Manulife Shows Strong Insurance Growth in Asia; Profit Rises (1)

Manulife Financial Corp.’s Asia business posted further gains, with strong insurance sales in Japan and Hong Kong, offsetting lower earnings in its US division.

Manulife’s core earnings grew 6% to C$1.74 billion ($1.3 billion) in the second quarter, or 91 Canadian cents per share, beating analysts’ estimates. The Asia unit led the way with a 40% jump in profit over the same period last year, according to a statement Wednesday.

Core earnings in its wealth and asset management business grew 23%, but the group saw a slowdown in new business. Net inflows were just C$100 million — down from ...