenues totalled C$1.72bn, marking an increase of 7.8% from $1.59bn in the year-ago period.

The company’s core earnings were C$1.63bn on a fixed exchange rate basis, representing a 4% increase from C$1.52bn in Q2 2022.

Diluted earnings per common share (EPS) was $0.50 for this quarter, compared with EPS of -C$1.13 in Q2 2022.

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Core earnings before interest, taxes, depreciation, and amortisation (EBITDA) was C$424m, down 5.3% from C$448m last year.

In the period under review, annualised premium equivalent sales rose by 12% to C$1.6bn.

Manulife’s core return on common shareholders’ equity (ROE) was 15.5% while the same was 15.1% last year. ROE was 9.3% in Q2 2023.

Manulife CEO and president Roy Gori said: “We are pleased to report strong topline performance during Q2, including double-digit year-over-year growth in new business metrics from our global insurance business, particularly with new business CSM growing at our medium-term target of 15%.

“Our Asia business generated 26% growth in both APE sales and new business CSM, as we capitalise on recovery across the region, mainly in Hong Kong.

“In addition, global WAM generated net inflows of $2.2bn while core EBITDA margin improved by 2.2 percentage points quarter-over-quarter to 24.6%.”