Insurance: Manulife posts massive profit beat

Manulife Financial Corp. reported a 22 per cent rise in first-quarter profit on the back of higher funds under management and stronger insurance sales in Asia.

Canada’s biggest life insurer had net income of $1.2 billion, or 62 cents a share, compared with $985 million, or 53 cents, last year.

Analysts had expected a profit of 36 cents a share, according to Thomson Reuters.

Manulife also said it had hired former AIA Group executive Steve Roder as chief financial officer, replacing Michael Bell, who said in February that he would step down.

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