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Substantive progress made on growth strategies in the first quarter of 2014:
TORONTO, May 1, 2014 /PRNewswire/ - Manulife Financial Corporation ("MFC") announced today net income attributed to shareholders of $818 million for the quarter ended March 31, 2014 ("1Q14"), fully diluted earnings per common share of $0.42 and return on common shareholders' equity ("ROE") of 11.9%. In 1Q14, MFC generated core earnings1 of $719 million, fully diluted core earnings per common share1 of $0.37 and core return on common shareholders' equity ("Core ROE")1 of 10.4 %.
Donald Guloien, President and Chief Executive Officer, said, "We are pleased with our solid start to 2014, which demonstrates measurable progress against our longer-term objectives. We delivered strong core earnings, most notably in Asia, net income, wealth sales, and a very healthy capital ratio, as well as another quarter of record funds under management."
Mr. Guloien added, "We have increased our momentum in life insurance sales in Asia and Canada. While insurance sales in the U.S. were below expectations in the first quarter, we recently introduced product enhancements and more competitive pricing which we expect to improve sales."
Steve Roder, Chief Financial Officer said, "We continue to make steady progress on growing our core earnings. New business embedded value improved relative to the first quarter last year, reaffirming that the profitability of our new business continues to improve."
"We also generated strong investment-related experience reflecting our high quality portfolio and disciplined approach to extending credit and other investment activities," added Mr. Roder.
Highlights for the First Quarter of 2014: