Shares of Canadian insurer Manulife Financial Corp rose to a high not seen in more than 15 years on Thursday, after its first-quarter earnings beat analysts'...
TORONTO - Shares of Canadian insurer Manulife Financial Corp rose to a high not seen in more than 15 years on Thursday, after its first-quarter earnings beat analysts' estimates driven by strong growth in Asia , one of its most important markets.
"Solid quarter, led by Asia," National Bank analyst Gabriel Dechaine wrote, highlighting the beat was boosted by releases of credit provisions.In Asia, a key market for Canadian insurers seeking global opportunities, the company benefited from demand in Japan, Singapore and China, CFO Colin Simpson said in an interview.
On a conference call on Thursday, Asia head Philip Witherington said the company had diversified its portfolio and developed a "strong footprint within ASEAN." Those deals have helped Manulife shares extend their lead over rival Sun Life Financial. So far this year, Manulife shares are up 18% compared with a 6% rise for Sun Life. Still, Manulife trades at 8.8 times its forward earnings, compared with Sun Life's 10.2, according to LSEG data.
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