Globe says Manulife sees strong inflows during Q1Globe says Manulife sees strong inflows during Q1
Insurer Manulife Financial posted first-quarter "core earnings" of $1.6-billion or 82 cents a share, compared with $1.03-billion or 51 cents in 2020's first quarter. At the same time it reported a net income of $783-million, down from $1.2-billion, a year prior. "While the overall impact of higher interest rates is positive over the long term for our company, higher risk-free rates and a steepening yield curve within North America impacted net income in the quarter," Manulife chief executive officer Roy Gori said. Manulife saw strong investment flows into its asset-management business, recording net inflows, or sales, in its Canadian division of $4.5-billion in the first quarter, compared with sales of $2.8-billion for the same quarter last year. In the United States, net inflows were $4.2-billion compared with redemptions of $200-million in the first quarter of 2020. The company also reported a $115-million restructuring charge, but did not disclose the reason.