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 per cent compared with a 6 per cent 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.