(Reuters) -Manulife Financial posted a rise in third-quarter profit on Wednesday, as the Canadian insurer benefited from a robust performance in its Asia business.
Canada’s leading life insurers have increasingly focused on expansion in Asia, a key market for their growth and global exposure.
Core earnings from Manulife’s Canada business jumped 17% to C$453 million ($324.96 million) in the quarter compared to last year.
Manulife’s annual premium equivalent (APE), an important sales metric used by life insurers, saw a 40% jump during the quarter.
The company’s core earnings increased to C$1.83 billion, or C$1.00 per share, in the three months ended Sept. 30, from C$1.74 billion, or 92 Canadian cents per share, a year ago.
Meanwhile, smaller rival Sun Life beat expectations for quarterly profit on Monday, driven by strong insurance sales in both Canada and the United States.
($1 = 1.3939 Canadian dollars)
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Mohammed Safi Shamsi)