Manulife attributes its better-than-expected quarterly profit to sales in Asia where it expects half of its core earnings to come from by 2025 thanks to a rapidly growing middle-class in the region
The Canadian insurer, wealth adviser and fund manager expects Asia to account for half of the its core earnings by 2025 despite economic slowdown and impact of COVID-19 to its key markets.
In July, it appointed former Chief Financial Officer Phil Witherington as president and CEO of its Asia business, where he will be focused on expanding into other regional markets. The company posted core net income of C$1.64 billion , or 83 Canadian cents per share, compared with C$1.53 billion, or 76 Canadian cents per share, a year earlier.Tickers mentioned in this storyYour Globe
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